Pharmacy Perspectives - Graduation 2013 - (Page 4)
kristin holmes
Taking charge of destiny
Not content to wait years for the right job to come around, Kristin Holmes
decided to create her own dream job by buying out a local pharmacy.
Kristin and her husband, Chris, have not won the lottery. They are
not trust fund babies; nor do they have wealthy parents backing
them in this venture, or have an unlimited supply of cash!
So, how are they doing it given that they still owe student loans and
Kristin is a student and not yet a licensed pharmacist?
Well, they’re doing it the old fashioned way – through research,
planning, scrimping, saving, risk taking, hard work and loans. But
don’t think it’s easy. It’s taken work, commitment, willingness to take
a risk, and the ability to convince a lender that they have what it
takes to be successful.
“In the 300+ loans we have negotiated, we have never once financed
a student before. But Kristin and Chris are special,” says Ed
Webman, pharmacist and banker with Live Oak Bank, the lender
loaning the couple the money to buy Capitol Heights Pharmacy
in Denver. They have “credit, character, credibility and cash flow”
– four essential ingredients that Webman and Live Oak look for
when determining the feasibility of a project. Live Oak specializes
in financing pharmacists, physicians and veterinarians interested in
running their own businesses.
The Holmes’ learned about the lender at a presentation at the
National Community Pharmacists Association convention last
November. And that’s when the couple started to seriously entertain
the idea of owning their own business. “I never would have thought
we could pull this off in my fourth year of pharmacy school,” says
Kristin, but “all the stars seemed to align. It’s
really too good an opportunity
to pass up.”
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plannin
ng
scrimpi
saving
ing
risk tak
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hard wo
Webman says this isn’t the typical deal he negotiates as Kristin
doesn’t even have her license yet. “Believe me, many people at my
company thought I was a little crazy,” Webman says. The typical
deal is a young pharmacist who’s been working at an independent
pharmacy for a few years and wants to buy the business.
But as Webman says, “I felt very good about this. They had a plan,
they had management experience, Chris has an MBA from DU and
runs an audiology practice providing a second source of repayment
and Kristin has good grades. In addition, they had already
conducted some incredible due diligence on current pharmacies
that were interested in being purchased.” It also didn’t hurt that the
couple has structured their personal finances in a very responsible
manner.
The couple researched local pharmacies, sent letters to 40 of them
in Colorado, and found a few interested sellers. One was especially
intriguing as it was established in 1881, was centrally located
in Denver close to a hospital and had a liquor license that could
be transferred with the sale, thus ensuring added revenue while
Kristin builds the pharmacy business. “I love how this pharmacy is
positioned in the neighborhood. It shouts liquor store right now, not
pharmacy, which initially was a little off putting, but the potential
is there,” says Kristin. With a goal of becoming the ‘Nordstrom’s of
pharmacies’, providing a superior experience for the customer with
individualized attention, Kristin says, “I want to win their business
and then keep it.”
Young, smart, hungry, with an entrepreneurial spirit, the
Holmes’ understand about building a business and deferred
gratification. Kristin doesn’t even own a car, but takes
the bus everywhere – even to rotations! Webman says,
“Deferred gratification is something that a lot of
recent grads want nothing to do with once they
receive their doctorate. It’s unfortunate, but
understandable. They feel they have sacrificed
for too long already.” The Holmes’ were
ready and willing to trade a little personal
comfort for long term gain. They closed
on the business May 1st.
“We’re not in this deal to make a
commission and wash our hands of it.
We’re their financial partners. We want
them to be successful and are betting
that they will be,” says Webman.
Kristin and Chris Holmes in front of
their pharmacy in Denver
4
Table of Contents for the Digital Edition of Pharmacy Perspectives - Graduation 2013
Pharmacy Perspectives - Graduation 2013
Contents
Pharmacy’s in their Blood
Taking Charge of her Destiny
Program Taylormade for Family
Adventures Abroad
Females on the Frontlines
Pharmacy Perspectives - Graduation 2013
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