Burned-Out Pharmacy Owners Ruin Business Value
We receive a staggering number of calls from pharmacy owners who have been burned out for the past few years and want out. If these pharmacy owners don’t move sooner than later, they will ruin the value of their business.
All business owners run the risk of “burn-out.” With the stress of being the go-to person, knowing “the buck stops here,” it’s likely to occur, but you need to recognize the symptoms and take action to address the reasons.
If the burn-out syndrome is not corrected and continues over an extended period of time, the business will suffer and its value may degrade significantly, possibly beyond salability.
Unfortunately, this is another obstacle that is more common than not. It occurs quite frequently.
The solution to burn-out is to recognize it early on and take the appropriate steps to enable you to become re-energized about the prospects of your business, like you were in the early days of your ownership. If you determine that you cannot recharge your batteries, you are better off selling before the business slips too far downhill.
Following are some of the symptoms that may indicate burn-out:
- Lack of enthusiasm for the daily activities you perform at your business.
- Tired of doing the “same old, same old”
- An overwhelming feeling that things are beyond your control
- Carelessness leading to mistakes/missed opportunities
Physical symptoms: exhaustion, moodiness, irritability
Solution: Identify the cause of the stress and address it:
- If you’re bored, why? For instance, if you are performing mundane tasks that prevent you from spending time managing and growing your business, delegate the mundane tasks, or hire an assistant.
- Same old, same old? Change it up. Do something … like committing to implementing a new marketing program.
- If you are working way too many hours, take some time off. You probably need physical and/or mental rest to recharge your batteries. Hire additional help or delegate more of your responsibilities.
- Is a non-productive employee or a difficult customer creating your stress? Make the tough decisions – replace the employee and send the customer to your competitor so you can concentrate on obtaining better customers.
Businesses with burned-out owners often begin a downhill slide
When it comes to business, if you are not moving forward, you are moving backward. It is absolutely necessary to keep pace with the competition. In today’s economic environment, sometimes it’s a struggle just to survive. You have to keep moving the ball forward. Owners who are burned-out for an extensive period of time are unable to keep the business moving ahead and usually find their business on a downhill slide. Owners must recognize their burn-out symptoms, identify the causes and quickly eliminate their source of stress. If owners don’t have the desire to address the issues, it’s best to sell while the business still has value.
Are you experiencing burn-out? Have you identified the causes? Can you eliminate the source of stress? Can you re-energize your enthusiasm for the business? Overcome the Power of Inertia and do something today to address your burn-out symptoms.
Another Favorite Famous Quote
“Are you bored with life? Then throw yourself into some
work you believe in with all your heart, live for it,
die for it, and you will find happiness that you had thought
could never be yours.” Dale Carnegie
Overcome the Power of Inertia
Overcome the Power of Inertia and call ColonyRX for a free consultation. We will give you a no-charge, no-obligation evaluation of your pharmacy. This is a great way to start planning for a successful and profitable exit from your business.