In this episode, we explore one of the most critical and least discussed phases of pharmacy ownership the stage around five years in, where the realities of running a pharmacy begin to surface more clearly and the pressure of ownership often feels heavier rather than easier. Joining us is Olamide Olakanmi, pharmacy contractor, owner, and superintendent pharmacist at Coal Pharmacy, who shares an honest and reflective account of his journey from working in community pharmacy to owning his first pharmacy, and eventually expanding to a second branch. Our guest Olamide takes us through his early decisions, including launching his first pharmacy around 2020, initially experimenting with a distance-selling model as an entry point into ownership. Although it offered a quicker and seemingly easier start, he reflects on why it limited long-term growth and how that realization led him to transition into a brick-and-mortar pharmacy a move that came with operational, financial, and personal challenges. As the conversation unfolds, we discuss what it truly means to grow beyond the first pharmacy. Olamide shares how running COVID vaccination services forced him to step away from daily operations for the first time, and how seeing the business function effectively in his absence became a pivotal moment that gave him the confidence to expand into a second branch. This conversation breaks down what pharmacy owners often don’t anticipate at this stage, including: • Why pharmacy ownership doesn’t necessarily get easier with time and why the five-year mark can feel heavier than the early years. • The shift from survival mode to building systems, processes, and a clear long-term vision. • Learning when and how to step away from day-to-day operations without losing control of the business. • The importance of investing in technology, audit trails, and structured stock ordering and knowing when over-investment becomes a risk. • How leadership evolves with ownership, including the challenge of trusting people, delegating responsibility, and allowing room for mistakes. • The financial realities of ownership, such as rising drug costs, cash-flow pressure, and the difference between being profitable and being financially stable. • The personal sacrifices owners often make, including time, energy, and dipping into personal savings to support the business. • Navigating external pressures such as NHS changes, drug pricing, staffing costs, and national insurance increases. • The importance of mentorship, peer learning, and seeking advice from those who have walked the path before you. • Why can pharmacy be more than a dispensary, and how can ownership become a platform for other opportunities when set up correctly. Throughout the episode, Olamide reflects on how his leadership style has changed over time, the value of investing in people, and the importance of protecting personal health to avoid burnout. He also shares whether he believes pharmacy is still a good business today and the advice he would give his younger self as he reflects on his journey so far. Whether you are in the early years of ownership, approaching the five-year turning point, or considering pharmacy ownership in the future, this episode offers practical insight, honest lessons, and real-world perspective on building a pharmacy that can grow, evolve, and stand the test of time because at this stage, there truly is a lot to learn.
