End-of-year reflections: A big year behind us, a big year ahead

By Max Beairsto

Well, that’s a year almost done and another one coming round the bend. When the new year approaches, just about everyone and their dog takes a moment to look back at what they’ve accomplished and look forward at what they will accomplish (or at least hope to) going forward, and we here at EVCOR are no different. But we also have a special reason to mark this new year as a particularly important moment: in 2025, we will be marking 20 years in the business of helping independent pharmacists plan, prepare and execute successful business sale transactions.

It has been, as they say, a wild ride. From the usual growing pains of any new venture through to a global financial crisis and the COVID-10 meltdown, there were a few times when our rock-solid confidence in what we were doing might have staggered a little bit. But we saw it through, and what started as a small consulting firm has grown into a trusted and successful company with a mission to guide and support pharmacist-owners through the entire timeline of pharmacy ownership.

So allow me a few paragraphs to give myself and the team here at EVCOR a pat on the back, and to share with you a little bit about how far we’ve come and what we have planned in the future.

First, the origin story…

For me, the EVCOR journey began with my own experience as a pharmacist. I guess there were a couple of big reasons why I chose pharmacy as a profession. One of them was that the spirit of entrepreneurship ran deep in my rural Alberta family—my great-grandfather founded a general store in the now-defunct town of Merna back in the day. The other reason? Well, as a kid, the coolest adult I knew was the drummer in my dad’s garage band, and he was a pharmacist. That’s it!

Anyway, after graduating from the University of Alberta pharmacy program, I worked at an independent, then at a hospital, but I was itching to run my own business. So, I saved my money and bought a small-town pharmacy, and I thought I was doing OK until I looked at the accounts at the end of my first year in business and thought, “Uh-oh, we’re not going to make it.”

And I realized something in a flash: I had been to school, but I had no idea about the harsh realities of running a business.

So I hit the books, read up on operations and management, and learned from experience. What did I learn?

Well, as important and engaging as the work of a dispensing pharmacist is, there’s a big difference between working in a pharmacy and owning and operating a pharmacy. You must pay attention to profitability, look for ways to grow, and sometimes make hard decisions.

Another lesson: keep your eyes on the prize. You will not own your pharmacy forever, so understanding what its value is in the marketplace, and planning for the inevitable day you will exit the business, are imperative to a successful outcome not just in your career, but in your life.

Why EVCOR?

In the end, I managed to grow my first pharmacy business enough to sell it a few years later at a tidy profit. I went to work for a corporate pharmacy chain as director of business development, where I gained an in-depth knowledge of business valuation and finance.

But I learned something else, too: with the resources and clout that the big pharmacy chains have, independent owners need help when they are looking to sell their pharmacy or to buy one.

That’s why I founded EVCOR in 2005, focusing on transaction advice and consultation. Eventually, I went back to school and got my MBA and became a credentialed valuation analyst. (I also invested in another independent pharmacy along the way!)

Now, almost 20 years later, EVCOR has supported 450 pharmacy transactions and valuation engagements and helped generate more than $800 million in deal flow. Clearly, we have come a long way.

End of story?

Not by a long shot. As we look toward our 20th year in operation, we are not about to stop growing, or innovating, or finding new ways to engage with Canadian pharmacy owners.

Here are a few highlights from the past year and some of the initiatives we have planned for 2025:

·?????? In November, we published my book, “Buy It Smart: From Pharmacist to Owner—The Ultimate Guide to Buying a Canadian Retail Pharmacy,” which leverages my decades of experience working on the sell side of business transactions to help pharmacy buyers make the right decision. My second book, a guide for pharmacy owners planning their eventual sale and retirement, will be coming out in 2025, so stay tuned!

·?????? We’ve built new partnerships with industry leaders and experts in pharmacy operations and business sale transactions as part of our effort to build out our Trusted Professional Network (TPN). The goal of the EVCOR TPN is to ensure that independent pharmacist-owners get the support of the advisory team that is right for them, whether they are looking to buy, optimize operations or sell their store. And it’s part of our commitment to support pharmacists across the country, whatever their needs may be.

·?????? We launched the EVCOR Advisor Podcast, which we hope is a fun and informative way for pharmacist-owners to keep up with industry trends, learn more about pharmacy valuation and sale transactions, and get to know us a little bit, too!

·?????? I had the honour of speaking at the 2024 Pharmacy Edge Fall Conference on the common pitfalls pharmacist-owners encounter when buying or selling a pharmacy. It was a great opportunity to connect with industry professionals, exchange ideas and share expertise. And I’m excited to be a speaker at the upcoming Pharmacy Edge conference in Toronto in February.

Through (almost) 20 years and innumerable successful transactions, our commitment to excellence in every engagement with our clients has never wavered. Looking forward, we will continue to evolve and adapt to the ever-changing landscape of independent pharmacy ownership in this country.

As a former pharmacist-owner myself, I understand the challenges EVCOR’s clients face, but I also see their commitment to serving their communities and their indomitable entrepreneurial spirit every day. I know I’m speaking on behalf of the entire EVCOR team when I say it’s an honour to work with them and support them, and we are all thankful for the trust they place in EVCOR.

So, let’s ring in a big new year with a toast—to making a positive impact on the world of independent pharmacy ownership together.

Wishing everyone the best in 2025!

Max