Client Success
Client Success
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BANK AND CONSULTANT HELP PHARMACIST BUY FIRST PHARMACY
Client
Jeffersonville, Indiana
IRx Services
- Buy a Pharmacy
- Accounting Services
Objective
Finding and acquiring a pharmacy that could be profitable for a first time owner.
Problem Solved
Found a pharmacy to purchase, received financing to purchase and helped navigate the difficult buying/transition process.
Hanger Drugs is a well-known name around the Jeffersonville, IN area. They have been serving the community for over 75 years. In 2016, Lance and Kimberly Idleman were presented with the opportunity to buy the pharmacy and chose to become owners of Hanger Drugs.
Lance has been a practicing pharmacist for over 20 years. Lance’s first job was at an independent pharmacy in his hometown, Noble, OK. He quickly saw the positive impact that a pharmacist had on the community. He knew then, that his calling was to be a pharmacist. Lance attended and graduated from the University of Oklahoma where he earned his pharmacy degree.
Owning a pharmacy has been a dream of Lance’s even before he started pharmacy school. After practicing for 19 years, Lance had the opportunity to own his own pharmacy.
“I have been told, ‘In order to be successful, you need two things – drive and direction. One without the other will get you nowhere.'”
Lance and his wife, Kimberly, had the desire and they knew what they wanted to accomplish. They just needed the help and direction to get there. After much research, they decided to choose Independent Rx Consulting to be their trusted guide on their path to pharmacy ownership. Lance and Kimberly knew that purchasing a business involves risk. They felt that partnering with Independent Rx Consulting decreased their risk.
“Independent Rx Consulting’s years of experience in pharmacy provided us with a map to follow on our road to pharmacy ownership and avoid any potential financial missteps.”
Although there were many options for Lance and Kimberly as they looked at financing options, they chose First Financial Bank to finance their pharmacy. They knew that First Financial Bank had extensive experience in financing pharmacies and they had an instant connection with their loan officer, Bo Garmon. During their experience, they discovered that filling our financial forms could be quite daunting. Thanks to their loan officer’s experience, they were able to complete the process.
“Our loan officer was in contact with us throughout the process to make sure we were successful.”
In September of 2016, Lance’s dream came true. He and his wife became owners of Hanger Drug.
Hanger Drugs offers prescriptions, over the counter medications, the Medication Synchronization Program, Unit Dose Packaging, and free delivery. Find Hanger Drug on the web at www.hangerdrug.com, on Facebook- Hanger Drugs, Inc., or reach them by phone at 812-283-3591.
First Financial Bank is one of the nation’s leading small business lenders originating almost $200M in pharmacy loans over the last few years. Our lending team has over 75 years of pharmacy experience and includes current and past pharmacy owners. We have the industry specific expertise and knowledge to help you finance your pharmacy.
We are preferred Small Business Administration (SBA) lender offering financing solutions to help practicing pharmacists meet a wide range of business needs:
- Acquisition
- Equipment financing
- Expansion & remodeling
- Business refinancing
- Start-up loans
We offer a wide range of flexible terms tailored to your unique situation. Whether you are buying, selling or refinancing, we’ll work with you, one-on-one, every step of the way.
Our customer service, financial strength and expertise in working with independent pharmacies nationwide make choosing First Financial Bank a sound business decision!
TRANSITIONING FROM CORPORATE LIFE TO WORK ON HIS OWN TERMS
Client
McKinney, Texas
IRx Services
- Start a Pharmacy
- Accounting Services
Objective
Looking to open retail pharmacy but had no retail experience and gain freedom of his schedule.
Problem Solved
Opened a successful retail pharmacy and is able to concentrate on growing the business instead of working in the business.
David Damaske spent many years as a Director of Pharmacy for hospitals and even has an MBA but he just couldn’t see himself in a corporate job for the next 25 years. Plus he wanted to be part of the community where his family lives.
But how do you start a retail pharmacy with no retail pharmacy experience?
David and his wife spent time trying to learn everything needed to open the pharmacy. They eventually came across one of the free services from the wholesalers who referred them to IRx as David really wanted more help. Because he was new to retail pharmacy and starting a business, David felt the fee would be made up by preventing mistakes and securing better deals.
“Not only did IRx help prevent mistakes and save money but they also helped me find a location I would have never thought of and was surprised how easy it was through their process to obtain Financing.” says David. “Everything was just laid out, insurance contracts, licensing, technology and even how large to make your OTC (which he highly recommends keeping small).” David says, “if you just follow what IRx says you will be okay.”
“I decided to continue on with IRx for Accounting and Consulting services as I felt comfortable with them, plus pharmacy accounting is unique. I wanted to spend time growing the business and creating good processes rather than learning to be a bookkeeper for a complex business. Now I look for my weekly email on Monday night that summarizes my IRx Reporting Dashboard and allows me to see weekly trends in my business. The Dashboard makes it easy to spot opportunities or potential issues immediately. Additionally, I receive the benefit of not having to deal with HR issues. In my previous corporate life I always had an HR department to deal with hiring paperwork, W2s, payroll, etc and now I have IRx to assist me in all of these aspects.”
David also says “I have been talked off the ledge many times and you can’t put a price on that. So many times during the journey you need a sounding board for opinions, help or just to listen so you can stay focused on growing your business. IRx is the whole package from start-up to continued growth. I’m so glad McKesson referred me to you. I think my experience and outcome would be very different had I tried to do it more on my own. It is some of the best money I’ve spent and will continue to spend.”
Client
Glen Burnie, Maryland
IRx Services
- Accounting Services
Objective
A husband and wife team knew numbers were important as industry is difficult
Problem Solved
Allow Soleil team to spot trends and make good decisions
Trieu is the pharmacist and Thuy is a realtor but had no background in pharmacy.
They started researching and attended the NCPA Ownership Workshop and it really opened their eyes but also pointed out that they needed help.
“We interviewed other consultants but IRx was so approachable and willing to answer all of our questions and we find even today they always try to answer any question we throw at them”, says Thuy.
“We know numbers are important and wanted someone who understood pharmacy not just from an accounting standpoint but also legislation. A good example of this is COVID, IRx is in the pharmacy industry so they were able to quickly understand how it would impact pharmacy and advise us, plus the financials and other numbers were ready so we could act fast”, says Thuy.
Soleil Pharmacy uses the IRx Reporting Dashboard every week, which allows them to see trends, plan ahead, figure out when they can hire, what type of marketing to do and where there are opportunities to save. The dashboard consolidates pharmacy system, accounting and drug and payor information all in one place in an easy to read and understand format.
“But what you have to understand is they do more than accounting, they understand HR regulations which come up with employees, give marketing tips and even were there to help when we had a late night break in. What we did not know at the time was how much money IRx would save us by negotiating contracts and being part of their group.”
Client
Clarkston, Michigan
IRx Services
- Buy a Pharmacy
- Accounting Services
Objective
Pharmacist wants to buy the pharmacy he has been working at for 3 years but doesn’t know where to start.
Knew wouldn’t have time to learn accounting as he had no experience since this would be his first business.
Problem Solved
Gave path to become an owner and allowed him time to concentrate on growing the business.
Andy had worked for Clarkston Pharmacy for three years so he knew the customers and had relationships which certainly made ownership easier but getting to this point he quickly learned was harder than he expected.
“I hired a local lawyer but realized that I was going to need a lot more than a lawyer to buy this pharmacy”, says Andy. “The problem was that neither I nor the old owners had ever purchased or sold a pharmacy. I started googling ‘buying a pharmacy’ resources and came across Independent Rx Consulting. They offered to have me come and visit them at their headquarters prior to signing on and after the visit I knew they could help me.”
Independent Rx Consulting was able to help Andy come up with a proper valuation and find a pharmacy lawyer which in both cases saved him money.
“Plus because they understand the old owner’s numbers and accounting methods we took the opportunity to work with a bank that we knew could finance the acquisition.”
Andy was able to purchase the pharmacy and knew he had to concentrate on building the business and as such continued with IRx after the purchase to help him with accounting and consulting. Pharmacy requires reconciliation of insurance payments and rebates come from several places making accounting difficult and he just didn’t want to have to learn it. In addition we have been able to help him with maximizing those rebates. Andy also said that in addition to not having to do the accounting he also just has to provide hours for payroll and from there sales tax, payroll tax, etc is just taken care of by IRx and he doesn’t have to worry about it. This allows Andy time to concentrate on all the ideas he has. IRX has a great team to bounce these ideas off of as they have either tried them themselves in their own pharmacies or have a client who has so there is always feedback to provide.
Client
Canton, Lancaster, Baltimore, & Bucyrus Ohio
IRx Services
- Buy a Pharmacy
Objective
Become a multiple location pharmacy owner
Problem Solved
Grew from one location to 4 locations in 3 years creating increased profitability and efficiencies.
Tamer and Elizabeth opened MedTime Pharmacy in Canton, OH a few years ago and the pharmacy did very well. In order to achieve the financial freedom they desired though, they came to the realization – they would need to own multiple locations. This was especially apparent with lowering reimbursement trends hurting the profit of their single store operation. So they decided to buy another pharmacy and wanted someone who had an expert eye, had done it themselves and would represent their interest in this next opportunity. They turned to Independent Rx Consulting for this expertise.
“IRX helped us find a two store operation and then gave us ease of mind because of the extensive due diligence that was performed. They know where to look so we knew what we were getting operationally and financially”, said Tamer.
Tamer also states that Independent Rx Consulting helped them determine guard rails for what the business was worth at both high and low ends. The first purchase went well and they decided to find another pharmacy with Independent Rx Consulting’s help and purchase their fourth location in March of 2020.
HELPING A PHARMACIST NAVIGATE THE ROADBLOCKS TO PHARMACY OWNERSHIP
Client
Ashville, AL
IRx Services
- Start a Pharmacy
Objective
Opening a new pharmacy while still working full-time for someone else and moving family.
Problem Solved
Applied expertise, guidance and structure to keep the process on track and achieve goals.
Chase was working full time while in process of relocating his family – and really wanted to open his own pharmacy. Researching at the NCPA Ownership Workshop, he connected with us. With weekly phone calls to discuss next steps and answer any questions, we helped keep him focused and moving forward in the process. Because we’ve done this so many times, it gave him peace of mind as he navigated stacks of license and insurance forms. His family had never owned a business and the expertise and encouragement provided by our staff was important – especially when setbacks occurred – like his building being hit by a semi three days after opening.
Today, Chase owns Shelton Family Pharmacy in Ashland, AL, an independent pharmacy delivering great service to group homes and compounding to grow his business.
HELPING A NON-PHARMACIST OPEN A COMMUNITY PHARMACY
Client
Bend, Oregon
IRx Services
- Start a Pharmacy
Objective
Helping a sports therapist open a pharmacy in a community losing its local pharmacy.
Problem Solved
Applied our extensive experience in the independent pharmacy industry to inform and guide her through the acquisition and business processes.
When Kristen Godfrey, a sports therapist, heard her friends and neighbors complaining about the community’s pharmacy closing and selling their prescriptions to the nearby chain pharmacy, she wondered what it would take to open a new community pharmacy. What would it take for her to do it? She found Independent Rx Consulting online and after speaking on the phone and visiting our headquarters in Dayton, decided we could help her figure out the intricacies of pharmacies while respecting her vision for her business. Kristen opened West Side Pharmacy in the summer of 2014 with our guidance. Our approach was to make it like working with friends: supportive, helpful and a company that had her best interests at heart. Today the store is profitable – and providing her expansion opportunities into a large group of wellness facilities.
DEVELOPING A PLAN TO BUILD A MULTI-STORE EMPIRE
Client
Texarkana, AR
IRx Services
- Buy a Pharmacy
- Data Dashboards
Objective
Creating a way to open more stores and scale the business for an owner with limited help.
Problem Solved
Provided feedback, guidance and acting as his “corporate structure” to allow him to scale up the number of pharmacies.
Shortly after finishing pharmacy school, Michael Butler bought two pharmacies from his father. He spent the next few years growing the core strength of these stores along with a durable medical equipment (DME) business. Working full-time as a pharmacist in one of the stores, he was ready to expand by adding more pharmacies. Business was good – but not quite enough to support a COO or other exec to help. His attempt to buy a third pharmacy was unsuccessful due to the complicated process and a lack of time.
With our network and resources, we were able to sift through and identify the right opportunities for him. Stepping in to coach Michael, the seller, the bank, and other players through the process allowed us to have a positive impact on the negotiations and help him buy store number three. Michael is now able to realize his vision of adding one store a year for the next several years to become a 10-store chain. Our resources and knowledge – acting almost like a corporate office – allows him to bounce ideas and broaden his vision of what he can accomplish.
COLLABORATION OF CONSULTANT AND BANK HELPS CHAIN PHARMACIST OPEN A PHARMACY
Client
Palm Desert, CA
IRx Services
- Start a Pharmacy
Objective
Starting a pharmacy with the right way and with plenty of capital.
Problem Solved
Used combination of vendors to ensure pharmacy was opened on time and within budget.
In June of 2017, Cornerstone Pharmacy opened their doors to offer routine pharmacy dispensing services, provide prescriptions for Hospice, and dispense travel medicine to the Palm Desertcommunity.
Greg Collins, R.Ph, owner of Cornerstone Pharmacy, had a strong desire to serve in the health profession. He wanted to make a difference in the health of the patients and provide for his family. Greg has worked in a pharmacy for the last 20 years. He has held various positions including intern pharmacist, pharmacy manager, district manager, and corporate pharmacist recruiter.
After numerous years of working in a large chain pharmacy, Greg saw an opportunity to serve patients with an improved customer service experience. He wanted his patients to know their pharmacy team and understand that they would have a much different experience than that of a chain pharmacy patient. He knew that working in an independent pharmacy would allow him to partner with local businesses and providers in specialized markets. As Greg began to dive into the adventure of owning his own pharmacy, he reached out to Owen BonDurant, owner of Independent Rx Consulting, to help him. Greg chose Independent Rx because of their extensive experience and knowledge of pharmacy ownership and the industry. He also liked the fact that they themselves own pharmacies.
“I enjoyed working with the team and liked that they were willing to collaborate on all sorts of issues and that they were very accessible.”
Greg then had to decide who would finance his pharmacy. After much research, he chose First Financial Bank because of their extensive experience in financing pharmacy transactions whether it’s a new start up or someone who was looking to buy another pharmacy.
“They understand the pharmacy business and the capital expenditure that goes into a new start up.”
Greg enjoyed being able to reach his lender, Amer Khamis, very quickly with any questions or concerns. Amer helped him understand the various parts of a loan and to explain certain processes to him whenever a question arose.
The Cornerstone Pharmacy is very involved in the community, including being a member of the local Chamber of Commerce, working with a local community group on aging, and collaborating with a Parkinson’s Resource Organization. Greg is also very involved in with his church, Southwest Church in Indian Wells, CA.
Some of Greg’s proudest moments are when he makes a difference in his patient’s lives. He loves to solve problems and exceed patient expectations. He is very proud of his team and all of the work they do to keep up the mission.
“Treating all patients, young and old, as if they are your only patients gives you an opportunity to be a positive difference in their day/life.”
Greg is excited about his adventure in the independent community pharmacy business and is thankful that he had Independent Rx Consulting and First Financial Bank to make the process as easy as possible.
As always, Greg wants to serve his patients and is excited about offering compounding services in early 2018.
You can contact Cornerstone Pharmacy by email – gtcollinsrx@gmail.com, by phone- (760) 200-022, or on Instagram – gtcollinsrx.
First Financial Bank is one of the nation’s leading small business lenders originating almost $200M in pharmacy loans over the last few years. Our lending team has over 75 years of pharmacy experience and includes current and past pharmacy owners. We have the industry specific expertise and knowledge to help you finance your pharmacy.
We are a preferred Small Business Administration (SBA) lender offering financing solutions to help practicing pharmacists meet a wide range of business needs.
- Acquisition
- Equipment financing
- Expansion & remodeling
- Business refinancing
- Start-up loans
We offer a wide range of flexible terms tailored to your unique situation. Whether you are buying, selling or refinancing, we’ll work with you, one-on-one, every step of the way.
Our customer service, financial strength and expertise in working with independent pharmacies nationwide make choosing First Financial Bank a sound business decision!
