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Notes of the Episode
Kyle Klitzke is not a pharmacist, but he successfully runs a pharmacy! What is his secret sauce for growing his business? In this episode, Kyle will speak on how to start and grow a successful business, the challenges he faced in the first year of his business, and the mindset that helped him overcome every struggle.
Our conversation also zeroes in on how to diversify in real estate. Kyle learned that most pharmacists and healthcare professionals find it hard to invest or start a business because they can’t get up from behind the counter to explore other opportunities. Listen now and glean from Kyle’s entrepreneurial journey!
Key Points from This Episode
- Kyle Klitzke’s childhood and educational background.
- How Kyle was able to buy a business at 24 years old with no assets and a huge student loan debt.
- Hard lessons Kyle learned in business acquisition.
- Kyle’s mindset that got him through the challenges he faced in running a pharmacy business although he was not a pharmacist.
- Not being a pharmacist was a drawback, but Kyle saw it as a benefit and opportunity to focus more on growing his business while he hired a pharmacist to stay behind the counter.
- Many pharmacists or healthcare professionals could not start or grow a business or investment because they could not leave their post.
- If you want to diversify, don’t abandon your main business that generates money.
- Find out your value per hour and prioritize the things that yield a higher return on your time.
- As a business owner, your brain working on thinking about your business and implementing things in your business is worth more than laying tiles or walls.
- In real estate investing, you don’t have to learn everything. You can do syndications and earn passively.
- Kyle learned about investing in syndications through Dr. Jeff Anzalone (Link below on our episode with Dr. Anzalone).
- Kyle shares some books and podcasts that have educated him about business and investing.
“Part of owning a business is you’ve got to wear a lot of different hats.” [00:17:12]
“There’s tons of opportunities in pharmacy, you just got to get up from behind the counter and go get them.” [00:22:50]
“When you don’t have a plan B, plan A has got to work. You just have to keep working plan A until something changes.” [00:28:41]
“Don’t quit letting the main thing be the main thing.” [00:38:17]
About Kyle Klitzke
Kyle Klitzke is the founder and owner of Community Pharmacy. They currently have 2 retail locations and a long term care division. Unlike most pharmacy owners, Kyle is not a pharmacist. He has a degree in Chemical Engineering from Louisiana Tech University and also pursued his MBA from Auburn University.
Kyle’s goal has always been to be an entrepreneur and that goal was achieved in 2005 when he acquired Tri-Care Home Medical, a medical equipment supply company and pharmacy. Since 2005, he has acquired and sold Tri-Care Home Medical, started and sold MedNurse, a nurse staffing company, started and sold SanoCare, a wound care company, and started Community Pharmacy.
His goal is to add 1 more retail pharmacy location and then devote more of his efforts to continue diversifying his investments to establish additional passive income away from the healthcare sector. He has been using syndicated investments as one path to achieve this goal.
Transcript of Episode