I come seeking advice

[Volt]

Extra money and maybe a bit of effort, but you could bring on a manager for the business side (payroll, stock, advertising, etc) and you could be the drug side of the house. Hire them or go 51/49 type of deal.

Originally Posted by RX2010

Another clarification

The owner is not looking to sell right away, he is, however, looking for someone to take over in the next 10 years. I've seen the financials on the place, revenue stream is of no concern, his being an independent, and having working protocols with the physicians in town allows him to do so much more than any chain could ever do. The practice setting would be nice, but Volt, you're right, I really don't know if I want the responsibility of owning a business, I've always said I didn't want to, but this is a unique situation

[DrDubzz]

Originally Posted by Volt

Extra money and maybe a bit of effort, but you could bring on a manager for the business side (payroll, stock, advertising, etc) and you could be the drug side of the house. Hire them or go 51/49 type of deal.

true, but honestly, the only way it would be worth financially is to own it outright.

otherwise I could make the same money at a chain store (although I have zero desire to work at a chain store)


Really, my decision can simplified like this

a) great benefits, job satisfaction, and practice setting

b) more money, unique practice setting/freedom, more stress


B would also offer the stability of living in one place long term (for better or worse) whereas (A) would be moving every 3-5 years for 20 or so years, but then I could plop down cash for a house wherever I want while still receiving retirement

The problem is I can't truly go wrong, I'm just trying to figure out which might be better. Deep down I'm still leaning military, but they need to pick up the pace on things

[MedicCook]

Sounds like you are going to be a winner in either choice. Good luck Tim.

[Thrak]

It sounds to me as if you've already made up your mind to go into the AF and you just want us to validate that.

Do what makes you happy.

Personally, I'd take the private sector job. If you've spent that much time in school to learn it, you must enjoy it and you'll get more satisfaction (I think) out of seeing the people you help daily rather than being on a base where you never see the same person twice. Be a member of a community, or be just another "Doc".

[alley00p]

FOG (and ex-USAF) here...

Tim, I served 1 tour in the USAF, and volunteered for "SEA". Somehow, instead I was stationed at Nellis AFB, outside of Vegas for 3 years, but I spent a lot of time TDY'd to other places during my tour. I worked for Ma Bell prior to my enlistment in the AF, and when I got out, I went gladly back to my old job at home. As much as I enjoyed my time in the AF, I was glad to go back to civilian life. After 31 years with the Bell System, retiring and working a full-time job now, I have few regrets.

If it were me, I'd definately take a long look at the pharmacy deal first. If you decide running a business isn't for you, you can always enlist later, and have a little more "practical" experience. And you can always join the "reserves" in the meantime, if you want to. Even up in Northern Michigan, my middle son was in the National Guard, while he was living in a very small town.

But from my perspective, it's nice to be able to plan for the future. running a business in a small town, has some nice perks - being home most of the time, and having a chance to put money away for yourself and your family.

Don't get me wrong - I would never run someone down because they want to serve their country. I did it, and have no problem with my boys doing it either. But each person has to decide if that is their "bowl of rice".

Good luck with whatever decision you make, Tim!!

I don't have military service, so I can't advise you on that realm. I did own my own business for a while.

The money was great...when the money was great. When it wasn't, it was HORRIBLE. I also fell into a trap early on in my business owner career; I saw all this money in my bank account and thought I was rich. Then, I came to the shocking realization that I had bills to pay. (Sounds stupid, I know) But there are so many hidden things you don't realize are going to come up, and they inevitably come up right after you buy that toy you wanted.

Working for myself was very rewarding, but it was also very stressful. Not only do you have your family to worry about, you have employees to worry about. Your vendor relations. Lawyer, accountant, insurance people. The amount of time it takes to RUN a business takes you away from the nuts and bolts of the business...which is what you enjoy and why you got into the business to begin with.

Nothing makes you appreciate a regular paycheck like owning your own business!

That said, under the right circumstances, I would do it again in a heartbeat. Obviously I would do some things differently with the experience I have.

So, I guess I'm taking the long way around to telling you to go for owning the business. If you do, mine the previous owner's experience for everything you can. He's probably dealt with just about every problem you're going to come up against and knows how to deal with it.

Marshall

[DrDubzz]

thanks for the input Marshall

The owner has said it would be about a 3-5 year learning process for the business side, which is why I would have that long before having to start buying it. He is a fantastic businessman, but I'm really not a business person, so while he would teach me, I worry that I don't have that innate business sense that some have, and I wouldn't want to be the guy that fails on the pharmacy and hurts the community.

That's my main reservation about the pharmacy, other than the 80 hour weeks.

If you use the tools that are available. AARP has some great mentor programs and other things available. Use the current owner for his knowledge and his experience. Get a good tax guy and take his advice, etc... If you do that, it would be hard to FAIL at that business. You'll stumble, you'll hit bumps in the road, but epic fail? Not likely. As long as you keep an open mind and use the tools available, you should be OK.

The most important thing I can tell you is this. Your customer can buy what you're selling down the road (or on his web browser on his cell phone, these days). What are you doing differently that he can't get anywhere else? Usually the answer is: excellent service. It's free for me to provide and it always reaps benefits.

Marshall

[Volt]

Originally Posted by RazzBarlow

If you use the tools that are available. AARP has some great mentor programs and other things available. Use the current owner for his knowledge and his experience. Get a good tax guy and take his advice, etc... If you do that, it would be hard to FAIL at that business. You'll stumble, you'll hit bumps in the road, but epic fail? Not likely. As long as you keep an open mind and use the tools available, you should be OK.

The most important thing I can tell you is this. Your customer can buy what you're selling down the road (or on his web browser on his cell phone, these days). What are you doing differently that he can't get anywhere else? Usually the answer is: excellent service. It's free for me to provide and it always reaps benefits.

Marshall

Wow, never thought of it that way and you are so correct. Saving a buck to get crappy service? I'll take the better service any day of the week. Well worth the money spent.

[ashtonlady]

I have lived on both sides of this fence. I was in the Navy and am now a Business owner.
They both have there ups and downs. If you really want to work for yourself go for it while you are young and have the drive and stamina. If all you want to do is pay off your loans then go to the AF and look for a job when you decide you have had enough.

[DrDubzz]

I finally have an interview tomorrow with the Air Force, I'm excited

I should find out tomorrow or next week if I'm medically cleared (the only hang up was a mole I had removed this past summer)

[Whynot]

The AF has been great to me. With that being said, only believe what a recruiter can show you in regulations or writing. Don't believe for a minute that you will work set hours and never deploy. The pharmacist at my home station when I left for Iraq was covering two bases because the others were deployed. A recruiters job is to convince you without flat out lying. If you can, talk to a couple of active duty pharms before agreeing to anything. I think everyone dreams at some point of owning their own business. Personally I would jump at that chance. As others have said, the military will always be there.
Holy run-on train of thought.

[DrDubzz]

my interview is moments away, it's with an active duty pharmacist, I've got a good list of questions for him

[Smokin Gator]

Originally Posted by RX2010

I really don't know if I want the responsibility of owning a business, I've always said I didn't want to, but this is a unique situation

That would answer it for me right there!!!

I am just the opposite, however, and it came from my grandfather. He always said, "Son, you will never make anything working for another man. You have got to work for yourself." That has always stuck in my mind and it took me a long time to get there. I am finally there and couldn't be happier.

Also, I am back in the small town where I grew up and love it... That may not be what you are happy with though. It is certainly different, but to me it is much more "real."