By Bill Popomaronis, RPh
I purchased my first pharmacy in 1982. With $10K down, borrowed from my Dad, and a kind owner willing to take paper for $170K more over 15 years, I was on my way to a professionally and financially rewarding career in community pharmacy ownership.
Unfortunately, this has not been the case most recently for young graduates with a similar mind set. Lack of personal equity, six-figure student loans and the enticement of a fast buck from publicly traded chains forced some to abandon their dream of ownership.
But not everyone. Many “hungry” entrepreneurs with the assistance of NCPA and our ownership academy tools and programs got creative, opening “start ups”, becoming “junior partners” and doing just about anything to realize their dreams.
That is good but really, not enough. NEVER satisfied, NCPA recently teamed with Live Oak Bank (LOB), to help facilitate funding for the purchase of “going concern” pharmacies by young pharmacists. Read this October news release for more details.
From the LOB perspective, pharmacists are generally a good bet as historically they rarely default on their loans. LOB believes in the health care value independent pharmacies bring to communities just like the one I started in. If LOB was there when I started I might own 25 stores today.
If not me, then how about you!