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Succession

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Succession Planning: an important strategy for wealth creation and the long term survival of independent community pharmacy

Succession
30th Jan, 2009

Succession planning refers to the process of progressively transferring ownership and control to another generation of owners. In essence, it aims to promote a win-win situation for vendor, entrant and industry as a whole. Long used by other professions, correctly managed, and with the right parties, it leads to improved values for the retiring owner and reduced risks for the incoming partner.

Synopsis:

Many pharmacy owners, as a practical alternative to business sale, are adopting succession planning which involves the progressive transfer of ownership. Long used by other professions, correctly managed, and with the right parties, it leads to improved values for the retiring owner and reduced risks for the incoming partner. Ultimately it's a process not an event and requires careful execution of a number of steps. It also must be tailored to the objectives of each partner; new and old. Once completed, often the process starts again with another generation.