When a retail pharmacist dies, what really happens to his pharmacy?
I am currently involved in the winding down of a pharmacy owned by a young pharmacist that died recently. As I going about the winding down, I am saddened by the things the young pharmacist failed to do while he was still alive that doomed his business to die with him just months after his death.
What happens to a pharmacy business when a retail pharmacist dies is a question most pharmacists avoid. However, this question is critical because the pharmacy law in Nigeria says that only a pharmacist can own a retail pharmacy. Since a dead pharmacist ceases to be a pharmacist, the family is no longer qualified to continue operating the pharmacy.
So, based on the current pharmacy laws, the next thing after the death of a retail pharmacy owner will be for the family to shut down the business or sell it off to another pharmacist or if the size is bigger than 50 square metres, to move from retail to wholesale.
But is there a way a pharmacist can structure his pharmacy so that it lives after him and continues to take care of the needs of his surviving family members. Well here are a few ways to do that. Call 08023622171 for more
- Get another pharmacist to be a director in your business. The law allows two pharmacist to own a retail pharmacy. This means that if the owner of the business dies, the second pharmacist will still cover the retail pharmacy to continue operating. The good thing is that the other pharmacist does not need to come into the business when a retail pharmacist dies. If the pharmacist has structured the business well, the family can continue their operations.
- CARRY OUT THE TRUCK TEST ON THE BUSINESS – A truck test is what top management of big companies carry out regularly. They ask themselves IS THERE ANYONE THAT IF HE IS RUN OVER BY A TRUCK WILL GROUND OUR COMPANY. Once they identify such a person, they immediately start to make another person that can automatically take over the job of a dead staff that was crucial. If all retail pharmacist owners ask themselves this TRUCK TEST QUESTIONS, they will realise that their business will fail the truck test. The wise ones have trained enough people in their organisation such that if anything should happen to them or any key staff, that the business operations continue.
- TRAINING – KANSELOR UNIVERSITY IS CURRENTLY OFFERING COURSES ON BUSINESS STRUCTURING. CLICK HERE TO REGISTER then watch this pharmacy training video below
- TO CONTACT THE WRITER CALL 08023622171