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Notes of the Episode
Today’s guest, Owen BonDurant, shares his valuable perspective on the pharmacy industry. If you are an employee looking to become a business owner, this episode is for you!
Owen’s father brought him up in the pharmacy industry. He has mastered every part of this business. Today, he’ll teach us about business ownership, how to find a business partner, effective strategies to implement in your pharmacy business, and his forecast for the pharmacy industry. Listen now!
Key Points from This Episode
- How Owen was groomed from a very young age to have a business management mindset in the pharmacy space.
- How Owen gets pharmacists into the marketing mentality.
- Owen talks about his businesses and Independent Rx.
- Two biggest things that make a partnership work.
- Owen’s opinion about the pharmacy industry’s status and his predictions for this industry in the next three years.
- Will independent pharmacies remain relevant in the next three to five years?
- Three things that successful pharmacists do and focus on.
- Owen’s investments and the lessons he has learned from them.
- Owen shares his short-term and ultimate goals in life.
- What’s the next step after achieving success?
Tweetables:
“Marketing and sales are the opposite of how most pharmacists would think. Pharmacists would have to be exact. In marketing and sales, the idea is you’re not going to be perfect.” [00:11:40]
“It’s good to have a partner who offsets your skill set.” [00:21:27]
“Independent pharmacy is the only healthcare industry that added locations last year.” [00:24:18]
“You don’t know everything and you can’t do everything.” [00:34:57]
“Wealth is when you leverage your time, you leverage your capital, you leverage your resources to get to where you want to be. – Claude Condo [00:41:35]
Links Mentioned:
Profit First by Mike Michalowicz
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
The New One Minute Manager by Ken Blanchard, PhD and Spencer Johnson MD
Traction: Get a Grip on Your Business by Gino Wickman
About Owen BonDurant
Owen is 2nd generation entrepreneur (his father Mark BonDurant is Independent Rx Chief Consultant and was Tim Clark’s partner in the 30 pharmacies they owned). He currently is an owner with Tim Clark in three pharmacies. He is the founder of Independent Rx which provides services for starting, buying and selling pharmacies as well as a leading accounting firm for independent pharmacies. He has worked in independent pharmacies since before he can remember. His pharmacy experience includes almost every role a small pharmacy has to offer from cleaning the bathrooms, and working as a pharmacy technician, to starting, marketing, and running a durable medical equipment company to today helping over 100 people start or buy a pharmacy. He graduated from Miami University of Ohio with a degree in marketing and a minor in management information systems (MIS).
He is married, with two children, enjoys playing golf, and strives to travel often.
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Transcript of Episode
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