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Building Business and Legacy: A Pharmacist’s Journey to Entrepreneurship
Episode Overview
In this episode of The Long Burn, co-hosts Joel Malin and Dr. Jonathan Wade host Adam Moore, owner of Hogan's Pharmacy in Valdosta, Georgia. The group explores Adam's journey from growing up around independent pharmacy to taking over Hogan's Pharmacy, navigating industry challenges like PBMs and corporate structures, overcoming early business loss, delegating to prevent burnout, and building long-term family legacy through real estate.
👥 Hosts & Guest
- Joel Malin: Co-host, Licensed Professional Counselor (LPC) in Jacksonville, Florida.
- Dr. Jonathan Wade: Co-host, medical doctor.
- Adam Moore: Guest, PharmD, owner and operator of Hogan's Pharmacy in Valdosta, Georgia.
🧠 Core Themes & Key Takeaways
1. The Path to Ownership & Leaving Corporate Healthcare
- Family History: Adam grew up in Adel, Georgia, where his father owned an independent pharmacy. After his father passed away during Adam's application to pharmacy school, his family sold the business.
- Frustration with Corporate Models: After working in retail chains and a local hospital, Adam grew tired of corporate mandates and restructuring. This discomfort served as the catalyst to pursue business ownership.
- Acquisition: In October 2014, Adam purchased Hogan's Pharmacy via an SBA-backed loan, with previous owner Ronald Hogan staying on as a mentor.
2. Navigating Industry Roadblocks & Efficiency
- PBM Squeeze: Independent pharmacies regularly deal with Pharmacy Benefit Managers (PBMs) that reimburse below drug acquisition costs on popular medications like GLP-1s, forcing owners to have transparent conversations with long-term customers.
- Turning Loss into Opportunity: Six months after taking over, Adam lost an assisted living contract accounting for 8% of his total revenue. He responded by implementing perpetual inventory tracking and MedSync. This optimization dropped inventory from $450,000 to $280,000 while growing annual revenue from $5M to $11M.
3. Sustainable Operations & Building Legacy
- Delegation to Avoid Burnout: Adam broke his father’s pattern of working non-stop by hiring additional pharmacists. This allowed him to delegate tasks and prioritize being present for his family.
- Workplace Culture: Adam extends flexibility to his staff, encouraging them never to miss their children's family or school events.
- Long-Term Wealth Building: To build passive income streams beyond the pharmacy, Adam expanded into real estate, acquiring rental properties to secure financial stability for the future.
🛠️ Practical Frameworks & Actionable Advice
- Implement Perpetual Inventory & MedSync: Optimize cash flow by setting strict par levels for reordering and synchronizing patient medications so high-dollar inventory isn't sitting on shelves.
- Choose Your Headaches: Entrepreneurship comes with challenges, but choosing your own hurdles provides autonomy and agency that corporate structures lack.
- Delegate to Prevent Burnout: Release the belief that "if it's going to be done right, I have to do it myself" by training staff to handle key operational roles.
🔥 Firing Line Questions Summary
- A Failure That Taught a Lesson: Losing an 8% revenue facility contract forced the pharmacy to adopt tighter inventory management, ultimately resulting in doubling revenue while cutting overhead in half.
- Unlearning a Belief: Unlearning the need to control every task and learning to delegate responsibilities to trusted staff.
- Definition of Success: Operating a business that runs seamlessly whether he is present or not, alongside expanding a rental real estate portfolio for long-term family security.
