Select Business Advisors

First Steps

Buy or Build

Develop Business Plan

Select Business Advisors

Select a Location

Assemble the team that will help you succeed.

No successful pharmacy owner does it all alone. That’s why it’s wise to align yourself with trusted, professional consultants who can help you navigate through legal and/or business processes.

Legal counsel: Identify an attorney specializing in commercial and retail businesses. Attorneys have specialties, so make sure your attorney has expertise in helping you start your business. Your attorney will be one of your key business advisors — so take the time and effort to find one who is knowledgeable and experienced, and with whom you can work easily.

Accountant: Identify and consult with a Certified Public Accountant (CPA) who is knowledgeable about different accounting systems, retail bookkeeping, financing, taxes, and so on. Your CPA will be another of your key business advisors, so you may want to interview several candidates before making your selection. A CPA specializing in retail business, especially one with current retail pharmacy clients, could be an asset to you. Don’t underestimate the importance of communication with your CPA; select an individual who will communicate fully, freely, and patiently with you.

Insurance agent: Find an insurance agent who will identify the various insurance policies and protections you will need in order to minimize your risk. Your insurance agent should also be a consultant to you, just like your attorney and accountant, so make sure he/she understands your business and sets up a program that meets your specific needs.

It is important to have insurance that covers you for traditional business liability, as well as pharmacy malpractice. If your insurance agent isn’t familiar with the unique nature of pharmacy requirements, ask to speak with a pharmacy specialist in the insurance carrier’s home office. You may also check with your state pharmacy association for a referral.

Remember, insurance is your protection from problems both anticipated and unanticipated. Details matter, so understand nuances such as the difference between coverage limits on “claims made” policies versus “occurrence” policies. Some of the policies you are likely to need include:

• Professional liability
• Property and casualty
• Key man insurance
• Life insurance
• Healthcare insurance for you and your employees
• Disability insurance
• Car insurance if you have a delivery vehicle