Finding a partner

I would also not like to see young pharmacists going down the path of buying themselves a job. That’s why it’s important to get it right and make an informed decision to buy in at the right price and right percentage of ownership. If appropriate build equity over time.

This issue also needs consideration from a macro point of view. The average age of an owner pharmacist is approximately 55 or thereabouts. So how are the young pharmacists of today going to fund the retiring generation of Pharmacists of tomorrow? One must remember you can’t sell an asset if nobody can afford to buy it? Partnership is basically the answer but can it work fast enough?

So if you’re a senior partner or a junior partner how do you find the right partner? We are regularly approached by young pharmacists who are keen to become owners, and pharmacy owners who are looking to take on a junior partner. Partnership is an effective way for the junior partner to enter into ownership; often with access to a larger business and perhaps easier access to finance.

Medici Capital has developed an Australia wide Partnership Register, which is designed to introduce suitable Junior and Senior Partners who are both interested in entering a practical, feasible and rewarding partnership agreement.

Due to our involvement in the pharmacy industry, we are regularly approached by young pharmacists who are keen to get involved with ownership, and pharmacy owners who are looking to take on a junior partner. As a result, we are setting up this register to introduce individuals who we feel would be capable of creating a workable partnership. Also, partnership is an effective way for you to enter into ownership; often with access to a larger business and perhaps easier access to finance.

All junior partners who are interested in joining the Partnership Register must first participate in a Partnership Ready Program. Following this session, junior partners can then request to be added to the Partnership Register. Once on the register, Medici Capital will gather various information from the junior partner which will allow us to create a profile based on their personality, capabilities and desires.

Medici Capital will then match the most suitable junior and senior partner profiles. Once we have authority from both parties, we will go through a number of steps, including introductions and interviews, to further assess the suitability of both partners.

Let’s face it, not all partnerships work but this process aims to identify conflicting goals before rather than after the fact. The process ensures both parties’ needs are catered for and a solid and fair partnership agreement is put in place. A true win-win situation.

Frank Sirianni, Managing Director and Senior Consultant at Medici Capital has over 29 years of pharmacy experience. He can be contacted on 03 9853 7933.

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