I come seeking advice

[DrDubzz]

Originally Posted by pnoon

Would this be a contractual obligation on your part? If so, then the current owner would be bound to wait until 3 years to sell. 3 years should be ample time for you to assess the fit. Also, your desire to "do the owner no wrong" is admirable, you must look out for yourself first. I have a feeling he would do the same.

Originally Posted by mash

Exactly what I was going to write. A llfe time is a long time, and buying this pharmacy is a huge commitment. You need to see how you like it, and how you like living in a small town. Lifestyle is very important, the older you get, the more you appreciate it. If there is something in the contract that deals with you buying the business, make sure you get a contract lawyer to review it, so that you know what it potentially binds you to.
Also, 3 years will give you a sense of the effect CVS is going to have on the business. An owner who is looking to sell is not going to tell you that scripts are going to go down. Maybe he's right, maybe he's not. He's 42 and he's looking to sell, there's a reason for that.

This I don't know, we haven't gotten that far into negotiations. I have been extended the offer, but as far as details, those haven't been covered in any specificity.

[Volt]

Wow, lot of good answers. One thing I keep seeing you alude to is the long hours you would put in as the owner of the pharmacy. Make no mistake you will put in at least the same in the military. I was Navy and I would say 60 hours a week was the norm not the exception. As one man once told me, you will never get rich fiscally in the service, but may be enrichened by serving. Working for your self is where real money is made.

I don't feel any feel desire from you to own a business, not sure why, just not coming accross. So if you not inclined to own/run a business might not be a great idea. One other option to consider, work the civilian life for a 2 - 3 years, take on a second pharmacist as it sounds like 2 are needed in that store anyway and join the AF/Navy reserves/guard. Even in the rual area where I live the mom and pos have still withstood the big boxes coming in. CVS has survived as well as Wally World, Walgreens has closed. Still 2 or 3 local owned as well. I hate Wally World so I try to spend my $$$$ elsewhere when I can.

Good luck in your choice.

[MedicCook]

Sounds like you are going to be a winner in either choice. Good luck Tim.

[Thrak]

It sounds to me as if you've already made up your mind to go into the AF and you just want us to validate that.

Do what makes you happy.

Personally, I'd take the private sector job. If you've spent that much time in school to learn it, you must enjoy it and you'll get more satisfaction (I think) out of seeing the people you help daily rather than being on a base where you never see the same person twice. Be a member of a community, or be just another "Doc".

I don't have military service, so I can't advise you on that realm. I did own my own business for a while.

The money was great...when the money was great. When it wasn't, it was HORRIBLE. I also fell into a trap early on in my business owner career; I saw all this money in my bank account and thought I was rich. Then, I came to the shocking realization that I had bills to pay. (Sounds stupid, I know) But there are so many hidden things you don't realize are going to come up, and they inevitably come up right after you buy that toy you wanted.

Working for myself was very rewarding, but it was also very stressful. Not only do you have your family to worry about, you have employees to worry about. Your vendor relations. Lawyer, accountant, insurance people. The amount of time it takes to RUN a business takes you away from the nuts and bolts of the business...which is what you enjoy and why you got into the business to begin with.

Nothing makes you appreciate a regular paycheck like owning your own business!

That said, under the right circumstances, I would do it again in a heartbeat. Obviously I would do some things differently with the experience I have.

So, I guess I'm taking the long way around to telling you to go for owning the business. If you do, mine the previous owner's experience for everything you can. He's probably dealt with just about every problem you're going to come up against and knows how to deal with it.

Marshall

[DrDubzz]

thanks for the input Marshall

The owner has said it would be about a 3-5 year learning process for the business side, which is why I would have that long before having to start buying it. He is a fantastic businessman, but I'm really not a business person, so while he would teach me, I worry that I don't have that innate business sense that some have, and I wouldn't want to be the guy that fails on the pharmacy and hurts the community.

That's my main reservation about the pharmacy, other than the 80 hour weeks.

If you use the tools that are available. AARP has some great mentor programs and other things available. Use the current owner for his knowledge and his experience. Get a good tax guy and take his advice, etc... If you do that, it would be hard to FAIL at that business. You'll stumble, you'll hit bumps in the road, but epic fail? Not likely. As long as you keep an open mind and use the tools available, you should be OK.

The most important thing I can tell you is this. Your customer can buy what you're selling down the road (or on his web browser on his cell phone, these days). What are you doing differently that he can't get anywhere else? Usually the answer is: excellent service. It's free for me to provide and it always reaps benefits.

Marshall

[Volt]

Originally Posted by RazzBarlow

If you use the tools that are available. AARP has some great mentor programs and other things available. Use the current owner for his knowledge and his experience. Get a good tax guy and take his advice, etc... If you do that, it would be hard to FAIL at that business. You'll stumble, you'll hit bumps in the road, but epic fail? Not likely. As long as you keep an open mind and use the tools available, you should be OK.

The most important thing I can tell you is this. Your customer can buy what you're selling down the road (or on his web browser on his cell phone, these days). What are you doing differently that he can't get anywhere else? Usually the answer is: excellent service. It's free for me to provide and it always reaps benefits.

Marshall

Wow, never thought of it that way and you are so correct. Saving a buck to get crappy service? I'll take the better service any day of the week. Well worth the money spent.

[ashtonlady]

I have lived on both sides of this fence. I was in the Navy and am now a Business owner.
They both have there ups and downs. If you really want to work for yourself go for it while you are young and have the drive and stamina. If all you want to do is pay off your loans then go to the AF and look for a job when you decide you have had enough.

[DrDubzz]

I finally have an interview tomorrow with the Air Force, I'm excited

I should find out tomorrow or next week if I'm medically cleared (the only hang up was a mole I had removed this past summer)

[Whynot]

The AF has been great to me. With that being said, only believe what a recruiter can show you in regulations or writing. Don't believe for a minute that you will work set hours and never deploy. The pharmacist at my home station when I left for Iraq was covering two bases because the others were deployed. A recruiters job is to convince you without flat out lying. If you can, talk to a couple of active duty pharms before agreeing to anything. I think everyone dreams at some point of owning their own business. Personally I would jump at that chance. As others have said, the military will always be there.
Holy run-on train of thought.

[DrDubzz]

my interview is moments away, it's with an active duty pharmacist, I've got a good list of questions for him