Pharmacy Perspectives - Summer/Fall 2013 - (Page 14)

SUMMER/FALL 2013 Kristin and Chris Holmes at their new business Taking Charge of DESTINY N ot 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 was still a student when they purchased it? 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. 14 “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.” Webman says this isn’t the typical deal he negotiates as Kristin didn'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, CU Skaggs School of Pharmacy and Pharmaceutical Sciences 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 during her fourth year! 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 in May. “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. In the 300+ loans we have negotiated, we have never once financed a student before. But Kristin and Chris are special." - ED WEBMAN

Table of Contents for the Digital Edition of Pharmacy Perspectives - Summer/Fall 2013

Pharmacy Perspectives - Summer/Fall 2013
Contents
School News Pharmacist Hunter
Research Collaborations Across Generations
Student News Habitat for Humanity
Graduation - In Depth Coverage
Alumni News Jack of All Trades

Pharmacy Perspectives - Summer/Fall 2013