Friday, July 18, 2008

Pharmacist-turned-entrepreneur has the right medicine

From the Arizona Republic:
The Apothecary Shops was on financial thin ice three years ago. The specialty pharmacy had opened too many retail stores, was losing money, and its chief supplier threatened to cut it off.

At the time, founder and CEO John D. Musil realized that he couldn't accomplish every strategic and operational task on his own. He needed help.

"It was kind of the slap in the face," said Musil, a pharmacist turned businessman. "It was a point where you need to figure out what you're going to do or you're going to go broke."

Musil hired a trio of executives to oversee the company's pharmacy operations, sales and finances, and he took on the role of chief strategist for the small Phoenix company that he founded a dozen years ago.

The strategy has paid off. The privately-owned company expects to increase revenue 30 percent this year to about $83 million. It has nearly tripled its sales over the past six years, and the company was recognized by Inc. magazine as one of the nation's 5,000 fastest-growing private companies. ...more

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