YFP 352: Pharmacy Innovators with Kelley Carlstrom, PharmD, BCOP


In another episode of the Pharmacy Innovator series, Dr. Kelley Carlstrom, CEO and founder of KelleyCPharmD, discusses entrepreneurship in oncology pharmacy.

Episode Summary

On this episode, we have another segment of the YFP Podcast’s Pharmacy Innovator series! Hosted by Corrie Sanders, PharmD, this series is tailored for pharmacists venturing into entrepreneurship, featuring stories and strategies for aspiring pharmacy entrepreneurs.  

This week, we delve into the dynamic world of entrepreneurship within oncology pharmacy with Dr. Kelley Carlstrom. Kelley is a board-certified oncology pharmacist and CEO and founder of KelleyCPharmD, which addresses crucial gaps in clinical oncology training. Dr. Carlstrom shares her experiences working in traditional and non-traditional settings, healthcare technology, insights on her transition from employee to entrepreneur, her evolving business model, and opportunities in oncology for pharmacists. Kelley also discusses how to monetize your expertise and the value of communities when starting a business.

About Today’s Guest

Kelley Carlstrom is the CEO and founder of KelleyCPharmD, an education company that fills the considerable gap in clinical oncology training. She is passionate about democratizing oncology pharmacy education and increasing accessibility and inclusion through her unique L.E.A.R.N Oncology Method.

Kelley received her Doctor of Pharmacy from The University of Colorado and completed post-graduate residency training at Beth Israel Deaconess Medical Center and Dana-Farber Cancer Institute in Boston, MA. 

She is a board-certified oncology pharmacist that has worked in a variety of traditional and non-traditional settings including at large academic and small community cancer centers, as a consultant for a large electronic medical record implementation, and in the healthcare technology space helping create digital products for oncology clinicians and patients. 

Kelley is also a prolific content creator, sharing clinical and motivational pearls about oncology. She is part of the LinkedIn Top Voices program, an invitation-only program that recognizes and celebrates the most influential and engaging professionals on LinkedIn.

Key Points from the Episode

  • Entrepreneurship pathway in oncology pharmacy with Dr. Kelley Carlstrom. [0:00]
  • Career transition and business ideas for pharmacists. [2:34]
  • Starting a business in oncology and program design. [6:24]
  • Building a successful oncology pharmacy business model. [12:27]
  • Transitioning from consulting to entrepreneurship with a pharmacist. [18:00]
  • Leveraging clinical skills for business growth. [23:40]
  • LinkedIn usage and its impact on pharmacy businesses. [28:37]
  • Oncology pharmacy roles and opportunities. [36:07]
  • Oncology pharmacy training and business model. [42:27]
  • Entrepreneurship and decision-making with KelleyCPharmD. [49:35]

Episode Highlights

“You know, once you have a problem, it’s great. But then you have to figure out what’s the best way to solve it both for the both for the customer and for you. Like you don’t want to build a business that you don’t want to run.” – Kelley Carlstrom [7:44]

“So I think when the number one thing I would encourage pharmacists to do is to connect with people that are interesting to them, not just you know, other pharmacists.” -Kelley Carlstrom [30:20]

“When I got into entrepreneurship, I realized you need to make decisions very quickly. And if you’re always second guessing yourself, it’s not you’re you’re not going to be successful.” -Kelley Carlstrom [48:11]

“There are no bad decisions in entrepreneurship. It’s just you have to get off of the table and start walking and start doing things. And that’s how you learn.” – Kelley Carlstrom [48:55]

Links Mentioned in Today’s Episode

Episode Transcript

Corrie Sanders  00:00

Hi YFP community, Corrie Sanders here, host of the Pharmacy Innovator segment of the YFP Podcast. Pharmacy Innovators is designed for pharmacists navigating the entrepreneurial journey. In this series we feature stories and strategies that help guide current and aspiring pharmacy entrepreneurs. Today we have Dr. Kelley Carlstrom, known on social media as the oncology pharmacist. Kelley is the CEO and founder of Kelley C PharmD, an education company that fills a considerable gap in Clinical Oncology training. Dr. Carlstrom is a board certified oncology pharmacist that has worked in a variety of traditional and non traditional settings. This includes a large academic medical center, small community cancer centers, and then the healthcare technology and startup space. Kelley is also a prolific content creator and was recently invited to be part of the LinkedIn top voices team, an invitation only program that recognizes and celebrates the most influential and engaging professionals on LinkedIn. Dr. Carlstrom is a returning guest the podcast and was featured in August of 2021 on episode 217. We will link to that episode in the show notes as it provides great detail about Kelley’s background and pharmacy journey. Today we speak to Kelley about the timing for her jump from employee to entrepreneur and dive into her unique business model how her business has evolved over time, and opportunities in oncology for both Kelley and the pharmacy profession as a whole. Kelley share some great lessons surrounding monetization of her expertise as an oncology pharmacist, to include the value of various communities and reflections on decision making both inside and outside of clinical practice. Now that we’ve set the stage, let’s dive into today’s main event. Our incredible guest, Dr. Kelley Carlstrom. Kelly, welcome back to the podcast. It’s great to have you.

Kelley Carlstrom  01:46

Thank you so much. I’m excited to chat again.

Corrie Sanders  01:49

Well, I know that you and Tim recorded in August of 2021. And during that time, you guys did a great job of really diving into your educational background, your pharmacy career path, what we want to really dive into today is that entrepreneurship pathway, and what exactly that looked like for you when that started in your career. And we’ll get into some details about your mindset and growth. So let’s start with really diving in to the consulting portion of your career. Before that you were in a large academic medical center, you were in an outpatient oncology clinic, and then you transitioned into consulting. So let’s talk about that consulting. How did you find that job? What important mindset shifts happened during that job? And how did that ultimately set you up for success with where you are now?

Kelley Carlstrom  02:34

Yeah, I love talking about this transition, because it was completely unexpected. In my career, I thought that I would be in a clinical practice role my entire career, you know, I spent a decade training in school and in residency to get that type of role I was in, and then all of a sudden, I was I was entertaining, moving out of that role. And I really had a lot of doubts and a lot of conversations with myself during that time about whether I really wanted to do that. And what it came down to was me kind of thinking through what’s the worst that could happen. You know, it sounded like a really interesting opportunity, this consulting. And being in clinical practice was kind of the safe bet. Like I knew I would always have a job that would be very, very comfortable. And consulting was a complete black box. I knew nothing about it. I didn’t really know what they were hiring me to do, which was a Cerner implementation, I had always worked with Epic in the hospitals I worked at. So it was very scary. And I just decided to jump in and see what doors it opened. And it opened a lot of doors both. From a job perspective, and like networking perspective, but also a lot of doors kind of, for me personally, kind of my mindset, how I thought about how I thought about where my career would be, because when I first started consulting, you know, they were paying me very well. And I didn’t, I had never seen a pharmacist in that type of role where I was there, essentially, for the knowledge I had. I wasn’t doing any of the building in the EMR. They had a whole team of analysts that were building, they were hiring me as that clinician, that liaison between their clinical end users, their doctors, nurses, pharmacists, and their Cerner builders, they needed somebody in between to kind of talk both languages. And that was really the first time I’d heard about that role. And that that led me to see like, man, there’s a lot of skills pharmacists have that we don’t talk about, we don’t recognize, we don’t market. And that’s that’s what really opened my eyes to thinking, oh, there’s a lot more out here that I could, that I could dive into. And so that’s how my business ideas kind of got started. I started having a whole bunch of ideas about how how else I could solve problems besides this kind of one specific problem I was solving during my consulting contract. And over time, I just started to iterate on that and lean into it. And it’s been a very interesting journey.

Corrie Sanders  05:06

Yeah, it’s great to hear you say that. Pharmacists aren’t very, don’t realize maybe some of the clinical or some of the skills that we had outside of our clinical training and our knowledge. And it really takes seeing the profession through a different lens to maybe bring that into fruition, and shine a light on some of the skills that we have that have nothing to do with clinical practice. But really what role we play in a team based care model, whether that’s from, you know, an electronic EMR perspective, or whether that’s from a direct patient care perspective. So I love that you highlighted that.

And then Kelley, let’s talk about how the company that you have now started to build off of that consulting practice. So you said you started getting some ideas for your company. What did that look like? Did you have people coming to you with specific questions? Were you getting questions from the company itself about oncology? How did the idea for your business really set a seed during that time?

Kelley Carlstrom  06:04

I was getting a lot of questions on LinkedIn for years where I’ve been active for years, but I honestly wasn’t paying that close attention, which is funny now that I look at it in hindsight. You know, you don’t pay attention until you start paying attention, right? And then the light bulb goes off. And you’re like, Man, why didn’t I think about this years ago? But I had a lot of ideas about about starting a business. You know, it was I had stumbled into a couple podcasts, a couple heard of people heard a couple of people talking about entrepreneurship. And I’m like, Okay, that sounds interesting. But I didn’t really there. This was kind of the beginning of the, of the pharmacy entrepreneur, kind of wave, if you will. And so there wasn’t a lot of people talking about it. So I had a couple ideas that were that were ruminating in my brain. But just all of a sudden, one day, I was answering a LinkedIn message. And everybody asked me the same question on LinkedIn, which was, hey, I’m new to oncology. You talk a lot about oncology on LinkedIn, can you point me to somewhere where I can learn it? And I was like, and I always I got this question so much, I had a copy, paste kind of ready to go of like, five resources that I send to everybody. And just one day, and I’m like, I’ve been answering the same question for a long time. Obviously, there’s a gap here, these people are not residency trained, they’re not going to go back to do residency. They’re working in cancer centers, taking care of cancer patients. And they should be, you know, they want to be better. And they should be supported in this. And I’m like, Alright, I’ve got the training, got the knowledge, how could I help them do this? And that that kind of started started the flow of of a million ideas. You know, once you have a problem, it’s great. But then you have to figure out what’s the best way to solve it both for the both for the customer and for you. Like you don’t want to build a business that you don’t want to run. Right? So I spent a lot of time at the beginning trying to figure out how the heck am I going to do this? Because oncology is giant.It’s not like where you can like set it and forget it, I’ll record a couple of videos and sell that and people will learn oncology. No, we get new drugs approved practically every week. It’s a it’s an ongoing thing. So it took a lot of design upfront.

Corrie Sanders  08:19

And let’s talk about that design. So when you touched base with Tim, it was almost three years ago now. And you were just about to launch the ELO program, which is enjoy learning oncology. So I know that that was going to be your first program within your business. How has that developed? What did that look like when you first put that out? And then ultimately, where are you today with the services and the products that you offer?

Kelley Carlstrom  08:46

Yeah, when I talked to him, I can’t believe it’s been three years – I feel I feel like I’m my mother when I say where does the time go? It goes by so fast. But I remember when I talked with Tim, I was at I was I had just finished my pilot version of my program. So when I had sold the pilot, I had reached out to the the people on my email list that I had expressed interest and I said, Hey, I’m gonna build this thing. It’s not built yet. I’m gonna build this plane as we’re flying it. And I had eight pharmacists that raised their hand that said, Yep, well, we’ll buy into this program, even though you have nothing built Kelley. I literally was building it as they were going through the content. And I took their feedback. And I took the lessons learned from that and kind of made changes and made iterations to it. And that’s kind of when I talked to Tim was when the the first official iteration was was rolling out. And it’s pretty much been the same from a structure perspective since then. So I’m going into the fourth year of that program. And it’s been when I think about the structure, you know, for pharmacists that are thinking about starting something, I really spend time take the time to spend time to really think about how you’re going to format the services that you offer. And one, you obviously want to think about it from the client perspective, like, how is the is the service that you’re offering, or the product you’re offering going to best suit the customer? But also, from your perspective. How are you going to design it? So, one, it doesn’t take up all of your day, because as a business owner, you actually have to run the business, which is, sounds like logical, right? But at the beginning, you don’t really think about how many kind of back end, if you will, things there are, you know, not just kind of bookkeeping, like the standard things. But also, marketing takes up a big chunk of my time and relationship building and just client support, customer success, things like that, like they, that takes a lot of time. So when I was building the program, I really thought about one, one challenge I have is oncology is rapidly changing. So I had to figure out how am I going to keep up with this in terms of content? And then two is, am I who’s going to do it? Is it me, or am I going to get other people to do it. And so I settled on a model where I hire other expert pharmacists to support the lesson content. So at any given time, I have 24 expert oncology pharmacists that are in my program, because I have 24 lessons. And they’re the ones that are reviewing the content, kind of making sure it’s updated. They’re the ones that are supporting my clients with clinical questions. And that takes that pressure off of me. But it also frees me up to do the operation side behind it, you know, I need to find those experts, I need to get them the content to review, I need to review their content, because the program is through my lens, it’s my kind of IP. And so just because an expert says we should include something doesn’t mean I necessarily include it, it’s just, you know, I know my customers very well I know what stage they’re at. And so I everything has to kind of filter through what the what the lenses of my client and my particular program. So when you’re designing your your business and your offers, I think it’s really important to think about all those different steps and not get bogged down in the really fun kind of sexy things at the beginning, which is like, Oh, I’m gonna, I’m gonna offer something for sale, it’s like, well, you have to, you have to really think thoughtfully about it and not not kind of box yourself in.

Corrie Sanders  12:27

And I want to highlight a couple of things that you said, especially at the beginning there about one, you had a very small cohort to start. You at eight pharmacists. And you were learning as you said, you were building the plane while you’re flying it, I think that that is instrumental to, it does not have to be a perfect business model. And it’s not going to be a perfect business model. And it is going to evolve over the course of time. So just getting started and realizing that yes, there’s going to be so many modifications and iterations of different things along the way. But all you really need is that small cohort or client base to launch yourself and to figure out what you need and the feedback and the evolution of a business. So I think that that’s really important to hold on is that it is going to not be perfect from the start. And you’re not going to have 100% market share or analysis from the second that you started your own company that will evolve over time. So let’s explain that that business model a little more just because I want listeners to really understand how valuable the business model that you’ve built is. And I think you’ve done such a great job. I mean, honestly, you are one of the pharmacy pioneers and really monetizing your clinical expertise. So you have these programs, and they’re sold directly to pharmacists that are practicing oncology. And how do they buy into that? Are they buying into each lesson individually? Are they buying into packages? Have you tiered them over time? Has that changed over time? What is ultimately the product that the consumer is buying?

Kelley Carlstrom  13:56

Yeah, great question. I have a essentially, I have a signature program, and I have a couple tiers to it. But I have one kind of main tier, one main offer that I want to sell. And the reason I want to sell it, it’s called my ELO Collaborative. The reason I want to sell it is because I know pharmacists get the best benefit from that particular program. When I was for and that’s that’s the one I’ve been building since my since my beta, my pilot project. And when I started selling it, I got people that would reach out to me and say, Hey, I don’t I don’t want this big program. I just want to do the content. And I’ll go through it on my own. And so I do have like a DIY path where people can access the program content, but they can’t access the experts in the program where which is where you can ask questions and get support and kind of hear, hear the experts talk through those real world nuances which are so important in oncology. And so that came about because people were asking the market was literally he asking me to sell them something. So that’s great when that happens, but I think you really do also need to know, how do you get your customers the best outcome, because at the end of the day, if they’re buying into your program or service, and they’re not getting an outcome, they’re not going to talk about you, you’re not going to have that word of mouth, which you do need and is beneficial in any type of business. So I think really, really honing in on on what that offer is. Because if you have a lot of offers, it’s hard to focus on one particular one. So I do have tiers to my main offer. And then over time, I’ve, I’ve considered other kind of smaller offers that I’m always kind of experimenting with, which I think is a really important part of entrepreneurship is experimentation, which I didn’t really understand. At the beginning, I wish I had done more of it initially. It’s easy to get kind of stuck in, like, Oh, this is what so and so guru says, or this is what some other entrepreneur’s doing, I’m going to I’m going to do it exactly for my business. But that’s our businesses, everybody, every business is different, particularly healthcare, clinician based businesses, I have found are very different, like marketing tactics don’t work the same as they do for, you know, other types of businesses. So I think experimentation is really important. But so I’ve got that name program, I’ve got tiers to that program, I also have some individual courses that I’m now starting to sell, I’m actually rolling those out now. And I also do, I also offer like one-to-one mentorship matching. So pharmacists that want to work one-to-one with an experienced oncology pharmacist, kind of like a preceptor and a residency where you can talk with them about maybe a QI project, or maybe you want to change roles, and you need to create a case presentation to present at an interview and you want some help with that. I also do some matching with things like that, but at the core of my business is this ELO collaborative program. That’s what I’m known for. And I help I help pharmacists that are working in oncology today, develop their baseline knowledge, and that’s a very clear kind of avatar or, or target client as well, you know. When I started, I was pretty broad. And I included people that were interested in oncology. But that is challenging, because if you’re not working in oncology today, and you’re trying to learn this really complex field, it’s much harder because you’re not applying it at work. So I would encourage listeners also to think, who is your best fit client, and it feels counterintuitive to narrow and to niche down. But it’s actually the best thing for a small business is be super, super clear. Because when people come across my website, when they come across my LinkedIn, when they meet me at a conference, it’s it’s very clear who I helped. And when it’s clear, that means other people can refer me very easily.

Corrie Sanders  18:00

And that is such an important point. I also love that you talk about experimenting a little bit. And not only using and leveraging experimenting to get to that target audience. But there’s no wrong and experimenting as an entrepreneur, trying to figure out who your ultimate end user is how that changes over time. And then it sounds like you’re doing a great job of also getting feedback from your clients to make sure that you’re providing the services that they want, you’re providing the services that they paid for. And that ultimately, you know, what they’re purchasing is, what they’re getting, and how you can help fill some more gaps and some more needs based off of those responses to I think that’s really great. So Kelly, I want to step back a little bit further. So we talked about the nuances of your business, and the tears and how that’s evolved over time. Let’s talk about the transition from that consulting role to ultimately stepping out and having your own business. Was there something that was very black and white, where the contract ended? And then you decided, Oh, this is the perfect time that I’ll do that. Were you kind of you know, one foot in each camp where you were doing both of them simultaneously, and then you eventually made the jump? What did that transition ultimately look like for you?

Kelley Carlstrom  19:12

Yeah, I straddled a lot for a long time. And I think I think most pharmacists could probably appreciate the fact that I was very risk averse. When I was in clinical practice. I think a lot of pharmacists are it’s probably a bias for who they let into pharmacy school or at least did when I applied you know, it’s just a natural tendency to be like, this is risky, I don’t want to do it. But when I jumped into that consulting role that kind of gave me that initial like zing if you will, of what it felt like to take a risk and it didn’t, it wasn’t terrible. Like alright, I survived this risk and I got a lot of benefit from it. So that that led me to think okay, what’s the next next risk I should take? Now with that said, I still I was very cautious at the beginning because I had so many ideas. I knew zero about business. Like in my pharmacy program, we had that classic, you know, business course, which was really an independent pharmacy course. So I didn’t take it because I wasn’t interested in it. So I knew nothing about business. And I was really nervous at the beginning, like, I don’t know anything about running this business. So I didn’t want to invest a lot of money into it, I was willing to invest my time, kind of my sweat equity, if you will. And that’s what I did. I had like, all the free tools, my email tool was free. I did pay, I did invest for some business coaching upfront, but for the most part, I tried to spend as little as possible until I validated the idea and people were paying me money. And then when that when I got that validation, and I started investing more, I realized, okay, if I can continue my day job and have the revenue, the income from that supporting my life, and anything extra that I make from my business is you know, is I don’t need to pay myself, I can reinvest it in the business. So that first pilot that I ran, I didn’t, I made zero money, I lost money on it, actually. But that didn’t matter to me, because I was getting a lot of feedback. And I was like validating the idea. And so I kept working I was I did consulting for almost three years. So during the pandemic, I actually had the opportunity to take a role in a in a startup. So a healthcare tech startup that was building oncology software tools for clinicians and for patients. And so what that allowed me to do was continue to straddle those things, I was building my business while I was still making a full time salary. And I did that for about a year and a half, and then transitioned into part time. So I actually got recruited out of that role. And this is a good little side caveat about LinkedIn. I always talk about how great LinkedIn is. And I will continue forever talking about it because pharmacists do not use it enough, we need to use it more. But I got recruited. And I was not looking for a job. But somebody reached out to me and said, Hey, I see you posting all this stuff, because I was posting a lot of oncology content for my marketing purposes. And he said, I want you at my company, what kind of job do you want? Essentially, essentially built me a job. And I said, well, I’m building this business, I don’t want to work full time. And he said, fine. So I got a, I got a part-time job in in a digital health company, and did that for about a year and then actually got laid off from that. So it was a lot of tech layoffs at that time, which was just about a year ago. And so that’s how I came to work full-time in my business, which honestly was a great thing. Funnily enough, when I found it funny enough, when, when I got laid off, I called a couple of people that day. And, two of them said immediately, congratulations. I said, I’m not sure you’re supposed to say that when somebody gets laid off. But they knew I was building this business and they were like, you’re ready to just like try it out and see how it goes full time. So I have now been full time in my business for about a year. So you know, suffice to say this, the summary of that is that I didn’t I didn’t want to go full-time right away. Because one I didn’t know if it could support me from a revenue perspective, I wanted to be able to invest a lot of my, my revenue back in the business, and to have it grow. And so I did, I straddled two, two roles for gosh, three and a half years or so before I went full time.

Corrie Sanders  23:40

But I think it’s important to recognize that that’s maybe the best path for most pharmacists that are risk averse. I think there’s a lot of validity to you know, jumping off a cliff and investing in yourself and sinking or swimming to see if you survive. But ultimately, that can have a lot of dark ends if you haven’t really pivoted to a model, if you haven’t established proof of concept, if you don’t have the confidence in yourself yet that you’re going to be able to run whatever business it is. So I love that you straddled both. To be honest, it sounds like you really built up something that was manageable and workable and scalable during that time, while you were you know, had one foot in each camp. And then eventually, when you were congratulated for getting laid off from your job. You already had that experience. And you already had that model and you already had that confidence to move forward with your business. So I love that. And I think that that’s a great growth trajectory and maybe a more realistic growth trajectory for some of our more risk averse pharmacists. So Kelley, what resources outside of LinkedIn and we’ll get into LinkedIn in a little bit because I want to give you some time to talk about this platform that you love so much. But outside of LinkedIn, what resources did you use? Was there any tapping into a small business community in your area? Did you have any coaches? Did you really just boot strap this thing independently all by yourself, or were there some outside community entities that helped you better leverage your clinical skill set and set up a business model?

Kelley Carlstrom  25:10

Well, nothing is ever done by yourself. There’s always a huge team, whether they work for you or not, but there’s always people that you lean on. And so my initial resource was the Medi-preneurs Conference, which I went to back in 20, I think it was early 2019. And that’s where I kind of brought like a bunch of ideas I had, and the education business is what kind of, you know, took root, if you will, in some of the conversations that we had, and that that’s what I ran with after that. But I have a software idea, actually, when I first start when I thought that was going to be what I what I went with at the beginning. So that’s a great tool I did, I did use some of the Score, resources. So everybody probably has a Score chapter near them. This is I forget exactly what it stands for. But it’s essentially retired executives that are that help the small business community and it’s a free service in your local community. I also did work with a couple different business coaches. And you know, that’s a whole conversation in and of itself, too. I’ve worked with many different coaches over over the past couple years. But I did work with a couple in the beginning that kind of helped me get some traction helped me understand the basics. So you know, I knew nothing about running a business. So business coaches, at least got me a little bit on the right fit about the right foot about finding like product market fit and who my clients would be and how I would need to talk about it. I also listened to a ton of podcasts. So when I was traveling for consulting, I was I was on a plane, like a lot. Listen to tons and tons of podcasts. And honestly, most of them were way over my head. I remember listening and them talking about acronyms or saying words that I had no idea what they meant. And I just kept listening and kind of absorbing just kind of throughout osmosis. Honestly, like I wasn’t taking notes or anything, I was just listening and seeing what little nuggets I could catch on to what strings I could pull a little bit and learn a little bit more. I didn’t do a lot of reading of business books at that time. But that’s something I use now I listen to a lot of audiobooks or read business books, I have a long list and in my queue of anytime somebody recommends a book, I drop it in my queue whether or not I can get to it right away

Corrie Sanders  27:28

I do the exact same!

Kelley Carlstrom  27:30

You can only read so many at a time. But and honestly something that I think we don’t value enough in pharmacy or not, I guess not that we don’t value enough, but we don’t know enough about it our communities. So how can you find a group of like minded people that are working towards a similar goal, so you all can learn from each other. I’ve been in multiple different communities. And I would encourage pharmacists to look outside of pharmacy communities as well. Because pharmacy, although pharmacy entrepreneurs and pharmacy, pharmacist run businesses alike, depending on your business, if you’re selling, you know, like a service to anybody. But if you’re marketing to healthcare clinicians, I think it’s really easy to get in a silo and forget about some of the general business practices. And I’ve learned so much from just a communities of regular entrepreneurs, you know, often I’m the only pharmacist in those groups. Sometimes there’s other healthcare clinicians, but usually, most of them are not in healthcare. And I’ve learned a lot from them.

Corrie Sanders  28:37

And I think that that’s an important differentiation, too. So you’re still learning a lot, but your end user is a pharmacist. So you can ultimately relate because you guys are seeing practice through the same lens, you’re seeing your service and your products through the same lens. But I think that’s even more important if you’re selling to non-pharmacists, is embedding yourselves in these communities and learning how to speak business to people that aren’t pharmacists or just how to speak business in general, right, like, we, one, don’t sell ourselves appropriately, normally, for what we can do as pharmacists. But really having to see your business outside of that pharmacy lens is something that I think you’re alluding to, and then I certainly found very helpful is having that communication line and having that vernacular to be relatable to someone that doesn’t know anything about your profession for the most part. So Kelley, let’s talk about the LinkedIn community. Because you’ve mentioned that a couple times throughout our conversation already, I want to give you a chance to really explain how LinkedIn has shaped and changed the trajectory of your business and your personal development. And then let’s talk a little bit to about the elite community that you’re a part of in LinkedIn and how you got invited into that.

Kelley Carlstrom  29:45

Sure, yeah, LinkedIn is, I think people underestimate it because they don’t know what it’s about. You know, I remember when I first joined, which was back in 2014, early 2014. And I remember looking at the feed and thinking like, oh, okay, this is sort of like the Facebook feed. But I didn’t see anything particularly interesting. So I’m like, this is kind of boring. Why am I here? And the reason I didn’t see anything interesting is because I didn’t have a network that I was connected with. So LinkedIn didn’t know what information to share with me. So I think when the number one thing I would encourage pharmacists to do is to connect with people that are interesting to them, not just you know, other pharmacists, but sure, other pharmacists. But also people that are, you know, if you’re interested in the technology space, you know, connect with technology leaders connect with if you’re in managed care to connect with people, you know, that are in that space that talk about problems and solutions in that space, because that means your feed is going to be interesting to you. So once I’ve been building up my, my network, they’re on LinkedIn for many years, I started to get much more engaged, because I saw interesting things, I connected with interesting people. And again, that’s where I got recruited into that consulting role, actually, the consulting role in the digital health role. So I’ve always, I’ve always known that that’s where people find me. But the key is, you have to be active. And what I mean by active is, you have to log in pretty regularly. I always chuckle when I send people a message, and I get a response, like three months later. And they say, sorry, I don’t really log in that often. And I’m like, okay, that’s, that’s fine, if you would, if you don’t want to do that, but you’re not going to be able to use LinkedIn, for the way that it’s been intended to be used, which is to have you be seen, and for you to see others and you have to log in, and you have to engage pharmacists are not engagers. We, we are lurkers by default, and by lurkers. I mean, you read the content, but you don’t click the Like button, you don’t message people, you don’t write comments, just lurk on other people’s posts. And I know this to be true, because I go to conferences, and people say, Kelley, I love your content! And I have no idea who they are. Because they never put a comment, they never send me a message, they just lurk on my information, which is fine. I mean, it’s free content I’m putting out there, but you’re I just had a post this week or last week about it where you know, those that those that speak up, stand up, like they’re the ones that if you’re saying if you’re putting yourself out there, and you’re interacting, and you’re commenting that you’re gonna get more kind of recognition, more help, like people are much more likely to respond to a message and answer a question you have when you’re when you’ve already engaged with your content previously. So I think those are the those are the big things like login regularly and really engage, even if it puts you out of your comfort zone, which it will in the beginning. But but push yourself, push yourself, you know, you don’t have to write this huge diatribe. Just write you know, think about one sentence comment on somebody’s post that’s insightful or something from your experience that could help not only the person that posted it, but also somebody else that comes across that post, you know, hey, think about this perspective, or this is what I have seen in practice when I’ve seen this happen that that goes a long way on LinkedIn. So that’s how I’ve used it, I use it today. I do I post a lot of content. So I post Monday through Friday. For our aspiring pharmacy entrepreneurs, I would not recommend starting there. It is a lot. I worked my way up to that. I first started posting infrequently, then I was posting once a week, then twice a week, then three days a week. And then when I went full time last year, I started posting five days a week, but content creation is is a whole is a whole thing. It’s a whole beast. It takes a lot. It takes a lot of time and effort to do it. So don’t don’t start there. But that’s how I that’s how I present on LinkedIn. I also do a lot of outreach. I connect with a lot of pharmacists, both individual pharmacists working in oncology and not, I connect with other healthcare leaders. And I use it to help not only kind of pharmacists find my program, because that’s a marketing effort that I’m putting in. I want pharmacists working in oncology that are new to oncology to see my content and recognize that I can help them learn this complex specialty. But I’m also using it to spread the word about oncology pharmacists. You know, I get a lot of people that comment on my posts to say, Oh, I didn’t realize oncology pharmacists could do that. And that that’s kind of a much more broad profession expansion when when people outside of our profession start recognizing what we can do. So I enjoy having that impact as well and that comes with when you have the ability to reach more people. So that’s how I use LinkedIn kind of on the regular and then you mentioned the group I’m a part of, which is called LinkedIn Top Voices. And this is an invite program, an invite only program that LinkedIn extends to people that are that produce a lot of content that is helping users of LinkedIn. And so I was invited into this program in January of this year, which is super exciting. It’s pretty it’s it is like, I think less than .5% of LinkedIn users are in this program. And what I have learned, from I’ve actually learned a lot about LinkedIn from being in this program just a few months. And what I’ve learned is that they it’s different than other social media platforms, they want their users of the LinkedIn platform to get better. They’re invested in helping professionals get better at their jobs, learn and develop themselves as they want people on the platform that are sharing content, that will help the users do that. So that’s how I got invited because I share a lot of content that helps oncology pharmacists get better at their jobs and develop themselves.

Corrie Sanders  36:07

And it’s great to certainly be rewarded for putting so much time into the platform and effort and energy over the past 10 years. And again, that’s something that was not recognized overnight, you gradually worked your way up from just sporadically posting to a couple times a week to every day, Monday through Friday. So I think that’s something too, that maybe entrepreneurs will lean into LinkedIn very, very hard at the beginning of their journeys, or maybe there’s a maybe they actually don’t lean into it at all. But really realizing what you can do with that platform. If you use it to the maximum extent if you’re cultivating a feed that provides you a voice and provides you information that’s relevant to your business, or relevant to your specialty area. There’s certainly a learning curve with LinkedIn. And there’s certainly a way that you can make the platform much more valuable to you than I think the average pharmacist realizes. So that’s great to hear that you’re being rewarded for the time and the effort that you put into the platform too. So Kelley, let’s talk a little bit now about what oncology is going to look like in the future. You are in the depths of oncology, you are the oncology pharmacist, as you’re known on LinkedIn. So what do you see for oncology in the future? And what do you see the roles for pharmacy specifically in oncology, and the next couple of years? So specifically for this question, I’m thinking of pharmacists that may or may not know if they want to dabble in oncology, or maybe they were voluntold to now be a part of an oncology program. Like where do you think the trajectory of oncology and pharmacy and oncology is going?

Kelley Carlstrom  37:43

I like voluntold. I have a lot of clients that kind of fell into oncology. I actually didn’t like oncology at school. It was not where I expected to be. And I didn’t get into it until my grandmother developed leukemia when I was a P4 student on rotation. So there’s kind of two components of this question. I guess there’s like the, the what types of jobs will there be, and like the tactical pieces, and then the outlook of, you know, where’s oncology pharmacy going? So the outlook is, is that it’s growing? It, I mean, it’s really the best specialty if we think about it. Yes, I’m biased, but it’s totally the best specialty for many reasons. Because we have the most drugs approved, we have the most clinical trials, we have arguably the most expensive drugs. And that means that and the most complex drugs, which all means that the pharmacist has a really important role in helping manage costs and toxicities from all these drugs that are hitting the market. So there’s definitely going to be lots of drugs, lots of opportunities, lots of jobs in oncology. And the types of jobs that there are and will be, are pretty vast. I don’t think people recognize how many different types of opportunities there are. So certainly, there are many positions in patient care. And this is where a lot of the jobs are right now. And that is because we are having similar burnout issues in oncology pharmacy as the rest of the profession is having lots of our experienced staff are leaving clinical practice, which is a bummer. Honestly. I think it’s great for them, because everybody’s entitled to you know, do jobs that,  do work that fulfills them, but it’s also leaving a big gap in patient care. And even if we can fill that gap with bodies, which we do, and they are all like centers are almost always recruiting and hiring for oncology positions. What what the missing piece is that we’re losing people with experience. So when somebody with 15 plus years walks out the door and they hire somebody with a couple of years, even if they’re residency trained, that’s a big gap in knowledge and experience that’s leaving. So I think that’s that’s a challenge we’re all facing and in all the oncology conferences we’re talking about it ad nauseam, because we haven’t figured out how to stem this kind of bleeding, if you will. So there’s lots of opportunity in patient care both in community cancers, in academic centers, inpatient, outpatient, individual private practices, even though there’s not a ton of those around anymore, there still are plenty. There are also patient care roles or specialty pharmacies. So this is particularly good for pharmacists in the retail community setting that want to do something a little bit different. Specialty Pharmacy is an excellent transition. Actually just heard about an opportunity in California where they, they ideally want somebody with a retail background, who also has an interest in oncology. They’re willing to do training in oncology, because they have legal requirements where they need a pick to dispense oral drugs and this particular legal situation, but they’re dispensing oncology drugs. So they want that retail background, but you need some, you know, they’re, they’re dealing with these complex drugs. So there’s a lot of opportunities there, we’ve got opportunities in managed care and the payer space. So think about every time you send a prescription, and it needs a prior authorization, those people on the other end at the insurance company that are dealing with those prior authorizations, they often have very little oncology training, which is not fun for getting approved complex oncology drugs, because we’re talking to these people that don’t know anything about oncology. And they’re the ones that are saying yes or no. So those people need oncology training. And there’s, there’s lots almost every oncology drug I feel like needs a prior auth these days. So a lot, there’s a lot of opportunities in managed care. There are certainly jobs in pharma. As with every specialty. There are jobs in tech, like I said, I worked in on the tech side of oncology for many years. And there’s there’s becoming more and more kind of non-traditional roles, I do get a lot of people that reach out asking about remote oncology jobs. There is not a ton, but there are some, there are some at companies like McKesson, for example, where they do still have patient interaction, but they also they also get to, you know, have the flexibility that comes from from being in a remote in a remote position. So lots of opportunity, lots of different types of roles. Again, this is why oncology is the best specialty. Yeah,

Corrie Sanders  42:27

I mean, I think you nailed the, or you hit the nail on the head with the funds are there. Unfortunately, cancer diagnosis is increasing. So the diagnostic component is there. And it’s really just going to be a never ending game, it seems of filling positions for a growing specialty area. So like, as you said, I think there’s a ton of opportunity across various different continuums in the care spectrum, for for people to jump into oncology, even if they don’t necessarily have the experience. And I also love that you said that you didn’t like oncology in school, I’m sure a lot of people will relate to the fact that oncology is a beast of a module in school. And it’s very, very intimidating. So comforting to know that there’s people like you that are creating content and creating different products that people can buy to bridge that gap between what was taught in school and what’s needed in clinical practice. I think that’s such a beautiful business model. So looking at your business model, specifically, what’s in the future for you? It seems like right now you’re doing a lot of direct to consumer products and advertising. Is there any component of a business to business model moving forward? What do you think the evolution of your business is looking like over the next couple years?

Kelley Carlstrom  43:35

Yes, I would love to, to continue to work with institutions. So I have started working with some institutions that enroll their staff in my program. So that’s definitely a focus as well. And that’s because, you know, they’re hiring people without experience, but they also need them to do the job. And what I have found from all centers, I talked to this, they have a very good onboarding, technical process. You know, when somebody’s newly hired, they show you the EMR, they tell you the workflow, this is how, you know, this is how we do this thing here. Nobody gives clinical training. They kind of expect you to learn that on the job or on your own, which I’ll tell you doesn’t work. There’s there’s not enough hours in the day to do it at work. You get kind of the bare mitts sure you’ll get comfortable with some of the drugs, but you won’t understand breast cancer. You won’t understand, well, why is the doctor blowing through treatment parameters for this drug, but not this drug? Those are things you have to learn from a clinical perspective, from a disease perspective. And so institutions are recognizing that they need to support their staff better. And I’ll tell you the main reason is because turnover is expensive to them. You know, I don’t think we realize as pharmacists how much money it costs an institution when you leave. Not only do they have to pull another FTE to cover that that role that you’re leaving, which leaves a gap open somewhere else that and they have to do that for however long the hiring processes and right now the hiring process is long because everybody’s hiring oncology pharmacists and they can’t find people. But then they have to onboard that person. So it takes months for somebody to get up to speed. So it is a it’s like tens of thousands of dollars for people to, to for to recruit. So it is a huge cost savings to retain employees. That means keeping everybody happy. And and also potentially promoting from within. So I have centers that have pulled retail pharmacists, they have pulled ambulatory care pharmacists, which is a pretty good kind of matchup to oncology because they understand the am care space. And there’s actually a lot of internal medicine issues in primary care as well. And then, you know, they have to learn the oncology piece. So I think there’s a lot of financial benefit for institutions to train up their staff. So I look forward to working with with more of those. I’m always going to work with individual pharmacists, because that is honestly what fills my cup. Like there’s nothing, there’s no greater feeling than when a pharmacist reaches out to me and says, I passed the BCAP exam. Or I finally had a conversation with my doctor and didn’t feel like an idiot. Or I made a recommendation about this chemotherapy dosing and the doctor accepted it. Like, ah, those feelings just made me feel so good, because that’s what it’s all about at the end of the day. It’s not only that pharmacist’s gets that, that when and feels like they’re doing good work. But that patient is getting better care because their pharmacist feels more confident and is better educated, and I can’t ask for anything better than that.

Corrie Sanders  46:43

I hope that you can see the ripple effect that you’re creating by training these pharmacists. I mean, it’s I love that the pharmacist gratification fills your cup. But I really hope that you can see not only are you changing so many pharmacist’s lives with the business that you’ve created, but ultimately, the end user and the patient, you’re just improving care for so many more people than you could ever do alone. I love it. I love your business model. I think that it honestly could be applicable to some other specialty areas. For pharmacists that may not be an oncology, there’s certainly a way to leverage monetizing your clinical expertise in different ways and providing that to different pharmacists or other health care providers. I just think what you’ve done and what you’ve built is just something to be very proud of. So Kelley, I will end today with any advice that you would give to any budding pharmacy entrepreneurs, any lessons that you’ve learned along the way or anything that sticks out in your head that you’d like to convey to the listeners.

Kelley Carlstrom  47:39

Yeah, something that I consistently remind myself to do, which is take action. It really makes a bigger difference than then you think it will make. And I remember when I was in clinical practice, I had mentioned that I was risk averse. And for me how that played out was that I would research things to the Nth degree, you know. Whether it was a purchase I was making, whether it was a job decision, it took me months to take a consulting role, because I just kept making pro/con lists. And when I got into entrepreneurship, I realized like that that doesn’t fly, when you’re running a business, it just the time that you need to make decisions is very quick. And if you’re always second guessing yourself, it’s not you’re you’re not going to be successful. So what I would encourage people to do is have that experimenters mindset, which is I’m going to make a decision, I’m going to take some action on whatever this thing is I’m going to pull the trigger on trying out this piece of content or talking to this particular client or trying this new software tool, and then reevaluate it, like nothing is set in stone. So you can think about it a month later, six months later, and decide did that experiment work? Did that decision I made lead to anything to those clients, I was potential clients I was talking to actually buy for me? If a lot of them did great. That was a positive experiment. If they didn’t, no. That means, okay, I need to pivot and change course, it doesn’t mean it was a bad decision. There are no bad decisions in entrepreneurship. It’s just you have to get off of the table and start walking and start doing things. And that’s how you learn. I can’t tell you how many how many times I’ve done something where I’m like, Well, that was unexpected. And if it if it just took me, you know, if it took me months to make that decision, it would have taken me months to figure out that thing didn’t work or that thing didn’t work, you know, you got to make faster decisions in this world.

Corrie Sanders  49:33

And I really enjoy the experimenters mindset. I think that’s a great summary and a great way to put it and also just how you’re alluding to how we make decisions in clinical practice and how we might research decisions and how we might look into those things to the Nth degree. And maybe that shouldn’t necessarily carry over to your business mindset and how you’re running your business and entrepreneurship. Those are two very different, maybe the same skill set, but two very different applications with how you’re going to think about approaching those decision making processes and the time that you put into them. So I love that. I think that was wonderfully said. Well, Kelley, for the listeners that want to find you, they can obviously find you on LinkedIn. But is there any other way that people can find you, your website and I would love for you to also spell out your name to make sure that people get the spelling correctly. We’ll link to it in the show notes. But where else can our viewers and our listeners find you?

Kelley Carlstrom  50:26

Yeah, definitely LinkedIn. Send me a message there, please. And my website is KelleyCPharmD. So that’s Kelly, K-e-l-l-e-y C PharmD. C for my last name. Yes, my mom spelled my name that way. And I always have to spell it.

Corrie Sanders  50:44

Well, Kelley, thank you for your time. This was a wonderful conversation. I think there were a lot of great nuggets built into this conversation, a lot of great learning points that our listeners can take. So thank you again for your time. This was wonderful and we look forward to keeping pace with you and watching you as your business continues to develop.

Kelley Carlstrom  51:01

Thanks so much, I appreciate it.

[DISCLAIMER]

Tim Ulbrich  51:03

As we conclude this week’s podcast and important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. Furthermore, the information contained in our archived newsletters, blog posts and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist unless otherwise noted, and constitute judgments as of the dates published. Such information may contain forward looking statements that are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. Thank you again for your support of the Your Financial Pharmacist podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 344: Beyond the ER: The Entrepreneurial Journey of Dr. Jimmy Pruitt


Jimmy Pruitt, PharmD, Founder & CEO of Pharmacy & Acute Care University, shares insights on his entrepreneurial journey and the EMPower Rx Conference.

Episode Summary

In this week’s episode, join us as we sit down with Dr. Jimmy Pruitt, a Clinical Pharmacy Specialist in Emergency Medicine at Atrium Health. Dr. Pruitt wears multiple hats as the Founder & CEO of Pharmacy & Acute Care University and the brains behind the EMPowerRx Conference. Our conversation delves into his fascinating entrepreneurial journey, exploring the roots of why and how he embarked on this path.

Throughout the episode, we gain valuable perspectives on the intricacies of balancing professional commitments and entrepreneurial endeavors. Dr. Pruitt shares his experiences, lessons learned, and the strategies he employed to overcome obstacles on his journey. Dr. Pruitt also shares his vision for the EMRower Rx Conference – a  unique conference and continuing education experience for professionals in emergency medicine pharmacotherapy. 

Tune in to this insightful conversation with Dr. Jimmy Pruitt to glean wisdom from his unique blend of clinical expertise and entrepreneurial spirit. Whether you’re navigating the realms of healthcare, entrepreneurship, or both, this episode offers valuable insights and inspiration for the road ahead.

About Today’s Guests

Dr. Jimmy Pruitt is originally from Orlando, FL, and is a combination of nerd and gym junky having a background as a division 1 cornerback then turned Doctor of Pharmacy from Presbyterian College School of Pharmacy in 2017. He completed a PGY-1 Pharmacy Residency at Florida Hospital Orlando, and then went on to Grady Health System in Atlanta GA for his PGY2 Emergency Medicine Residency. Dr. Pruitt is currently an Emergency Medicine Clinical Pharmacy Specialist at the Medical University of South Carolina in Charleston, SC.

Dr. Pruitt was honored with the Excellence in Diversity from MUSC College of Pharmacy, Presbyterian College School of Pharmacy (PCSP) Alumni of the Year, and keynote speaker for the 2021 PCPS graduation. Dr. Pruitt’s professional interests include cardiac arrest, shock syndromes, trauma, and hosting the #1 Emergency Medicine Pharmacy Podcast “Pharm So Hard” and operation his new pharmacy academy called Pharmacy & Acute Care University.

Key Points from the Episode

  • Entrepreneurship and pharmacy with Dr. Jimmy. [0:00]
  • Entrepreneurship, pharmacy, and education with Jimmy Pruitt. [1:37]
  • Validating a gap in the market for pharmacist-created acute care content. [6:21]
  • Overcoming fear and taking the first step in starting a podcast. [12:01]
  • Balancing full-time work and business as a creator. [16:10]
  • Growing a team and delegating tasks. [22:53]
  • Business growth and vision for a pharmacy education company. [29:02]
  • Emergency medicine pharmacotherapy conference. [34:56]
  • Emergency medicine and pharmacotherapy conference. [39:25]

Episode Highlights

“The biggest thing that people say is like sometimes you have to just jump and you just have to do all these different things. And I’m like, I have a family, one. So that really kind of changes the dynamic. It’s not just me making this big shift, but I want to make sure that I was able to consistently get that number.” – Jimmy Pruitt [18:37]

“But I’ve noticed as I continue doing both of this, me being a business owner and being very focused as being the president, CEO, whatever the title you want to give yourself when you’re when you’re starting out, it actually made me a better employee.” – Jimmy Pruitt [19:09]

“So as I looked at the component of making sure I’m meeting that output, that I need to be able to consider stepping back, I also realized there was so much more value, because now I’m able to understand other people’s problems.” – Jimmy Pruitt [20:29]

“But learning more at the job and understanding the problems that they have, and other people like them have, has made me be able to understand the market, and how I can potentially use that in the future. But more importantly, my skills as a business owner, has allowed me to be able to solve problems that early in my career, and earlier, you know, in places I’ve been people don’t necessarily think about.” – Jimmy Pruitt [21:58]

“I think when looking at growing a team and really get into that first step of, I want to bring someone else into this, especially when you’re talking full time employment. The very first employee that I hired a couple of years back was just my virtual assistant. And one of the first aspects I realized was a very big challenge of mine was, how do I explain what’s in my head that I do every day?” -JImmy Pruitt [25:03]

“The big thing that I believe that I’m trying to accomplish over again, this next five to seven years is to make this to where we have one unified goal and mission we’re trying to do: provide high quality education related to pharmacotherapy.” – Jimmy Pruitt [31:20]

“I want to provide a home for those individuals and I want I want them to be able to have a home, whether they’re gonna be the consumer, or the producer.” – Jimmy Pruitt [32:42]

“And we want to figure out, how can we do it as for us and by us, instead of someone else creating it and thinking they know what we want. Why don’t we just create it from the ground up?” – Jimmy Pruitt [38:01]

Links Mentioned in Today’s Episode

Episode Transcript

Tim Ulbrich  00:00

Hey everybody, Tim Ulbrich here and thank you for listening to the YFP Podcast where each week we strive to inspire and encourage you on your path towards achieving financial freedom. This week I welcome Dr. Jimmy Pruitt, a clinical pharmacy specialist in emergency medicine at Atrium Health, Founder and CEO of Pharmacy and Acute Care University and Founder and CEO of the Empower RX Conference. We discuss his entrepreneurial journey, including how and why he got started, why he has maintained full-time employment, challenges going from creator to solopreneur, to building a team and the vision for the business over the next five to 10 years. I’m excited to announce our partnership with the 2024 Empower RX conference, a leading event in emergency medicine pharmacotherapy. This year it’s happening in Charlotte, North Carolina on April 26-April 27. I’ll be there and hope to see you there as well. It’s ideal for pharmacists, physicians, PAs, nurses and others in the field. Empower RX offers more than 10 CPE credits, insights from top experts, interactive workshops and groundbreaking research. It’s not just a conference, it’s a community focused experience, fostering learning and networking in a welcoming environment. Take advantage of discounted registration available to the YFP community by using code YFP2024 for 15% off. Again, that’s code YFP2024 or 15%. You can join in person or virtually registered now at EmpowerRX-conference.com and elevate your emergency medicine skills. Again, that’s EmpowerRX-conference.com. 

Tim Ulbrich  01:35

Jimmy, welcome back to the show.

Jimmy Pruitt  01:37

Hey, thanks for having me on again. And it’s been great.

Tim Ulbrich  01:40

So our listeners might remember you back from Episode 284, where we discussed your experiences monetizing your clinical expertise, we’ll link to that episode in the show notes so that folks can dig a little bit deeper. We’ll have some crossover here as well to bring people up to speed. But we certainly did a deeper dive in that episode. And Jimmy, for those that didn’t catch that episode and aren’t already familiar with you and your work, give us a brief introduction to your background and pharmacy and the work that you’re doing now with Atrium Health, as well as being the Founder and CEO of Pharmacy and Acute Care University and the Founder and CEO of the Empower RX Conference.

Jimmy Pruitt 02:14

Thank you. And that’s a mouthful for a lot of you guys. But again, I’m Jim Pruitt. Again, I’m by training at clinical pharmacy specialist at Atrium Health here in Charlotte, a Level One Trauma center, academic, Medical Center, all those great things. And then, in my spare time or lack lack thereof, I like to start off as being a content creator with this pharmacy PEARLS and just having different things that I can give my providers, then that really led to something else led to a podcast called Pharm So Hard. And once that happened, it was really the genesis of something special, I believe. It led to an audience of 1000s of people who didn’t know how to interest in acute care pharmacotherapy, and then from there trying to figure out how to solve the problems that they had. So that led to the next thing, the next thing being after 100. And so episodes Pharm So Hard led to Pharmacy and Acute Care University. And all that really is it just an academy that helps people, pharmacists in particular, with continuing education, but more particularly going to be for board certification prep. So whether you’re studying for your BCPS, or our most popular product that be CMP, your emergency medicine pharmacotherapy, or certification. That is where I spend a lot of my time- question banks, practice exams. And is making a lot of the content that goes along with that. And it’s just been phenomenal to see that growth. And what that led to is people saying, oh, man, I wish I had a place to go to talk about these things versus just studying for it, which led to the Empower RX Conference. So I think, long story short, I am an educator that started to understand the business a little bit more and continuing to learn what business is, and really is focused on how can I not just bring myself along, but how can I bring other people with me to understand the business side of things and monetize their expertise and content? 

Tim Ulbrich  04:08

We’re gonna talk a lot about that on this episode, Jimmy, I want to pick your brain have you know, you started with with an idea identified a problem that needed to be solved starting to solve that problem, which opened up more doors built community in this niche, which is really exciting. And now as you enter this growth phase, you know, there’s exciting opportunities and challenges with, Hey, how does this grow beyond the hours that you have in the day? Right? And what what what challenges may that bring? I want to first ask you that I was I was stalking you on LinkedIn and noticed in your headline, you have four different words creator, connector, educator, and pharmacist. Do one of those resonate more with you than the others and why?

Jimmy Pruitt  04:49

I think that is that’s a very, that’s a great question for one, but I think it it depends, like a good lawyer would say it depends. It depends on what I’m doing. And I think as I look at the different platforms that I’m currently in, I tend to be on one side more than other depending on that particular project. So I like to say, the biggest thing is like, I can be a connector, because again, most of everything I’m doing is usually not just myself, I’m usually bringing different people on whether that’s going to be at work. And I’m working with a provider, and a nurse is having a concern about something, I’m connecting those two and that problem and trying to also provide a solution. The same thing for when I’m in my pacu, where my pack you have, well, a potential customer has a problem. They want to be board certified, and I’m trying to connect them with the best highest quality information that helps them get to their end goal. And my conference, prospective people want a place to come. So I’m literally physically now connecting them with other people throughout the world in emergency medicine, pharmacotherapy. So I think connectors the the one thing I can say, but realistically, I have to be all of those other things, to be able to be a good connector. I have to be a great pharmacist, I have to be entrepreneur to make these things happen consistently. And I have to be kind of a creator to be able to have that audience to begin with. So I think connectors the one word, but I think depending on what hat I’m wearing, is really just depends on that location. 

Tim Ulbrich  06:21

Well, we say it depends on this podcast often. So that is that is welcome. But I appreciate what you’re what you’re sharing there. I want I want to dig deeper in a few areas that I see come up often with aspiring entrepreneurs and side hustlers that I talk with. And you know, one of the first things is really what was the beginning? Like, right, so the genesis of starting the side hustle that’s turned into a business, obviously, you have many, many different activities that you’re doing within that business. You know, tell us a little bit more about the problem that you are trying to solve and how you identify there is a gap and a need in the market. And I know you shared that briefly already. But you know, a natural question might be well, like Jimmy, aren’t these pharmacists already part of other organizations or, you know, cohorts where they’re able to gather other societies and so forth. So what stood out to you as an opportunity in the market that wasn’t already being served that you said, Hey, not only am I a part of this community, but I feel like my peers, my colleagues could also, you know, come together and we can provide value?

Jimmy Pruitt  07:22

Absolutely. So I think one of the things we look at, and I think the very first problem I wanted to solve was providing high quality education in the acute care space. So if we look, one of the things that is very common is that from a oncology standpoint, from a transplant, those medications that are branded still they have a lot of great continuing education out there. Because again, there’s grants, there’s different incentives for companies to make that content. And a lot of those get heavily represented. But from an acute care standpoint, a lot of things from a pharmacotherapy perspective was not necessarily being created by pharmacists. And emergency medicine in the pharmacy space is my first you know, love within this, but I realized that emergency medicine has everything is critical care is ambulatory care is all these other spaces. So I realized that there wasn’t pharmacist created content that was detailed, that was detailed, but also a concise so that we can see it and be actionable. And that was the aftermath of creating the pharmacy Frothy Pearls series that I created when I was a PGY2 resident at Grady. Once that kind of became the first thing I was like, Okay, well, the problem trying to solve is providing high quality education, from a pharmacist perspective in the acute care space, that is highly assessable. That was kind of a next branch with the audience that I was able to generate from from farm so hard, I realized that, hey, I’m already providing education, but I didn’t necessarily consider it to be very different and very unique. But then the audience would tell me these things. And after you start to look, you kind of change your perspective on how you’re looking at your interactions with people want to online, you realize, hey, I have a model here, from a business perspective that I can sustain because most of it, you know, I would love to direct you away for free every day. But it’s not sustainable. Yeah. And that was kind of the first component of finding pharmacist-created acute care, physical therapy information that was concise, but also provide them continuing education as well.

Tim Ulbrich  09:25

My next question was around validation. And how do you validate that that gap truly exists? You know, one of the traps, especially early on in a business as a hey, I’ve got a great idea. I’m gonna kind of run hard and then you realize, oh, wait a minute, like the problem that I thought needed to be solved. Either I’m in misalignment or maybe it’s not as big of a problem as I thought, you know, others may think and so you partly answered that when you said, hey, you know, through the podcasts, obviously, seeing your listeners getting some feedback, you are getting real time information that I’m sure shaped your next steps. Was there anything you did prior to starting that podcast as a PGY2 to validate the problem that needed to be solved, or was that the first step in?

Jimmy Pruitt  10:05

I think it was the first step. I would love to say that I had this aesthetic plan and things of that nature. But realistically, the first two years I was in business, I didn’t know I was in business. Yeah, because I wasn’t charging anything. I think that part of the equation that I didn’t look at what’s the value I was providing, and whether or not that was something that could be sold as a resume. And I think within pharmacy in general, we get so used to just providing a lot of content. And we’re just doing it for just the validation of our colleagues and just to provide great education. But I think the first piece that helped me understand the business aspect of it was when we started creating some of these, you know, hour long presentations, people said, hey, you know, is this for continuing education? And I said, Well, I can get it for but I didn’t realize the process, go through that. And then I remember saying, Hey, how can I get this credential? Is this AACPE certified? It’s like, oh, it’s a price tag to that. Yeah. And then the first step, like, how do I get that taken care of versus me just paying out of pocket a significant amount of money for one hour? I think the first the very first time I did this, three years ago, the credit hours was like $600 for one hour CE. And I was like, Well, if I have 100, people come to this, and we break this down, I think, you know, a few bucks would wouldn’t be horrible for me to do it. So I think that was the first step. But I think I don’t, it made me just think differently. That was the very first trigger to realize, like, hey, if I’m gonna sustain this, I have to figure out a way to monetize it, to just cover the basics of what I’m doing. I think that was the very first step in realizing people were okay with that. Not as many as I thought, initially. There’s a certain amount of people that was okay with that. And I realized that if I can scale it to any degree, it may be something that I can build build upon.

Tim Ulbrich  12:01

And speaking of first steps, you know, I often will will talk with folks that have an idea. But taking that idea, and taking the first step to begin implementation. It’s scary, right? I mean, you know, even when you do the validation of the idea, it’s one thing if people say, I’m interested, I’m gonna pay for it. It’s another thing if they actually show up and pay for it. And as you and I both know, you can assume some much lower percentage than then people may report. And so my question here is, how were you able to be comfortable with taking that first step, and maybe as a PGY2 resident, you know, maybe the pressures off a little bit, and you weren’t yet thinking about as a business, but even that, I’ve talked with pharmacists that are like, Hey, I’ve got a great idea. But, you know, to run a podcast, I got to do A, B, and C, and I got to worry about the microphone and editing and hosting, and yada, yada, yada. And soon enough, there’s no action. Right? There’s no action. And my question for you is, how were you able to take that important first step, that important first action, from which even though you didn’t know you’re in business, from what you would eventually learn and get feedback that would become the foundation of the business?

Jimmy Pruitt  13:09

Yeah, I think that the first step for me, and I would love again, to say that it was it was just phenomenal intuition and I was great, but it really came from mentorship. To be honest, the first thing was that someone, one of my mentors, John Paca, wanted to hear a podcast episode done by me. And he, he, I remember him mentioned, he’s my RPD, he’s my mentor, he was like, I want you to be yourself. And I want you to be different than everyone else. And that was the first thing he wanted me to do. So I think the process went from me having an idea to someone really pushing me and said they want to hear it. So the result was always him hearing this versus me starting it. So I think that was the first goal initially was that, hey, how let me produce this first episode, so he can hear it? Yeah. And that was the end result of the very first task or create this first pearl. So I can present it to these individuals because it’s part of my residency objectives. So I had like this end goal that I started while I was still in residency, but I think the biggest thing was him wanting to hear an episode, because the Pearls was the first thing but it wasn’t necessarily a first step into business. Pharm So Hard was actually the first step into business because again, that’s what opened me up to understanding the problems and the things that were valuable to people that wasn’t just my RPD. I think the first step was being able to start that podcast and the first step of me actually doing that was him saying, hey, I want I want to hear this. So I think for me, my action item was to complete it versus to start it. I think, getting to that point to where letting other people hear that episode, now that took a much longer period of time. To say same episode, I recorded the same thing, but having other people hear that and I was just fortunate to have him, Sean Troy Johnson, a few people to saying hey, you know, you should go for this and you should now let other people hear it. And I think once that came about my partner, Oscar Santalo, who initially started together, we went back and forward it on PGY1 but never gained traction. In PGY2 we gained a little bit more traction, and I made the first episode. And then it’s like, hey, I’ll do the next one. So it became this kind of back and forth to where I made the first one, we listened to it, it was fine. And then the next step was for him to do it. And then I had a little bit more time to be able to get to the next step. But I think those were our first action items. And I thought that I didn’t think it would lead to what it did. But I think just getting started and having some type of MVP is really what it being just having an MVP to start with. Now everything I do, I tried to create an MVP. But I think the first episode, and that was what, Brian Gilbert on antiquated reversal, back 2019? And its 2018. And that kind of lit to what it is today. But I think just getting that first MVP and having someone to push me, because traditionally, I wouldn’t have went through all the steps because my first episode took 16 hours to edit.

Tim Ulbrich  16:08

I remember those well. And I’ll occasionally throw back on, you know, episode one, just remember the journey. And, you know, but it’s a great reminder, I’ve mentioned on this show several times the book Start by Jon Acuff and I think your journey and story is such an important one that, you know, the dots aren’t always in a straight line. And the key is, when we take that first step, you know, we might have a loose idea, often not of what might be steps two, three, four and five, but it’s really through that first step that, you know, things start to happen, where in this case, your meeting a learning objective, you know, you sat down, you did the recording, obviously, there was some nudging in that process, you know, eventually it’s okay, we’re gonna edit this, we’re gonna share this, you know, and then they start snowballing. And obviously, through there, you start to build community, get feedback, validate the idea and start to evolve this into a business. And I’m so glad you mentioned mentorship, because it’s a critical reminder, for all our listeners out there that are precepting students, residents, fellows that are educators that, you know, sometimes we see something in someone, and it’s not until we can really slow down and have some of those in depth meaningful conversations that we can really help, you know, be the gentle nudge to help them – that learner  – see something that may, they may not even see themselves. And that’s really what I heard, you know, in your journey, that your RPD saw something in you that perhaps, you know, naturally as a resident, you may not always see in the moment. And I love that right, because I think that’s, that’s true for many, many stories, many journeys, where we can reflect back on a mentor, I’m thinking of several, as you’re talking that were so influential, and just action steps that I took, that led to other things, but it wouldn’t have been without their mentorship and encouragement from the start. 

Jimmy Pruitt  17:52

Absolutely. 

Tim Ulbrich  17:54

So Jimmy, if I’m following your journey correctly, your five plus years in as a creator with the podcast, creating content, three years or so with the Acute Care University, we’ll talk about the conference here in a little bit as well. And you’re still working full time in clinical practice. Talk to us about your decision to stay full time in practice, as you’re trying to also grow a business and what value that’s provided and challenges, I would presume as well. 

Jimmy Pruitt  18:23

It’s been unique, I would say, one of the things that we looked at is making sure I’m at that number, and making sure I don’t make the mistakes that I’ve seen other people do. And more importantly, make the mistakes that I’ve read about. The biggest thing that people say is like sometimes you have to just jump and you just have to do all these different things. And I’m like, I have a family, one. So that really kind of changes the dynamic. It’s not just me making this big shift, but I want to make sure that I was able to consistently get that number. And early on I end up saying once I’m able to make you know, one and a half times my my salary consistently, and my business can continue to function smoothly, then it will be a conversation of what I do from a full time standpoint. But I’ve noticed as I continue doing both of this, me being a business owner and being very focused as being the president, CEO, whatever the title you want to give yourself when you’re when you’re starting out, it actually made me a better employee. That was very unusual because I started going to work and said, Okay, understand the objectives that I’m trying to do, and understand how, what it feels like to have someone work for you. Yeah, and be able to accomplish these goals. So when I have conversations with  the board and with the administrators at my hospital, I’m asking the question, Hey, what are the KPIs that we’re trying to understand? And they’re like, What are you you’re a clinical pharmacist? I said listen, I can solve many problems. I realize the problems that you’re going to care about. And more importantly, I realize the problems that the person that report to you is going to care about. I’m going to help save people lives. I work in emergency department. That’s my fulfillment. How can I make this a, you know, a symbiotic relationship to where I get the resources that I want, but I’m also getting the things that you want me to get. So from that perspective, being a better employee has made it more enjoyable, because now I’m able to go in and solve problems and be able to find different things and have conversations that before I started being, you know, heavily involved in my company, I didn’t understand all the problems. I didn’t understand those problems. So as I looked at the component of making sure I’m meeting that output, that I need to be able to consider stepping back, I also realized there was so much more value, because now I’m able to understand other people’s problems. And  it makes me say, Hey, I may want to do this for a little bit more, because I’m able to do consultant work now where I can get brought in as a consultant for and ED pharmacotherapy, find different problems, and then say, Hey, I’ve done these things now, at certain institutions, and it opens up more doors for me at this point in my career, and I just don’t think that I initially thought that. Because I think everyone who goes into business initially thinks, oh, I’m going to work for myself, it’s gonna be great. I can wake up when I want to. It takes quite a while. But I’ve enjoyed the process. And I think as I look at all these things, what having a business and working full time has allowed me to do is cut a lot of this the skin out of my life when it comes to tasks that I don’t necessarily need to do. And it’s made it easier for me to focus on family, focus on activities, I want to focus on health. So I think having both of those has kind of put me in a position to where I have to stay very focused and enjoy, pick the things that I want to enjoy, and to glean different insights from situations knowing that there will be a transition at some point, yeah. But learning more at the job and understanding the problems that they have, and other people like them have, has made me be able to understand the market, and how I can potentially use that in the future. But more importantly, my skills as a business owner, has allowed me to be able to solve problems that early in my career, and earlier, you know,  in places I’ve been people don’t necessarily think about. So yeah, I’ve enjoyed it. There’s challenges, of course of not being able to take significant breaks and being able to have days where you just do nothing. But I think realistically, the continuation of doing it and seeing some benefits allow me to be able to do both, and be able to enjoy both. Because now I walk into the ER I don’t have to be a CEO today. I could just focus on this component and is vice versa. So I’ve enjoyed it. It’s helped with burnout. But I’ve really enjoyed the process. 

Tim Ulbrich  22:52

A few things you said there that I love, Jimmy,  that are worth highlighting, you know that the patience that I hear there, the intentionality in your thought process. You talked about a certain multiple of income one and a half times and you know, that that’d be in a place where maybe the conversation starts to shift, obviously, you and your situation – everyone’s entrepreneur journey is different, right. And I think there’s sometimes there’s this blanket, kind of advice or blanket type of idealism around entrepreneurship, which is like, jump in, and you’ll figure it out. You know, and it’s like, you know, for some people, that is their story. It’s not my story, wasn’t your story. But for some people it is. And I think for everyone’s situation, you know, it’s different. And some of the things you said really resonated with me as I had some crossover from full time work and the entrepreneurial journey. And it was several years in before making that transition. But the connection between, you know, the entrepreneurial journey and becoming a better employee, I felt that. I felt like I brought more skills to the workplace. I felt like it prevented burnout, right, some of the change in pace and environment and work and, and I think there’s something to be said, too, when you’ve got, you know, the business that’s growing, and all of a sudden your employment becomes this place of opportunity and learning and growth like, wow. I would argue Jimmy’s probably that much better of an employee and an asset. Like you’re you’re not dependent necessarily in that moment on that income, you know, as you’re building something else, and you’re able to really bring the value to the workplace, you know, that you can bring. So I think a lot a lot of wisdom there that you shared, as well as just continuing to build build the skills. Jimmy, as you have grown from content creator to solopreneur, to now building out a team. And we’ll talk again about you know, the conference here in a little bit in the logistics and all that’s involved, my mind is spinning partly because I’ve been through this journey as well. And I know that with that growth, comes fruit and comes challenges as you look into building a team and delegating and letting go. Just talk to us about that journey. I think it’s something we don’t hear enough about, as we often hear maybe more solopreneur type of stories but as you have grown and you built the team, what has been and some of the fruit what have been the challenges of that?

Jimmy Pruitt  25:02

I think when looking at growing a team and really get into that first step of, I want to bring someone else into this, especially when you’re talking full time employment. The very first employee that I hired a couple of years back was just my virtual assistant. And one of the first aspects I realized was a very big challenge of mine was, how do I explain what’s in my head that I do every day? I didn’t realize how challenging that was going to be, until I started assigning tasks and realized that that wasn’t necessarily what the output that I wanted. And I realized that it wasn’t necessarily the employee’s fault. It was really how I was able to give information and how I was how detailed I was able to be about what’s the purpose, how to get there. And then SOPs and having templates and all those things that people talk about that are not, the cool thing to think about are so valuable. And what it allows, it allowed me to do is be able to communicate more efficiently. When I first got into pharmacy, what are the key things that was very, you know, self conscious about my ability to communicate, because again, I grew up inner city kid, again, not necessarily being around many college educated people. Again, I’m one of like, six high school graduates in my family. So the way I communicated, it was, again, very different than the way I communicate on a daily basis now. It was something that was a very limiting factor for me. And I realized that I had to figure out a way to communicate better. And I really, I love to talk, I love to kind of do these different things. But as many people can probably hear, I have a Southern sudden tone, I still, you know, speak in a particular way. And I realized that in order for me to work better with other people, especially on diverse set of people, I need to translate that, translate that and technology has been phenomenal. Being able to voice to text has been the best feature I’ve ever had. So that took the initial challenge of communicating exactly what I wanted to my first employee. And it kind when I went back and edit it and went back and forth, that changed everything. Then going from there to next step was figuring out how can I not spend all of my time not doing this, in the next step was reading different books, educating myself as a, Hey, have that employee have them make the template. You know the output that you want, you know, what’s quality work for you now have them do that. And I think once I’ve transitioned from being the only person that produce the output, to try and to explain that and figuring out better ways to explain what I want to allowing the person who I’ve been working with now for over two and a half years to make the template because they do it well. That was a very long process. But I think it was one of the more unique and impactful things that I’ve learned through this process. And it went from a major challenge to being something now that I consider to be a very, you know, streamlined process. And now bringing other people on has been a lot easier because I have something and a have that he can I can show them as an output, but I can also provide them now templates, SOPs and things of that nature. So I think that’s one aspect that many people don’t speak of, or think about, but the books are out there, people don’t speak on it, and think about enough when they’re starting a business. And I everything you do, guys, if you possibly can record yourself, speak through it, dictate it and do it once. So you can always be able to reference back to it. That’s the one thing I would like to tell people and then realizing that you have to take some level of consideration depth that everyone is not going to do it the same way you do it every single time. You have to create a process that allows for them to get close, I say 75% as good as you are on a consistent basis.

Tim Ulbrich  29:02

That’s really good stuff, Jimmy. I’ve had similar experiences and I think often people run up into, you know, barriers where they start to grow, they might hire a contractor to hire employees, they run into some of the frustrations you experienced. You know, I think we’re you push through it, often people may retract and kind of fall back into this solopreneur model, which again, everyone’s build something for different reasons, different goals. But as you continue on this vision, being able to accomplish the vision you have will depend on Hey, what time, what tasks need to get done beyond that that Jimmy can do within a day which requires a team and processes and all the things that you mentioned. You’re sharing reminded me of the book, procrastinate on purpose by Rory Vaden. He talks about, you know, exactly this concept of, you know, could you do the task in 10 minutes, that’s going to take you you know, five hours, you document you could. but there’s a certain return on time investment Right, if if you do a repetitive task five times a week, that takes you 30 minutes, sure, it’s gonna take you a lot longer to train someone to get to the quality that you want. But over enough repetitions, especially those recurring tasks, if you can fight through that, you’re gonna have a lot long term benefit of the return on time. And so I love the share that you had there, I think is a great example of that. I want to ask you to zoom out on your business for a moment. And I think it’s sometimes it’s hard as the CEO, as the person who’s operationalizing, at times in the weeds, you’re in the midst of planning for a conference, I’m sure there’s tons of logistics things that are moving, it’s hard to zoom back out to that 20,000 foot view to say, Where are we going? And why are we going in this direction? And so, Jimmy, as you zoom out and look at all the things you’re doing across the content, and the podcast, the PACU, the conference, the various educational products, the offerings that you have, what’s the five to 10 year vision? Where do you see the growth going, as you look at all these things you started and now you move into this this next phase of growth?

Jimmy Pruitt  31:10

That’s a great question. And I do this every once a while and I had to force myself usually, every every quarter, I tried to do it. Sometimes better than others. The big thing that I believe that I’m trying to accomplish over again, this next five to seven years is to make this to where we have one unified goal and mission we’re trying to do: provide high quality education related to pharmacotherapy. How do I go from many different products, many different services, many different things to one umbrella company that can be operationalized by other people consistently and provide that value that we started out with, and, and being okay, not knowing each individual step to get there. So I would love to say in in five years that I’m in a position where I’m sitting on a few boards, I am the one who makes the final checkoff. But I want other pharmacists that have this, this passion, to be able to impact people through education, to be able to monetize their expertise to have a home. And I don’t necessarily feel that there’s a huge home for that now, there’s opportunities to volunteer your time, there’s opportunities to be part of other organizations, things that nature, but I believe that there’s I should say, there’s not an abundance of homes for pharmacists, and those who engage in pharmacotherapy to share, monetize their expertise. I want to provide a home for those individuals and I want I want them to be able to have a home, whether they’re gonna be the consumer, or the producer. I think that those is the things that push me forward and figure out how can I add more people to my team to add that passion? How can I make sure that we do this, and I feel good about it, because at the end of all of this, the one main thing that’s going to happen is improved patient care. So for me, when I think my business perspective on that, I feel much better knowing that the very, very end end goal and very in any user of this, the recipient of all the things we’re doing is going to be someone getting the right drug at the right dose at the right time. And doing it in the right way. Yeah, so for me, I want to provide a platform that I’m leading, or that I’ve led, that’s going to be able to influence patients by those who expertly use pharmacotherapy.

Tim Ulbrich  33:42

What I love about that we haven’t talked too much about that on this episode is I’m a firm believer in having a strong anchor in your business of a why behind everything you’re doing, because through the ups and the downs, you’re going to have to rely on that anchor. And when you talk about everything pointing towards improved patient care, wow, that connects all the dots of everything we’ve been talking about, right? Because building a team, delegation, getting comfortable with that space, and, you know, may not always be done the same way that you do it in here community! Community of the consumer. Community of the Creator. Like, wow, the urgency of that is important, right? Because that’s all aligned towards being able to have more people in this community, creating in this community, as well as getting information and benefiting from the community, all pointing towards improved patient care. Like that, I just hope everyone hears that that is thinking about an idea or has a business that when you have that type of compelling torch of a vision and a flame. It provides so much clarity. I’m not saying it’s gonna be easy. It provides so much clarity of where are you going and why are you going there and that is so critical when you’re building something and not every business can say that. To have that type of clarity of vision and that type of clarity of messaging. I love that. Absolutely love that. Let’s talk about the Empower RX Conferene coming up April 26-27th in Charlotte, I’m really excited about our collaboration surrounding this event. I’m looking forward to have the opportunity to meet your community there live in Charlotte. And I suspect that we have several listeners that have different areas of clinical expertise that maybe are in acute care and are going to be attending the event. Maybe they’re brainstorming other educational opportunities in their own niche. So tell us more about the event. How did it get started? And how is it evolved to the current state?

Jimmy Pruitt  35:27

Absolutely. EmpowerRx has been just another brainchild of wanting to improve patient care. But realizing again, we sort of go back a couple years ago and realize the history of emergency medicine. Again, we had three PGY2s in emergency medicine back in 2004. I’m starting one this, we’re over 119, I believe, in 2020. So I think as we look at the number of the growth that’s there, we realized that not every aspect of emergency medicine pharmacotherapy has been able to catch up. One of the areas that I remember mentioning, as we made Pharm So Hard was that there wasn’t a place for us to come together, hang up talk about just emergency medicine, versus just having a 10 minute Pearls or just having a 60 minute session with a few presentations. That was you know, spread out dispersed amongst the major organizations, they’ve done a phenomenal job of providing resources, and helping us grow the specialty. But I wanted to provide a place that it was very unique to emergency medicine pharmacists. And if you know anything about us, if you’ve had, if any listeners are part of, you know that you have to be a certain type of personality to consistently work in emergency department. And I wanted to provide a space for that. So I remember sending a text message to Kyle Wendt, he was he was at MUSC at the time, and saying, hey, what if we just created our own conference? And what if we just made it to where it was? It was like, it wasn’t like any other from a professional standpoint, what if you just you didn’t wear dress clothes? What if you didn’t come there at a tie, you came there and a T shirt, some jeans, and you just was having a good time. And we just spent all day talking about things that really impact emergency medicine pharmacotherapy, whether it was clinical, or whether it was the social components. There’s a lot of things that happen in emergency medicine on a day to day basis that there’s it’s not in the textbook. You don’t know how to have the interaction with the one mean nurse. You don’t know how to, you know, make sure that you’re able to think quickly when that patient comes in, that’s unannounced. We want to provide a place where we can talk about those things. But also, can we be ourselves the same way we are at the bedside. Because many ER pharmacists will tell you, when we go to the actual pharmacy area, there’s a certain persona that we we uphold when we talking to our superiors. And there’s what happens in the ER when we spend the majority of our time with nurses, physicians, EMTs things that nature. So I wanted to provide that environment, that community. And we sent this out in 2020. And we want to figure out, how can we do it as for us and by us, instead of someone else creating it and thinking they know what we want. Why don’t we just create it from the ground up? And that really was the initial phase of this. And it led to us being able to create an environment where we speak on many aspects of acute care pharmacotherapy, particularly again, the resuscitation part of it. So whether you’re a central pharmacy that responds to cardiac arrest, we have information there for you whether you’re a nurse who just happened to be interested in the drug component, we have something for you. So I think we are a emergency medicine pharmacotherapy conference. And we’re not necessarily a EM pharmacist conference in a say. So I think it kind of brings together our world in one place over two days, and the initial one was going to be virtual, because again, COVID definitely has something to do with that. And then last year, partnering with SAEM. And we got to see a sense of it. But I think that the next phase was okay, we keep saying that we’re for us, and by us, we have that everywhere. This is the first year we’re going to do everything completely in person, have some virtual access and completely be for us and by us and we grew our team tremendously to build something that again, it’s for all of us. And when I say us, that can be a physician, that can be a nurse, that can be anyone in that space, but you now have a home to discuss pharmacotherapy. 

Tim Ulbrich  39:24

I’m really excited to experience it. I’ve been to many, many pharmacy conferences, but I’m sensing there’s something different, something unique about this, and I can’t wait to be a part of it. Hopefully the emergency medicine folk will allow me into the room. It’ll be a good, good, good chance to interact. And I’m really looking for it’s another great example to me, Jimmy, of something that, you know, you obviously had interest built up in a community and following at the point of when you launched that first one, but you still had to take that first step, right. And sometimes that means success. Sometimes that means failure and certainly you’re going to learn and grow from it. And I can hear the evolution that the conference has taken the last several years. So really looking forward to being a part of that. And I just as we wrap up, Jimmy want to say I admire and I mean this wholeheartedly admire, what you’ve built, why you’ve built it, how you built it. I love the niche focus. I love the clear messaging you have, there’s a strong sense of community. And there’s a strong anchor back to the vision of why that you’re doing and that that is the recipe for success in my mind as people are thinking about building a business. So, Jimmy, thank you so much for taking time to come on the show. I appreciate it.

Tim Ulbrich  40:29

As we wrap up today’s episode, let me remind our acute care healthcare listeners about our partnership with the 2024 Empower Rx conference, a leading event and emergency medicine pharmacotherapy. This year, it’s happening in Charlotte, North Carolina on April 26, and 27th. I’ll be there and hope to see you there as well. It’s ideal for pharmacists, physicians, PAs, nurses and others in the field. The Empower RX conference offers more than 10 CPE credits, insights from top experts interactive workshops, and groundbreaking research. It’s not just a conference, it’s a community focused experience fostering learning and networking in a welcoming environment. Take advantage of discounted registration available to the YFP community by using code YFP2024 for 15% off. Again, that’s code YFP2024 for 15% off you can join in person or virtually register now at EmpowerRx-conference.com and elevate your emergency medicine skills. Again, that’s EmpowerRx-conference.com.

Jimmy Pruitt  40:29

Thanks for having me on, Tim.

Tim Ulbrich  41:32

 As we conclude this week’s podcast and important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. Furthermore, the information contained in our archived newsletters, blog posts and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist unless otherwise noted, and constitute judgments as of the dates published. Such information may contain forward looking statements which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward looking statements. For more information, please visit yourfinancialpharmacist.com/ disclaimer. Thank you again for your support of the Your Financial Pharmacists Podcast. Have a great rest of your week.

 

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 338: Stepping Into Your Inner Radiance in 2024 with Dr. Christina Fontana


Dr. Christina Fontana, creator of The Pharmacist Coach, shares her journey from pharmacy to entrepreneurship, healing from trauma, and setting goals.

Episode Summary

In this episode of the YFP Podcast, we welcome Dr. Christina Fontana, PharmD, the visionary creator of The Pharmacist Coach. Dr. Fontana shares her inspiring journey from pharmacy to entrepreneurship, revealing the impact of her early experiences and the resilience that fueled her pursuit of a purpose-driven path. From navigating personal challenges like eating disorders and anxiety to healing from childhood trauma, Dr. Fontana discusses her commitment to inner work and counseling as essential components of her transformative process. The episode also explores the intertwined nature of personal growth and business development, with insights into Dr. Fontana’s methodology of “structured flexibility.” The discussion concludes with a focus on mindset and goal-setting strategies for pharmacists, encouraging alignment with one’s true desires and an embodiment of authenticity. Tune in for a captivating exploration of career empowerment, resilience, and setting ambitious goals for the year ahead.

About Today’s Guest

Dr. Christina Fontana, AKA The Pharmacist Coach, is a pharmacist, holistic healer, rapid transformation business coach, speaker, and 5-time author. She helps spiritually-driven women to ‘Reignite Your Light’ and shine in your brilliance, confidence, and true essence. 

She started her entrepreneurial journey 11 years ago being disempowered, homelessness, broke, with eating disorders, PTSD, and anxiety and has since transformed, turning her pain into purpose, empowering women all over the world to step into more purpose, power, and prosperity.

Over the last 11 years, Dr. Christina has been providing uplifting, transformational content through her Youtube videos, books, courses, programs, and Conferences. Her mission is to empower more healers and business owners unlock their innate gifts to create a domino effect of healing on the world.

Key Points From the Episode

  • Career, trauma, and entrepreneurship with Dr. Christina Fontana. 
  • Career journey and goal setting in pharmacy. [1:53]
  • Eating disorders, perfectionism, and self-discovery in pharmacy school. [5:06]
  • Trauma, intuition, and decision-making. [11:19]
  • Healing from childhood trauma and inner work for personal growth. [16:00]
  • Personal growth and business development. [19:57]
  • Personal growth through entrepreneurship and parenting. [28:19]
  • Mindset and goal setting for pharmacists. [32:20]
  • Setting goals and being flexible in entrepreneurship. [39:38]

Episode Highlights

“All of these tools that I’ve learned throughout the years, I now help people with. And someone I was I was working at a retreat one time, and somebody came up to me, they’re like, You should call it like rapid transformation, because people shift so quickly, because I, because I’m so intuitive. And I’ve developed that muscle so much within myself, I can look at someone and say, okay, and coach them and ask them these questions that are going to draw out of them.” – Dr. Christina Fontana  [17:44]

“I grew up in a very suppressive environment, and it doesn’t allow for you to tap into who you really are, the creativity, the gifts and that’s why I bring this work into helping entrepreneurs because if you’re suppressed, you’re not going to show up fully self expressed when you give a talk, when you go to put your message out there this work is so much of you know, the inner work, but also the practical strategy of how do I bring all of who I am to the table when I am speaking, so that I show up with power, conviction. And that’s how you influence people because then they know you care, they see the passion that you have. And that’s how you start to create a domino effect of healing in the world. Which is really why I believe I’m here is at the root cause it’s to be a beacon of light for other people and that’s why I’m so vulnerable in my story.” – Dr. Christina Fontana  [18:45]

“Translate your gifts into gold.” -Dr. Christina Fontana  [21:38]

“But when you when you embody that version of yourself, like tapping into the energy of this is what I want this is who would I have to be to achieve that goal? Because there’s usually an evolution or a next version of yourself, right? Maybe a higher version of yourself? What would that be? And feeling into that frequency?” -Dr. Christina Fontana  35:28

Links Mentioned in Today’s Episode

Episode Transcript

Tim Ulbrich  00:00

Hey everybody, Tim Ulbrich here and thank you for listening to the YFP Podcast where each week we strive to inspire and encourage you on your path towards achieving financial freedom. This week I welcome Dr. Christina Fontana, creator of The Pharmacist Coach. We talk about her career journey in a pharmacy, her trauma experience growing up in an abusive household and how that shaped who she is today, and her entrepreneurial journey focused on empowering others to transform their lives reveal their inner radiance and step into more energy, confidence and power. We then wrap up the show by discussing strategies for getting in the right mindset to set big goals for 2024. Let’s hear a brief message from YFP team member Justin Woods, and then we’ll jump into my interview with Dr. Christina Fontana.

AD SPOT  00:45

This is Justin Woods from the YFP team with a quick message before the show. If you listen to the YFP Podcast, you may learn something every now and then, either from Tim Ulbrich, Tim Baker, or one of our guests. A lot of people listen to the show, but they may not execute or implement the things they learned. As pharmacists, we know the impact of non-adherence on patient outcomes and their overall well being. As a pharmacist, myself and part of the YFP team. I talk with pharmacists every day who are confused about how to implement financial knowledge. Pharmacists share with me that they’re treading water financially, maybe took a DIY approach, reached a plateau and are confused about what to do next. Or those who worked for decades can see the light at the end of the tunnel, and feel uncertain about how the next chapter will unfold. If that sounds like you, one, it is not uncommon to feel that way. And two, does it make sense for us to have a conversation to see if YFP Planning can help you visit YFPplanning.com or follow the link in the Show Notes to find a time that works for your schedule.

Tim Ulbrich  01:50

Christina, welcome to the show. 

Dr. Christina Fontana  01:53

Thank you so much. We’re here on a Monday morning and it’s raining. So, bring in the sunshine.

Tim Ulbrich  01:58

It’s a great way to start a Monday, especially when as you mentioned it’s cloudy, it’s rainy, it’s cold, but you very much have the holiday spirit wearing your your polar bear gear. I love that. And I know the energy you’re going to bring to the show is going to light lighten the mood that has been set by the outside weather. So I’m really looking forward to this opportunity to interview you. We’re going to unpack your career journey, we’ll talk about your entrepreneurial journey. And then I’m gonna pick your brain about advice you would have for our community listening about how you think about goal setting, as well as how you coach others on goal setting as we get ready to turn the page onto 2024. So let’s start with your career journey in pharmacy. What led you into the profession? Where did you go to pharmacy school? And what was some of the work that you did upon graduation? 

Dr. Christina Fontana  02:45

Yeah, so my dad was a pharmacist. I’m from a family full of pharmacists. So my uncle, my aunt, my sister, my dad, we all went to St. John’s University and I grew up working in my dad’s store back from when I was like three years old, sweeping the floors, helping people find, you know, cards for their granddaughter, working the register. Really, I learned my people skills, my dad would always say, Alright, go talk to that person. Go help that person, go sweep the floor. And I think that those early experiences really helped me to kind of plant those seeds of number one customer service. My dad was, he knew everybody’s name. He knew like, what every customer, what their kids’ names were, what sports they were in. And I just would watch him in awe and be like, Wow, he’s just so…how do you know all this and then he knew all the drugs too in the back. You’re amazing. So I was both in awe of my father, but also extremely terrified of him because he was a strong Italian dad, very strict, very controlling. And I actually grew up and I’m very open about this with a lot of abuse. So physical and mental, emotional. I loved my dad and I still do to this day. And I see now that that was an experience that I went through to strengthen my character to be who I am today. And I’ve gone through a lot of healing through that and but like kind of back to what you know, back at the pharmacy, so there was all of that going on. So like I loved him, I admired him. He taught me so much and he was so charismatic, intelligent. And so I absorbed all of that I was like a sponge, you know, from a very early age. And I knew in those interactions with people that were at the counter. That’s really where I like loved talking to people and hearing about their stories or what they were doing for the day. I grew to love people. And I just knew in my heart like I felt this, this rush in my body whenever someone was like, “Oh my God, you really helped me!” I was like, This is my purpose and so from probably around 13-14 years old, I knew that I wanted to help people. And so in my mind, I was like, oh, pharmacy. So the day that I got into pharmacy school, I feel like my whole world opened up, I was so excited. It was like this whole new adventure. And at the same time, there was this internal struggle that was happening within me. So I had an eating disorder in high school where, you know, I was anorexic. Put a lot of pressure on myself. Highly perfectionistic. Does this sound familiar, pharmacists, right? And so my trauma showed up in my body as an eating disorder high, you know, high levels of anxiety. I was a high performer, you know, like, I did kick line dance, all these different things, all throughout my childhood. Because that was what I thought I had to be in order to be loved by and accepted by my family. And so I went through pharmacy school, my head was down, you know, I, I actually developed a different eating disorder at that time. So it was night eating syndrome. That’s a whole other story. But essentially, what I learned was that my going through my healing journey, my nervous system was so overloaded from all of that trauma, the high performing, trying to be perfect, all of those things, that eventually had to come out somewhere because I suppressed my emotions. And you and I could talk about this for hours. But fast forward to kind of as I was going through pharmacy school, I was kind of struggling internally with all of this, you know, my eating disorder, anxiety, it just got compounded because it’s so much pressure to be in pharmacy school to make sure that you’re, you know, making the most out of your social time and, you know, the commute and all of the other things that come with being, you know, in pharmacy school, that pressure. So eventually, I got to the end of my career, or my, my time at St. John’s. And I started to look at all of these different opportunities. And I was really excited about pursuing a residency. And so I, I told my, my family, and I knew they weren’t going to be happy about it, because again, my dad owned this pharmacy and groomed me and, you know, helped me for years, and I just said, I’m like, I want to do this other path. And when I said that, he was not happy, because again, I was a people pleaser, I did whatever my parents said. I was a good girl, all of that. And so what I was, what he was saying back to me was like, you know, how could you do this to us? Like, you’re betraying us, you know, I helped you blah, blah, blah. And I didn’t care. For the first time in my life, I just felt it in my gut. And I think it was the dynamic to have probably somewhat of a toxic environment that I was already in, in that pharmacy setting. Combined with this drive that I had in my in this, again, I felt that feeling in my heart, like this is what I’m supposed to be doing. And so I always say to people, you know, I know, you have to use logic, of course, but also using your intuition like what feels aligned and right to me, that was probably the first time in my life that I actually let that voice be louder than the fear of what are they going to say I have to be perfect all that. So I did, I wound up pursuing the residency and living in that in my parents house with walking on eggshells and feeling like I couldn’t really, like tell them what was happening because I had to go to mid-year and I had to like, develop a CV for the first time and business cards and all of that. And I actually didn’t get any of my top five choices, because you have to pick five residencies that you want to match with. And I was like, devastated. And I didn’t know what to do. So I was talking to one of my professors at St. John’s one day, and she’s like, “oh, like, why don’t you try through the scramble. There’s a King’s Pharmacy in Brooklyn that I think I saw it didn’t match.” So I was like, let’s see if this goes. I went and interviewed and I got the call that I got this residency. But that was the beginning of the crumble of my life because that was when I got kicked out of my house. I my parents pretty much disowned me and you know, all of my stuff was thrown out onto the lawn- hangers, clothes, you know, everything that was my life, from my childhood room, where I was still living at home with them was literally purged onto the lawn. So all my neighbors were probably like, what is happening right now? So, I literally had to pick up the pieces of my life and start fresh like that was my rock bottom. At that time, I was taking anxiety medication. My life was so unworkable, because I wasn’t really speaking my truth. And all of these patterns that people pleasing, the perfectionism, the unworthiness that I had, it all kind of culminated into this moment where I was like, I’m choosing this, I’m choosing this new path. I don’t care how scary it is. And I remember looking up at the sky, and I just was like, it’s gonna be okay. I just had this feeling in my heart that even though my life was a mess, physically, everything was all over the lawn. And, you know, I couldn’t, I wasn’t even allowed back in the house. And I got fired from my dad’s pharmacy that day. So that was like one thing after the other. And by the way, it was like April of right when I was about to graduate pharmacy school. And so I was about to start a residency, I had two months left of pharmacy school, I still had to take my board exams. I had no job, I had not much money in a bank account, and I was living out of my car. And in that moment, like I said, I knew I was like, I can do this. I just had, I don’t know if it was God, if it was a strength, something within me, I just knew that I had made the right decision. And there had been so much bullying and abuse, and I was like, I’m done with this. So anyway, fast forward. And tell me when…

Tim Ulbrich  11:19

Yeah, good. I’ve got so many questions, but this is good. Finish your journey here. 

Dr. Christina Fontana  11:23

Yep. So So there’s so much more, you know, that was the beginning of my entrepreneurial journey really, was getting into that residency, because it really opened up my eyes to all of the different possibilities within pharmacy, and I, it was so stressful, I cried a lot, I had so much PTSD in my body now that I look back on it. But I don’t regret that decision of doing a residency because again, it opened up my eyes to like, I started teaching diabetes classes, I was going through Integrative Nutrition at the same time, and like healing my body of looking at the deeper root of disease and why people get sick. And so this journey led me to where I am now. And I don’t regret any single part of it, because it was so painful. But I turned that pain and alchemize did into why like the drive that I have now to help people. 

Tim Ulbrich  12:20

Yeah, as you’re is your sharing, and I really do appreciate your vulnerability here as I think that many people listening, you know, maybe will resonate with very specific parts of that, right, whether it’s, you know, an abuse part of the journey, or, you know, an eating disorder or some other trauma. But, you know, I think there’s pieces and parts of all of us that can relate to some part of that story. And what’s coming up for me is, like, where does that generative drive come from? Right? So when you think about all that you’ve been through, when you think about, you know, obviously the questions around am I loved? And you know, then being abandoned. And when you talk about your residency journey to me, you know, when I, when I think about, okay, you went through the scramble and I’m sure in your father’s eyes now that was a kind of a dagger of like, okay, now you’re choosing an option as the scramble, right? It’s like the last resort instead of this pathway, you know, seeing you would take and so my question is, where does that generative drive come from? Where do you attribute, you know, you choosing to go down that path? Right? So you know, I think in many abuse trauma situations, obviously, I’m not a counselor in any way, shape, or form, but you tend to think that often you see people stuck in those situations, because, you know, it’s, it’s harder to see the path out of it. And that becomes a new defined normal. And here, obviously, you talked about hitting that rock bottom in terms of, you know, getting thrown out of the house, and, you know, you chose choosing to go down this path anyways. And I almost felt as you were sharing, almost like this tug down an undefined path. And I’m curious of like, what is that pull? Like, what is that talk? What do you attribute to? Is that your is that your faith? Is that your “I just have this intuition”? Like, where, where does that come from?

Dr. Christina Fontana  14:09

I remember sitting on my bed one day meditating, because I like I said, I had so much anxiety from living in this house where I knew like my parents hate pretty much hated me, that my brother, and like, I guess I laugh to kind of cope with it now because I’m just like, I think back to how crazy it was. So please, like if you’re listening to this, please. No, I’m not. I laugh at my own situation, I guess because I’m just like, it was so crazy. But um, I remember sitting and meditating at the time because I was just trying anything to cope with this anxiety. And I felt this and I heard this voice so clearly say, “You like you need to get out of here.” Like, this needs, you need to leave. And so I guess I feel like that was really the first time that I felt that intuitive presence of God. You know, like I grew up Catholic, I kind of had a little bit of connection. But it wasn’t like, my dad was not a pastor or like, I didn’t really have that strong influence. But in those quiet moments, when I was with myself, my intuition started to speak. Because, you know, there’s so many fear influences that we have even now, with the news, people and expectations, parents, etc. So when you quiet that voice, and you really tune in, I started asking myself, like, what do I really want. And it was very scary, but it was that was that same feeling that I had back at the pharmacy. It was just this, it came from within, and it was just this boost of energy that I knew. It was, it was like, without a shadow of a doubt, I need to do this. And it was just, I think, too, probably the pain, like think about when someone has to make a decision, the pain was so bad, that I felt like I had to move. So like if you’re, if you’re in a bad relationship or a bad situation, eventually you get whittled down enough that it’s like, I’m done. That like F-it moment. So. 

Tim Ulbrich  16:12

And Christina, as you share, you know, you talked about several things like, you know, obviously, your your need for acceptance, and to be loved. You talked about your nervous system activation, you talked about, you know, your awareness of how emotions are being suppressed. You also talked about kind of the journey of not not condoning in any way, or you know, accepting any way the abuse, but understanding and having a perspective on that, as you now look back. Which all of those together, tell me you’ve been through a journey of inner work, of counseling, of i, if you wouldn’t mind, just sharing for a moment what that journey has looked like for you. Because I think for some that are listening that say, Oh, I’ve got a, you know, a part of my story, you know, that maybe I need to dig a little bit deeper, despite the pain, right, that can be there. And I just think the more that we can hear from others, and on some level, you know, normalize the work that needs to be done, you know, the healthier we can all be. So if you would mind sharing a little bit of, of your journey of processing some of the emotion and the pain that you went through? 

Dr. Christina Fontana  17:12

Yeah, absolutely. It it’s still a work in progress. Like there are I’m doing specifically nervous system work right now. But I had started off with traditional therapists, and that only got me so far. When I started doing the subconscious work, and I had hypnosis sessions, my anxiety went from like an eight to a two. And I started to say, okay, like, this is part of the breadcrumb trail of how I want to be helping people. So now that’s what I do. All of these tools that I’ve learned throughout the years, I now help people with. And someone I was I was working at a retreat one time, and somebody came up to me, they’re like, You should call it like rapid transformation, because people shift so quickly, because I, because I’m so intuitive. And I’ve developed that muscle so much within myself, I can look at someone and say, okay, and coach them and ask them these questions that are going to draw out of them. What needs to be shifted, because it’s all internal. Right? It’s the, it’s the layers, I call it multi dimensional healing. It’s the nervous system that’s holding the cellular memory of the trauma, it’s the patterns that you’ve come to cope with that trauma, people pleasing, perfectionism, overthinking, that’s all a nervous system response. So it’s the nervous system, all these patterns. And then there’s typically core wounds that are there like unworthiness, shame. And so that needs to be digested in order to allow that flow of emotion because, you know, I grew up in a very suppressive environment, and it doesn’t allow for you to tap into who you really are, the creativity, the gifts and that’s why I bring this work into helping entrepreneurs because if you’re suppressed, you’re not going to show up fully self expressed when you give a talk, when you go to put your message out there this work is so much of you know, the inner work, but also the practical strategy of how do I bring all of who I am to the table when I am speaking, so that I show up with power conviction. And that’s how you influence people because then they know you care, they see the passion that you have. And that’s how you start to create a domino effect of healing in the world. Which is really why I believe I’m here is at the root cause it’s to be a beacon of light for other people and that’s why I’m so vulnerable in my story. I’m like there’s nothing look in the crevices in the closet. There’s nothing in my closet like I will show you my husband because I want people to to know that they’re not alone and I want them to know there are tools out there that can help them. 

Tim Ulbrich  19:57

Yeah, I love how you described it as you know multi dimensional and the layers. You know, that’s been my own experience of just kind of slowly peeling back the onion and the layers. And I think as you do that. And I’m convinced it’s a lifelong journey. I don’t think the work ever ends. 

Dr. Christina Fontana  20:12

Yeah. 

Tim Ulbrich  20:13

But through that, you start to get a little bit closer, a little bit closer a little bit closer to who your authentic self is. Right. And that is that is the unique advantage of every one of us. There is one, Christina, there is one, Tim, you know, there’s one of whoever’s listening, and we’ve got an opportunity to really identify who is that? Who is that? And how can we help serve others. So with that in mind, let’s shift to talking more about your journey as an entrepreneur. And one of things you share on your website is that you, “Empower others to transform their lives, reveal their inner radiance and step into more energy, confidence and power.” So what what is the how behind that? Why? So how do you help people on that journey?

Dr. Christina Fontana  20:53

So it’s part of what we just talked about. So it’s that inner work. But it’s also the practical strategy of it. And now we’re going to talk about goal setting. So I’ll bring this up now. So structured flexibility, right. So like, if you think of a container, you need to have structure around something to hold the energy of it. So like, if I were to just say, I want to have a business, but there’s no structure or offer or clear place for somebody to land, then it’s kind of like having a leaky bucket. Yeah. So I look at, okay, let’s look at some of these patterns that you have that we can start shifting, as well as those practical strategies of how do we translate your gifts into gold. That’s one of my, like, my signature methodologies turn your gifts to gold, because again, I always show this this is like my new thing. I know that you everybody listening, I’ll describe what I’m holding up right now. So it is a diamond. And if you are following me on social media, you’ll see that I post about this, this is on my Instagram. This is who we are like I’m pregnant right now I’m 21 weeks pregnant, this child is going to come out pure, with all the gifts that it was born with. With it being brilliant, worthy, everything, its pristine. But then what happens is, over time, we learned that life isn’t safe, right in some way, whether it’s a trauma, or we get yelled at or punished, or whatever, whatever that might be. And little kids make meaning out of things. I’m bad. I’m unworthy, all of this. And so that’s what we’re carrying into our business. And people, it’s so unconscious, that that’s why we bring it to the conscious forefront and say, Hey, this is what’s showing up. So we can help you reveal more of that diamond, of the brilliance of who you came here to be. Because you’re most magnetic when you shine that light. And when you can help those people who are in your audience scrolling on Facebook, looking for the answers. That to me is true fulfillment. So the more that you can reveal that, and have these containers and by containers, I mean, like offers or the way that you tell your story in a way that’s compelling and draws people to you. That’s how you build a sustainable business. That’s, that’s my belief. Its just one perspective. 

Tim Ulbrich  23:24

Yeah, and I know you work with a lot of entrepreneurs, but for everyone listening, like this work is span spans everyone, right? So obviously, we’re talking about here and the framework of, you know, being able to approach your business and how you serve others and making sure that you know, what is unconscious becomes conscious, and we’re aware of how that might be limiting what we’re doing are holding us back. But, you know, for someone who’s at the front lines at a community pharmacy, or they’re a manager or administrator at a hospital, like, this work matters for everyone. It matters in your professional life and matters in your personal life. You know, you’re talking about some of the variables that as you know, kids growing up, we experienced these things, some of them might be a traumatic enough that we remember, but often they’re not. And I know that as a parent, like there are micro moments, I had one of them with my kids last night where, you know, after there’s an interaction, it’s like, oh, like, how was that perceived? How could that have been done differently? And now how can I, there’s mistakes are going to be made? That’s a part of life. But how do I learn from that? And how can I talk that out loud and process that with them as well? And they need to hear me out loud, say, like, I am sorry, you know, I shouldn’t have done X, Y, or Z. And I could have done this differently and they need to hear those things. And I don’t get it right a lot of the time! But this work matters as an employee, as an entrepreneur as a parent, as a spouse as a you know, father, mother, brothers it matters in every relationship that we have. And so I just love the vision of what you’re sharing one of these you have on your website, which really connected with me is you said “When we reconnect back to our true essence, remember who we really are we are limitless empowered, and we’re free.” 

Dr. Christina Fontana  25:03

Yep. 

Tim Ulbrich  25:03

So powerful, right. And that transcends so much of what we experienced every day if we’re able to get there. 

Dr. Christina Fontana  25:09

And I want to just really quickly talk about that, because that you hit on a really important point there with, you know, when when we have to cope with what’s not resolved within us, then it turns into, like, for me, it was, you know, drinking and numbing my emotions and staying busy and all of these coping mechanisms that disconnected me from myself. And so this process for me has been reconnecting back to my body, which, like, again, it’s uncomfortable. If you’ve experienced trauma, it’s so uncomfortable sometimes to go into that pain. And so oftentimes, people dissociate. And they’re like, how do I escape this? Like, can I just run away from this in any way possible vacations, whatever, whatever that coping mechanism is. But when you when you heal, that’s when you’re truly free. And I think that’s what a lot of people are seeking is through those mechanisms, like, I just feel better. 

Tim Ulbrich  26:06

So right, that’s right. Yeah. And I think for you know, I’ll speak to this for a moment, just because this has been my own journey. I know, when I was doing some of the work that I’m doing now, one of my initial knee jerk reactions was like, I had a great childhood, like, there is no trauma there. You know, number one, all of us have experienced something, the magnitude of it, the significance of it can be different. But there, we all have our own journey. And, you know, I think sometimes that we can confuse things like, you know, I was provided for effectively, you know, my parents helped support me, but there could be emotional gaps there, there could be emotional gaps, and you know, how things were communicated or not communicated. And this is not about, you know, digging up things that’s going to lead to, you know, judgment and, you know, disgruntment towards others, right, I think part of this journey, is to really have peace with that. But you know, so much of that, the more to your point, the more that we can help move from being unconscious to conscious, once we’re aware of it, you know, and once we can tap into our emotions and start to slow down and say, Okay, in this moment, I’m noticing myself feeling angry, I’m feeling fear, I’m feeling shame, I’m feeling guilt, whatever it be, and then connecting that with whatever interaction we’re having. I know what I often realize is whoa, like the emotional reaction, as real as it is, is way out of whack with the reality of the situation. Okay, Where’s that coming from? Like, why am I why am I feeling so much anxiety and fear over something that went, I can just step back and kind of untether you know, myself and sort of observe like, oh, Tim, that’s interesting. Like, your heart rates increased rapidly, you have shortness of breath, like you’re, you’re, you’re becoming really tense, like, what’s all that? About? What, what’s behind that? And those are, those are tools, those are things that we can use everyday in our interactions that we have with others. 

Dr. Christina Fontana  27:54

Right. Exactly. And the brain loves context, right? So like the nervous system feel safe, when we have some kind of context around, “oh okay, like, this is what’s happening.” Then you can use whatever tool to regulate and be with that part that is probably a past part of you. That’s like, hey, I need support, hey, I wasn’t supported in this way, or whatever it might be. So yeah. 

Tim Ulbrich  28:21

So one of the things I’ve shared before on this show and with others, as well, is that I feel like parenting and entrepreneurship, for me have exposed so many areas of weakness or opportunities for growth, however, we want to say it. 

Dr. Christina Fontana  28:37

Yeah!

Tim Ulbrich  28:38

And so many opportunities for self reflection that I’m not sure, you know, would have been there to the same degree without it right? When you’re when you’re talking about young kids, when you’re talking about business, there are things that stretch challenge, get out of your control, in a way like for me, I was very good at like keeping things in a box, and being able to kind of control and maneuver around it so that I didn’t have to experience the uncomfortable feelings and the things.  Well guess what? When kids come to the equation, when business come to the equation, like that box gets blown up, sometimes they really, like for me exposed like, oh, wow, like when I don’t have control of a situation. Like that’s where I see, you know, a lot of things go awry. And and that’s an interesting discovery, like, well, what’s behind that? And why why is that there? So my question for you is, you know, as you think about your journey, in business, or in tune to be as a parent, like, what have you learned about yourself? What has been the most significant one or two things that you’ve learned about yourself through not only your own journey of healing, but also through building and growing a business? 

Dr. Christina Fontana  29:36

Oh, my goodness, when I think of this analogy, when you have a business and you’re growing it, it’s like a mirror. Everything that needs to come up, that’s your client interactions, team interactions is going to come up like you said, I love that analogy. You’re like the box blows up because it’s like, you can’t hide. You’re facing off with yourself. And yeah, I would agree 100% with the control, like for me on worthiness came up control, people pleasing all of those protective parts that just wanted to keep, like, as a child, I just wanted to be safe. And I never felt safe in my house because it was so chaotic, there was a lot of abuse going on. And so I learned to shut down. And that was part of my coping mechanism, like I said, and I think, through control, and my, my dad was very, both my parents were very controlling. That’s what helped me feel like, oh, I have some sort of safety, right? So it was kind of that dynamic that still plays out. And I’m like, I have to catch myself. And I’m like, okay, and I again, like, that’s one of the layers for me that I have to continually work on. And that’s why I have continuous support coaches, different people that I hire, because I’m like, hey, I need, I need to be witnessed in this, I need to be held in this very uncomfortable situation. But at the same time, like even, you know, currently, like, in the past few months, I’ve had some situations where it really stretched me and I’ve never experienced this before. But from a higher perspective, I always come back to okay, what is God trying to teach me through this? Because my character is being strengthened through this. And so I feel the emotion, but then I also say, Okay, what am I actually learning here? And that, to me, is, is important for the integration process of like, I’m not just going through this to feel pain, I’m actually alkalizing something within myself from a past version, or whatever it is, that’s helping me become a higher version of myself, you know? 

Tim Ulbrich  31:48

Yeah. And I think that integration part of the journey is so important, right? There’s obviously the feeling of the emotions, and you know, being more aware of that, and how is that impacting, you know, the relationships and things that are happening each and every day? But then what’s the integration? You know, and sometimes that’s not in the moment thing, at least speaking for myself, sometimes that’s, you know, really leaning into the curiosity, as I’ve alluded to a couple different times, and then through that curiosity, and through that self awareness, and through kind of untethering yourself in that experience, it’s okay, what, what is the integration part of this? And what is there to be learned? And how can I grow? I think that how can I grow is a good transition and segue into setting big goals. We’re getting ready to come up on the New Year, which is a time that people often look at the mirror and say, Hey, what are some things that I want to focus on? What what has been the year that’s about to end? What what do we want to shift? And how do we want to grow into the new year? And before we talk about some of the strategy and X’s and O’s for how you approach goal setting, or how you approach this with your clients as well. I want to get just your general thoughts and recommendations on how you might help someone or encourage them to get in the right mindset before they get into the goal setting. Right, the work before the work, if you will. But yeah, I think so much of the goal setting exercise, I say this about the financial plan where we can work on X’s and O’s, we can develop a retirement plan, we can develop a debt repayment, we can do all these things. But if we’re not in the right mindset around, like, why do we care about this topic of money? What’s the goal? What’s our relationship with money, all of these bigger types of things, those X’s and O’s are only going to go so far. So I think similarly here on the goal setting, there’s this important step of getting in the right mindset under which we’re then thinking about how we set goals. So what are your What are your thoughts there? 

Dr. Christina Fontana  33:35

Yeah, so I think getting in the right nervous system state is even a deeper level, because when we’re in fight or flight, this prefrontal cortex is not active. So this is where our creative solutions come from, our strategic thinking, our critical thinking, and so I would always encourage and this I do this across the board with all of my clients, align the energy first. So looking at your nervous system, doing some of those exercises, but also really moving from, to what feels pleasure, like like moving from the mind of like, oh, like, How much money do I have whatever. Ask your heart and move into the body and say, What would feel really exciting for me? and I’m actually going to say this out loud because I want to, I want to commit to this. Even though I’m having a child next year, I saw somebody who had this he has a list. He’s really in a very ambitious in my audience, he’s not a pharmacist, but he was committed to speaking to 100 audiences in 2023. And he’s like at the bottom of the list. And I thought to myself, I want to do that I want to commit whether it’s through a Facebook live whatever it is Instagram speaking opportunity. I’m putting it out there. So I would love to have that as a goal so that for me feels juicy, alive. Pleasure lead, like yes! This is something about impact that I really want to move. And so from that vision, then you can obviously go into the more like practical planning pieces of it. But also, it’s like that structured flexibility, like not being too rigid, where it’s like the gripping, but allowing that co creative force of God, the universe, whatever you want to call it, like the surrender piece, because we can only control so much. Yeah. But when you when you embody that version of yourself, like tapping into the energy of this is what I want this is who would I have to be to achieve that goal? Because there’s usually an evolution or a next version of yourself, right? Maybe a higher version of yourself? What would that be? And feeling into that frequency? I recommend this to my clients to just even for five minutes, every single day, because, according to quantum physics, we’re always attracting based upon our thoughts and our electromagnetic signature from our heart. Yeah. So that’s what we attract. What we constantly think about what we’re constantly feeling. So yeah, that’s a whole other topic. 

Tim Ulbrich  36:13

It’s a good one, there’s a lot of good resources out there, you know, for for people that want to learn more about that as well. But I think, you know, what you shared about the pleasure lead really resonates with with me, right, because I think for a lot of pharmacists, you know, I’ll speak for myself, but I suspect many may feel the same as well. You know, high achiever tend to want to please others, you know, want to develop these, you know, goals that may have expectations tied to others, and really slowing down and getting out of our head getting into our bodies to really take the space and time to say, Does this resonate with me? Is this an expectation of someone else? Is this really authentic to me or not. And that really requires your point, getting in the right state of our nervous system. I’ve been in these exercises with my small group of men where we meet, we meet once a week for two hours, and we kick off our meeting, typically, with one of the men leading a 15-20 minute type of meditation exercise, and I can consistently now almost have gotten to the point where I will show up, and it feels like there’s an uneven distribution of weight of my head to my body. Because I’ve been throughout the day, I’m just programmed, like through, you know, repetition, experience, whatever, that if I’m not careful and don’t slow down, I’m like, I will live so much of the day in my head, that I can actually feel like the physical exhaustion of that in my head, and really, to be able to slow down and like get into my body. And typically, by the end of that meeting, like I can actually feel like the shift of the stress and the weight in my body. And I’ve actually described it to the guys my group that like it feels like if I close my eyes, sometimes it feels like my head is like in a giant space like disproportionately weighted to the rest of my body. But it’s just such a good reminder of like slowing down, like, what are the exercises, what are the habits, one of the behaviors can really get ourselves into checking in with our body. And I think aligning that with goal setting is so important, right? Because I think if we’re not careful, like Are these your goals? Are these someone else’s goals? And even if they’re your own derived goals, maybe not at an expectation of others, does it actually resonate with you? Right? So you gave that example, which I think is a really good one, because someone else might see that and say, oh, I want to do that too, but not because it really resonates. But because they’re like, Oh, that’d be cool to speak 100 times, like, that’d be cool, right? There could be some pride there, there could be some ego there, right? You know, but the way you described as like, that really resonated with you, internally, right, for whatever reason, I think it comes full circle to where you started your story, which was, you know, early in your life, identifying that you really have a desire to want to help other people, right, that, to me, ties very directly to that. So I think getting in the right state of mind, you know, getting out of our head, making sure that it’s a pleasure lead processes, is so important. Now, I want to get a little more detail from you on this concept of structured flexibility. Because this has been my experience where I’ve gone through goal setting in many different formats. And sometimes I come up with these very comprehensive, you know, plans that seem great, you get the dopamine rush, and then two weeks in, you’re like, oh, my gosh, this is exhausting. What was I thinking I’m going in 12 directions, I’ve got every domain of wellness of, you know, defined with five different sub goals. And then I’ve been on the other end where, you know, it’s too loose, it’s maybe not motivating enough or not structured enough. And I do think there’s a middle ground here, which, which I believe is what you’re referring to the structured flexibility. So tell us more about what that looks like for you. 

Dr. Christina Fontana  39:38

Yeah, I’ll just even given a concrete example of a launch. Like I just did a Pivot to Profit three days, you know, it’s a client converting workshop, like I bring everybody in, I teach them, you know, it’s like a really detailed PDF and I’m like, Okay, this is what I’m going to do. I’m going to do this three day event, deliver tons of value, and then I’m going to I’m share about one of my programs. As I’m going through the launch, I’m like, oh, I want to do a trick or treat giveaway. So that came in, like, being open to  the downloads that come through, like I call them downloads. It’s like that divine kind of intuition. And so I added that in, and maybe I took something out. It’s kind of like, like cooking. It’s like, oh, do I like my food spicy. Or maybe I won’t add so much of this, but I’ll add this. So I think it’s being a little bit flexible with number one, like those components, but also not being so rigid of like, I need five clients from this launch. Like, it’s it for me, it comes back to and you talks about that word, ego, I really try. And it’s a constant thing. I’m like, Okay, I’m releasing, I know that this is my ego talking right now, that’s wanting this…outcome, I’m going to let that go. And I’m going to open up to whatever the highest outcome is going to be. And I’m going to show up and serve and give 110% and do this plan. Be flexible, you know, implement those downloads, like I said, but also having that openness of, I wonder what else could show up, that it doesn’t have to be so rigid?

Tim Ulbrich  41:20

No, that makes sense. And I think that very concrete example you just gave, you know, related to the launches is a good one, right? Because I think so often, not only can we adopt other people’s goals, but we can set a goal. And then speaking for myself, I’m so structured and rigid to that goal, that I lose any of the openness and flexibility to you know, okay, might there be a different idea, a different pathway, or even feedback from audience or, you know, different things that are coming in that says, okay, my flexible enough to be able to pivot and move in real time. And usually, if I develop a plan, it’s like, this is the plan, right? We’re going with, and I’m gonna see it…. which there’s value in that, like, you know, and there’s, there’s real value that can come from kind of that, you know, stick-to-itiveness and wanting to see it through and being resilient, but also adding some flexibility to that. 

Dr. Christina Fontana  42:04

I’m laughing because I’m thinking like, that’s how I’m like, oh, like, I’m gonna plan…..with this baby and like, we’re gonna get the … and I’m like, I’m sure like, the my like, whatever is gonna blow up my plan, but that’s okay.

Tim Ulbrich  42:18

Well, this has been fantastic. And I’m so grateful for your contributions to our community, your vulnerability and sharing your story. I think many are going to find that inspiring, insightful, and maybe on some level, motivating to do some more self discovery and their journey. Also appreciate your your feedback that you gave on you know, how we can be thinking about setting goals and sharing about your entrepreneural journey. Where is the best place that our listeners can go, Christina, to learn more about your work and to follow your journey along the way as well? 

Dr. Christina Fontana  42:46

Yeah, so my website is pharmacistcoach.com. And then from there, you’ll find all of my social media handles my group Monetize your Magic. Everything like my Instagram is @thepharmacistcoach so I would love to connect and feel free like I literally am an open door. So if you want to share Hey, I loved what you said in the episode or if you have questions, please reach out I’m happy to support.

Tim Ulbrich  43:12

Awesome well, we will connect in the show notes to social media, to the website pharmacistcoach.com, as well as your email [email protected] If people want to reach out directly.So, Christina, thank you so much for coming on the show and wishing you an awesome 2024.

Tim Ulbrich  43:27

As we conclude this week’s podcast and important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. Furthermore, the information contained in our archived newsletters, blog posts and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist unless otherwise noted, and constitute judgments as of the dates published.  Such information may contain forward looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. Thank you again for your support of the Your Financial Pharmacist Podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 333: Small Business Owner Tax Savings Checklist


On this episode, sponsored by First Horizon, YFP Director of Tax, Sean Richards CPA, EA, summarizes a tax checklist for pharmacy entrepreneurs and other small business owners.

Episode Summary

Too many of us are caught in the trap of only looking at taxes during tax season. As a small business owner, missing the tax mark can have significant consequences in the form of surprise payments due, missed deductions and credits, and constantly wondering if there is something else you should be doing. So whether you are a seasoned business owner or just starting, on this week’s episode, sponsored by First Horizon, YFP Director of Tax, Sean Richards, CPA, EA walks us through a small business owner tax checklist including eight key areas that demand your attention. He touches on the fundamentals of bookkeeping, qualified deductible expenses, the benefits of financial projections to make estimated payments, the significance of S Corp status, insights on determining your owner’s compensation, and much more.

Key Points From the Episode

  • A warm welcome back to the show to YFP’s Director of Tax and CPA, Sean Richards. 
  • Why record keeping is vital for a smooth tax season. 
  • The separation of church and state when it comes to personal business. 
  • Why you shouldn’t fear registering your business as an LLC. 
  • When to consider working with a professional and what to expect from the relationship. 
  • Understanding the basics of bookkeeping. 
  • Defining deductible expenses and why it’s important to understand this term. 
  • The difference between tax planning and tax preparation.
  • Projections and estimated payments: making sure that you’re setting the right money aside. 
  • How to determine if the S-Corp is the right fit for you.
  • Discussing payroll and how to establish your salary as a business owner. 
  • Diving deeper into Section 179 deductibles.

Episode Highlights

“Working with a professional will not solve any challenges or problems you have with disorganization.” — Tim Ulbrich [0:16:01]

“Having a strong understanding of how your business is doing financially is one of the best things that you can do as a business owner.” — Sean Richards [0:17:44]

“Paying yourself an equitable salary is not only the right thing to do by the eyes of the IRS, but it also really helps you think about where the business going and growing.” — Tim Ulbrich [0:45:48]

Links Mentioned in Today’s Episode

Episode Transcript

[INTRODUCTION]

[0:00:00.8] TU: Hey everyone, I’m Tim Ulbrick, and I want to express my gratitude for you tuning in this week to the YFP Podcast. Each and every week, we’re dedicated to providing inspiration and support on your journey towards achieving financial freedom. 

On this week’s episode, we have a special guest joining us, that’s YFP’s director of tax and CPA, Sean Richards, here to dive into a crucial topic, a tax checklist for small business owners. Whether you’re a seasoned business owner or just starting out, we’ll explore eight key areas that demand your attention. We’ll touch on the fundamentals of bookkeeping, qualified deductible expenses, the benefits of financial projections for estimated payments, the significance of S-Corp status, insights on determining your owner’s compensation, and much more.

Before we dive into this insightful conversation, let’s take a moment to thank today’s sponsor, First Horizon. Afterward, we’re jumping to my conversation with Sean Richards.

[SPONSOR MESSAGE]

[0:00:53.6] TU: Does saving 20% for a down payment on a home feel like an uphill battle? It’s no secret that pharmacists have a lot of competing financial priorities, including high student loan debt, meeting that saving 20% for a down payment on a home may take years. 

We’ve been on a hunt for a solution for pharmacists that are ready to purchase a home loan with a lower down payment and are happy to have found that option with First Horizon. First Horizon offers a professional home loan option, AKA, doctor or pharmacist home loan, that requires a 3% down payment for a single-family home or townhome for first-time home buyers, has no PMI, and offers a 30-year fixed rate mortgage on home loans up to USD 726,200.

The pharmacist home loan is available in all states except Alaska and Hawaii and can be used to purchase condos as well. However, rates may be higher and a condo review has to be completed. To check out the requirements for First Horizon’s Pharmacist Home Loan, and to start the pre-approval process, visit yourfinancialpharmacist.com/home-loan. Again, that’s yourfinancialpharmacist.com/home-loan.

[INTERVIEW]

[0:02:04.9] TU: Sean, welcome back to the show.

[0:02:06.5] SR: Thanks. Thanks for having me, yeah. Feels good, we’re through all the extension deadlines, business and individual and now we can hundred percent focus on next year. 

[0:02:14.2] TU: Hard to believe, right? We’re already talking about next tax season. You just had a webinar this week kicking off the beginnings of at least thinking about tax season. I know, many of our listeners, really, this comes to life in January, February, we’re trying to get people to think a little bit earlier, more year-round, and today, we’re focusing on really small business owner tax considerations and what are some things that people will be thinking about, planning about. 

Essentially, a checklist of sorts, and whether people are just getting started with a business or maybe they’ve been at it for a while and they can go back and see, “All right, maybe there’s some holes in the crack in the foundation that they need to go back and fill in.” We really hope that this can be an episode that people will come back and reference into the future as well of something they need to be thinking about as a small business owner as it relates to their taxes.

And Sean, we’re going to talk here and weave in some of our own personal experiences of how these things became obvious that we need to be doing as we’re growing the business but also, Sean, in the work that you’re doing and advising and working with other small business owners as well.

[0:03:15.2] SR: Yeah, there will be anecdotes from real life, with our own accounting of our own businesses and some of the people that we worked with and everything, yeah. There’s a lot in this one, I think it will be a good one to reference back to, I agree.

[0:03:25.9] TU: I know pharmacists like checklists and I know they like to know where we’re going. So, we’re going to cover eight different areas, we’ll go through these one by one and they’re really going to flow into one another, and so I think we’re going to start, maybe a little bit broader, Sean, and then we’ll get more narrow of considerations that folks should be thinking about.

Sean, number one on our list is record keeping. I think that anyone who has been in a business for any time or even if they’ve been thinking about starting, they’re being advised, maybe that’s – some advice have been given is, “Hey, you have to keep records,” But that can get lost, right? You’ve got an idea, you’re running things, it can be busy, tell us about record keeping, why it’s so important, and what people should be thinking about here.

[0:04:02.5] SR: Yeah, like you said, these will kind of flow into each other, and honestly, it’s – you kind of can’t have one of these items without what’s before it, and it all comes back to record keeping, really, at the end of the day. And that makes sense if you’re thinking about taxes and accounting just the way that they are. It’s generally, it’s the nature or say, looking back at something, it’s a historical look. 

So, you’re going to need to have references of the things that you did to be able to do something like that, but there’s just so many things that go into just being able to make decisions about your business when you’re filing taxes at the end of the year, when you’re doing tax planning, which I’ll get into a little bit later about the differences between tax planning and tax preparation. 

It all comes down to having good data, and having good data goes back to having good sourced data and inputs and everything. So just saving down everything that you can, related to the business, and I don’t mean that in the sense of just holding receipts and throwing it in the shoe box and just keeping all of the junk, but just making sure that if you’re doing financial transactions, you’re keeping them in a bank related to your business, you’re running down reports at the end of the month. 

Hopefully, you’re using some kind of ledger system like a QuickBooks or even Excel or something like that but even if not, just being able to say, “Hey, this is the money that I made this year, this is the money I paid this year.” And then even some of the ins and outs that you might not think or something that will directly relate to your taxes or business but might, if you ask your accountant about it, right? 

So, things like loan agreements and any type of employment agreements you have with folks. So, things like that. Just really, anything that you think at any point in time, “Hey, would my accountant ever possibly ask me about this?” or “May this possibly come into play when I’m doing my taxes in the future?” Bear to error on the set of caution, just keep everything. 

That being said, there’s actually some rules in some areas. So, generally speaking, I’d hold on to everything for at least three years. Some states have even longer record retention requirements but generally speaking, hold on to things for at least three years. Just get some cloud storage or a hard drive or something like that so you don’t have to take a physical space and just keep an eye on everything.

[0:06:08.1] TU: Yeah. And we use, at YFP, we use Google Drive for everything. So that becomes our system of – as you mentioned Sean, it’s not just receipts, right? It’s going to be the financial statements, whether someone’s producing those for you or you’re working on that yourself, and it might be a very basic Excel template that you’re starting with and then that will evolve over time. 

But it’s not just the receipts or the financials, it’s also the contracts, right? Things that you’re – you know, W9. I mean, just the – a lot of things that you’re going to be building over time.

[0:06:37.0] SR: Right, and even things that you might not think about. So, like, say you or you have an office space at home that you’re working out of. You can take a deduction for that and there’s a simplified way to do that with a square footage. But there’s also a way you can take actual expenses and generally, you’re going to want to do whatever is the most beneficial.

So, now we’re talking about, okay, mortgage interest and utilities and stuff but even on top of that, depreciations. So now we’re saying, “Hey, how much did you pay for your house 10 years ago?” or something. That might not be something that’s top of mind for folks but if it’s, again, even if it’s tangentially related to the business, there’s a chance you’re going to be able to possibly get a tax savings for it. 

Better to just hold onto it and ask somebody about it, “Hey, can I get a deduction for this? Is it worth me keeping this data, these records here?” And then just have someone tell you, “No, you don’t need that anymore.” And then you can get rid of it.

[0:07:26.2] TU: Yeah, perhaps I should have said this at the beginning, Sean, but I know we’re going to have some people that are listening that maybe have been at this for a while and they’re kind of realizing as we’re going through these eight things like, “Oh, my gosh, like, this is a hot mess” right?

[0:07:35.9] SR: Right.

[0:07:36.6] TU: And that’s normal. You joked about the receipts in the shoe box but there’s a fine line here between, “You can’t predict everything you don’t know yet.” And the system’s going to evolve over time. You don’t want to become paralyzed by all these things but also, you want to be thinking ahead as much as you possibly can, or working with someone that can help you anticipate, that has experience working with others as well.

[0:07:56.6] SR: Exactly.

[0:07:57.4] TU: And I think an important part of that record-keeping, Sean, has been moved to number two on our checklist is this concept of comingling personal and business and really wanting to separate these out and ideally, we’re doing this from jump street, right? So we can have clean records and again, this isn’t always done, whether someone’s anticipating where they’re going to go or maybe they’re confused about how to incorporate or do they need to set up an LLC.

Lots of things to consider here, but talk to us about the importance of separation of church and state when it comes to personal business.

[0:08:29.5] SR: I was going to say the separation of church and state but I wasn’t sure if that was alright. So, I’ve used it before but I held off for a minute. Yeah, I mean, that again, it’s going back to the record-keeping thing, and being able to produce data and produce useful information about your business. So, if you need to say to yourself, “All right, how much money did I make this year or how much did I make, how much did I spend in expenses to my vendors?”

If you have to then go and start pouring through and combing through bank accounts and picking out, “All right, well, this was related to my kid’s school stuff but this was related to the business trip that I went on” and everything, just the notion of even having to do that from the beginning is – it’s just stressful to even think about. There were legal sides to it too. I mean, if you have an LLC and you set up a separate business, it’s always kind of there to keep things separate.

[0:09:15.8] TU: Yeah.

[0:09:16.0] SR: Then it begins to become something where, like you said, you might not know at first, “Hey, I’m starting something out, it’s just a little side project, I’ll use my regular account for now and kind of keep track of things on paper.” Then all of a sudden, things expand and get bigger and hey, maybe you’re incorporating or bringing on partners and stuff, and then you start getting into things, which I won’t really go too deep into because I’ll put the audience to sleep.

But you start talking about your basis in a partnership interest or something like that or your basis as a shareholder in a corporation, and if you’re sharing funds or borrowing things from here and putting it in this pocket and using your personal home equity line of credit to fund the line of business that you’re doing, it just, it muddies the waters too much from the beginning.

So, to any extent, you can keep that stuff separate. That’s the recommendation. That being said, number one is, if you’ve already done some things where, “Hey, I’ve put a couple of expenses on this card” it’s not the end of the world, it’s just being able to identify those things. So, if you can go back now and start to be able to put a report together where you’re chipping away the personal stuff and you have the business stuff ready now or towards the end of the year and not in April or March actually, if we’re talking about business returns.

But the other thing is that you don’t have to necessarily hold yourself to that a million percent. And I know this is offering up not a best practice but there will be times when I have people come to me and say, “Hey, if I go put this big credit card or this big flight on my personal card that I just opened up, I’m going to get myself a huge refund back from my credit or big reward, then I’ll be able to put back in the business” or something like that.

Those things will happen and it makes sense, you have to do it. It just goes back to the record-keeping thing. Let your accountant know or keep track yourself. “Hey, this was a loan from me as a business owner to the business and now, I’m going to actually pay myself back that amount from my business account.” Just keep track of it that way. Don’t completely handcuff yourself but make sure you try to keep things as separate as you possibly can.

[0:11:19.3] TU: Yeah, that’s great stuff. I think too, there’s – you mentioned some of the legal piece, which again, we’re not lawyers but that’s an important consideration of keeping things separate and where the liability protection ends. I think the other thing I see here, Sean, often, is the idea of starting, setting up a business, registering with the state, getting your employer identification number, opening a bank account. 

That seems big and scary, which I think can be intimidating to people that are on the front of it but it’s really not that difficult nor is it that expensive. And so I think, as early as you possibly can, once you’ve got that bank account and the business’s name that’s really going to help you with the record-keeping being separate. The other thing I would just say is from a visibility and a cleanliness as an owner to understanding where your business is at. 

Like, we don’t want to muddy those waters as you talked about, right? So, I want to be able to quickly see, how’s the revenue, how’s the expenses, where are we at? And obviously as you grow, you’re going to look at this period versus another period and what’s the growth or not the growth. What do we need to change?

So, I think really having good insight into what’s the health of the business, the separation helps. And then the other thing I would add, which is a little bit more in the mindset side of things is sometimes when we are just starting, we have some of that resistance and devastation of like, “Well, this is just kind of small and I’m not sure where it’s going to go and so, I’m just going to do it with my personal.” 

Like, believe in yourself, right? Where are we going? And worst-case scenario as we dissolve the business, we shut down the banking account and we move on, but I think really establishing the goals that you have for the business as well.

[0:12:49.4] SR: Right, and we’ll talk about it in a little bit more later but the LLC thing, again, neither of us are lawyers but a lot of people get scared by that because they think, “Oh, it’s a new entity, it’s going to open up this whole separate tax thing.” But most of the time, if you’re a sole proprietorship and you open an LLC, it’s just going to land on your personal tax return like kind of a regular side business anyways. So don’t let that notion of things scare you too much.

[0:13:12.1] TU: All right, number three on our list, Sean. Number three is working with a professional. You’ve alluded to this a couple of different times. Some people, as it gets started, they may work with a professional right away, they may wait, and that could either be an accountant, bookkeeper, both, we’ll talk about bookkeeping basics here in a little bit. 

This was one of the first areas, Sean, that we actually outsourced at YFP, as we were looking at growing the business. We had times where that perspective was very helpful and times where we’re like, maybe not. So, I think this is a challenge where, “You know what? I’m going to hire someone that can really understand my business and advise me.” And I often had this feeling of, “I don’t know what I don’t know”, right? 

So, I’m looking for someone to kind of guide me, rather than just being there when I have questions. So, talk to us about the working with the professional. Maybe the “When”, as well as, what are we looking for in that relationship?

[0:14:01.8] SR: Yeah, and like you mentioned, we’re going to go into bookkeeping basics, but I think having this n your checklist of where you’re in the end of the year, and really any point in the business year is trying to make that determination, “Hey, am I going to do this or not?” You don’t even necessarily have to go down the path of understanding all of the ins and outs of the bookkeeping if you’re going to decide off the bat, “Hey, I’m going to pay somebody to do that for me.” 

Not that you shouldn’t get the basics and stuff, but if you’re going to say, “Hey, I want to outsource this now and have somebody run that whole show”, you don’t necessarily even have to get yourself in the weeds from the beginning. But I think it’s just one of those things that you have to decide, like you were saying, where do you want to be spending your time and your energy and where are your strengths and your weaknesses, right? 

So, if maybe you have a finance background and you say, “I can put a couple of hours towards this and it’s not a big deal, I got a pretty good handle on things and I can run it myself.” That’s perfectly fine but you might be saying to yourself, “Hey, I know a lot of people who just absolutely hate everything to do with numbers” and that’s okay too. If number scare you and you hate numbers, that’s fine but they’re not going to go away. 

So, ignoring them or trying to just say, “Hey, we’ll get there at the end of the year and figure it out then.” I mean, that is one way to do it but it’s certainly not the best way to do it. So, I think it’s just something where you have to really think about where you’re at, what your strengths and weaknesses are, and also what do you want to do when it comes to tax season, right? 

If you’re talking about a sole proprietorship then that’s going to land on your personal return, that’s probably something that you can handle. But if you’re getting into partnerships and corporations, now you’re filing different returns and they’re a little bit more than a regular person’s probably used to with HNR block or whatever. So, that’ might begin to necessitate having a tax professional just sheerly out of expertise. 

So, there’s a lot of different things. I always use the accountant cop-out answer that Tim Baker uses of, “It depends.” But it really does depend. But I think having that decision early on in your process will help plan out the rest of everything else that we’re going to talk about in a minute.

[0:15:57.6] TU: And this is worth saying, and maybe saying again and saying again, which is working with a professional will not solve any challenges or problems you have with disorganization, right?

[0:16:07.7] SR: Correct.

[0:16:08.6] TU: They can advise, they can help, they can – we talked about things like record keeping, but they’re not there from an organization standpoint. I think this is something, again, no judgment, right? People that are just getting started in the business, you’re focusing on the business, you’re growing things, you may not be thinking about organization and records and all that, but at some point, that’s got to become a priority. And if they’re working with someone the first time, that may not be something that is top of mind, so.

[0:16:32.7] SR: Yeah, but a professional though also can, on the flip side and again, it’s not going to be – it’s not going to solve disorganization problems but can definitely help advise with, “Hey, you’ve been struggling keeping track of all these things. Why don’t you get a QuickBooks subscription, we’ll connect all your bank accounts and then I can handle things from there and keep track of things as they come in.” 

And now, all of a sudden, you’re not panicking every month or every year with the thousand transactions. You have a bookkeeper who is going in every week or every month and categorizing things and sending you reports, so. 

[0:17:01.9] TU: Yeah.

[0:17:02.1] SR: Again, it might not solve your problems with a wave of a magic wand but they can definitely get you there.

[0:17:08.7] TU: So, let’s go to number four on our small business owner tax checklist, and Sean, that’s bookkeeping. We’ve danced around this here a couple of times so far but whether or not someone is working with a bookkeeper, there are things they have to be ready for and make sure that they’re tracking. So, talk to us about those items that they have to be ready to report on, whether they’re doing it themselves or whether they’re working with someone that they hire.

[0:17:30.5] SR: Yup, like you said, and like I was just saying before too, even if you have somebody who is doing this for you, reporting on it, and kind of explaining it all to you, you still have to generally be able to understand what they’re talking about, right? I mean, you can only break things down in layman’s terms so much, and having a strong understanding of how your business is doing financially is obviously, one of the best things that you can do as a business owner, I think.

So, if you take a look at – and I’ll talk about the entity types in a little bit – but if you look at the three main, or at least in my mind, tax returns that you’ll have for small businesses typically is a schedule C on your 1040. That’s just your regular kind of sole proprietorship. It can be an LLC, cannot, but just a regular person side gig kind of thing, and then you have a 1065 which is a partnership. 

So that’s the default if you have an LLC and you have more than one person, and then S-Corp, I’m sure a lot of people have heard of that say, 1120-s. Those are the three main forms that you typically see for filing business returns at the end of the year. If you look at the three of those, the main front of the forms, they’re all basically the same thing. You have your revenues, your, “Hey, what were my sales, what was my service income if I had any other kind of income, and what were my expenses?”

And you’ll see that all three of them have generally the same categories for expenses. Like advertising and travel and mortgage interest and things like that. So, it’s pretty similar across the board and you’re going to really have to be able to report on that stuff, no matter what kind of business you run, you’re going to have to know what your revenues are and you’re going to have to know what your expenses are.

Revenues, I’m not really going to spend a whole heck of a lot of time on. I mean, I think people generally kind of have a feel for that, it’s cash in the door. The one thing I would say there is if you’re doing service revenue, it might be a little bit harder to track when you’re actually performing a service and getting paid versus actually selling a good. So, a little bit more keep eye on there but honestly, again, people typically have a good feel for that.

It’s more the expense side that I think things can kind of trip people up on. You typically think, “Hey, whenever I’m spending cash out the door that’s going to be an expense for the business and I can probably deduct it.” And generally, that’s true, but there’s a lot of things that come in that can mix that up a little bit. I mean, property is one thing. I was mentioning before, depreciation, right? 

So, you probably think, “Hey, I’m paying for this office space and I have a mortgage on it. My mortgage, I should be able to write that off, right?” Mortgage interest you can but the mortgage principle, you don’t. You get that back via depreciation but again, that’s something you might not be thinking about or might not really have insight into, or vehicles for example. You can have a billion different ways to write off vehicle expenses. 

Whether you’re taking actual expenses or like a standard mileage rate. It all depends on how much you’re using the vehicle for business purposes, there’s all sorts of depreciation rules and stuff. There’s just a lot when it comes to expenses. So, that’s probably the biggest area on the PNL at least, the profit and loss statement to really have a good handle on when it comes to basic bookkeeping stuff.

[0:20:25.4] TU: Sean, as you’re talking, it’s reminding me of – sorry to interrupt you, it’s reminding me of Schitt’s Creek episode where Johnny Rose – 

[0:20:33.4] SR: Yeah. I already know where this is going.

[0:20:35.0] TU: You can’t just buy things for yourself and deduct them as an expense.

[0:20:39.8] SR: It’s a write-off, it’s just a write-off, exactly.

[0:20:42.1] TU: It’s a write-off, just a write-off.

[0:20:43.4] SR: And hey, a lot of times, and we’ll talk about what’s a deductible business expense. A lot of times, if you’re spending money on a business, it is but you’re correct, you can’t just be like David Rose and just go buy everything.

[0:20:54.3] TU: Oh my gosh.

[0:20:55.7] SR: From the blouse barn. So, that’s the PNL. The balance sheet is kind of – I don’t want to say, it’s the ugly stepchild of the financial statements but it’s the one that people generally have an actually have a pretty good understanding of it without even really knowing what a balance sheet is just because of the nature of two of the biggest components of it. So, your balance sheet is going to be your assets, it’s kind of one-half of the calculation and then the other half is liabilities and equity. 

So, assets are pretty much what you think. If you look up the book definition of an asset, it’s kind of what it is for a business. It’s kind of what it is for a business. It’s basically something that’s expected to generate money for you, it’s a positive sort of resource that you have so cash, receivables, things like that, property, equipment. Again, things that people probably have a pretty good handle on.

“Hey, I have this much cash in the bank, Johnny owes me this much money and I own all these cars” right? Liabilities is the other side, on the other side. So, that’s the opposite of the asset basically. It’s like, “Hey, loans, do I have debt, do I have credit cards, do I have a mortgage? Do I owe my vendors?” Things like that.

So again, people typically have a pretty good handle of that, whether they’re really thinking about it or not, you usually know, “Hey, what are my credit card balances, what’s my line of credit balance?” whatever. Equity is the piece that is sort of – it always just ends up being the plug piece but it’s really important when it comes to taxes. So, if you think about – I was alluding to before, you were in a partnership.

You have a basis in that partnership and again, if you’re not an accountant, you might be thinking like, “What in the world is that?” It’s something that, I don’t want to say it gets overlooked but if you’re not really thinking about it from the beginning and again, getting back to commingling funds and stuff, basis is something that really matters a lot in the tax calculation. But can get muddied very quickly if you don’t have a handle on things. 

And that really comes into play, equity is really where that kind of lands and I’ll caution that, if you look on the balance sheet, you look at equity, that doesn’t mean that that’s your basis or if you have multiple partners and stuff, it doesn’t necessarily equal that. But being able to have a handle on what your equity is, it really is a value of your company if you think about it. It’s your assets minus your liabilities. If everything right now came due and you had to pay off all of your vendors and everything, what do you have left? 

That’s the value for your business. So, like I said, it’s the one that’s overlooked a little bit and it’s not as easy to maintain. Typically you don’t have to report a balance sheet if you have a small business and you’re doing like sole proprietorship or something, but it’s something that if you can get somebody to keep those books for you and be able to have a handle on it.

[0:23:28.2] TU: So, as you mentioned, assets equals liabilities plus equity or we could change the equation around assets minus liabilities equals equity, right?

[0:23:35.6] SR: Again, exactly right.

[0:23:36.6] TU: So, is my high school math still good?

[0:23:38.4] SR: Yes, that would be algebra. Very, very good. 

[0:23:41.2] TU: So, let’s talk more within the bookkeeping basics here. Let’s talk more about the deductible expenses, right? This is probably one of the most common questions that we get you alluded to before that – especially early on the journey, people may have this perception of, “Hey, I can buy anything for the businesses and it’s a deductible expense.” So, define that term just a little bit further and why that’s important, and then some of the most common areas or deductible expenses that small business owners should be thinking about.

[0:24:06.8] SR: Yup. Sure. So, deductibility, it really comes down to the main things. So, is it ordinary and necessary? So, that basically means, if I have a business, is that expense something that actually makes sense in the course of a business? So, if you own a financial education company and you’re buying courses for your employees to take to learn about education and finance and stuff, that’s probably an ordinary expense.

If you’re buying tickets to – I was going to say, the Phillies in the World Series but they’re not really there, I guess. So, if you’re buying tickets to a baseball game or something, that’s probably not an ordinary expense, right? So, sorry for the low blow. I actually was rooting for the Phillies this year, that wasn’t meant to be, it just popped in my head first thing. So, ordinary necessaries, number one. Reasonable, which is in the same kind of vein but similar sort of thing.

So right, if we go back to that example I was just giving in, your employees are purchasing education, financial education courses, right? If those courses cost USD 500, a thousand dollars or something, it’s probably reasonable. If those courses cost USD 250,000 each, that’s starting to be, “Hey, you know, what’s going on there?” In fact, it’s probably not started to be, it’s definitely unreasonable but I think you get what I’m saying.

[0:25:19.3] TU: Yeah. 

[0:25:19.3] SR: And then the third piece is paid during the year or if you’re on the accrual basis incurred during the year. But generally speaking paid but as the case is with everything, there is a lot of exceptions to these rules and with expenses in particular, those exceptions come out quite a bit. So, when we think common deductible expenses, cost of goods sold is going to be the most common or easy to identify if you’re a retail business or you’re selling goods. 

And then the flip side of that, of the analogy I guess is if you have a service business, it’s not as easy to say, “What’s my cost of goods sold?” because you’re not selling a good but being able to determine, “Hey, what are my direct expenses directly related to the services that I’m providing?” So, it’s typically labor, contract labor, things like that. Compensation, so that’s one that is usually is a deductible expense. 

However, it very often is not something that’s a deductible expense if it’s for an owner-employee of whatever this is. So, and you know, I’ll get into a little bit of specifics in a bit with some of these different entity types but if you’re a sole proprietorship and you are paying yourself and it is a little bit contradictory to what I was saying before where you want to be able to kind of keep good books and keep records of everything. 

So, you’re probably saying, “All right, I’m working 40 hours a week on my business. I am paying myself 50 grand a year” whatever it is, that’s a salary expense to me, and then you write that off. But as an owner of a sole proprietorship, that’s not something that’s a deductible expense and that comes into play if you’re S-Corp. Some of those, some of the compensation that you’re getting. 

If it is a salary expense, that will be deductible but then if you’re taking profit distributions, it’s not. So, there is a lot when it comes into compensation. If you’re paying contractors, separate contractors that aren’t yours generally speaking, that will be deductible but more just trying to give the caution flag here of, “Hey, if you are paying anybody particularly yourself, keep an eye on that.” 

[0:27:15.7] TU: That’s really good, Sean. I think that can evolve, right? So, somebody may start as a sole proprietor, they may then have partners or not, they may or may not become an S-Corp. So, this topic of owner’s compensation and a deductible expense is one that may be ongoing. 

[0:27:30.3] SR: Oh, absolutely. It’s something – and we’ll talk about the S-Corp thing in a little bit – but exactly right. And that’s not something that is going to be set in stone and even something like not necessarily related to deductible expenses, but even something like setting aside money for taxes. I mean, you might have a rate in your head that, “Hey, I’m going to put aside 15, 20%” that can change drastically year to year depending on what things are happening with your business or your personal. 

[0:27:52.9] TU: Yeah. 

[0:27:53.3] SR: So just another thing that as with everything else, a lot of these rules and things to keep in mind aren’t necessarily set in stone for any particular point in time. On the subject of compensation, health insurance is another big one. So, that’s one that again, you got to really want to be careful about. I can’t get into all the rules now but the big thing there is really if your spouse is eligible for health insurance through whatever company they work for. 

If it’s unrelated to your small business that usually makes it nondeductible on your side, so just something to keep in mind in there. Again, I won’t go into everything but there is a lot of rules around health insurance. Travel, a lot of rules around that. So, if you’re going on business and you are spending time overnight and the primary purpose is for business, most of those expenses generally speaking will be deductible. 

But if it’s for leisure, probably not and the big one with transportation and travel is commuting to and from your office is never deductible. That’s the big one there that people will say, “Well, what if I work from home sometimes but then I have an office space that I go to?” If that’s a primary office location, probably not going to be a deductible expense, so that’s a big one to keep in mind.

And that’s huge too when you’re thinking about, if I am buying a vehicle and I’m taking these depreciation deductions and stuff, the mileage that you’re commuting to and from your office does not count towards business mileage, so very important to keep in mind. 

[0:29:14.6] TU: You’ve reminded me of that many times, which is good. 

[0:29:17.5] SR: Yeah, yeah, probably in a good way, right? 

[0:29:20.2] TU: Yes, yeah. 

[0:29:20.9] SR: And then you’re rolling your eyes at me kind of way. 

[0:29:22.5] TU: Yeah. 

[0:29:23.2] SR: So, one item I’ll mention as far as the exceptions to the rules I was talking about with being paid during the year is rent. So, I know a lot of people will say, “Oh, perfect. December, I’ll prepay next year’s rent and just be able to take a nice deduction this year for it.” IRS caught onto that one pretty quickly, so rent they actually specifically say, “Hey, if you prepay it, you can only take deductions for the time that it applies to.” 

And then a big one that I mentioned before is the business use of home. So, if you are using a home office space and you’re – it’s dedicated and you’re using that for your business, you usually can’t take a deduction for that and there’s two methods, a simplified, “Hey, what’s my square footage?” and you’re taking five bucks a square foot or you’re taking a percentage of your actual expenses for your home. 

The big thing there though is that I think that I kind of alluded to, it has to be strictly dedicated to that business. So, not like a half office half bedroom kind of situation. It needs to be fully for the business and really – 

[0:30:20.4] TU: Which is important with work-at-home transitions. I’m thinking about where people have bedroom office type of set up, so. 

[0:30:28.0] SR: Yeah and I mean, really, I mean I hit a couple of the big ones there as far as the expenses that are nondeductible that people often think might be. It’s really just; think of the opposite of what I just said, right? So, if you are you’re on and it’s for personal purposes, if you’re driving to and from your office, you’re going to baseball games, entertainment expenses aren’t deductible. 

Federal income tax too, that’s another big one that people think, “Hey, it’s a tax.” Alot of taxes are deductible, property taxes, estate taxes, but the Federal one itself it’s – that would be a circular reference. 

[0:31:00.3] TU: Yes, they were in. 

[0:31:00.8] SR: That they were able to, right? So, if you get that one, then your math’s definitely working nice.

[0:31:05.0] TU: Yeah. Well, I think this is an area and obviously, I’m biased, Sean, we’ve got a team that does this, and your expertise on our team knows how to do small business accounting and bookkeeping and fractional CFO and TAx 4. Obviously, I’m biased there but I think you have to ask yourself as a business owner like this is just a lot to have on your mind, right? 

So, could you learn all this, could you DIY this, could you record keep, could you bookkeep? Like technically the answer is yes. 

[0:31:31.8] SR: Right and it’s possible.

[0:31:33.2] TU: But as you think about your capacity of attention and where you need to be focusing your energy, there is a point where there’s just so many nuances and here we’re really talking more on the side of let’s make sure we’re not calling something deductible that’s nondeductible. I think really the next level is more of the, what can we be doing strategically to optimize our tax situation? And that’s a huge value of having someone in your corner. 

I do want to pause for a moment, I will be remised Sean, if I didn’t explain the Phillies reference to our listeners. 

[0:32:05.6] SR: Okay, all right, that’s fair. 

[0:32:06.8] TU: So, if our listeners don’t know, Sean’s in New Hampshire but he’s a huge Boston sports guy, and just in the past week, Tim Baker’s Phillies were eliminated from the NLCS and I assume as a Red Sox fan, that’s just beaming with joy, right? You’re a Red Sox fan. 

[0:32:23.6] SR: You know, I am a Red Sox fan but honestly, with the Phillies this year, I kind of thought it was a team of destiny sort of thing, I’ll root against a Philadelphia team if they’re going up against the Boston team because I mean it’s the in-law sort of thing. And you know if it’s the 76ers, I don’t like because they’re in conference and stuff but the Phillies, it’s NLAL, I actually was pulling for them. So, I was rooting for them by that one but at the same time, it’s a little bit of win-win. 

[0:32:50.4] TU: But the other thing why Sean is having a good week is I think the listeners know me, I’m a huge Buffalo Bill’s fan, and the New England Patriots miraculously beat the Buffalo Bills this week so.

[0:32:58.8] SR: Yes, which the term miraculous wouldn’t really have made sense for the last 20 or so years but now, it definitely does. So yeah, it’s been a good week but I think I’ll be crashing back down to reality this weekend, so we’ll see. 

[0:33:09.5] TU: Only the Buffalo Bills hand, Bill Belichick a milestone win, so I’m going to leave at that. All right, number five on our list is projections, estimated payments, making sure we’re setting money aside. I’m guessing if we have listeners that have been at this for a while, they’ll probably remember maybe an early part of their journey where it’s like, “Oh, I didn’t think about that” right? 

Didn’t know how to make estimate payments, didn’t think about how much I should set aside, and how I should project that. So, who needs to be making quarterly payments and talk to us about the process of determining that and then setting aside those dollars in planning? 

[0:33:43.8] SR: Yep, so I mean doing a projection, it all kind of comes back to what I was talking about way the beginning of this saying the difference between tax planning and tax preparation. So tax preparation, I actually always use the same analogy, I’ll use it again but I always think of tax planning as being like a film director who can sort of see things as they’re going with the actors and change course and say, “Hey, cut, re-film that, do this over.” 

And then tax preparation is the film editor who gets all the stuff and still plays an important role, works their magic, makes it all look nice. But it’s all stuff that’s already been done and you can’t turn back time and re-film any of those things, right? So, all of the kinds of theme of this entire conversation has been the idea of tax planning and actually being able to project what you think your liability is going to be at the end of the year.

And that’s where you start to get into what you’re just talking about, now we’re not talking about, “Hey, what is and what isn’t deductible” but now it can look at, “Hey, where do we have opportunities to take advantage of tax code and make a purchase and take advantage of accelerated depreciation or change our entity classification or something?” But in order to do that, you need to be able to do a projection. 

In order to be able to do a projection, you need to have books and in order to have books, you have records. So, you see how it all kind of works itself up, right? 

[0:35:00.9] TU: Yeah. 

[0:35:01.4] SR: But yeah, I mean, a projection, I think the biggest thing there, so it all comes down to what your tax classification is. So, if it’s Schedule C, you’re kind of looking at what you expect your profit and loss to be at the end of the year and you’re building that into your 1040 and then similarly, if you’re a chair holder of even an S-Corp or partnership or something, you’re going to get your distributed share of that income on a K1 at the end of the year. 

That’s going to come into your tax return, so it’s a little bit of – most of the time it’s thinking more about the tax on your personal side and less so on the business side. A lot of small businesses actually are passed through entities, where the business itself was not paying the tax, it’s actually the owners or the shareholders. So, when I say tax planning for your business, it actually is really a little bit more tax explaining on the personal side. 

But how does my business play into that and the biggest piece there is that usually small businesses will be subject to self-employment income, number one. And number two is that almost always business income won’t have any withholdings associated. 

[0:36:00.4] TU: Yeah. 

[0:36:00.8] SR: So, that’s when you need to start thinking about, “Do I have to make estimated payments? Should I be setting money aside at the end of the year?” So, there’s ways to do that, I mean again, doing a projection and really kind of you know, projection is kind of what it sounds like, you’re basically building a tax return now just with what you think it’s going to end at the end of the year. 

So doing that is good and then that will get you, “Hey, this is what I think my tax bill is going to be and this is what I think my withholdings are going to be” and everything and if you think you’re going to owe more than a thousand dollars, you should be making estimated payments, that’s the general rule. There’s something called the safe harbor, so the easy calc there, the easiest way to do it and being ultra-conservative as accountants tend to is take last year’s tax liability and multiply it by 110%, 1.1. 

And as long as you pay that in by the end of the year through withholdings and/or estimated payments or some kind of combination, then you won’t have any penalties. You can also do that with this year’s 90% of this year’s tax. But if you can – what I’m getting out with that, that’s not a known number, your last year’s tax liability is on your – 

[0:37:04.6] TU: More conservative, yeah. 

[0:37:05.5] SR: This year’s tax liability, you probably have a good handle on it but it could change, right?

[0:37:09.8] TU: Especially if you’re growing or there – just thinking about variability and this is another example, just a peak behind the curtain, Sean, of, you advising us here at YFP, this is something we’re looking at you know evolving into the future. So, you know we’re big believers in the Profit First methodology. We’ve talked about that before on the show, great book, great resource. 

There is a recommendation there for X percent of all revenue should go into a tax account. But what we found for us is that wasn’t a perfect number, because of just our personal situation as well as some of the tax benefits of being in the great State of Ohio, you know? 

[0:37:09.8] SR: Right. 

[0:37:43.5] TU: And then, so there’s – that’s one example where things are unique, and then we kind of evolve to our own calculation, which I would say is probably closer to maybe the general rule of thumb that’s out there of, “Hey, take 25%, set it aside” and then we realize, “Hey, that’s got some holes because tax situations are different.” You know, how many kids you have, what’s the total household income, all of these variables, right?

So, I think the projection piece along with what you’re suggesting on the safe harbor is so important, right? As you’re planning for the business because you want to find yourself in that situation where you don’t want a bunch of money sitting in an account that as a growing business, if you didn’t have to make that much in tax payments you could have utilize to grow the business. 

There is an opportunity cost there but we also don’t want to be surprised and put a stress on the cash flow of our business that we go to file in April and we’ve got this big tax bill due. 

[0:38:33.9] SR: Exactly, it’s a push-and-pull kind of thing. 

[0:38:35.6] TU: Yeah. 

[0:38:35.9] SR: So, being able to – at any extent that you’re able to nail that down as close as you can, like you’re saying, it’s better that way, right? You don’t want to loan the government any more money than you have to but you also don’t want to end up owing a ton of money that you may or may not have or on top of that, have any penalties where I think is associated with it too, so yeah. 

[0:38:52.8] TU: Number six on our checklist, Sean, relate to the S-Corp status, I would pursue maybe outside of, “Hey Sean, can I deduct this expense?” maybe the second most common question or pretty close to the top is, “Should I be a S-Corp?” It’s one of those things that people just throw out there of, “Hey, there’s tax benefits of being an S-Corp status.” Tell us more about what that means and when people may be asking or should be asking that question. 

[0:39:14.8] SR: Yeah, and I mean again, the theme of the whole thing is that you’re kind of looking at these things and at least at one point in the year, hopefully around now, but actually more ongoing, but at least at one point in the year saying, “What is my tax classification now and is that what it’s going to be next year or does that make the most sense next year?” So, before I even do S-Corp I’ll give the three like I had mentioned earlier in the call. 

The three most common ones that I would think of small businesses as a sole proprietorship, one person that’s what you see on your schedule, see they call it, and if you – and the biggest thing with this is that for all of these different classifications, LLCs can be any one of these. That’s the thing, if people will say, “Oh, I’m an LLC” any one of these, an LLC is a legal entity distinction versus these are tax classifications. 

You can be an LLC and classify in any one of these, as long as you fit the right requirements. So, that’s one thing to keep in mind. Again, people hear that, they think it means something different or, “Hey, my taxes are going to be different.” It doesn’t necessarily mean the case. So, sole proprietorships are the most common. If you file an LLC for a single person, that’s the default. 

The biggest thing there is that, that is subject to self-employment tax, and then again, that does not have – there’s no withholding. So, you’d want to make sure that you’re keeping track of any estimated payments and stuff. Partnerships is the default for an LLC with two plus people. So, if you and your friend or you and your sibling or something go start a business and you start an LLC, the default for that one is a partnership and that actually is a different tax return and everything. 

So that’s where again, it begins to become a little bit more than just, “Hey, I’m starting this little business.” Your share of ownership income from a partnership is subject to self-employment taxes. So, when you get your K1 at the end of the year from your partnership, that is subject to self-employment tax, which basically is just the employer portion of FICA that you don’t have because you don’t have an employer, it’s you. 

S-Corps is the more kind of exciting piece. So that is, you can have any number of owners but that is where you’re actually incorporating your business and you’re basically – it’s being taxed like a corporation now. And the biggest thing with that is that you don’t have the self-employment tax portion for what you get on your K1. So, if you were in a partnership today and you and your partners each got a K1 and reported that income, there’s self-employment tax on it. 

And then you become an S-Corp tomorrow, effectively that same stuff that’s on that K1, that same income is not subject to self-employment tax. Now, you’re probably thinking to yourself, “Wow, that sounds too good to be true.” It’s not that it is, it’s just that there are catches associated with it and the biggest catch is that when you make that jump to S-Corp, you have to be able to pay yourself as an owner a reasonable W2 salary with the FICA withholdings and everything, AKA, self-employment tax on top of any profit distributions that you’re going to be making, and that right there is the deciding point. 

Well, what people will probably say is, “Okay, well, what’s a reasonable salary and when can I make that?” and there comes my cop-out accountant answer of, “It depends” and it really does depend because you can think about a million different things. “All right, hey, I am starting a small business and I am going to be the CEO and I’m a pharmacist who is going to be providing advisory on pharmacy things.” 

Okay, is your salary a CEO salary? Because I’m sure if I Google CEO salary, the average is probably 10 million dollars or something. Is it pharmacist’s salary? Is that, I mean, are you doing mostly pharmacy-related things? Well, you’re probably will also going to be doing some bookkeeping and administrative stuff too, right? So, is it kind of an admin salary? Figuring out what that is, there really is no science to it. 

It is more of an art than a science. You have to be able to say, “Hey, this is a job that I’m doing, you know, these are comparable salaries of people that are making” and you have to be able to pay yourself, “Hey, this is what I feel and I truly believe isn’t a reasonable wage per my industry per the work that I’m doing and everything”, and you need to be able to do that again before you make that jump to S-Corp. 

And in order, once again, to determine if you can do that, you need to be able to say, “Hey, where am I in the books? Where do I expect my profit to be this year? Do I think I’m going to have a ton of profit on my K1 or I’m going to have a lot of self-employment tax? I don’t want to pay that self-employment tax, so now can I switch to S-Corp?” Well, let’s see. Do I have enough room in my profits from last year to cut myself a salary that the IRS will think is reasonable compared to other entrepreneurs that are doing the same sort of thing? 

I don’t know. I mean, I really would have to look at your finances and we’d have to talk about a lot of things. It’s a very, very long conversation but it’s a very important one because it can save you a lot of money in taxes. But it all kind of comes down to – my questions back to you will be, “What’s your expected profit and loss look? What have you been taking as distributions so far?” 

And if you can’t answer those questions, then we can’t even have this conversation. So it’s a lot of it depends but it all once again comes back to being able to have the numbers to even start to have that conversation to begin with. So, if anybody is still awake, I hope that kind of explains that. 

[0:44:27.8] TU: It’s good. 

[0:44:28.1] SR: I’m sure that put quite a few folks to sleep. 

[0:44:30.6] TU: No, it was good because this comes up so much, right? We’ve talked about this internally a lot of what’s the right amount of paying ourselves and how do we determine that and it’s so subjective, right? And number seven on our list was going to be payroll and paying yourself enough. So, you did a nice job of covering on both of those in one. 

[0:44:45.2] SR: Yep, exactly. 

[0:44:46.0] TU: And you know, just for some insights and how we have handled this, not to say this is advice in any way, shape, or form, and I would reference people. There’s a book called, Simple Numbers, Straight Talk, Big Profits! that is written by Greg Crabtree that I think does a nice job of addressing this issue. 

[0:45:01.6] SR: Yes. 

[0:45:02.1] TU: Not just from a, “Hey, the IRS is going to be concerned” if you’re kind of applying like a stockless salary, but also I think what’s important about this is, are you thinking about your salary in the context of what the business is and potentially is worth? So, what I mean by that is let’s say Tim Baker and I decided that at some point we want to wake up and sell our business. 

Well, if somebody buys it, they may not want to operate it necessarily. Maybe they do but if they don’t, they’re going to be asking themselves, “Hey, what does it cost to replace Tim or what does it cost to replace Tim?” And so if that answer is X and we’re paying ourselves a lot less than that – because then you could argue, are we really giving ourselves a true look at the profitability, the actual profitability of the business? 

And I think paying yourself an equitable salary is not only is the right thing to do by the eyes of the IRS but it also really helps you think about where is the business going and growing. Now, there is a balance there, right? If you don’t have to pay yourself USD 200,000, you can save on taxes and argue you’re paying yourself a reasonable salary, then obviously you want to do that. 

So, good resource and reference I think about with that book I mentioned. Sean, number eight on our list, which is our last item on the small business owner checklist, is seeing about some of the big purchases. We talked about deductible expenses but specifically want to dig a little bit deeper around Section 179 deductible expenses. Tell us more there. 

[0:46:26.1] SR: Yeah, that’s so – that’s really when you think about deductible expenses, the IRS basically says, “Hey, nothing is deductible unless we tell you that it is pretty much.” And when they start to incentivize larger purchases it’s because that’s what they want people to invest in. So, Section 179 is effectively the government’s way of saying, “Hey, typically you have these big things like vehicles and other equipment type purchases that you’d have to pay for upfront now but then only be able to take a little bit into depreciation every year.” 

“That’s not fair to small businesses, we want to encourage folks to put money to the business. So, we’re going to let you if you buy things that fit these bills, take that money on the first year.” Which is awesome to be able to do, especially if you have to make these purchases and it makes sense for your business. But the biggest thing by far that I would say and once again, it rolls back into everything is you really want to make sure like, “Hey, do I have to make these purchases at some point now or in the near future or am I just doing this so I can get a deduction this year?” 

Because yeah, it’s great to get a tax deduction but that’s really only a percentage. It’s not a credit, it’s not a dollar-for-dollar savings, it’s really only a percentage of a savings. So, if it’s something that you have to spend, “Hey, I’m going to have to buy a car next year anyway and I have all this profit this year and I can take that depreciation and offset those profits,” cool, but you need to be able to figure that out and if you don’t have good numbers, you can’t do it. 

[0:47:43.5] TU: Yeah. 

[0:47:43.5] SR: And if you look at your numbers and saying, “Hey, I’m going to break even right now and I don’t need a car,” then you probably shouldn’t be going out there and trying to take advantage of the Section 179 file. 

[0:47:51.0] TU: Yeah, great stuff. We’ve covered a lot, Sean, on this and we’re going to come back to these topics in the future on the show but we want to have this one episode that we could point back to and say, “Hey, small business owner” again, whether you’ve been established and you want to go back and look at some of these things or you’re just getting started wanting to build a strong foundation, we wanted this episode to be that resource. 

So, looking forward to building upon this in the future as well. If folks want to learn more about the tax and accounting services that we offer, that Sean and his team offer at YFP Tax, you can go to yfptax.com. We’ll link to that in the show notes as well. You can book a free discovery call to learn more about those services, we’ll learn more about you to determine whether or not there’s a good fit there. 

For business owners, we offer everything from business tax filing, bookkeeping, all the way up to fractional CFO services, payroll, so depending on where you’re at in the journey, it might be, “Hey, we need all of that” or “We just need a portion of that” and we could grow together over time. So, Sean, thanks so much again for your time. 

[0:48:47.3] SR: Thank you, Tim, have a good one. 

[END OF INTERVIEW]

[0:48:48.9] TU: Before we wrap up today’s show, I want to again thank this week’s sponsor of the Your Financial Pharmacists Podcast, First Horizon. We’re glad to have found a solution for pharmacists that are unable to save 20% for a down payment on a home. A lot of pharmacists on the YFP community have taken advantage of First Horizon’s Pharmacist Home Loan, which requires a 3% down payment for a single-family home or townhome for first-time home buyers, has no PMI on a 30-year fixed rate mortgage. 

To learn more about the requirements for First Horizon’s Pharmacist Home Loan and to get started with the preapproval process, you can visit yourfinancialpharmacist.com/home-loan. Again, that’s yourfinancialpharmacist.com/home-loan.

[DISCLAIMER]

[0:49:33.4] TU: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and it is not intended to provide and should not be relied on for investment or any other advice. Information on the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archived newsletters, blog posts, and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist unless otherwise noted and constitute judgments as of the dates published. Such information may contain forward-looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. 

Thank you again for your support of the Your Financial Pharmacist Podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 332: Lan Ho Founder of Fat Miilk


On this episode, sponsored by Pyrls, Lan Ho, PharmD, Founder of Fat Miilk, shares her journey going from pharmacist to full-time entrepreneur featured on Gordon Ramsay’s Food Stars.

Episode Summary

Joining us this week on the YFP Podcast is Lan Ho, PharmD, Founder of Fat Miilk Vietnamese Coffee Company based in Chicago, Illinois. Tune in as we dive into her career journey in pharmacy before she shares why she started Fat Miilk, what she learned after appearing on Gordon Ramsay’s Food Stars, the most important thing she’s learned about herself since starting the business, and what lies ahead for Fat Miilk in the coming years. We discuss every step of Lan’s incredible journey to full-time entrepreneurship which began with an unexpected furlough from a retail pharmacy position in in 2020. We explore the rewards available when you are willing to take a risk, the biggest areas of growth she has experienced along the way, and why she is choosing a clicks-to-bricks approach to building her business.

About Today’s Guest

Lan Ho is a first-generation Vietnamese American who made a bold career change from pharmacist to beverage entrepreneur after being furloughed during the pandemic. She pivoted to pursue her dream and successfully launched Fat Miilk – Chicago’s first Vietnamese CPG coffee company. The brand saw instant global recognition when Bon Appetit listed Fat Miilk on their “Highly Recommend” list. Fat Miilk can be found in publications, including Eater, TimeOut, Thrillest, Roast Magazine, and more. Lan is recognized as a thought leader in consumer branding, customer experience, CPG, and the coffee industry. She was recently a finalist on Gordon Ramsay’s Food Stars on FOX network, where she represented her brand, leadership, and entrepreneurial story. Lan is currently expanding Fat Miilk’s reach through e-commerce and with Chicago’s first Vietnamese coffee bar showcasing a full cultural experience. She aims to inspire more minority representation in mass media, entrepreneurship, and executive roles.

Key Points From the Episode

  • Introducing Lan Ho, PharmD, Founder of Fat Miilk Vietnamese Coffee Company.
  • Her start in pharmacy fuelled by her parent’s goals for her education and career.
  • Why it is so important to embark on self-discovery work before committing to a career.
  • What motivated Lan to start Fat Miilk, the first Vietnamese CPG company in Chicago.
  • Benefits and challenges of entering a saturated industry. 
  • How Fat Miilk is merging two industries together.
  • What it means to protect your energy as an entrepreneur.
  • Lan’s experience on Gordon Ramsay’s Food Stars and what she learned about herself.
  • The rewards of taking up space and being willing to take a risk. 
  • Feedback Lan received from experts on the show. 
  • How the creative agency, Truffl, challenged every branding decision behind Fat Miilk. 
  • How Lan’s 2020 furlough led her to take the plunge into entrepreneurship.
  • The biggest areas of growth and learning while transitioning into entrepreneurship.
  • The clicks and bricks business approach that Lan is adopting for the product. 
  • Engaging customers to make a difference in climate change.

Episode Highlights

“If you hit on that unique proposition, you will stand out and you will win big.” — @iamlanho [0:10:17]

“In entrepreneurship, you have to protect your energy, especially in the beginning.” — @iamlanho [0:14:54]

“Do an audit about what you’re telling people and until you’re at a place to invite their opinions or their feedback into your life, keep it to yourself. Do yourself that favor.” — @iamlanho [0:17:09]

“When you transition from you know, going from a corporate structure into anything on your own, you are the corporate structure. A lot of people don’t know that.” — @iamlanho [0:36:02]

“[Having] their online presence but they also have this in-person on-the-ground brand experience [which is] so necessary for an emerging market.” — @iamlanho [0:40:07]

Links Mentioned in Today’s Episode

Episode Transcript

[INTRODUCTION]

[0:00:00.8] TU: Hey everybody, Tim Ulbrick here, and thank you for listening to The YFP Podcast, where each week, we strive to inspire and encourage you on your path towards achieving financial freedom.

This week, I welcome pharmacist turned entrepreneur, Lan Ho, founder of Fat Miilk Vietnamese Coffee Company that’s based in Chicago, Illinois. We discuss her career journey in pharmacy, why she started Fat Miilk, what she learned after appearing in the finale of Gordon Ramsay’s Food Stars, the most important thing she’s learned about herself since starting the business, and what lies ahead for Fat Miilk in the coming years. 

Let’s hear a brief message from today’s sponsor, Pyrls, and then we’ll jump into my interview with Lan.

[SPONSOR MESSAGE]

[0:00:38.3] JW: This is Justin Woods from the YFP Team with a quick message before the show. If you’re tired of relying on shared passwords or spending hundreds of dollars for drug information, we’ve got great news for you. Today’s podcast sponsor, Pyrls, is changing the game for pharmacy professionals. Pyrls offers top drug summaries, clinical teaching points, a drug interaction checker, calculators, and guideline reviews, all in one user-friendly resource.

They also recently added free weekly quizzes to test your Pharmacotherapy knowledge. Whether you’re on your web browser or accessing the mobile app, Pyrls has got you covered. Visit pyrls.com, that’s P-R-Y-L-S.com, to get access to more than 25 free Pharmacotherapy charts to get you started. Upgrade your drug information resources today with Pyrls, don’t miss out on this game-changing resource.

[INTERVIEW]

[0:01:33.3] TU: Lan, welcome to the show.

[0:01:34.9] LH: Hi, happy to be here.

[0:01:36.8] TU: Well, it’s an honor to have you. I ran across your entrepreneurial journey after a former student of mine reached out and said, “Hey, you’ve got to check out this pharmacist turned entrepreneur, she’s going to be on the final of Gordon Ramsay’s Food Stars.” Of course, I said, “Heck yeah, pharmacist, entrepreneur, I’ll be following that.”

[0:01:55.1] LH: Yes.

[0:01:55.2] TU: As I learn more about your story, I was fascinated with the work that you’ve been doing, why you’ve gotten into this area of work, and I wanted to introduce it to our community as well. And so, we’re going to spend most of our time on your entrepreneurial journey but let’s start with your career in pharmacy. What drew you into the profession, where did you go to school, and what area of practice did you find yourself in after graduation?

[0:02:18.5] LH: Yeah, absolutely. I’m happy to dive into all of that because it definitely is quite the story. My start in pharmacy, I will say, look, I probably did it for all the wrong reasons, right? And I say that because of multiple things. One, I come from a family, both my parents are Vietnam refugees, right? So, they are always pushing us to go for that really secure and stable career path, and the only thing that they really know is education is the kind of the only way to do it, right? 

And so, you know, me and my siblings were all in healthcare and I think when you’re at a young age and you don’t have a plan B and you didn’t grow up having role models and people to show you that there are other ways to kind of live life and go about your careers, the only thing that we really knew was to go to school and do something that’s secure and stable and get that degree, right?

So, if I had a backup plan, if I kind of knew what I wanted to do, I’m sure I could have you know, really posed a really good argument to my parents and be like, “This is what I want to do instead, I want to start my business, I want to go into the creative arts, I want to – you know, all these things” but I didn’t have a plan B, right? So, I was easily persuaded into doing something that my parents wanted me to do and at the time, that was pharmacy, you know? 

Pharmacy in Vietnam is considered like the gold standard for like one of the best career paths and just lifestyle and so, I really conform to that, made my dad really, really happy. The only pharmacist in the family and you know I was good at school. I’m good at learning, I’m good at teaching myself anything and I excelled in education and in higher education and went there, got my pharmacy degree, and had a great relationship with the district manager at Walgreens and I always thought I was going to do a fellowship but during my rotation…

[0:04:14.2] TU: Interesting.

[0:04:14.6] LH: Yeah. During my rotation with the district manager at Walgreens, we just vibed, it was all about relationships, right? And we just had a really, really good time together, really loved that he offered me a job after I graduated and so, that’s how I ended up in community pharmacy.

[0:04:32.3] TU: I love that story man, and I think it’s so important that we share, we all share our collective stories, right? You know, I think sometimes, going into pharmacy school, which could be true of medicine and I’m sure other health professions, you know sometimes, there’s the internal motivation, sometimes there’s external motivations, sometimes people have external motivations that you know over time, they fall in love with the professional work that they’re doing, other times, they don’t, and there is no one right path, right? 

And I think for everyone that’s on their own journey just as you are, just as I am, so important to do that self-discovery work and really, to find the path, you know, that’s most meaningful and I think as your story highlights so well, you know very rarely is one’s career path a straight line, right? I think sometimes in pharmacy school, I graduated in 2008 and I often felt the pressure and I can tell even graduates today, they feel this pressure that you know, there’s graduation, you take that first job or fellowship or residency, and that you know, from there on, it’s going to be one straight path.

And my career has looked like left turns, right turns, some straightaways, right? But – and there’s a lot more to go and I think as your journey, you know, that is the case as well and just a lot of wisdom there to share and I think as you continue on your entrepreneur journey, perhaps this is just one of many twists and turns that you’re going to take, you know, throughout your career. So, let’s talk about that entrepreneur or business journey. Give us the information on your company Fat Miilk. What is the product and offering and why did you start it?

[0:06:03.0] LH: Yeah. So, Fat Miilk is the first Vietnamese CPG and for people who don’t know, CPG stands for consumer packaged goods, we’re the first Vietnamese CPG coffee company in Chicago, right? And so, a lot of people don’t know is that you know, Vietnam is the number one producer of Robusta in the world. We’re a huge player in the coffee industry and what you’re seeing now is just a wave of first-generation Vietnamese entrepreneurs who are really showcasing that and really trying to put Vietnamese coffee on the map, right?

I think prior to like, the last couple of years, like one or two years ago, you could not walk into any major retailer, Walmart, Whole Foods, whatever, and find Vietnamese Robusta beans on the shelf. It just didn’t exist. And so, I’m really playing in an emerging category right now and we’ll say, prior to launching Fat Miilk, you know I’ve conceptualized this idea forever. You know, Vietnamese coffee in my household was a staple. 

You know, we grew up on that stuff and I just always thought, “You know, why do you have to go to a Vietnamese restaurant? Like a pho restaurant or a bánh mì restaurant to really get Vietnamese coffee?” and sometimes you don’t even know if it’s really Vietnamese coffee, right? It’s just – it’s just the way that it’s you know, presented and so, I saw this opportunity, not just to use Vietnamese coffee as the medium to what I want to present out there but also, like, if you look at what I’ve built with Fat Miilk, you know, you see so much of the story there.

So much of like, the story of the people behind the bean and just the culture, right? And that’s really what I enjoy. I really enjoy creative writing, creative strategy, and I love connecting with the consumer and that’s where I thrive. So, long story short, Fat Miilk is a coffee company, we sell whole-bean coffee. I import it directly from Vietnam and we have some really other exciting product lines that we are pushing forward as well but on top of that, we’re building out our first Chicago flagship storefront at the same time.

[0:08:07.6] TU: Ooh, that’s awesome.

[0:08:09.1] LH: Yeah, a lot going on.

[0:08:10.9] TU: And we’re going to talk about that as we head towards the end kind of, what is the next stage, where do you see the future and I think that’s obviously an important part of that and I hope our listeners will go check out what you’re doing. I’ll link to your website, fatmiilk.com. That has two “I’s” Just so people know as they’re looking that up. Please grab some coffee, you know, you’ve got some other product on there as well.

My wife and I have been working through a five-pound bag over the last few weeks, it’s delicious and I would just highly encourage you know, our listeners to check it out, and I will say, Lan, one of the things that really stood out to me is I did some background research on what you’re building is the strength that you have in storytelling and branding and marketing. You mentioned that creative pursuit, that is obvious in the work that you’re doing. So – 

[0:08:52.5] LH: I appreciate that.

[0:08:52.9] TU: You know, lean into that strength. I know you are but it’s really an incredible one to watch. Now, I’ve got some questions. You know, coffee, beverage, it’s a big industry, right? And for those that watch Shark Tank, you know that the Sharks are quick to object to beverage companies knowing that this is a crowded space. So, I think you answered this in part when you talked about the Vietnamese heritage of this product. But tell us more about what makes this product unique, especially as you think about coffee and beverage being such a big industry.

[0:09:22.7] LH: Yeah. You know, I think when people see such a big industry, they get a little intimidated by it, right? And there’s some major players in the coffee industry but I almost see it as an opportunity, right? Like, I’m not reinventing the wheel here, I’m playing in an industry that already has demand and it’s actually pandemic-proof. Like, if you look at coffee industry, I think it drastically increased during the pandemic, right? 

And so, this is something that people see as a daily necessity, it’s a commodity. I mean, you know, and if you’re able to enter a market that already is going to stay you know, and create something that’s niche but also, unique you can really, really stand out, right? So, when I look at really saturated markets, even in pharmacy, it’s community pharmacies or independent pharmacies, there’s always a way. 

There’s always a way and if you hit on that unique proposition, you will stand out and you will win big, okay? And so, I think we’re playing within the coffee industry at large, which is like a 130-billion-dollar worldwide industry by the way but the Vietnamese coffee category is new in the US, right? Obviously, you know, overseas and in Vietnam and Australia and a lot of the other neighboring countries, Vietnamese coffee is very known and popular. 

But here in the US, I have an opportunity to really be a first mover and I think that if done right and you do it with intentionality, you do it with heart and you do it with community, that to me, you can create a legacy brand out of that and that’s what I intend to do.

[0:11:05.0] TU: Yeah, I love that, right? Because I think that you know, in this example exists in pharmacy, you’re spot on. You know, we tend to speak in generalities, right? You know, independent pharmacy is dead, community pharmacy is changing or evolving but there’s niche markets, right? And you talked about, in your space, you know, obviously, there’s a niche. You know, what’s your differential advantage, what are you bringing that’s different?

Obviously, you know, you are in what you’re building and I think that’s so important, you know, that we kind of get away from some of those generalities, especially speaking about business, and really trying to figure out, “Okay, what’s the problem that we’re trying to solve, what’s the opportunity and how can I bring something that’s different or new or unique or serves a niche that may be otherwise hasn’t been served as it relates to this product?”

[0:11:46.4] LH: Absolutely. I think that’s just business in general, right? Like, you can’t go into a market and just do something that everybody else is doing, right? That’s not good business. You have to look at the market and see what you can bring to the table and what makes you unique and I will say with Fat Miilk when I look at – I will say, right now, being a Vietnamese coffee company is and can be enough, right? Because we are so new to the market. 

But I will say, that’s not what I – that’s not the angle that I’m taking. What I bring with Fat Miilk is a lifestyle, you know? And so, when you look at it, and we’re launching our new website actually on November 15th in this whole Fat Miilk 2.0 situation is, I really been able to capture the last, first, you know, two years of Fat Miilk, analyze what was working and what wasn’t working, and really determine who we are and who we’re not and got down to the roots and realized we need to exist for more reasons than to just make Vietnamese coffee accessible.

And so, when you look at Fat Miilk and you know, our intention to expand, what really makes us different is a whole lifestyle approach to Vietnamese coffee but we’re also merging two industries together. There’s this streetwear, very hype culture that exists in you know, a lot of sneaker and streetwear brands into a food and beverage company, you know? And so, at the core of all of that is this hustle mentality with a lot of humility, right? And that’s how I grew up. 

You know, both of my parents coming here and that’s something that I always wanted to honor, like, I don’t want to be this incredibly luxury brand but I’m going to be something that’s relatable to the times, right? And at the end of the day, me going from pharmacy to this was something that was so intentional about taking a bet on yourself, right? Which then everyone says, and really doing it with humility and doing it with intentionality, with value at its core.

[0:13:42.5] TU: Yeah, I think that’s really interesting, Lan because I think that concept, you know, the hustle mentality, the taking a bet on yourself, I think a lot of pharmacists struggle with that, you know? And part of that goes to – you know, we often talk about it in the show. The golden handcuffs of you got a doctorate degree, you got a six-figure income, you got USD 200,000 of student loans.

[0:14:00.1] LH: Yeah, yeah. 

[0:14:01.0] TU: It’s hard to take that risk, it’s hard to you know, have that hustle mentality when obviously, you’re making that kind of income and I think you know, as you alluded to, that goes back to in part, your upbringing and some of that entrepreneurial experience that you obviously have, and one of the things I want to dive into a little bit deeper, and you mentioned at the top of this episode was some of the family impact on your journey, not only the pharmacy but obviously on entrepreneurship as well and you’ve talked about publicly on Gordon Ramsay’s Food Stars. 

I’ve also seen it referenced in other articles that have featured your story that you didn’t share your business pursuits with your family until after you have launched the business for some time. One article I read said, “Long story short, I started an entire company, pretending to be a full-time pharmacist and later came clean on national television while competing for Gordon Ramsay’s partnership.” Tell us more about that.

[0:14:52.3] LH: Yes. Look, in entrepreneurship, I say this over and over and over again, you have to protect your energy, right? And especially in the beginning. Look, Vietnamese coffee, I went from being a pharmacist to you know, dealing lattes and so for my parents, you know, especially my dad, he didn’t understand that and for me, I was like, “I don’t think you need to understand it right now, you know?”

Like, I think when a lot of people have their opinions and tell you, you know, “Oh, I like that idea, I don’t like that idea, why are you doing this?” It’s exhausting and it’s taxing too. Like just the emotional capacity that you have and the mental capacity, and when you’re starting a business, you need your best self, you know? And there are just so many moments where I would kind of try to bring it up, you know?

And kind of talk about Fat Miilk and how like coffee, there’s this huge opportunity in Vietnamese coffee in the US, blah-blah-blah, like all this stuff and I was just presented with so much resistance, you know? And that to me was something that was so evident, that as I’m building Fat Miilk, I have to build it to a stage where there is no turning back, you know? And so, I was going to do it no matter what because I mean, look, we don’t have to go into it but I was a pretty miserable person when I was a pharmacist.

And I just knew that this was not the career choice for me and that I was going to do something creatively and I was going to do it without my parents and that was a big secret that I kept to myself and a lot of it was for me, more than anything because if I knew I invited that kind of energy into just the building stage of Fat Miilk, I would have had to not only find the strength to keep going but find the strength to resist that feedback, right? 

Like, that negative energy that I just did not need in my life while I was trying to make something happen and it all comes from a good place. I don’t – you know, the people who tell you, who are going to challenge you the most are the people that probably love you the most, right? So, there’s no ill feelings there. It’s just, for me, it was so important, and I always encourage people, watch – do an audit about what you’re telling people and until you’re at a place to invite their opinions or their feedback into your life, keep it to yourself. Do yourself that favor.

[0:17:22.1] TU: Yeah, you have to protect your energy. I love that. Such words of wisdom, you know, that you shared there and so important. I got that vibe, right? When I watched the show and I followed some of your journey, read some articles, I got the vibe that it was coming from a place of love and you know, I think that for the entrepreneurs that are listening, like, they know that well around the need to protect their energy. 

It’s so important and I think you also shared very well that also, you know, when you think about who is around you and some of the energy that you’re surrounding yourself with and you know, there’s a place to be challenged, certainly but especially early in that journey, you know, the momentum that you’re sustaining. You talked about, you know, the hustle mentality, the energy that you’re going to need to sustain that to see through the vision and the idea that you have, so important, especially early on in the journey.

Let’s talk about your experience on Gordon Ramsay’s Food Stars. What an incredible opportunity, and for those that are listening that are not familiar with the show, can you just give us a quick, general premise of what that show is all about?

[0:18:22.0] LH: Yes. So, Gordon Ramsay’s food stars, it is his brand new show, season one. It’s on FOX but essentially, he invited 15 of the most promising food and beverage entrepreneurs to compete for USD 250,000 of his angel investment, yeah.

[0:18:41.2] TU: And the 15, one thing I was wondering and maybe this was mentioned early in the show and I missed it but how did you get selected as one of those 15, was there an audition process or what did that look like?

[0:18:53.3] LH: So, me, personally they reached out to me on Instagram.

[0:18:56.2] TU: Oh, cool.

[0:18:56.8] LH: So, I got recruited to be on the show and there’s a casting director who reached out and said, “Hey, let me know if you’d be interested in this show. I think you’ll be a good fit.” And so, I – you know, for me, I thought it was fake news from the beginning. I like literally went to Gordon Ramsay’s Instagram and saw that he was promoting the show as well. So, that’s when I knew it was legit.

So, there is – you know, there was an application, you know, kind of on the Internet that you could go and apply. I think only one person out of the entire cast actually applied and got the position – or you know, got on the show. Everyone else was recruited.

[0:19:34.1] TU: Okay, that was cool. I was wondering about the process to get there and we’re not going to spill all of what happened, we’re going to make people go watch it if they haven’t watched it. We’ll just say that you were in the final three, we’ll leave it at that. One of the things I’m really curious about is you know, what you see on TV and obviously the thing that you experienced, I know those are two very, very different things.

And you know I’m curious, as you reflect back on that experience, what are one or two things that really stand out to you? Of things that you look back and say, “Wow, because of that experience, I learned this about myself.” What really were some of the takeaways that you had from that show?

[0:20:10.6] LH: Yeah. One of the biggest things that people tell me that I – maybe I didn’t know about me, I mean, I really didn’t know this about myself was how poised I am, right? That is probably – so, I learned a lot about myself based on how other people perceive me and that was like, probably the number one feedback when people would DM me, comment on my Instagram, Facebook, send me messages, emails, everything, they were just like, “We’re such a big fan of you, we felt like you, you know, held it together, you’re very professional, very poised.”

And then, you’re just like, “Wow, I didn’t know that I actually am like that” you know? So, you start to kind of think like, “You know, this is how I present myself and unknowingly, how people see in business, right?” So, that was kind of something that I learned about myself just being on TV and I think, another thing is that you have to take risks, right? I remember when they reached out to me, I had no intention on being on television, and I may have unlocked some other opportunities because of that.

But I remember telling myself, “Look, if you’re going to do this Fat Miilk thing and you’re going to build this to be what, you know, a global company or whatever, the potential you think it is, you have to go out there and put it all on the line.” You have to take that risk, right? And I remember telling myself that this is what it takes when you want to turn that big corner in your career, your life, whatever it is that you’re doing, you got to go out swinging and you have to be able to step up to it when that opportunity comes along and that was not only evident in some of the challenges on the show where I really took up space, right?

[0:21:53.0] TU: Yes.

[0:21:54.3] LH: This was going on the show in it of itself once an example of that and I think sometimes, a lot of entrepreneurs probably – maybe they reach out to so many people seeing if, “Hey, do you want to go on the show, do you want to do this?” And a lot of people are like, “Oh no, me on television? No.” You know?

And so, a lot of people, I think a lot of businesses probably turned that opportunity down, you know? And I think for me, the biggest thing was it does pay off when you not only stay prepared but you are prepared and you’re willing to flex that preparation, you know? Because I had one month to leave my life in Chicago and go to LA to film this thing and that’s exactly what happened and made it all the way to the finale like you said. So, I mean, you know it paid off.

[0:22:41.7] TU: Yeah, and I think just saying yes to that opportunity, you know, I think sometimes we see those opportunities, we’re like, “Oh, it would be so nice, right? If I had that kind of break.” But I think you’re point is a really good one. You have to have a willingness to say yes, you entered into an unknown territory. I’m sure there are fears and anxieties, you know, surrounding that, and just what you shared in the wisdom of taking up space, right? 

I think a lot of entrepreneurs struggle with that, I would say, pharmacists, entrepreneurs, you would struggle more, which is that concept of taking up space not only by being on the show but then, within, you know, the show and the interactions, making sure that you’re taking up the space that you need as well to grow and hopefully, you know, there’s a promotion, there’s other opportunities.

But what I’m also hearing from you which I love is the personal growth that happened to the experience because I firmly believe that often, the ceiling, how high, how far a business can go is directly correlated to the mindset of the leader of that organization, which is you, the founder, and the CEO, and what I’m hearing is this vast expansion of the mindset of what you believe is possible and where you can take this brand and where you could take this business, so I love that. 

I recall Lan, one of the experts and I can’t remember his name, I think he was from maybe Albertsons, Wholefoods, you can point me back in the right direction that I would say he was somewhat critical of the branding and the disconnect that he was seeing in terms of the coffee and the product being in a carton, maybe somewhat around the naming as well. 

So, refresh us on what happened there, and then I’m just curious as you reflect back on that, how did you take that feedback in the moment, and then what have you done or what have you processed since that feedback as well? 

[0:24:25.4] LH: Yeah, absolutely. So, in the finale, you know Gordon Ramsay brought on two experts, both of them very well-versed in retail distribution and CPG, right? And so, one of the biggest feedback that I got was the confusion of our coffee beans being in a milk carton and the name of the company being Fat Miilk. I will say this is nothing I don’t already know, right? In the case that I launched the company in 2020 and we did so many pop-ups. 

I mean, we did pop-ups all over Chicago. I mean, anywhere and everywhere, you know, gyms, Chinese restaurants, parks, everywhere. I mean, and we got all of that feedback, right? And people would say the same things you know? And I definitely took all of that into consideration and a lot of people don’t know that when I was filming for the show, I was already looking to address those concerns and I was also negotiating the lease for our first storefront, right? 

So, I was doing all of that because we all are there and we all have businesses, that’s the whole premise of the show is that we’re all entrepreneurs. We’re all still working on our business, we still have to keep the business afloat while we’re filming for this show in full anxiety mode. I mean, it was like a whole flex from mental, emotional, everything, physical, and I will say you know, those were – it was definitely confirming when he gave me that feedback that this was definitely something that we needed to address. 

And so when I came back from the show, you know I found my dream creative agency who was going to help me rebrand the entire business, right? And I am someone that has incredible intentionality maybe to a detriment sometimes, you know? I want to understand every decision we make with intention, like if someone tells me, “Oh, these are our brand colors” I want to know why.

[0:26:19.5] TU: Yep. 

[0:26:19.8] LH: You know, like it has to have a reason, it has to have some kind of intention as to why you made that decision and it can’t just be because you like it. In my opinion, you’re missing out in a huge opportunity, right? And so a lot of people don’t know that you know, I named the company Fat Miilk because when people think of Vietnamese coffee, the most popular way to consume Vietnamese coffee is with a little bit of sweetened condensed milk, right? 

And so when people say, “Oh, have you had Vietnamese coffee before?” they’re like, “Oh, yeah. I don’t like it, it’s too sweet” or it’s like, “Oh yeah, I do love it. It’s sweet and this and this and that” and I’m like that’s just one version to enjoy Vietnamese coffee but Vietnamese coffee is just beans from Vietnam, right? And it is a very bold nutty chocolatey two times the caffeine content type of bean that when you add a little bit of sweetened condensed milk to it, it just is the perfect balance. 

So, when I named the company Fat Miilk, not only do we intend to do some exciting things with condensed milk but also I get to educate people like, “Look, the reason why it’s called Fat Miilk is because you probably think sweetened condensed milk equates to Vietnamese coffee, right? But let me tell you why it’s not” and so I need to educate consumers and tell a broader story as to why Vietnamese coffee is what it is. 

And so when I came back from the show and hired on Truffl, they’re an amazing creative agency out in LA, I had them challenge me on every single decision I have made up into that point, right? And I said, “Challenge me, why did I name it Fat Miilk? Why is the logo a water buffalo? Why the colors, why the milk carton, why this, why that?” And if I didn’t have a good answer for that now we needed to come up with the solution, you know? 

And so yeah, and so you know, we’re about to launch our Fat Miilk 2.0 is what I call it because I had a huge opportunity and a huge blessing to kind of redirect this whole brand in a way where now it’s viable to scale. It’s really good logistically, you know when it comes to complexity. You know just the packaging itself, it’s ready to grow, and just use all of that feedback over the last couple of years now put the company in a position to really play in the category. 

[0:28:37.8] TU: Yeah, and what I love about that, my takeaway there is your openness and receptiveness to be challenged, right? I think so often especially as a founder, right? It’s your baby, it’s your product and there’s moments where we have to set ego aside, right? And acknowledge and recognize like, “Hey, we’ve done an awesome job of getting the product to this point. I started this literally from an idea to a product that people are willing to pay for.” 

That is an amazing accomplishment, an amazing accomplishment, and then to say, “Okay, next level” you talked about you know, hiring an agency. You obviously have input and feedback and you know, it sounds like there is some consumer research going on there, probably formal and informal, and then to go work with an agency and say, “Hey, challenge me, challenge me on everything that I’ve done” and not in a egotistical, “I’m going to tell you why.” 

But in a, “I’m going to make sure that this is the best product that it can be and if there is a way that we can make this better I’m open, I’m receptive to that” and that is beautiful and that is hard to do, very hard to do. 

[0:29:40.9] LH: It is. It is and let me tell you, when I made the decision everyone was against me. My fractional CFO was against me, my team was totally against it. They were just like, “No Lan, we love it, we love the water buffalo, we love the carton, and look, it was a success in the sense that it got the attention of Gordon Ramsay.” You know, if you watch the finale, our old brand is plastered all over our pop-up and you know, that episode. 

And so like, it is beautiful but when you think about it from a business perspective, it didn’t put us in a position to really play, right? It was complicated, it was confusing, it was so many things, and so I will say you know, everyone was pushing against me to keep it the way that things were and I had to challenge everyone and be like, “Look, I’m making this decision. We need to address these issues because if we expand and we’re in Iowa and Nebraska, are we going to be able to it on the show and have and communicate exactly who we are as a brand and without us being there?” 

“If I can’t say that with our current brand though, we need to make some changes” and there were days, there were days, let me tell you, where I was genuinely depressed. Like I remember when we made the decision to nix our logo, which is a water buffalo, the national animal of Vietnam but it has no relevance to coffee because coffee is not grown in the water, by the way, that was a really dark day for me. 

Because I was like, “What have I been doing this whole time?” Like you know, I feel like I’ve built this brand, people really love it, they resonate with the water buffalo, it kind of looks like the Chicago Bulls, you know with the [inaudible 0:31:24.0] It was this whole thing and people were genuinely sad about it and I was sad about it and I had to stick to my gut and be like, “We’re letting it go.” 

[0:31:33.6] TU: Yeah, yeah. 

[0:31:34.1] LH: It’s not going to be our logo anymore, you know? And so that was really hard for me during the rebrand but I stand by what it looks like now and I know it can go the distance. 

[0:31:44.3] TU: Well, and that’s the key, go the distance, right? I mean, I think what you’re talking about there the vision, you know I think about me as a consumer in Columbus, Ohio going to the coffee shelf like that’s what you’re talking about next level, right? 

[0:31:54.5] LH: Yes. 

[0:31:54.9] TU: You are not talking about your inner circle or people that are you know, attached to the brand and from Jump Street and there’s risk in any one of those decisions obviously but you know, I think that you’re talking about, “Hey, how do I take this to the next level?” and the bigger vision that you can see, so much there to takeaway as you shared that. 

[0:32:14.2] LH: Yes. 

[0:32:15.0] TU: Let me go – I want to share with our listeners and talk about the timeline of what you’ve built because it’s really incredible in a short period of time. 

[0:32:22.1] LH: Thank you. 

[0:32:23.0] TU: So, April 2019, you incorporated, you got the trademark in July 2020, you are furloughed from your pharmacy job. September 2020, just two months after that furlough, you launched Fat Miilk as a brand, December 2020 you secured wholesale partnerships. April 2022, season one of Ramsay, Gordon Ramsay’s food show starts. August 2022, lease signed for the storefront, we’ll talk about that here in a moment. August 2023, you launched Kickstart. 

I mean, we’re talking about a very brief period of time where a lot was happening and if I am following correctly, you were furloughed from your pharmacy job and that really accelerated the growth of your business but the idea had been around prior to that furlough. Am I following that correctly? 

[0:33:06.1] LH: One hundred percent. 

[0:33:07.0] TU: Okay. 

[0:33:07.6] LH: Yes. 

[0:33:08.3] TU: Awesome and you – 

[0:33:08.9] LH: That some people will say – just to quickly plug in there, people say, “How did you launch this company in two months?” It’s like I’ve been conceptualizing, which is the longest part by the way, when you’re thinking about how you’re going to do it, what it’s going to look like, and execute. I’ve been doing that for years, you know? And so when it came to the opportunity to actually put it in motion, that’s how we were able to launch in two months. 

Business, you know what I mean but like if I just thought about this in two months and launched it, I mean, that is – I just want to make that clear that you know, this was something that was brewing for a while. 

[0:33:41.2] TU: Do you think you would have pursued this regardless if the furlough happened? Would it have just been a delayed timeline? I’m curious to hear your reflection back on how much of the furlough was an accelerator or an initiator or you know, if you would have grown in that role or maybe pursued a fellowship industry pathway. Like is there a place where this idea maybe never sees the light of day or it would have just been maybe a little bit more down the road? 

[0:34:08.9] LH: Yeah, Fat Miilk was 100% going to happen. Yes, so 100%. I will say that furlough was the biggest blessing in my life because I told myself, “You know, once I get to this point I’m going to quit and go all in on Fat Miilk” and then that timeline started to get pushed back. “Once I get here, you know? I’m going to do that” and so that furlough was just like I took that as the sign, the universe telling me it is time to go, you know? 

And so, I think when I got furloughed I didn’t have a choice. It was I was furloughed, you know I had no choice but to make my dream come true as opposed to like go and look for another pharmacy job, you know? So that was a big sign for me and I ran with it. I saw that opportunity and I’m like, “This is it. This is the world telling me you need to go and do this” and so when they asked me to come back two months later I said, “No, I already launched it.” I already launched the company, so I’m just going to focus on this now, yeah. 

[0:35:08.1] TU: Lan, I’m curious as you think about all the different aspects involved in starting and growing a business, running a business, right? Marketing, sales, building a team, culture of the company, finances, distribution, supply chain management, when you think about all of the different pieces that you’ve been involved, what has been the area that’s had the biggest learning curve and growth for you over the past few years? 

[0:35:32.8] LH: Yeah, it’s a good question because I think everything has been a learning curve. I will say, just to transition from going from a very regulated structure and lifestyle with not only being a student in higher education for 10 years but then going into pharmacy to then going into entrepreneurship, that has always and still is a very big challenge in my life, right? I think when you transition from you know, going from a corporate structure into anything on your own, you are the corporate structure and a lot of people don’t know that, you know? 

They’re just like, “Wait, what am I supposed to do, you know?” Like you’ve been told, you know, I’ve been told exactly how my seasons look. You know, you have your fall semester, you have your spring semester, you have summer break, you know? And then from there, when you go to work, you have your schedule, you have your shifts, you have your you know, things that you know you can and cannot do, especially a very regulated industry like pharmacy. 

There is no creative flexes in there and so when I went from my entire life of living in structure to then going on and starting my own business, I had to wake up every day and sometimes I didn’t know what to do. It’s like, “Wait, you have so many things you need to do” and you have so many things you need to learn and you don’t actually know where you put your time and energy into what is going to convert for you the most. 

So, it’s so much trial and error in just learning, learning how to prioritize your days and sometimes, you don’t even move the needle an inch, right? Because you’re just like, “Okay, well, I guess I realize you know focusing on this email newsletter or what” you know, trying to cold call a bunch of other brands, it didn’t go anywhere but you have to keep trying and see and I think even until this moment, you know I still have to segment and learn that structure in my day that I thrived in corporate culture to then apply that to my own life. 

And being able to deliver and execute for my team and for the future and grow Fat Miilk and like you said earlier, you are your biggest asset to your company, you know? Like truly how you operate and how you structure your days and if you feel good about that day, you feel productive about how you structured that day, all of that is such a big influence in how your company ends up doing, right? 

And so, I always say like you, the only person that’s getting in the way is me, you know? I feel like I can teach it to myself, I can teach myself supply chain and customs and importing beans and all of these things but if I am not feeling it that day, that ultimately is my business is going to take a hit, you know? It’s like now you have to learn discipline to a T and that is the hardest thing. 

[0:38:24.6] TU: Yeah and I think to give yourself some grace like you know, you gave the example of like you can spend a day making cold calls or working on the newsletter and you’re like, “Hey, I thought that was going to be a high impact priority day where me as the founder and the CEO can move the needle most” and sometimes it’s not or you say, “Okay, that work, that didn’t work. Now, I’m going to bob, now I’m going to shift.” 

But giving yourself some grace in those moments of, “Yeah, maybe I didn’t tangibly move forward the business today but I learned something and I learned that hey, this doesn’t work or I’ve got to iterate” and you know I think sometimes, you know the wins need to be reveled in and enjoyed and celebrated but also there are those days, there are the seasons, there are the weeks where you’re grinding or you’re like, “I don’t even know where to start on the list of things to be done.” 

And like those moments, those seasons, those days are going to happen. They’re just going to happen and you know I think to recognize them and obviously, you’re speaking from experience there, it’s so important to give yourself grace in that season. 

[0:39:20.0] LH: Yes, that’s real. It’s real. 

[0:39:22.9] TU: As you think about the future of Fat Miilk, you’ve mentioned Fat Miilk 2.0 a couple of times, you mentioned at least once or twice getting ready to open a storefront. Tell us about what’s next for Fat Miilk in this 2.0 iteration and where you see the brand going here over the next couple of years. 

[0:39:39.8] LH: Yeah, absolutely. You know, we’re such at a pivotal time in the company right now in the sense that we had an opportunity to really restart the brand and do it with intention. A lot of brands don’t get to do that and not only that but we just had raising credibility from the Gordon Ramsay show, right? And so I’m really adopting this clicks and bricks business model. You know, if you look at businesses like Warby Parker and Outlaw, you know you have – they have their online presence but they also have this in-person on-the-ground brand experience, right? 

And I think that is so necessary for an emerging market and so, you’ll be seeing a lot of us double downing on our digital footprint but also expanding our community outreach, right? Through different storefronts throughout Chicago and expanding to major cities but also what’s really important to me is approaching Fat Miilk with the utmost respect for the farmers and the coffee industry, right? 

And if – you know, I don’t want to bore people with the history here but you know, just due to climate change, the Robusta bean is actually going to be the biggest shift in consumer just brands in general when it comes to coffee and what is going to be readily available, right? And so we have an opportunity to really be a huge player in the impact of climate change and I’m really looking into upcycling every single layer of the coffee bean itself because a lot of people don’t know what’s a cherry. 

So, there is a fruit around it and the seed in the middle is the actual coffee bean and so I’m working with farmers right now to see how we can upcycle parts of the pulp and the skin of the cherry to use in some of our other verticals and that’s been really exciting for me and maybe that’s the compounding part of pharmacy that I really enjoy and being able to take something and make something new out of it. 

So, that’s kind of the approach for Fat Miilk moving forward is having consumer experience in multiple channels but also doing something with the coffee cherry itself and having an impact on just the industry. 

[0:41:55.0] TU: And I think that connects so well to your strength that you talked about, you know, towards the beginning of the episode, which is your strength around the branding, the marketing, the creative side, the storytelling, right? Bringing the cup of coffee to individuals as an experience and I think we’ve come a long way as a consumer but I would argue we have more to go and you are obviously tapping into that. 

That you know, I think people, some people maybe just want a cup of coffee every morning they want to think about it but I think there is a big market of people that are very interested in where is this bean coming from and what is you know, the story of the farm, what is the story of the roaster and you know, how can this really come to be an experience and not just something that’s a functional part of the day that I don’t really think a whole lot about, right? 

[0:42:38.2] LH: Yeah, I absolutely agree, and I think a small part of people, I will say a minority group of people really, really geek out about that stuff but I think there is an opportunity for you know, mass appeal for people to care about that stuff. 

[0:42:52.8] TU: I agree. 

[0:42:53.2] LH: You have to do it, you have to do it with lifestyle. You have to do it where it’s a party and not a protest, right? Because climate change can very easily go into this protest mode, right? Where we’re not doing things right, we’re contributing to it like you know? And kind of playing this blame game but if you can create a brand where people just really resonate with you know, the packaging and what you’re doing.

The vibes you’re giving off, they naturally are inclined to care more about why you exist, and that is the approach that I am taking. I think a lot of brands go so far right or one way or the other about you know, going deep into climate change, going top of really, really using these big words and things that people get really bored about when it comes to the impact of the pulp and you know, just the coffee production and how that can impact just the industry and the you know, the world. 

And so, I think the best people to do it are brands who have a way to engage customers without them actually even knowing that they’re engaged. 

[0:43:58.1] TU: That is fantastic and this has been a real treat. I am so grateful for you coming on the show and sharing your journey and I’m really excited to follow what’s ahead. I have a feeling you’re just getting warmed up here. So, where is the best place that our listeners can go to follow your journey and learn more about what you’re building? 

[0:44:15.1] LH: Yeah, absolutely. We’re pretty active on social media. So, it’s you know Instagram, Facebook, TikTok, all of that is @fatmiilk with two Is, so Fat Miilk. The best place to just get our coffee, experience the brand, we’ll always be fatmiilk.com, and then for people who are in Chicago or visiting Chicago, we are building up our Chicago flagship storefront and that is in uptown at the corner of Broadway and Arga. 

[0:44:42.4] TU: Awesome. Well, thank you so much again and when you decide to expand into Columbus, Ohio you have to let me know, Lan. 

[0:44:48.7] LH: Absolutely. 

[0:44:49.5] TU: Great market here as well but in all seriousness, thank you so much for coming on the show. 

[0:44:53.6] LH: Yes, I appreciate it. Thanks for having me. 

[END OF INTERVIEW]

[0:44:56.1] JW: Hey, this is Justin again from the YFP Team. Thanks for tuning in to today’s podcast. If you’re a pharmacy professional, you know how crucial it is to have access to reliable drug information. That’s why we’re excited to tell you about Pyrls, today’s podcast sponsor. Gone are the days spending hundreds of dollars for access to drug information. Pyrls offers top drug summaries, clinical teaching points, a drug interaction checker, calculators, and guideline reviews, all in one user-friendly resource.

Whether you prefer accessing information through your web browser, Chrome extension, or mobile app, Pyrls has got you covered. Plus, for a limited time, you can visit pyrls.com to get access to more than 25 free Pharmacotherapy charts to get you started. Upgrade your drug information resources today with Pyrls, visit pyrls.com, that’s P-Y-R-L-S.com, to learn more. Thanks again for listening. 

[DISCLAIMER]

[0:45:50.3] TU: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and it is not intended to provide and should not be relied on for investment or any other advice. Information on the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archived newsletters, blog posts, and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist unless otherwise noted and constitute judgments as of the dates published. Such information may contain forward-looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. 

Thank you again for your support of the Your Financial Pharmacist Podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 327: Pharmacy Innovators with Dr. Natalie Park (Pharmesol)


On this segment of the Pharmacy Innovators, sponsored by Pyrls, Pharmesol co-founder & CEO Dr. Natalie Park joins host Dr. Corrie Sanders.

Episode Summary

With the rise of AI and the increasing use of technology in our daily lives, there is an opportunity to improve the pharmacy world and patient care. On this segment of the Pharmacy Innovators sponsored by Pyrls, Dr. Natalie Park, Co-founder and CEO of Pharmesol, joins host Dr. Corrie Sanders, to discuss how Pharmesol leverages technology and AI to optimize patient communication and follow-up care. Natalie shares her unconventional career path, what Pharmesol is, what inspired her and her co-founders to start it, and how it is improving patient care. She also discuss the highs and lows of starting a business before delving into the importance of value-based care, what pharmacy will look like in the future, and how we can embrace the inevitable technological changes.

About Today’s Guest

Dr. Natalie Park is a pharmacist with a background in conducting health economics and outcomes research in the pharmaceutical industry. Natalie is co-founder and CEO of Pharmesol, an automated and proactive medication assistant tool that leverages pharmacist expertise and artificial intelligence to enhance patient experience after direct interaction with the healthcare team.

Key Points From the Episode

  • Introducing Natalie Park, co-founder and CEO of Pharmesol. 
  • Natalie tells us about her studies and unconventional career path in pharmacy. 
  • The inspiration behind the creation of Pharmesol, what it is, and how it can be used in clinical practice. 
  • How Pharmesol leverages AI. 
  • The accelerator program Natalie and her co-founders did to start the business. 
  • Where she met her co-founders and how their skills differ from Natalie’s. 
  • Where Natalie was in her personal and professional life while developing Pharmesol. 
  • What she thinks pharmacy will look like in the future and how we can adjust to the technology. 
  • Natalie shares the most memorable events of her pharmaceutical career. 
  • Her favorite parts of being an entrepreneur and why she enjoys being in charge of her career.
  • Natalie shares advice for anyone contemplating a non-traditional career path.

Episode Highlights

I’m a pharmacist, but that doesn’t mean I know every single thing about every single drug.” — Dr. Natalie Park [0:06:52]

“Starting a company is really difficult. It has been very difficult. Not to say [you should] not pursue it. I do think it is a decision that takes a lot of consideration.” — Dr. Natalie Park [0:25:33]

“I’m bullish on healthcare moving towards value-based care.” — Dr. Natalie Park [0:31:11]

Links Mentioned in Today’s Episode

Episode Transcript

[INTRODUCTION]

[00:00:00] CR: Hi, YFP community. Corrie Sanders here, host of the Pharmacy Innovator segment of the YFP podcast. Pharmacy Innovators is designed for pharmacist navigating the entrepreneurial journey. In this series, we feature founders’ stories and strategies that help guide current and aspiring pharmacy entrepreneurs.

Today, I talk to Dr. Natalie Park, a pharmacist with a background in conducting health economics and outcomes research in the pharmaceutical industry. Natalie is co-founder and CEO of Pharmesol, an automated and proactive medication assistant tool that leverages pharmacist’s expertise and artificial intelligence to enhance patient experience after direct interaction with the healthcare team. We will discuss having honest conversations with yourself and others surrounding risk tolerance and career change. And dive into Natalie’s bullish stance on value-based care and the untapped potential within the pharmacy profession to impact health outcomes alongside technology. I know you all will be nothing short of inspired by Dr. Natalie Park.

[SPONSOR MESSAGE]

[0:01:02] JW: This is Justin Woods from the YFP team with a quick message before today’s show. If you’re tired of relying on shared passwords, or spending hundreds of dollars for drug information, we’ve got great news for you. Today’s podcast sponsor, Pyrls is changing the game for pharmacy professionals. Pyrls offers top drug summaries, clinical teaching points, a drug interaction checker, calculators, and guideline reviews all-in-one, user-friendly resource. They also recently added a free weekly quizzes to test your pharmacotherapy knowledge. Whether you’re on your web browser or accessing the mobile app, Pyrls has got you covered. Visit pyrls.com. That’s P-Y-R-L-S .com to get access to more than 25 free pharmacotherapy charts to get you started. Upgrade your drug information resources today with Pyrls. Don’t miss out on this game changing resource.

[INTERVIEW]

[0:01:56] CS: So Natalie, we are so excited to have you on the YFP podcast this morning. We will start with a really easy question of how you got into pharmacy and where you went to pharmacy school. So just tell us a little bit about your pharmacy background.

[0:02:10] NP: Yes, sure. I went to Ohio State for pharmacy school. So I actually came to the states when I was 15. I didn’t speak much English at the time, and I’m not even sure if I had insurance, to be honest, because I was an international student. So I was young, so I don’t think I knew kind of much what was going on with insurance and medical side of things. One day, I remember getting this allergic rash, which I’ve never experienced before in my life. Then I kind of freaked out, and then I went to the pharmacy. Then I showed the pharmacist kind of my rash, and then I remember asking like, “Oh, what am I supposed to do?” And then they helped me out. So that was kind of one of the reasons that inspired me to go to pharmacy school, and I went to Ohio State for both my bachelor’s and pharmacy school.

[0:03:05] CS: Love it. So firsthand experience threw you into the profession. Tell us about a little bit of your training after graduation. So you’ve kind of been on a non-traditional career path, it seems. Since graduation, you’ve done a lot in industry, so tell the listeners a little bit about that path and some of the jobs that you had, or residency training, or postgraduate training after graduation.

[0:03:27] NP: After pharmacy school, I did an industry fellowship in health economics and outcomes research. I had already taken some statistics, and epidemiology classes while I was in pharmacy school, and had some internship experience. Then my post-doc fellowship was at University of Maryland, as well as Novartis. So I did develop budget impact model, cost effectiveness models, when there is a new drug launch to take to payers, as well as using EHR and claims data to do comparative effectiveness research. Then, I went to a health system called Geisinger. First, I worked in their innovation department doing vendor assessment of digital health companies, developing internal business cases, as well as implementing subpopulation health solutions. Then I had an opportunity to move to their pharmacy department where I worked with different service lines, urology, dermatology, primary care, these different departments on the topic of medication management and optimization.

[0:04:38] CS: Wow, that is amazing. So quite a different career paths than I think the average pharmacist would probably think of when they think of one of the options within the profession. So it’s amazing, I mean, you’re working with big organizations just right out of the bat with really high-level thinking with outcomes and clinical decision support tool research, it seems. So kind of a broad-based business knowledge, just based on your years of experience in these innovation departments and working really from just a high-level perspective point of view. I’m sure you took a lot of things away from your previous job experience when you shifted into Pharmesol.

Tell us about the development of Pharmesol. Was there a certain situation where something happened and this business model came to light? Where did the inspiration from the business come from?

[0:05:30] NP: Yeah, I think if I think back, it was few different experiences coming together. Because I was working with the pharmacy team and different clinicians at a health system about the topic of medication management. I just naturally were thinking a lot about medication management, and how can we really improve the status quo, like that was my job. One of the things that I found challenging was that my colleagues, even though they were really motivated to help their patients, because they knew how much help their patients needed, but they didn’t have a lot of time. So that sort of became a challenge over and over again, in different implementation processes.

So I just had this realization and thought in mind that like, wow, the clinical capacity, lack of clinical capacity is such a problem. This may not sound that insightful, but I think it’s really different if you experienced this yourself, like every day, and this is kind of what I’m fighting against every day. So I had that thought on one hand, and then I actually had a poor experience as a patient myself. I always tell people, I’m a pharmacist, but that doesn’t mean I know every single thing about every single drug. I went to a doctor and then got some medication and I didn’t get any instruction about how to use it from the doctor or the pharmacists where I picked up the medication. And then, I came home, and I was like, “Wait, actually, I have a question.” Then I was like, “Wow, this like really sucks.”

Then the third experience is, like kind of during this time, I was – I’ve actually been working on masters for computer science. So as part of this, I built a recommender system. This is kind of the engine that drives kind of personalized recommendation that you experience in Amazon or Netflix. That kind of really made me think about my experience as a consumer, outside of healthcare is actually pretty good. I feel like these systems know me, knows what to recommend for me. I mean, apart from recommendations, just my experience as a consumer. So why can’t we do that in healthcare, is another thought that kind of – that I was having, and a combination of these different thoughts was a big motivator and I think kind of origin story for Pharmesol.

[0:08:20] CS: That’s wonderful, kind of not a three-pronged approach, but certainly three different tiers to the approach and the development of the company. Tell us, and know that you’re talking to an audience of pharmacists that intimately understands the pain points of the profession. What is Pharmesol, and how can it be used in clinical practice? Kind of break that down for us.

[0:08:43] NP: Yes, Pharmesol is a conversational AI. It’s an automated and proactive medication assistant, that enables healthcare organizations to provide high-quality, personalized support for patients through SMS text messages. So the experience for the patient is a little bit like maybe talking to a pharmacist to some degree about like calming counseling points, right? Like, “Hey, I missed a dose. What do I do?” or “I don’t know how to use this injection.” We’ve been working with a primary care clinic, where we white-label this solution. So patients when they get up, medication prescribed at the clinic. After they leave, we send a text message to say, “Hey, have you been able to pick up this medication?” Then, patients either say yes or no, and a lot of patients say no for a variety of reasons. 

Then, we help them troubleshoot. “Okay, tell me more what is the issue.” Some patients are like, “I’m just waiting for delivery” or we have some patients say, “Wait. What? I didn’t even realize I was supposed to be taking this medication.” So that’s kind of an opportunity for med rec, or another patient who said, like, “Oh, actually, I lost a third bottle of my pills, so I haven’t been taking it.” Except, that patient didn’t reach out to the clinic, or the doctor, and they – but they weren’t taking it, and they only told us because we proactively asked this question. So we help them troubleshoot, and then give them education, and then patients also have a line of communication where they can ask questions.

[0:10:24] CS: So kind of really expanding upon the preferred mechanism of communication for a lot of patients, which is text messages. But instead of just saying, “Hey, your prescription is ready.” It’s really taking it to the next level of different counseling points, and making sure it’s a comprehensive follow-up process, and putting this all in the palm of the patient through a text message. So what’s happening on the end of Pharmesol, just so that people can get a complete picture from the consumer standpoint? And then what’s happening behind the scenes? Is this a live-generated chat? Are we using an integration of AI and different mechanisms of literature analysis? What’s really going into the output that the patient ultimately receives?

[0:11:11] NP: Yeah, we’re leveraging AI, and also, we’re training this to say, “Okay, this is the accurate information about this medication, and this is not.” Essentially, don’t lie, don’t make things up.” So how we do that is we hire currently practicing clinical pharmacists to develop our content and what it can say. That is why, of course, it cannot, of course, replace humans, as mentioned, like it can answer, “This is the storage instruction” or “This is how you can use the information” or ask follow-up questions of, “Okay. What is kind of challenging for you?”

Then we also ask questions like, “Have you missed any doses?” What is kind of the reason you missed these doses?” These are the information that pharmacists are looking for to be able to make medical decision making. Okay, maybe this dosage form is right for them or not, or they’re struggling with this. So this is kind of further education, “I want to give” or “I want to have further conversation.” 

But instead of them kind of taking the time to ask these questions, we have the conversation with patients. And then we bring those actionable insights to pharmacists, so then they can really do the high-cognitive task, and make this medical decision making, and then make any adjustments to the treatment, if necessary.

[0:12:46] CS: So really streamlining to use a clinical skill set and a clinical knowledge base, and then leaving the lower-level questions, so to speak to the AI tool. Am I understanding that correctly?

[0:12:59] NP: Yeah, yeah. I think another advantage is, unfortunately, there’s just limited clinical capacity. What I see today happening is, some patients get a lot of support that they need, some patients get no support. I guess, sort of – as relatively healthy, young kind of person as me, pharma health system or the clinic, like the pharmacists are not likely going to reach out to me and ask, “Hey, Natalie. How are you doing? Are you nauseous? Are you feeling dizzy?” I’m not going to kind of be the type to get these questions. 

What our solution enables healthcare organizations to do is actually provide this high-quality care to every single one of their patients, and do the follow-up. We can tell the pharmacist, hey, this patient is doing just fine. So you actually don’t need to reach out to them, but this other person has an issue that requires your attention. So this is how we can increase the quality of care for really every patient, at the same time increasing the efficiency for pharmacists.

[0:14:18] CS: Sure, meeting the patient where they’re at, and then directing the support where it’s needed the most. When did you have this idea, and when did you transition full-time into working with Pharmesol? What did the development look like of the company for you?

[0:14:33] NP: I don’t know. I think I had a lot of different thoughts. I don’t really think there was like one point I was like, “Oh, this is the idea.” Even as I said, I just had different thoughts in the back of my mind. Kind of, “Oh, yes. I think this could be better. Why is it like this? Is this all we can do?” But that doesn’t mean I really thought like, “Oh, I should start up company.” It was like a really – it’s a pretty common moment for a lot of people where you feel like, “Oh, this really sucks.” 

Then, I think it kind of accumulates, compounds, and actually, even what I thought might be kind of a viable business idea in the beginning was not exactly what we’re doing today. But I think what really helped solidify what we’re currently working on was really the feedback of other people, like other pharmacists, other doctors, other nurses, administration, the administrators at health plans, health systems, pharmacy benefit managers, pharmacies. Our team reached out to these folks and ask them, “Hey, what do you think is kind of like an opportunity area? What are problematic and challenging for you guys?” Because I understand – I don’t know, I guess, like, I’m just one person, like one health system just because I think this is a problem, and this is a good idea. That doesn’t necessarily mean other people see the value. So I think it was just through organic interactions. Some organic, some were actually – we reached out to them to learn these insights. I think through that is how we got to where we are today.

[0:16:36] CS: Sounds like a good organic amount of some kind of market analysis and trying to figure out a product market fit for where this kind of technology can really provide the most value. Did you go through some kind of accelerator program or a business development program? Or how did you really hone in on trying to figure out where you are today, and ultimately, what is this end product going to look like? What kind of steps did you take to get to this point?

[0:17:07] NP: Yes. We actually pretty recently completed an accelerator program, a startup accelerator program. It’s called Entrepreneurs Roundtable Accelerator NYC, ERA NYC. My team, I have two co-founders. We’re first-time founders. Starting a company, founding a company, isn’t something we’re used to. There’s a lot of questions, and problems that you’re faced with that you never really had to think about in a corporate setting. I think going through this accelerator program was really helpful from that perspective because there are a lot of mentors, who are previous startup founders, current startup founders, or operators who’ve sort of like really thought about innovation, and developing a new product bringing into market. We definitely learned a lot from being part of this accelerator program.

[0:18:13] CS: Certainly, the aspect of you don’t know what you don’t know, and we’re trained with such a small clinical skill set, especially when you decide to pursue a specialty. I mean, there’s so many aspects of business, and I feel like that’s where a lot of YFP listeners want to start something new or have a new idea. It’s not the pharmacy component that’s the most intimidating. It’s the finances, and the business acumen, and getting funding, or getting your foot in the door with the market. That becomes so overwhelming, much faster than the pharmacy component does in most cases. I can see how an accelerator program is absolutely a great way to make you a well-rounded competitor in a space where you just don’t know what you don’t know, for the most part. So Natalie, you mentioned you have two co-founders. How did you meet these people? Where did you cross paths? Then, what skills do they bring to the company that are different than your own?

[0:19:11] NP: Yes. I’m really lucky to have two software engineers as my co-founders. Saumya is one of my co-founders, software engineer by training. She studied computer science at MIT for her bachelors and she was doing Master of Engineering when I met her. She has a lot of experience applying AI in healthcare in particular. She’s always had a lot of interest in healthcare, so that’s really helpful. Batman is our CTO, also software engineer by training. He had worked at multiple startups, building from scratch. Then he also recently graduated from MIT from Masters of Systems Design and management program. 

I didn’t even necessarily work in a – not even necessary. My work experiences in pharma and health system, I think are really crucial to what we’re doing at Pharmesol. I actually don’t think I could have started Pharmesol if I didn’t work at those healthcare companies, and learned what does the dynamics look like, what do each healthcare stakeholder kind of looked for? But again, the different – in some sense, actually, developing a product I don’t think is that different. I actually think every person in any role is probably developing some kind of product and like looking for a product market fit. But not – I wasn’t in kind of a traditional tech environment. I actually wasn’t even familiar with concepts of like Sprint, how do we use a Jira to do like task of tracking project management.

They definitely bring a lot of expertise from technical and product development perspective. I actually think our team is definitely –one of the strengths of our team, kind of our unique is composition of skill sets and backgrounds, I think is one of the strengths for Pharmesol.

[0:21:43] CS: Definitely. I mean, it sounds like you have an all-star lineup of people that specialize in areas that you don’t. So you become a well-rounded team pretty quickly, which is really important to success in the long run, I think. That’s really so great. I want to highlight something that you said, Natalie, which I think is really important, and maybe will resonate with a lot of listeners. Is that, everyone is problem solving in their job in some way, shape, or form. Whether you realize it or not, you’re probably doing something where you realize that this doesn’t work, or this isn’t ideal, and you’ve either created a shortcut yourself, or maybe you don’t even realize it, but everyone is problem solving on the job. It’s just a matter of maybe being in tune to that, and starting to expand your thinking with, how can I find a solution that works for a larger amount of people, or that can be applied on a larger scale. I thought that was just really beautiful to tap into.

Something else that I would love to ask you is, what stage of your life were you in when you were developing this company? So something that we hear about a lot is that I have this great idea, but I have student loans, or I can’t leave my job, I have X, Y, and Z that are going to be prioritized before I prioritize my own career. Where were you in your personal and professional life when you were developing Pharmesol? If you just don’t mind sharing a little bit of that, I think that’ll be inspirational to the listeners too.

[0:23:09] NP: I was never earning all that much. Let’s just start there. I didn’t have much to lose if that makes sense. From kind of typical, like financial perspective, right? It’s because I was – I would say, I was still fairly early in my career. It’s not like I had developed 20 years of my career, and I’m already in some advanced leadership role at an organization with great comp package, with stock options that just aren’t worth so much. It’s hard for me to walk away from that. That’s not where I was at in my career. I do think, honestly, that helped me in kind of taking a leap of faith. Another thing is, I guess, because that’s where I was at my career, I think my lifestyle was in a certain way, it was very modest again. So I didn’t have to make a lot of lifestyle adjustments if I were to be in a state where I really needed to preserve my runway to be able to focus on kind of this venture.

So you can think of that as a negative thing. But then, it I guess kind of worked out for me. I also say that because I have seen a lot of people around me who are kind of like golden caught essentially. They have really well-paying, high-paying jobs, and that makes them hard to leave. I don’t really think it’s a bad thing to pursue financial security, I think it’s a great thing. So it’s probably – I guess, if you have a question about, it doesn’t make sense for me to leave this financial security to pursue this venture. That might be a sign that maybe it’s not worth it. The fact that you’re kind of wondering about that.

I guess one thing I do want to mention is, starting a company is really difficult. It has been very difficult. Not to say not pursue it. I do think it is a decision that takes a lot of consideration, and ask yourself honestly like, “Why do I want to do this? Is this worth it?” I think there are a lot of low-risk ways to try to validate the problem, idea, the product, and then de-risk it for yourself, and then jump into it. So then you’re more comfortable, and you’re really able to focus on it, rather than worrying about financial security.

[0:26:17] CS: I think that was really well put. So there’s certainly an element of sinking or swimming in starting a new business venture and going full in to see if it works. But unfortunately, that’s not conducive to necessarily financial security or stability. That’s something that we really want to highlight on this podcast too, is that it’s amazing to step into these nontraditional roles, and there’s so much opportunity, but there’s so much variability in how that can be done. A lot of it also comes down to the risk tolerance of the person who’s going to end up making that jump. Where does your risk tolerance lie? Are you really risk averse? Are you going to need to try a bunch of things while you’re still in your financially secure position? Or are you going to be better off taking a huge leap of faith and you’ve got a high-risk tolerance, and you can figure these things out as you’re kind of flailing along?

Everyone is really different, and I think that was really beautifully put about. There’s ways that you can make this a lower-risk jump, while still staying in your current position. Because starting a new company is extremely difficult, like we talked about – there’s so many things you don’t know that you don’t even know until you’re forced to face them with aspects of the business and finances. I just think that was really well said, and thank you for that insight.

[0:27:39] NP: Yes, of course. Just one thing I want to add is, I think one thing I realized over, and over, and over again is, nobody has the answer for you. Literally, nobody knows. I think one of the things, particularly as a first-time founder, I seek out a lot of advice, and there are so many conflicting advice, yet everything is valid. I say that to say, I think some people will probably in this topic in particular like, “Oh, you should take the risk when you’re younger because like it makes sense. You just have less obligations.” Others might say, “Oh, it’s better till you have financial security. You have some kind of leeway to make investments, and then still – if it doesn’t work out, you still have kind of a lot of savings that you can leverage.

But I mean, none of these are really like answers. It’s like, I think only you can figure out what is right for you. So I think just having a lot of honest conversations with yourself is probably the only thing.

[0:28:55] CS: Well, hey, you know what, that answer is very valid, along with the million other answers that you can get from a bunch of different people. I kind of want to shift this conversation a little bit into the evolution of the profession alongside technology. I feel like you’re in a great position to maybe speak to what you think pharmacy will look like in the coming decades. So, I have – it’s a totally loaded question, and there is no right or wrong answer. I can see your face on the screen right now.

But I have a lot of very progressive thinkers and pharmacy entrepreneurs in my orbit, and that’s just a constant conversation piece. What is pharmacy going to look like when a lot of traditional dispensing roles can be outplaced and outpaced with technology? So you’re in a position where you worked a lot with computer information and artificial intelligence and you’ve got a company that’s really relying on those things. What do you think pharmacy is going to look like in the next couple of years, and just any advice for pharmacists that are maybe a little hesitant to address the technology evolution that’s upon us?

[0:30:12] NP: I personally think pharmacy is a huge opportunity area, or just healthcare industry overall. That’s because I think it’s a lever that hasn’t been pulled as much, leveraged as much. Because when I share what I’m doing with Pharmesol, a lot of people actually – their reaction is, “Wait, that like makes so much sense. Why is this not happening today? How come nobody’s asking me if I’m doing okay or how I’m doing?” It’s so obvious when you paint a picture of how it could be, but that’s not the case for a lot of people. That’s why I say, I think there is so much untapped potential and opportunity here for our society, but also for healthcare organizations. That’s partly because I’m bullish on healthcare moving towards value-based care.

I mean, you see these value-based care organizations that are being very profitable because they’re taking on the risk, but they’re also realizing those rewards, which is why I think we will just progressively increasingly move towards value-based care, and what levers do we have to really improve health outcomes. 

I mean, there could be multiple, but I think pharmacy is an obvious one, and leveraging more pharmacists to provide this care. This is also a framework for our success as well because, as mentioned, we are able to really supercharge the clinical team, to be able to more efficiently, and effectively improve patient experience, and then patient outcomes. That’s what I think about the future of pharmacy.

[0:32:21] CS: I love that. I love supercharging the clinical team. I don’t think I’ve heard that phrase before. But I love the evolution of really moving towards value-based care. I completely agree with you. I think that that just has to be the direction that we need to move in order to provide outcomes that can be financially sustainable, but also just supercharging the clinical team with using a pharmacist. It’s so hard on a national level to even measure this because every state uses pharmacists so differently, which is certainly a barrier. But really loving the idea of the profession is underutilized overall. And being able to finally leverage us to practice towards the top of our license in positions like this, and in roles like this, I think will just be a complete game changer for the profession. I love your mindset and I love that you’re bullish on the value-based care model.

Natalie, I’ll kind of wrap things up. I’ve got three questions just to kind of roll off the tongue and provide a little bit of a well-rounded oversight with you being an entrepreneur in a non-traditional pharmacy space. But what is the most memorable thing or event that has happened to you since being a pharmacy entrepreneur?

[0:33:38] NP: Wait, this question is actually really hard. Let me –

[0:33:43] CS: Yes, take your time. It’s all good.

[0:33:43] NP: Most memorable? Okay, I think a couple of things come to mind. I think the first one is when we first put up our product. So we use text messages, and then when I got the first text message from our system, that was pretty exciting. The other thing was, once we started working with patients, patients sent us this response with thank you with the heart emoji. For some reason, I didn’t expect patients to be using emojis. We work with a primary care clinic and it’s a lot of like elderly patients, right? I mean, they text us, but for some reason, I didn’t expect them to send us an emoji. So like, I remember seeing that and just being really happy about that.

[0:34:39] CS: Something so simple and so common, just seeing it put it all together.

[0:34:45] NP: It was very inspiring. I was like, “It was all worth it.”

[0:34:49] CS: No, that’s very cute. That’s so meaningful too, especially coming from the patients. That’s when you know it’s reached your end user, it’s finally making a difference, certainly emotional. What is your favorite part in general about being an entrepreneur and taking ownership of your career path?

[0:35:06] NP: I think this also is in two parts. One is that, I love learning. I think that sort of has been like the North Star in my career, in every role I had. That’s like what I wanted to do, just understand more, learn more. I think entrepreneurship is a great place to do that because so many things I don’t know.

[0:35:30] CS: Endless.

[0:35:31] NP: And so many problems to solve. I think the other is the autonomy. Like, “Okay, here’s this problem, and I’m going to solve this problem today” or “I’m going to do something about it.” That feels really, really empowering.

[0:35:50] CS: I love both of those. You’re right, being your own boss, it’s great to have the autonomy to do what you want. But there are always problems to solve, and you will always be learning. A great combination of two things for you to be successful as an entrepreneur. Last question I have for you is, one piece of advice for anyone that’s contemplating a non-traditional career path.

[0:36:14] NP: One advice. I would say, I would tell them to do something about it. I think that’s maybe one thing that I might be better at than sort of like average people, like execution. It’s not that I’m like doing something well, but I’m doing something. I think that has sort of eventually kind of led me to this path. This can include things like reaching out to people that you want to connect with, and learn, and hear about their story. Or listening to this podcast, I think would be a great example of doing something about it. But I think those are the actions you take, I think eventually become your experiences, and then insights to making decisions in the end. 

[0:37:08] CS: That’s great, great response. Natalie, if the viewers want to reach you and want to take some more action, where is the best place that they can learn more about Pharmesol or connect with you?

[0:37:21] NP: Yes, so I’m pretty active on LinkedIn, so they can find me on LinkedIn. Or my email is [email protected], so they can reach me through my email as well.

[0:37:35] CS: Perfect. We’ll link both of those things in the show notes. We’ll also link the direct website to Natalie’s company, Pharmesol if you want to really see what the product looks like, and learn more about the company. But Natalie, thank you for being here today. We love having pharmacists that are really pushing the profession forward. I think that’s exactly what you’re doing, and it’s beautiful to see, really the pharmacy profession evolve in a meaningful way alongside technology. It was so insightful to hear your responses, and your viewpoint, being a working, living example of someone who’s going to be really successful in that space. Thanks for being here today.

[0:38:16] NP: Thank you so much. I’m super excited to be working with pharmacists, and empower them, and inspired by them as well. Thank you so much for having me. 

[0:38:27] CS: Perfect, thanks.

[END OF INTERVIEW]

[SPONSOR MESSAGE]

[0:38:30] JW: Hey, this is Justin again from the YFP team. Thanks for tuning in to today’s podcast. If you’re a pharmacy professional, you know how crucial it is to have access to reliable drug information. That’s why we’re excited to tell you about Pyrls, today’s podcast sponsor. Gone are the days spending hundreds of dollars for access to drug information. Pyrls offers top drug summaries, clinical teaching points, a drug interaction checker, calculators, and guideline reviews all in a user-friendly resource. Whether you prefer accessing information to your web browser, a Chrome extension, or mobile app, Pyrls has got you covered. Plus, for a limited time, you can visit pyrls.com to get access to more than 25 free pharmacotherapy charts to get you started. Upgrade your drug information resource today with Pyrls. Visit pyrls.com. That’s P-Y-R-L-S .com to learn more. Thanks again for listening.

[OUTRO]

[0:39:23] TU: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide, and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archive, newsletters, blog post, and podcast is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of your financial pharmacist unless otherwise noted, and constitute judgments as of the dates publish. Such information may contain forward-looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements.

For more information, please visit yourfinancialpharmacist.com/disclaimer. Thank you again for your support of the Your Financial Pharmacist podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 319: Pharmacy Innovators with Dr. Jena Quinn (Perfecting Peds)


Founder & CEO of Perfecting Peds, Dr. Jena Quinn, joins host Dr. Corrie Sanders on this segment of The Pharmacy Innovators.

About Today’s Guest

Jena Quinn, PharmD, BCPPS, is an expert pediatric pharmacist. She developed the vision for Perfecting Peds based on her extensive background in medication management of pediatric population, personal love for children and her desire to optimize more children’s medical profiles.  She has 10 years of safe medication management and direct patient care experience in the pharmacy field with a wide-ranging background in developing, enhancing and managing clinical consulting programs.  Dr. Quinn earned both her Doctoral degrees with high honors from the Ernest Mario school of Pharmacy. She is a nationally Board-Certified Pediatric Pharmacist. She is also a mom to three adorable little girls, Hadley, Peyton and Avery.

Episode Summary

Today’s edition of our Pharmacy Innovators series is filled with vital information for pharmacy entrepreneurs on how to expertly navigate the risks involved with leaving the W2 world behind. In today’s episode, host Dr. Corrie Sanders sits down with the Founder of Perfecting Peds, Dr. Jena Quinn, PharmD, BCPPS, to discuss Jena’s transition from working 9-5 to running her own consulting business that is focused on medication management in complex pediatric patients. Our guest explains the role that her family played in her decision to take up pharmacy, how and why she made the pivot to pediatrics, what inspired her to break free from her W2 job, and how she benefited from being willing to branch into a new industry (cosmetics sales). Dr. Jena then shares why she is not too concerned about AI in pharmacy before diving into how she built her company’s team, how she uses the various social media platforms, why she chooses to always lead with authenticity, and what it was like for her to take on a new business challenge as a pregnant mother of two. This powerful conversation is filled with advice and strategies for those who are contemplating a non-traditional career path, and Dr. Jena explains everything she loves about being a business owner and pharmacy entrepreneur! 

Key Points From the Episode

  • Introducing Dr. Jena Quinn as she explains her family’s role in how she got into pharmacy. 
  • How she made the pivot to pediatrics. 
  • What inspired her to leave her W2 job and what she was expecting from becoming a founder.
  • How she benefitted from being brave and willing to take on a non-pharmacy-related job.
  • Why AI could be both damaging and useful for pharmaceutical dispensary roles.
  • How long Dr. Jena worked solo, and what it looked like when she started building her team. 
  • What her first business contracts looked like compared to how they look today. 
  • Assessing her social media profiles and why she chooses to be authentic across all platforms. 
  • Exploring her mindset when she started a new business venture as a mother of (almost) three. 
  • Dr. Jena’s favorite characteristics of being a business owner. 
  • Her advice for anyone who is contemplating a non-traditional career path. 
  • What she loves most about being a pharmacy entrepreneur.

Episode Highlights

“I just knew at that moment [of helping my epileptic sister] that whatever I did in life, it would be taking care of these children in some capacity, whether it was [as] a physician, a nurse, [or] a pharmacist.” — Dr. Jena Quinn [03:33]

“I started in a multi-level marketing company selling skincare, and it was probably the best thing I’ve ever done, as silly as it sounds.” — Dr. Jena Quinn [07:45]

“Pharmacists are the crappiest salesmen. Because of that, our profession has taken a hit. We have to be a good salesman to show our worth, and push and advocate for our profession to go into a more innovative direction.” — Dr. Jena Quinn [14:48]

“My husband is in IT, in cybersecurity. He’s always in my head, he’s like, ‘Whatever you’re doing, you better not be able to be replaced by AI.’ It’s so true that it is going to drastically affect our profession, but that’s okay.” — Dr. Jena Quinn [15:52]

“Sometimes I don’t even understand what I’m doing until I do it.” — Dr. Jena Quinn [23:05]

“We [pharmacists] have this unique knowledge. I mean, daily, we make these life-changing interventions, and we don’t get any compensation for it. How is that okay? Long story short, it’s just not.” — Dr. Jena Quinn [28:34]

“I just try to keep it real. I have three kids; I understand that everything gets messy.” — Dr. Jena Quinn [31:28]

“Being a business owner, I wake up every day with a fire in my belly; I have control to change patients’ lives.” — Dr. Jena Quinn [38:32]

Links Mentioned in Today’s Episode

[INTRODUCTION]

[0:00:00] CS: Hi, YFP community. Corrie Sanders here hosts the Pharmacy Innovator segment of the YFP Podcast. Pharmacy Innovators is designed for pharmacists navigating the entrepreneurial journey. In this series, we feature founder stories and strategies that help guide current-inspiring pharmacy entrepreneurs. Today we feature Dr. Jena Quinn, a board-certified Pediatric Pharmacist that established Perfecting Peds, a consulting business focused on medication management in complex pediatric patients. 

In just 18 short months, Jena has expanded her business across multiple healthcare systems and hired support staff that is pioneering pharmacy consulting in the state of New Jersey. We discuss how she financially navigated her transition, the unique timing of establishing her business, and plans for the future of Perfecting Peds. I cannot wait for you all to learn from Dr. Jena Quinn. 

[EPISODE]

[0:00:52] CS: All right. Jena, we will start things off with a really easy question. For those that don’t know you, tell us a little bit about where you went to pharmacy school and how you got into the profession. 

[0:01:03] JQ: Yeah. I went to pharmacy school at Rutgers University, New Jersey. Even at 34, I’m like the biggest baby and I won’t go more than an hour from my parents, so that’s why I landed there. It’s between that and the University of the Sciences in Philly. My parents said, “You’re going with a cheaper school.” So, that was pretty much how I made that decision. But as far as the profession, my grandfather, who has been my lifelong mentor, he was a pharmacist for 60 some years and the later parts of the last 30, he was the director at GlaxoSmithKline, where he patented over 150 drugs.  

I always tease that he makes me look really stupid, because he’s just such a wealth of knowledge. He wrote many organic chemistry books, which was my least favorite subject, but really, he is my inspiration. My mom, to be very honest, is a nurse. She was like, “Nurses work too hard and don’t get paid enough, so you’re going to be a pharmacist and that’s what’s going to happen.” So, once I applied to pharmacy school and got in, and my dad called Rutgers to make sure that I really got in, that’s where I went. 

[0:02:22] CS: I just had to make sure.

[0:02:24] JQ: Yeah. It’s always something. You can always use it later.

[0:02:27] CS: That’s amazing. A little bit of family inspiration. Then just tying it all together with some of your interests, it sounds like. 

[0:02:34] JQ: Yes. Yes. 

[0:02:35] CS: How did you pivot specifically into pediatrics? Was that some postgraduate training? Did you get gauge interest with that on rotations? Where does that stand from? 

[0:02:44] JQ: Yeah. Historically my little sister, she’s nine years younger than me, had epilepsy knock on one. It’s been like nine years, but growing up, I was always the one who took care of her. I’m sure nowadays it’d be like a DCPP call, but some sort of DIFAS call, but my parents, starting at the age of 12, would just leave me with her and she had epilepsy. So, I got really familiar with how to administer Diazepam, what to do during a seizure and all the seizure precautions. 

Then I knew – I always knew I wanted to go into the medical field. So, I dedicated – which is funny, because how life works out. A lot of my patient population is epilepsy, but I just knew at that moment that whatever I did in life, it would be taking care of these children at some capacity, whether it was a physician, a nurse, a pharmacist. She’s really what drove me into the pediatric desire. Then throughout pharmacy school, actually, I just applied to do a couple of research as a student and research opportunities. They were in Peds.

Then during my appies, again, I got partnered with majority pedes. Then I actually, I’m one of those, I would say like older. I got grandfathered in, but I only actually did one year of residency at a local hospital, Thomas Jefferson in Philadelphia, which I know traditionally a lot of pediatric pharmacists do, too. At that time, I was really done with the whole residency thing as far as it’s draining. It was draining me. 

I applied and got into Children’s Hospital, Philadelphia, where I started their pediatric patient care program with a couple of other of my colleagues, like the in-between of a true clinical pharmacist and staff pharmacist, where we were on the floor rotating with the providers and then verifying orders. That I did for three years. Then went to another local hospital and started the same program for another eight. 

[0:05:06] CS: Wow. Well, it sounds like you had a lifetime of experience on top of the year of residency. I’m sure that maybe the second year wasn’t necessarily needed after starting with pediatric care at age 12? 

[0:05:18] JQ: Yes. Yes. That expedited it all, but it was, I was very much sure that that was trying to tell me something. Like I said, a lot of my patients in some way, shape, or form have epilepsy. 

[0:05:32] CS: That’s wonderful. That all ties together, so well. It seems like that was just the path that you were meant to be on from the start. Jena, what I want to pivot to now is I think what we’ll spend a majority of our conversation today is talking about establishing your company, Perfecting Peds, and what that ultimately looks like, and some of the steps that you took when making that career transition. Why don’t we start with what were the motives to leaving a traditional W2 job? What were you striving for? What were you expecting when you started your own company? 

[0:06:04] JQ: Yeah. I mean, motherhood changes everything. I have three little girls, six, three, and one. When my youngest was one years old, I realized – so I worked the first full year of her life at the hospital. I quickly realized that because I started – I shared with you, I started the program for pediatric patient care, I was the first true clinical pharmacist there, full-time at Cooper. What I quickly realized was that between 40 hours and then additional, I would have the residents unpaid, I would be called all the time for urgent situations that the medical residents needed help with and the PICU and the NICU. 

I realized that my quality of life was really taking a hit, especially on my family time, and there was no separation at all. I quickly realized that I didn’t want to be in the hospital fulltime, especially having a little one. I went part time, which then inevitably allowed them to hire a bunch of new people to the hospital. But for me, I was doing a job of a few pharmacists in one. That shone actually a lot of light on that and they’ve hired a lot more people. I was really desperate to be quite honest and to match my income and stay in the luxuries of the pharmacist salary, but I did not like the lifestyle that the full-time job left. 

What I did was I started in a multi-level marketing company selling skincare, and it was probably the best thing I’ve ever done, as silly as it sounds, but it actually was how all my mindset hacks, all my sales lessons that they were all encompassed in. It was called Rodan and Fields, but I learned them all from my mentors there. It was awesome. I had some great opportunities. I would travel to different countries on their dime. I got actually, the computer I’m working on. They were actually, they were very good to me. 

What I realized was that I was really more obsessed with one, building something. Two, just the flexibility of the job, even though I didn’t have like, yeah, skincare is okay. I didn’t have a passion for it, but what I had a passion for was entrepreneurism, setting my own hours. Really, I like the idea of having a team.  I feel like if anything, the people you surround yourself with is who you become. I was like, “You know what?” I – also at the time. I did that for the entire time till my daughter, so for three and a half years. Then I realized like, “Okay, well, what are you passionate about?” Which was pharmacy. 

What I started realizing, even part time, the lifestyle wasn’t for me. I didn’t – I was missing things. For example, last week, I was able to go to two things in the middle of the day, to be at my daughter’s school for just one was a race and the other one was field day. I was able to participate and be a volunteer. I realized that I was working a majority of weekends and then a day or two during the week. With the weekends, I started missing my daughter’s soccer practices. I was like – 

[0:09:34] CS: Sure.

[0:09:34] JQ: I was like, “This is not happening.” Again, I was – I started transparently, to be transparent, I started looking for other jobs. In that process, I realized that there wasn’t any jobs for pediatric pharmacists outside of the hospital. If they were, they were the really niche, like maybe a rare disease in medical science leaves them, but it wasn’t like – there wasn’t a robust amount of opportunities. I felt like the only way I was going to leave the hospital is if I went into the geriatric or adult population and that literally killed me. I love them, they’re just – my hearts are children. So, yeah. I was like, “They smell bad, I can’t do this.” 

I started looking for other jobs. I actually, got offered a job for a geriatric long-term care facility position. That got my wheels spinning, because I was like, “Wait, you need to have long-term cares.” Like acute cares – all these medical days in the area. And I started looking around and asking questions to providers that work there. I’m like, “Who’s looking at these kids? These kids are the sickest kids of the sickest. They have multiple medications.” The answer was that nobody was looking at them clinically. It was the politically correct answer. 

I went door-to-door, my salesman mentality, and was just like, “Hey, you’re already paying the pharmacist.” I’m sure you know this. If you’re a consultant pharmacist too, they’re paying pharmacists to do this. I don’t want to put down other pharmacists, but we have this unique training of residency. We’re all board-certified pharmacists that are uniquely trained in peace. It’s very different than adults, right? I couldn’t end geriatrics. I couldn’t turn around and take care of an adult patient. I don’t even know their disease state. 

I just said, “Whatever you’re paying them, pay me and my team and we’ll take care of them and we’ll offer them a bunch of unique services on top of the compliance work that they’re already doing.” That’s honestly how it started. I did the prep work and all this sales pitch over six months, until I started getting some contracts. Because I knew I couldn’t take that much of a financial cut. Then once I started getting contracts, that’s when I jumped full-time into this. 

[0:12:08] CS: Jena, so many things that you said there that I want to highlight for the listeners that I think are really important. The first one is that you weren’t afraid to take a non-pharmacy related job – 

[0:12:19] JQ: No.

[0:12:19] CS: Because it wasn’t worth sacrificing your mental health in the place that you were in. I think a lot of pharmacists can relate to the quality-of-life issues that you spoke of and the work life balance, especially when you’re in management positions. You really do start doing the work of multiple pharmacists many times. I think so highly of you for taking that job and just being not afraid to say, “I’m not going to do something pharmacy related right now.” That’s how confident you felt about yourself and how much you respected yourself. Two, it is great almost that you stepped into a sales job, because many people don’t realize that sales is a lifeblood of business when you are first starting off. If you can’t sell your services, it completely hinders the product or the service that you can provide. 

[0:13:03] JQ: Yeah. 

[0:13:04] CS: Probably an amazing stepping stone to be where you are today and to have that mentality, like you said, to be able to sell what you want and be able to articulate that to other people. 

[0:13:14] JQ: Yeah. I think, too, I’ve gotten such a habit. Social media is such a powerful way to sell. When I was in Rodan and Fields, no one’s going to buy something from you. If you’re – one, this is my opinion. If you’re not authentic and people can’t relate to you, right, or they don’t know you. If I was going to actually make a decent income, it was building authentic relationships and just being myself, so people could get to know me, so that then they’ll feel comfortable buying from me. 

It taught me so many life lessons. Part of that was just getting in the habit of posting on social media every day and regardless of what it was, if it was just like whatever – I mean, I was always taught to keep it in three categories, but for me, it was always three things, family, and probably enough, one was pharmacy. I was already posting a lot of things about pharmacy organically. Then it was a more natural stepping stone to start my own business, but as part of that, I just honestly switch from, because I’m focused more on B2B. 

I switch just to doing the same thing on LinkedIn to build my pharmacy presence, to build authentic connections and to network. That’s honestly how I’ve been able to meet amazing people like you. That has been the most powerful tool. That was embedded in me from sales. The other thing I do want to say is, pharmacists are the crappiest salesmen. Because of that, our profession has taken a hit. We have to be a good salesman to show our worth and push and advocate for our profession to go into a more innovative direction. 

[0:15:07] CS: That’s such a beautiful statement that resonates with me a lot, because I work a lot with legislature and talking to senators and elected officials. They truly don’t realize what a pharmacist does outside of a dispensing role. 

[0:15:22] JQ: No.

[0:15:23] CS: Especially, like you just said, as the profession evolves alongside technology, it’s going to drastically change in the next 10 years, we really have to learn to advocate for ourselves. You’re already just ahead of the curve by having your own business and being able to do that independently. It’s a wonderful thing. 

[0:15:41] JQ: Yeah. I think AI is going to be a sole crusher for a lot of the dispensing roles. I didn’t even know that AI was on the horizon when I started this. My husband is IT in cybersecurity. He’s always in my head, but like, he’s like, “Whatever you’re doing, you better not be able to be replaced by AI.” It’s so true that it is going to drastically affect our profession, but that’s okay. I think it’s going to put us in, like I just said, before these long-term care pharmacies were doing compliance work, like checking out dates and counting narcotics, that can all be automated. 

There’s no reason for a pharmacist to do that. What I quickly realized was I hired pharmacy techs, and pharmacy techs are amazing at this stuff. Why is a pharmacist with eight years of education on top of, maybe residency and all these board certs, why are we doing that? The same goes with the dispensing role. We are too smart when we went to school for too long to be doing that. It really takes away from the angle, which is patient care. 

We want as much forward-facing time with the patient as possible to help the patient and advocate for them. Some of the traditional dispensing roles really take away from that. I personally think it’s an exciting time in pharmacy. I think as far as we leverage that and just use our education and sell ourselves accordingly, I think we’re going to have a lot of exciting changes on the horizon. 

[0:17:14] CS: I think so, too. I think so, too. It’ll force us to really utilize our clinical skill set across the board in a way that probably hasn’t been forced before. 

[0:17:22] JQ: Yeah. 

[0:17:23] CS: Jena, I also want to touch on the fact that you’ve said you just hired technicians or that you’ve hired technicians. Let’s talk about the growth of your team. How long were you just a solopreneur really facing everything just by yourself? When did you start to hire? What did that look like? Who was ultimately your first hire? I would love to know that as well. 

[0:17:43] JQ: Obviously, because it was such a cluster. This is true Jena fashion. I signed – I started taking private patients just as my beta patients, because I do think, like okay, I wanted to get used to the EHR. I wanted to also get PGX certified, this little like 20 CEs, but I also wanted to really take patients, because there’s not an abundance of pediatric literature in PGX. I wanted to get comfortable on that, because I do think again, that’s the way of the future. We’re going to have to utilize that to take the best care of our patients. 

I started just taking like private pay patients. That’s how I got started financially, but also just getting used to everything, as far as the EHR and training. Then I got five contracts all at once. I didn’t understand how medically complex these kids were, until I opened the chart. Of 120 of the roughly growing, I don’t know, so what I’m doing is some quick math in my head, like 300 of them were had a minimum of 23 medications on their chart. 

[0:19:08] CS: Wow. 

[0:19:08] JQ: I got all these dropped on me at the same time. I was like, “Oh, my God. What did I sign up for?” I quickly realized that I could not do this by myself. If I did, I would be, so to give you again, I’m all about shedding light on things that should have their curtains unveiled. The prior long-term care gave these pharmacists 15 hours for 120 critically ill pediatric patients trait that due to dependent. 15 hours a month at $200. I couldn’t even open and close the chart. Plus, do the compliance work which is go through the med room and make sure, count the narcotics and all that. I quickly outsourced that. 

That was, honestly my first hire, was I had a technician that I loved at the hospital that I worked with. I said, “Hey, I need help. Are you looking for like PRN contractor hours?” She jumped on board. She helped alleviate at least, like I said, the doing all the compliance work. But then I realized that proudly for the first year me and my husband were going to be paying to take care of these kids, as awful as that sounds. I think the pharmacy profession is so in need of advocacy and change. I knew that I needed my proof of concept before anybody even listened to me. It wasn’t until I got the numbers of cost savings, cost avoidance. I knew they were going to be like, “This is a really cute idea, little girl.” I’m all but not even five foot. 

I know people were not going to take me seriously. My first nine months of this business, which we just got all that exciting data in last month, was just hiring pharmacists and quite frankly, breaking even. It was just breaking even. What we were providing was the comprehensive medication management for all patients who had never had it before. Providing pharmacogenomics, doing calls to parents who wanted to be a part of the care. Also, giving some compliance medication compliance software. We have an app, a med rep that really shows the parents in 50-day print languages called MedActionPlan, but where to draw up on this syringe, what exactly did you expect from an ADR standpoint, when to call us. 

All these services were provided out of pocket by me and my husband. I just knew that it needed to be done, this proof of concept, because we’ve never have been outside of the hospital walls with an exception of somewhere like pediatric and care clinics where the hospital was funding it, but there’s never been a true pharmacist consultant role. I knew that in sales, you need to solidify your proof of concept. It took me nine months. Now that we have the numbers, we are in talks of some really exciting big contracts, but it took a really long time. 

[0:22:18] CS: It’s beautiful that you were able to have the mindset and the wherewithal and the experience to be like, “Okay, I’m going to have to do proof of concept.” You were willing to just eat it for nine months. Then be able to put it together. Ultimately, set yourself up for something that’s probably really great long term, just knowing that you had to prove your worth, especially in this new, like you said, this is a new niche for pharmacist in New Jersey.

[0:22:42] JQ: Yeah.

[0:22:42] CS: Realizing, you’ll have to put all that together.

[0:22:44] JQ: Yeah.

[0:22:45] CS: Some of those, maybe the intricacies of the concepts or of the contracts, Jena, what did that look like? What did your first contract look like? Were you all set up to go for billing? Did you have to get collaborative practice agreements? What did that first contract look like? Then, where is it today? 

[0:23:02] JQ: Yeah. Again, something, sometimes I don’t even understand what I’m doing until I do it, but I was like, I knew I was going to – whatever I was going to do, I was going to take care of these kids. When we first got the contracts, the collaborative practices weren’t in place, but what I very quickly realized was that these positions or providers, and just like anywhere, they are very, very stretched thin. We were given an average of 10 to 15 recommendations per chart. They did not have the bandwidth to go in and make those changes. That was pretty evident and very quickly. 

I was like, this is not going to benefit anybody if we don’t get a collaborative practice in place. We have collaborative practices in place, which are a beautiful thing, I think should be the standard of care for any pharmacist practicing, just because it just builds our autonomy and puts us in the same pedestal, or just honestly, the same building opportunities and capabilities as PAs and MPs who have done a beautiful job in establishing their work. They’re not doing anything automated with dispensing. 

I really look at them, those two professions as like, how can we be like them? How can I be like an MP today or a PA? I don’t want to diagnose, but how is there a way that I can use my medical – my medication knowledge to optimize patient care, be in front of the patient, be a part of their team? So, within two months, we got that up and rolling again. It is hard, I had to scramble to find who’s a good health care lawyer in the area, so they can help read my contracts, because you don’t want to do anything blind. 

They’ve been an awesome addition to Perfecting Peds, an awesome and expensive addition, but necessary. What that looked like was, we would basically take over what they were doing, but instead, we just did a deep dive of comprehensive men management through a collaborative practice agreement in the pharmacogenomics. As far as we’re our contracts at now, I can’t disclose too much, but we are starting in talks with insurance companies, because in New Jersey, unfortunately, there is no opportunities to build, even incidents, too. 

It is very disheartening. I know we were talking about you being in Hawaii and you feel like you traveled back in time. I worked at a hospital where I had so much autonomy, like too much autonomy. Then I came to outpatient lands and I couldn’t even change the concentration of the men. I was like, “What’s happening?” It was like, I just couldn’t believe, I was just so dumbfounded. We were talking about advocacy and legislative, I really admire what you’re doing for the Board of Pharmacy in Hawaii and advocacy. I think it’s just so needed, because I’m not political and so many people get me out of me when I say I’ve never even voted. 

I realized real quick, I was going to get political, because this is – how we’re practicing is not okay. Again, proof of concept. I knew if I had that I could take it to insurance companies, I could take it to other facilities, I could take it to home care companies, all these different places. It didn’t have to be in New Jersey, right? Because I had that barrier of billing in New Jersey, but for example, in a couple of weeks we’re launching in Minnesota. We have some opportunities in Colorado. You know what? It’s not the best thing, but it’s like, okay, well then I’ll practice where I can practice until I give you guys enough literature, which we are publishing to understand that this should be the standard of things.

[0:27:02] CS: It’s amazing. So much of what you’re saying really resonates with me, because it’s amazing to realize that pharmacists are some of the only healthcare or the only healthcare professional that’s just taught to give away information for free. That’s not saying we shouldn’t be answering questions when patients come to the counter and they’re receiving a prescription. Ultimately, any other profession is billing for the services that we are already providing. Your proof of concept is just going to hopefully add so much knowledge and leaps and bounds of data of what can be done when we can practice at the top of our license. I think that’s going to be so meaningful. 

[0:27:39] JQ: Corrie, to your point, I didn’t realize – this is not an exaggeration, weekly for the past nine – I guess people started catching when I’m a pediatric and maternal health pharmacist about  – after I grew more confidence after a job. Then I was talking. I told you about posting, so then I would post tips and tricks. What I realized is that a minimum of 20 to 30 people were coming to me a week for their child or their selves. 

I did it for  nine years and then I was like, “Damn, I think this is a business.” I’m like, “Why is nobody else doing this?” We’re just mad at pharmacists at our profession, because I’m like, like you’re saying, every other person can build. And coming with all this, we have this unique knowledge. I mean, daily, we make these life-changing interventions and we don’t get any compensation for it. How is that okay? Long story short, it’s just not. 

[0:28:49] CS: Exactly. Jena, I want to circle back on something that you just brought up that we didn’t get to touch on before is your social media strategy. Something that I do love about following you is how authentic you are, and you said that that’s always been your intention is to just be authentic across all platforms. What are you using primarily? Are you focused on LinkedIn? Do you use Twitter and Instagram? How do you delineate between the different platforms and where do you put a lot of your time? 

[0:29:17] JQ: I’ve been most of my time in LinkedIn, just because like, do you think that as a profession, if we put a lot of our time there, well organically, and over time, educate the not only fellow pharmacists, but other fellow providers, too. There honestly is no strategy similar to my life, but what I do is I try to do one to two real patient cases, things that I saw this week that – or I tried to do the week prior that our team made a huge impact. Oh, and to your – you did ask, we are seven contractor pharmacists, two technicians and an assistant at this moment.

[0:30:00] CS: Wow. 

[0:30:01] JQ: I want to flip – I’m starting to explore a few things, people over the full-time, which is an exciting change, but that being said, I have my team. We all – for the perfecting piece, we just revamped it, so that we can streamline how we’re visioning this as my goal. As for perfecting piece to be anything from preconception, I’m thinking about having a kid. What are the things I need to know to add lessons? We just started, because I wanted to revamp and have it organized, as far as the flow goes, but all of us on the team take task at different posts to do the Instagram Perfecting Peds, which close onto our Facebook and then the LinkedIn Perfecting Peds page. 

Now we’re consistently posting there, because it was hard to do LinkedIn and all the other things. I just focused on LinkedIn for the first year, which has provided so much opportunities, network and the opportunities have given me more than I’ve given them, but I tried to do at least two real cases to showcase. Again, I’m a salesman, like, “Look, this is what pharmacist can do.” Then I try to do three hot topics or any, or it could be anything, whether it’s related to just entrepreneurs in the general, things I’ve learned, tips and tricks. Again, a lot of them are authentic, not all of them are this positive rainbow. I just try to keep it real. I have three kids, I understand that everything gets messy. That’s for sure. 

[0:31:38] CS: There’s no way around that, I’m sure.

[0:31:40] JQ: Yeah.

[0:31:41] CS: Jena, I had said this to you prior to when we started recording the podcast. But something that I really admire about you is that the stage of life that you were in when you started your business. You had already had two kids, your third was on the way. Was that more of a motivator to step away from your job or did that make things scary? What was your mindset going into the transition being in that chapter of your life? 

[0:32:02] JQ: Yes. My first two were clomid babies. I was pretty sure I wasn’t able to have children, naturally. Me and my husband had closed that chapter. I bought my LLC and four days later, I found out I was pregnant. I think, like a normal person would have felt like maybe this is my sign. God saying, “Don’t do this.” But then I thought, I was like, “God’s given me nine months to get this bad boy up and running.” So, I did. I used that. I also used leaned into it that the fact that I can’t do this alone. 

One of my past mentors, who quite frankly scared the hell out of me, is at [inaudible 0:32:42] you reached out and said, “I’ve been thinking about doing exactly what you’re doing for 10 years of my life and you’re inspiring. Can I basically work for you?” I’m like, “Yeah.” She’s a – she’s so much harder than I ever – again. She teaches me so much. It was a humbling experience to see that, but I knew that I was going to force me not to be the bottleneck of the company in multiple things, because I knew, I needed to take whether it was six weeks or whatever maternity leave. 

In order to do that, I needed to build up some systems and standard operating procedures so that I wasn’t the only one that could do it. That was something that I knew from the start of it. I had an implement and had nine months to implement. I did use it as fire, to be quite honest. My hospital gave me six weeks after the birth of my second daughter. It really pissed me off. They’re going to do the same shit again. So, I used that as, even though I loved everything about my job, the people, but it was just like HR. They were adamant that even though I’d only worked 960 hours, I needed 1000 to get an additional six weeks. They were only going to give me that six weeks and family time for me and my employees is non-negotiable. It really did not sit well with me. I knew if I could build this up enough that most likely, I’d be able to leave right around then and that’s one of us. 

[0:34:21] CS: That’s amazing. I actually just had goosebumps when you were saying that one of your old mentors reached out to you saying that she’d been thinking about it for so long, because most people really will choose being in an uncomfortable place over uncertainty and taking a leap that they don’t know where they’re going to end up. I’m sure that was just an amazing sign from your end of being like, okay – I’m doing the right thing. I have people supporting me. I feel like, especially in the entrepreneur community, it’s not uncommon to have that support.

[0:34:51] JQ: Oh, yeah.

[0:34:52] CS: It’s great that you – yeah. It’s great that you were able to get that immediate gratification almost from someone that you respect. That’s an amazing way to start. 

[0:35:01] JQ: Yeah. Like I tease, but she was just one of those people that her intelligence was so intimidating. Yeah, it was humbling to say the least. And then just a couple of days ago, I was on the call with another past pharmacist I worked with. Again, because I came from just one-year residency and these girls were no BS. If you’re going to touch a patient, you better know what you’re talking about. I only had one, I was one of the few, if not the only, that only had one year. They were hard on me. It was just weird talking to her the other day and she’s like, “Are you hiring?” Who would have thought that my mentors would be asking one day if I’m hiring. 

It’s humbling, but just another reminder of just how life works out. Yeah, I mean, there wasn’t any certainty to be a 100% honest, my husband would kill me. I knew, I was going – I just wanted to do this full-time. I quit and then the next day I told my husband. It wasn’t like – because I knew I had to do this and he was always going to tell me, he’s so supportive, but he’s not a risk taker. I knew he was going to keep telling me, “Just keep doing the weekends. Just keep doing the weekends. It’s an extra $600.” But he wasn’t appreciating how much that was taking away from my business and my attention. Yeah, I don’t advise wives to do that. I was like – I’d would rather tell you that I cheated on you. He’s like, “Oh, God. This is not“ 

[0:36:37] CS: Let me set the stage here. 

[0:36:40] JQ: I did something worse, I cheated on you. I quit my job without telling you. He knows me enough that he was like, “All right, well, you’re going to figure it out. You’re going to figure it out.” Yeah, it was just like nobody – it’s just such a hard thing to actually, you’re never going to be ready to be like, all right, I’m just doing this. It’s just like, man – I was like, “I just have to do it.” I felt I was slowly dragging it out and that was actually causing me a lot of anxiety, too. I’m like, “No, no, no, you have to do. This is what your heart said on, just do that.” 

[0:37:18] CS: There certainly becomes a point when you are developing your business on the side where your job becomes more of a detriment than an asset to your new business. The fact that you were able, you were feeling that and you knew this is, I need to make the job, I need to make the cut. There’s certainly an element of sink or swim to leaving your job, but there’s also a very large element of planning and making sure that you’re ready and that you have something up and running, so that when you make that transition, it’s not as scary. 

[0:37:46] JQ: Yeah. I knew.  I’m like, all right, at the minimum, I have these facilities at least for a year and that will give you enough time to show our work, essentially. It’s what I knew. I started the clock. 

[0:37:58] CS: That’s right. All right. Jena, I’m going to wind this up with just three easy questions that I think will really resonate with the listeners and maybe give them some inspiration to starting something new or maybe pursuing a non-traditional pharmacy career path. What is the most memorable aspect of being a business owner and why? 

[0:38:19] JQ: I would say, honestly, when I was in the hospital some days, it sounds so dramatic. I just didn’t look forward to going to work, right? I think being a business owner, and I wake up every day with a fire in my belly. I have control to change patients’ lives. So, that’s really where, because I’m in the driver’s seat and quite transparently as I start looking for different investors and stuff to really build this up, it’s just a non-negotiable for me that clinical comes first and then we’ll figure out a way to get reimbursed and everything, secondarily. 

I think my being able to apply my own values instead of relying on my bosses, even though my own boss is not, she’s amazing, but instead of relying on somebody else, I think that was really what gets me fired up is I can create this, I can make it so that patients get the best care, and that really fires me up every day. 

[0:39:25] CS: It benefits you. It benefits the patients. It keeps you going. It’s just wonderful once you’ve felt that. It’s great motivation to continue what you’re doing. What is one piece of advice for anyone that’s contemplating a non-traditional career path? 

[0:39:39] JQ: I think, go for it. The worst case when you go back to your traditional job, right? That’s the question my husband – I have 12 years of pediatric experience. I can easily find another job if I need to or I ended on such great terms, like my boss said, “Come back whenever you want.” So, worst-case scenario, you go back to where you were, right? I mean, I’m going to give it a good try, I think you need to at least do it for a year to see if you’re gaining an attraction.

I do think – I’m always like the worst-case scenario, if we were drowning and I couldn’t pay my bills and give my girls what they need, I would just go back to it. I’ll go walk in the CVS and apply and get a stupid bonus. That might be miserable, but you know what I mean? But that’s the worst-case scenario is you go back to a traditional job. We’re needing it now, so leverage it. 

[0:40:35] CS: That’s right. I mean, COVID has shined a light on the profession in a way that hasn’t been shown before. It’s great that pharmacists are using that to their advantage to finally advocate for the profession. It’s a beautiful time for you to be making this transition and have a company that’s so successful in such a short amount of time. It’s wonderful. 

[0:40:52] JQ: Oh, thank you. Definitely – 

[0:40:54] CS: Then last question for you. Your favorite part about being a pharmacy entrepreneur.

[0:40:59] JQ: Advocating on the behalf of our profession. Like I said, before we started this. I lived in this really ignorant bubble of, “Oh, my God. Pharmacists are awesome.” I worked in hospital settings. I had basically collaborative practices. It felt even more than a collaborative practice, especially with the medical residents and the attendings, because you got to know them so well and they were such a trust factor. I quickly realized when I tried to make some changes, when I first started pre-collaborative practice with a lot of my kiddos, you couldn’t even change concentrations of medications. 

I’m like, if we’re not equipped to do that, who is? It’s really, again, I admire what you’re doing. Getting involved in like the legislation change. That’s my – after five years, after I build this up, that is the next step for me is getting involved, because – of course, I’m involved in associations and everything. Again, I wasn’t active in a single association before entrepreneurism. 

Now, I think I’m a serial association person. I’m in 10 pharmacist associations. Then a couple other just random entrepreneur ones. It really, again, if I’m in a position where I can advocate for the profession that I didn’t know we needed this much advocacy in the outpatient world, because just like you, I’d been in hospital the whole time. I didn’t realize that it was – I didn’t realize it was an issue. 

[0:42:33] CS: Well, that’s beautiful. I hope that in a couple years, you’re the state of New Jersey pharmacy practice and sitting at the Senate and pushing things forward. That would just be such a full circle moment and benefit everyone in the state. Yeah. That’s wonderful. Well, Jena, thank you for taking the time to be here today. This was such a powerful interview. I feel like you were so authentic, so many life lessons. You’re an inspiration to so many. I know just starting this business and making it so successful going across multiple states with multiple hires. I’m excited to see what Perfecting Peds does in the future. Thanks for being here. 

[0:43:08] JQ: Thank you for having me.

[OUTRO]

[0:43:11] ANNOUNCER: As we conclude this week’s podcast, an important reminder that the content on this show has provided you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding material should not be construed as a solicitation or offered to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archive newsletters, blog posts and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacists unless otherwise noted and constitute judgments as of the dates published. Such information may contain forward-looking statements which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. Thank you again for your support of the Your Financial Pharmacists Podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

YFP 307: Pharmacy Innovators with Dr. Izabella Wentz (The Thyroid Pharmacist)


Best-selling author and entrepreneur Dr. Izabella Wentz (the Thyroid Pharmacist) joins Dr. Corrie Sanders on this segment of The Pharmacy Innovators sponsored by First Horizon.

About Today’s Guest

Izabella Wentz, PharmD, FASCP, is an internationally acclaimed thyroid specialist and a licensed pharmacist who has dedicated her career to addressing the root causes of autoimmune thyroid disease after being diagnosed with Hashimoto’s thyroiditis in 2009. She is the author of three books on Hashimoto’s: Hashimoto’s Thyroiditis Lifestyle Interventions for Finding and Treating the Root Cause, Hashimoto’s Food Pharmacology, and Hashimoto’s Protocol, which became a #1 New York Times bestseller.

Episode Summary

On this episode of The Pharmacy Innovators segment of the YFP podcast, sponsored by First Horizon, Dr. Izabella Wentz (The Thyroid Pharmacist) joins Dr. Corrie Sanders. Izabella is a pharmacist turned business owner and best-selling author. After being diagnosed with Hashimoto’s disease, Izabella took steps to turn her own questions into an answer for others, founding two companies, and writing three books!

Key Points From the Episode

  • Izabella shares her path to working in pharmacy.
  • Life after graduation; Izabella’s first jobs, and how managing her own Hashimoto’s disease influenced her path. 
  • Izabella talks about the process and decisions she made entering into her current business.  
  • How Izabella approached writing and promoting her book. 
  • Reflections on the writing process and the lessons that Izabella has learned along the way.  
  • The practical and financial steps that Izabella took when setting up the business.  
  • Important moments of growth for Izabella’s business with regard to products and personnel.   
  • Izabella lays out her product suite, the different books she has written, and her supplement company.
  • Understanding the momentum and media coverage that Izabella has generated. 
  • Considering how Izabella’s new book can help pharmacists right now.
  • The impact that Izabella’s book has had and some of the amazing interactions she has had with readers!  
  • Izabella talks about entrepreneurship as a way to shape her own destiny. 
  • Advice from Izabella for following a passion and a unique path in the world of pharmacy. 
  • How and where to find Izabella online.

Episode Highlights

“I do this full time. I help people with Hashimoto’s take charge of their own health, and help with all kinds of health issues and manage their lifestyle to get them into remission.” — Izabella Wentz [0:09:54]

“I knew that there was a community of people like me who had been struggling with symptoms.” — Izabella Wentz [0:15:37]

“Hashimoto’s is one of the most common autoimmune conditions in the world, and one in five women might get diagnosed at some point in their lifetime.” — Izabella Wentz [0:16:09]

“I always wanted to write a book. Ever since I was little girl, I would make up books in my head.” — Izabella Wentz [0:19:58]

Links Mentioned in Today’s Episode

Episode Transcript

[INTRODUCTION]

[00:00:00] CS: Hi, guys. Corrie Sanders here, host of the Pharmacy Innovators segment of the YFP Podcast. Pharmacy Innovators is designed for pharmacists navigating the entrepreneurial journey. In this series, we will feature individual founder stories and strategies that will help guide current and aspiring pharmacy entrepreneurs.

Today, we featured Dr. Izabella Wentz, who successfully developed her national brand as the thyroid pharmacist. Dr. Wentz is author of three New York Times or Wall Street Journal best-selling books, and has been featured in places like USA Today, and Men’s Health, and on the Fox News Channel and 700 Club. Our discussion highlights the importance of intentional growth, networking outside of pharmacy, and leveraging experience to find a career that aligns with personal passions. Dr. Wentz recently released her latest book, the Adrenal Transformation Protocol that will be linked in the show notes. Without any further ado, and as our first guest on the Pharmacy Innovators segment, Dr. Izabella Wentz.

[ADVERTISEMENT]

[0:00:57] TU: Does saving 20% for a downpayment on a home feels like an uphill battle? It’s no secret that pharmacists have a lot of competing financial priorities, including high student loan debt, meaning that saving 20% for a down payment on a home may take years. We’ve been on a hunt for a solution for pharmacists that are ready to purchase a home loan with a lower down payment and are happy to have found that option with First Horizon.

First Horizon offers a professional home loan option aka doctor or pharmacist home loan that requires a 3% downpayment for a single-family home or townhome for first time homebuyers has no PMI and offers a 30-year fixed rate mortgage on home loans up to $726,200. The pharmacist home loan is available in all states except Alaska and Hawaii, and can be used to purchase condos as well. However, rates may be higher, and a condo review has to be completed. To check out the requirements for First Horizon’s pharmacist home loan and to start the pre-approval process, visit yourfinancialpharmacist.com/home-loan. Again, that’s yourfinancialpharmacist.com/home-loan.

[INTERVIEW]

[0:02:10] CS: Izabella, why don’t we start with a really easy question. Let’s just start with your journey into the profession. Where did you go to pharmacy school and how did you get led into pharmacy in the first place?

[0:02:20] IW: Well, I grew up in Poland and I grew up in a medical clinic. Our residence was actually attached to the medical clinic because my mom was a town doctor. I would go everywhere with my mom. I don’t know, I don’t think they had babysitters back in the day in Poland. I remember I would go to pharmacy runs with her. I stepped into the pharmacy, and the pharmacists were just lovely, and loved looking at all of the medicines on the shelf. My mom told me that pharmacists help people, and they give them medicine to heal them. I thought, I must have been maybe five or six years old, and I thought to myself, “I’d like to be a pharmacist one day, right?” 

As I was going through high school, as I was going through trying to figure out what I wanted to do in life, I was really interested in chemistry, and I was really interested in helping people, and I was hoping to maybe find a cure for disorder. I had this amazing teacher in high school, Mr. Airy, it was called public service curriculum class that I joined, and he would give us all kinds of exposures to – if we were interested as a junior in high school to, you know, in like social work, then he would give us an internship at like a clinic, where we’d be cleaning up the kids’ toys. But we thought it was important as high school students. We got to experience some of these amazing, credible professions. 

I told him that I was interested in pharmacy, and so he’s like, “Oh, okay. Interesting.” Then a week later, he comes back to me with this fax of some sort, and he’s like, “You have to call this pharmacist and they’re a few towns over from where you are, but they’re looking to hire pharmacy technicians. I had just turned 16, and so I went to this job interview, and I got hired as a pharmacy technician. I don’t know if this still holds true, but I was the youngest person that became a certified pharmacy technician in Illinois at age 17. And I started working in the pharmacy at Walgreens, and loved being a pharmacy technician, and really enjoyed it, and really loved learning about medications. I really loved learning about physiology, and biochemistry, and medications. I went to University of Illinois for undergrad, and majored in pre pharmacy, and then — go [inaudible0:04:36].

Then, after that, I applied to Midwestern University College of Pharmacy in Downers Grove, Illinois, and was fortunate enough to be accepted and was in a beautiful class for four years and got my PharmD in 2006.

[0:04:53] CS: Amazing. Amazing. I love that you had such a great read on the profession so early on in your life. That’s really, really an amazing opportunity that just led you to step right into the path of full force, it sounds like.

[0:05:06] IW: Absolutely, I definitely knew what I was getting myself into, and I was excited, and I really enjoyed it. I was super excited to learn more about medications, and all of the things, right?

[0:05:19] CS: That’s right. The never-ending list of things that have to do with pharmacy practice. So you graduated from the University of Illinois. Then, where did you transition from there? What was your first job in pharmacy? Did you stay in the community setting? Or did you ultimately transition out of that space pretty quickly? What that looked like for you?

[0:05:36] IW: When I graduated, my fiancée at the time, who’s now my husband was accepted into graduate school in Arizona. I ended up working for a company that was doing phone consulting. It was like a hospice, Excel RX, an East Coast-based company where I did that for some time, where I was in a clinical position working with hospice patients, and the nurses, and taking phone orders, making some adjustments, and recommendations based on that. Then I ended up wanting to stay a little bit closer to home. I ended up working at a pharmacy at Target Pharmacy in Scottsdale, Arizona.

After that, my husband ended up getting his MBA. It was a master’s program and we moved. At that point, we moved to Los Angeles, California, and I had had a little bit of trouble getting my license over in California. It’s like such a long process. Oh my goodness, right?

[0:06:37] CS: Right. Notoriously difficult.

[0:06:41] IW: So I worked as an intern at Lorena Pharmacy in East Los Angeles, which was a fabulous experience. They filled just a super, super busy neighborhood pharmacy, where people would walk in and everybody spoke Spanish, and got some really great experience with some prescriptive authority, and kind of collaborative practice agreements with physicians in the community. That was a super fun experience. 

Then after that, I, I really wanted to use my clinical skills. We ended up moving again. I wanted to focus on helping people with developmental disabilities because that had been my prior work in my rotations. A big interest of mine in high school, in pharmacy school. I ended up working at a case management company in California in the South Bay Area. I was the clinical consultant pharmacist on staff. I helped social workers to help their patients have the best potential medication outcomes. What that meant is, I was going into group homes a lot of times, and looking at people’s medications, and making sure they weren’t having any adverse drug reactions. I was oftentimes making a lot of recommendations to get people off of drugs or perhaps recommending medications that they should have been on, perhaps recommending some lifestyle changes, looking for alternatives for them. That was a nontraditional route. 

Then, I moved back to Chicago for my husband’s job. At that point, I worked for GlaxoSmithKline in pharmaceutical sales, which was a really fantastic experience as well. I got to see a little bit of how the inner workings of that went. Kind of throughout that process, I was actually diagnosed with Hashimoto’s when I was at the consulting pharmacist job. I was going into different pharmacies as part of my sales rep position, and I remember talking to these brilliant pharmacists. Some of them had their own pharmacies, and they were giving me all this information that I hadn’t really learned about at this point. And they were talking about lifestyle medicine and integrative medicine.

I would come and talk to them about asthma and our asthma drugs. They were like, “Did you know that fish oil can be really helpful for inflammatory conditions?” This was really fascinating. They would talk to me about probiotics, and they would talk to me about adrenal dysfunction and adrenal fatigue. I was like, this is really, really cool. My job was to actually call on pharmacies as a pharmaceutical sales rep, and I got to meet so many brilliant pharmacists in the Chicago land area.

Throughout that process, I really got into like the integrative lifestyle functional medicine. I used to drive a lot in pharmaceutical sales. So I started reading Dr. Mark Hyman’s audiobooks, started listening to them while I was driving. I just started utilizing a lot of these functional medicine things, started doing my own research, and I was able to get my Hashimoto’s into remission while working in pharmaceutical sales, and then later in public health. Ended up writing a book about Hashimoto’s and it’s been 10 years since it’s been released. Right now, I do this full time is I help people with Hashimoto’s take charge of their own health, and help all kinds of health issues manage their lifestyle to get them into remission. I talk about using the right medications. I also talk about all the other preventative measures and lifestyle things. The root causes. 

Kind of a long resume. We moved a lot because of my husband’s job. I felt like I always had to learn a lot of new things and I had to get really good at networking, and kind of finding the right opportunities in every city that I lived in. We lived in Los Angeles, we lived in the South Bay, we lived in Chicago, we lived in Scottsdale. We now live in Austin, Texas. We’ve lived in Colorado. It was always – you really have to as a pharmacist, if you are looking for these opportunities outside of the traditional route, you really I feel like have to get good at connecting with others, and being able to figure out what your own possibilities might be.

[0:10:55] CS: I think you summed that up so, beautifully about being able to thrive in different environments, and being able to work with different groups of people, or being able to find a situation that you can contribute to, even though it might be different than the practice setting that you were in before. I mean, just based off how many times you moved, and what your career path looks like, before you even got diagnosed with Hashimoto’s, and ultimately got put on a little bit of a different trajectory just goes to show the great utility of a pharmacist. If you’re aware of tuning into your environment and the services that you can provide, how you can be successful as you move through different avenues of pharmacy and different areas of practice. Kudos to you, that’s really, really amazing.

That alone, even if we don’t talk about the rest of your career, I feel like it’s pretty inspiring in and of itself. Let’s talk about – and you’ve done a great job of really talking about this on different platforms, different podcasts, and different interviews in all over your website. Your diagnosis with Hashimoto’s, and what that ultimately looked like and where you were in your career during that time. 

I know you mentioned you are working for GSK. At what point did you start really diving into that disease state and thinking about, “Wow, okay. This is something that I want to pick up full time and this is how I’m going to do it”? Can you talk a little bit about kind of that transition, and getting all that information, and really taking control of the market, or doing a market analysis, and in finding where you can provide value?

[0:12:25] IW: Sure. I got diagnosed living in California working in the consultant role. My job was to help people who were not able to advocate for themselves to advocate for their health. A lot of times, I was working with people with developmental disabilities, and people with really complicated health conditions, multiple medications. Some of them had mental health diagnoses as well. Some of them had rare genetic disorders. There wasn’t really a standard of care for them.

A lot of times, I was looking for answers for my clients that weren’t necessarily readily available. I would look for answers on PubMed, I would look at patient forums. I would talk to parents who had children with maybe the same condition or try to get information from the genetic conferences for all of these different conditions to try to figure out like, what can I do for this person that has this rare condition. Can we utilize a different kind of therapy maybe that’s off label use or maybe something, right? Why is this beautiful little girl with cerebral palsy, why is she hitting herself all of a sudden? She’s nonverbal, what can that mean? What could that mean? 

A lot of times, I would learn that people who weren’t able to speak up and advocate for themselves were in pain, and that caused them to be aggressive against themselves, aggressive against others. Just throughout that position, I really had to study and learn a lot, and learn how to be a researcher to help advocate for my patients, and clients. Then when I got diagnosed myself, I was like, by that time I had learned, I had seen that not all doctors are created equally, right? Sometimes the answers are there if you dig deeper enough. One client that we had worked with had all these psychiatric issues that somehow vanished when she went on a gluten free diet. She had celiac disease, right? I was just like, “That’s really interesting.” Of course, there’s a lot of research to support that people with celiac disease, can have other manifestations outside of their gut health. These things can be helped by going gluten free. 

Then, I just got in this rabbit hole searching for answers for Hashimoto’s. First, I was kind of like paralysis by analysis. I was like, “What can I do better?” I ended up finally being able to kind of take charge when I was working at the GlaxoSmithKline, is when I had – just changed my diet around, and started adding some more things into my routine, learning so much from people that I was meeting along my journey. Then, I kind of ended up working in public health where we were looking at like a root cause analysis to healthcare quality improvement. I was like, “Ah, the root cause. What is the root cause?” I kind of took that approach that we utilized with people for health care, like adverse drug events, and things of that nature. I was like, “How can I do that in my own health?” 

I ended up dialing in and figuring out how to get myself really, really well. I didn’t necessarily like do a market analysis, right? So I didn’t do a business plan for Hashimoto’s. But I knew that there was a community of people like me who had been struggling with symptoms. They were Facebook groups that I was a part of, that people had Hashimoto; and they were searching for answers, just like I was. I thought to myself, once I kind of recovered my health, I need to write this down, and I need to get this out into the world so I could help more people.

That’s how I ended up getting started is, really just – I had a huge passion to get the message out to help people, knowing that Hashimoto’s is one of the most common autoimmune conditions in the world, and one in five women might get diagnosed at some point in their lifetime. This is very relevant. Synthroid has been the top prescribed drug like every other year, unless you count opioids. I mean, I wasn’t necessarily worried about people not having it. I know, somebody in my family said, it’s like, “Well, what if you reached everybody in Hashimoto’s?” I’m like, “Well, there’s a lot of people. I’m pretty sure they need my help, right?” “What if you reach every single person with Hashimoto’s?” “Well, that would be amazing if I did, but there’s so many of them.

I’m sure there’s at least a few of them that could benefit from the information. Honestly, it was just passion, and trying to get the message out there that got me started and got me excited about it. But I didn’t quit my job, right? So I wasn’t like, “Okay, I’m going to quit my job, write a book, and just be a full time Hashimoto’s expert.” I use the time after work to work on the book, once I [inaudible 0:17:09]. Then, I had flex time at work. I would do, you know, like a day off every two weeks if I worked an hour extra, right? I utilize that time very wisely to really work on my book. Then, once my book became more popular, and I used a lot of social media to get the word out about it, then I was like, “Okay. How do I replace my salary as a pharmacist?” Then, it was about 33 books a day. I had to sell that many books to replace my salary.

I got to that point, and when I was comfortable that the books were selling, I was able to replace my salary. That’s when I transitioned over to working full time as the thyroid pharmacist, which also coincided with my husband having a new opportunity in Amsterdam, Netherlands. I was not licensed in the Netherlands, nor did I want to become licensed. I was like, “Okay. It’s either this or nothing, right?

[0:18:09] CS: Here we go. Yes. It’s one thing to get licensed in another state, but it’s a whole another thing to try to look at licensure in another country, I’m sure.

[0:18:17] IW: Yes, in a foreign language and I was like – I just – I really need to focus on, this is my passion. I really, really want to help people, I feel like people could really benefit from kind of the dots that I’ve connected along my own journey. So 2014 is when we moved to the Netherlands, and I was doing this full time from that point forward.

[0:18:37] CS: Wow. That is amazing. I just want to highlight. I feel like you’ve said so many important things, just in that journey alone. One about learning that not all doctors are created equal. But you know, not all pharmacy school curriculums are created either and not every curriculum can fit in all the nuances, and intricacies, and off label uses of every single disease. From your own personal experience, really dove into finding that niche, and not even having to do market analysis, because you knew that niche already existed, you understood the need, and you really skipped – I mean, what would be a large amount of business plan steps or steps to create a business just based off your experience alone, which is – I mean, that’s so amazing that you knew that the work you were doing was going to be impactful just right off the bat because you were you were already in that space. Let’s talk a little bit too about when you’re writing your book, and I know you said you were, you were doing it after work and outside of your nine to five.

But what were some of the biggest lessons from that journey, and have you always had a passion for writing. How did you decide that, you know, a book is the best way I’m going to go about. Really creating this resource for my patients, and for people with Hashimoto’s. Why a book, why not a Facebook community, or a different means to engage with an audience? How did that come about?

[0:19:58] IW: I always wanted to write book. Ever since I was little girl, I would like make up books in my head. Fun fact is, my mom is an identical twin, and her daughter, Olivia, who looks like me lives in Poland, and she’s a novelist. She’s published four novels.

[0:20:15] CS: So it’s in your blood?

[0:20:17] IW: You know, they’re like fantasy fiction. The target audience is 17-year-old girls, and we used to be pen pals, right? I’ve always had a passion for writing. I used to write terrible poetry in my teens, and even enjoyed writing projects in undergrad, and in pharmacy school, right? That was always interesting and fun to me. I decided to write a book, because I also had another cousin in Poland that was diagnosed with a condition. I was like, “Okay. If I can write a book, and my mom can translate it, then at least, somebody will have a guide.” Then my husband who started running ultra-marathons, he had written a book about ultra-marathons, and he wrote this book and self-published it. He kind of paved the trail for me, right? Because he figured out how to do the self-publishing, and all of that.

Then I took a course called – what is it called? The Author Within. When I was living in Scottsdale, there’s this lovely gentleman from Sedona, who has crystals, and talks about how you can bird your book. He had a talk at a community college that I went to on my day off of pharmacy school. His method is basically, you just sit down, and you just keep writing, and you can take a little bit of time every day. So you spend an hour a day. If you have writer’s block, then you do editing. If you don’t try editing, then you do researching. But just like, spend an hour a day on this and just work on it.

I started it may be like in 2011. Then, the research, I got diagnosed in 2009. Research took a lot of time, but the book was published in 2013, in May. I was a very cathartic process. It’s like, by the time you’re almost done with your book, you can’t stamp it. It [inaudible 0:22:05] with every four of my books. It’s kind of like – I feel like tort. You know you’re almost done with it, where you just want to be done with and kind of feels like pregnancy when you’re like nine months pregnant, and you’re just like, I just don’t want that baby out, right?

[0:22:21] CS: Yes. Or like musicians, you hear about by the time the final edit is done, and they have to go to a concert, they hate their own music, because they’ve been working on it for so long. I’m sure it’s very, very similar. Izabella, you kind of answered my question. I was going to say, who were mentors in the writing space? How did you kind of navigate your way down that path? It sounds like, you know, it’s in your blood. You had an aunt who was going to help you, and then your husband, of course, had already written a book. But what about business – oh, he hadn’t written a book.

[0:22:50] IW: He had written a book, but my cousin, she actually wrote a book. She wrote books after I wrote my books. I feel like it’s amazing when somebody in your network does something. Because then, it makes it possible for everybody around you, right? I remember telling my friends in the pharmacy space that I was going to write a book about – that I was going to heal my Hashimoto’s, and I was going to write a book about how to heal Hashimoto’s to help other people with Hashimoto’s heal their Hashimoto’s. And I was going to do that full time and not work, and that was going to be my full-time job. They’re like, “Yes, great.”

[0:23:27] CS: Did you have any mentors in business? That’s a whole another thing, right? You’ve got the mentors in the publishing and the writing space. But where did you turn to for guidance, just with business in general, and running your business, what payroll looks like, and how you’re paying yourself, and getting an LLC started, all those business-oriented details. Did you turn to anybody or any resource for guidance in that respect? Or did you just kind of trial by fire, push forward, and see what happens?

[0:23:56] IW: I set up an LLC, like in our local towns. I just went in and I was like, “Okay. I need to have an LLC. My dad has his own business, so I got to ask him a lot of questions. I know in pharmacy school, we had a management class, so that was also very helpful. My husband has a degree in finance, and so that was super helpful, basic budgeting things. A lot of people within the business space, I know a lot of entrepreneurs, like they don’t count their money. I think in pharmacists, like counting is in our blood, right? 

It’s like you set up a spreadsheet and you say like, these are your expenses when you have a business and you count everything. We have a line item for like your pharmacy license renewal, you have a subscription for your website, how much does this professional education course you take? You go through, and you make a list of every single thing that you’re spending money on, and then you also have a list of all of your, you know, where’s the money coming from? Is it coming from consulting? Is it coming from books? Is it coming from so on and so forth?

You want to make sure those numbers are balanced every month. Because if not, if you’re spending more money than you’re making, then you have an expensive hobby, not a business, right? You have to manage that. I’m very fortunate enough. My husband has that degree in finance, and he was working for Morningstar at the time. He was busy with work, and he was so helpful to advise me, but I did go through a lot of working with accountants, and setting things up, and the bookkeepers, and so on and so forth. Then, as far as like setting that up, that’s kind of one part of it, right? As far as the marketing and the business end, I do have an amazing mentor for that.

[0:25:41] CS: Yes, that’s amazing. I so respect your story because it sounds like you were really building this business. Then it just happened where you and your husband needed to move, and it was the right time to jump, and all the stars aligned. And you were like, “Okay, here we go.” There’s a component of do or die at that point in your life, but you had spent so much time really building out your niche, and your product, and it just ended up ultimately working for you to be like, “Okay. I’m going to pull the trigger, and here we go, full steam ahead. We’re moving to Amsterdam.” 

But yes, all those other components can really bog someone down. I think having an idea, and having either that product, or that service in line is one great thing. But it’s so easy to get caught in the details, or analysis paralysis of really getting that business up and running. Thank you for sharing your resources, and just the importance of having people you can tap on within your own network, and the importance of mentors to help kind of fuzz through all the mess that can get caught in your head during a transition like that.

How has your business scaled over time. Let’s first talk about your books, and then I’ll let you elaborate because I know you’ve got a line of products that are actually in the shelf behind you right now, for those of you that are watching. Her books and her supplements are behind us. Let’s talk about how your business evolved in the products, and then also how it evolved with your team, and what that looks like, and what that timeline looked and felt like for you.

[0:27:03] IW: Sure. In 2013, I was working full time. Then, I launched my book in May of 2013. Then right around October is when I left my job, and started working on my business full time. Part of that was focusing on consulting. I would see clients with Hashimoto’s and help guide them on their own health journey. That is part of that. Then, also the book sales, right? Then, in 2014, I transitioned more to work focusing on the business full time. At that point, I had the book sales, and then I had consultations. I also set up an online dispensary where people could buy supplements for me that I was recommending, rather than having them go on like Amazon or try to – initially, I was like mailing them all out from home to people. That was like, “Okay. That’s just not happening, right?”

I set up an online dispensary that allowed people to buy really high-quality supplements from the online dispensary. Then, I collaborated with two amazing people, Andrea Nakayama and Dr. Alan Christianson. We created an educational summit for people with Hashimoto’s called The Hashimoto’s Institute, where we interviewed a whole bunch of experts. So, that was one other part of the business that I focused on in 2014. At that point, I was a solopreneur with my husband coming to help me after work, because that was a lot of work. I was working really, really long days, and having a lot of success, but a lot of things to manage. I was like, “Ugh.” I was writing my website articles, I was consulting, I was building out this platform, I was answering people’s questions through email, I was answering people on Facebook. It was a lot.

We were fortunate enough that our income was able to replace my husband’s salary at that point. So then in 2015, my husband and I moved to Boulder, Colorado, and he came to work for our business full-time. He was like our first employee and that was really fabulous. It was super fun that we both got to work from home and we got to go hiking with our dog. Then we brought on an online business manager to help us manage a lot of the moving pieces of having an online business. With that, she was able to hire a copywriter to take some of the load off of me to write things, and she was able to hire a designer, so these are all contractors. I made like the worst like art. Not my thing. I’m good at a lot of things. Drawing, and art, and web design, not my thing. 

[0:29:49] CS: It’s a different beast. It’s okay.

[0:29:52] IW: We hired somebody to make things look a little bit more pretty at that point. But prior to that, I had screenshots of things, and my drawings and word for our images. We brought on a wonderful team and then some customer service, because I was just getting so many emails with questions, that there was just – I couldn’t keep up, I could answer emails all day long and do nothing else, and I couldn’t get through them all. We ended up creating like a question database, because I realized that a lot of the questions were the same, right? We took some of our top questions, and then created answers, and then we hired people to go and provide those answers. 

Then, for whatever people were asking about, I would start writing articles about that. I hadn’t talked about what happens when you lose hair with Hashimoto’s. I ended up writing an article about that, so that my customer service team would have a resource to send to people asking questions. I think the business was just really built on helping people. People are like, what’s the secret? How did you grow so fast? How did you get to have over 400,000 followers on Facebook? How did you grow so quickly? You came out of nowhere. I was like, “I really just focused on every single person that reached out to me. I would try to help them and give them a little bit of an answer. I can’t provide medical advice over email, but you’re asking me these questions. I’ve written an article that will hopefully help you advocate for yourself, that will give you some tools, or here’s a copy of my book, it has pretty much all the information you need if you have Hashimoto’s.”

That was kind of the process in focusing on that. In 2017, we kind of had a big year, where we created a documentary series that reached over 500,000 people, called The Thyroid Secret. We brought in a lot of awareness about thyroid conditions that way, and then we also released my second book, The Hashimoto’s Protocol, and then a supplement line called Rootcology. In addition to that, I have a cookbook, and then I just am releasing my fourth book called The Adrenal Transformation Protocol in April. Then I have supplements, I have books, and then also online programs where I teach people how to take charge of their own health.

The program that I was trained in when I was working in public health was diabetes self-management program. My job was to go into various clinics, and teach practitioners, teach dietitians, or nurses, or pharmacists to run and try to set up these self-management programs, where it would be essentially like an educational group for patients. These empowered patients usually had better outcomes with diabetes, so I’m like, “I want to do the same thing for Hashimoto’s.” So I have Hashimoto’s self-management program that I created where people can take this online, and it’s 12 modules.

They can go through, learn about what lab tests do they need from a functional medicine perspective, how to make sure your thyroid hormones are optimal, how to reduce your thyroid antibodies, what are some potential triggers. It goes over like pretty much everything you need to know to take charge of your own health with Hashimoto’s. The online program is part of our product suite, as well as supplements.

[0:33:15] CS: Which is amazing. I want to highlight two things you said there, and one is about not really having to recreate the wheel, right? You looked at this diabetes model, and you were like, “Wow, this is something that I can apply to my specialty area, and be able to use that kind of structure and really take it, and run with it in a really meaningful way.” Even though it wasn’t necessarily market analysis specifically for Hashimoto’s, it’s great that you were able to take those lessons, and then apply them to your own business to help kind of streamline and guide where you were going. I think that’s really meaningful and that’s a great takeaway.

Then something else you said is, really staying true to your model of helping people. I think that probably opened a lot of doors for you, and dictated where your business was going, because you were like, “I have to answer all these emails. All these people need my help.” Then, having that constant revolving door of feedback of okay, this is what people need, here’s the articles that they’re looking for. These are the questions that they don’t have answered. I think that’s a really great meaningful way to connect with your audience, and then ultimately be able to provide them with something substantial that they can walk away with, after having an interaction with you. That’s so great.

The next question I want to ask is, you’ve gotten so much attention, and you alluded to this, in 2017, having a really big year, but you’ve been very modest throughout this entire conversation with some of the traction that you’ve had. I mean, you’ve been interviewed on the Wall Street Journal, and New York Times, The 700 Club. How did you ultimately tap in to really those big national conglomerations and really tap into this big national momentum? Where did that start, and then how did that evolve over the last few years?

[0:34:50] IW: I would say I’m a super friendly person, and I love meeting new people. So I would go to different conferences, where I would go to the IFM or A4M, and just try to meet different people. Eventually, one of the people that I met, Dr. Alan Christianson introduced me to a mastermind group that was hosted by, and it still is by JJ Virgin called the Mindshare Collaborative. I ended up meeting a lot of amazing, like- minded individuals there. It was a great kind of networking opportunity where I got to meet my agent, Celeste Fine. She’s my book agent. 

Then, my first book was self-published, but I was able to get a few book deals. HarperOne was a wonderful partner to work with. Then, of course, the publishers have amazing connections. So then, they were able to get me some media exposure. I think it’s just taking advantage of every opportunity too. Whenever I meet people, I’m always offering to help people. I will tell you that like nine out of 10 times, people don’t follow up. When people are always wanting to help others, and especially people that are maybe, you know, they see somebody that is just getting started. They have experience in that, and they’re happy to share, because sometimes it’s like, you go through the process of discovery, and you’re just like, “Oh, wow. I figured this out, and I’m just happy to share with another person how to do, maybe make it a little less, less of a steep of a learning curve.

Whenever people would offer to help me with something, I would always follow up. I would say like, “Hey, we met here, and you said something about this. You gave me your business card.” Hello, it’s me. Let’s follow up. I think a lot of people don’t do that. But at least in my experience, and I think those are some of the things my business coaches have said, as well, as like, most people don’t follow up on the opportunities that are presented to them.

[0:36:44] CS: Mm-hmm. That’s amazing. Amazing. It goes both ways, right? Especially in such a virtual world, I feel like everything can be connected through LinkedIn, or Facebook. But if you’re reaching out one on one in email, with a specific instance in mind, I feel like that connection just holds so much more weight and carries you even further to be able to advocate for your business. That’s really meaningful. Thank you. Thanks for sharing.

The last thing I want to talk about is the book that you have coming up, so you’re talking primarily to an audience of pharmacists, instead of maybe patients or physicians. Hopefully, this is a group that you really connect with? What do you want to talk about with this book? How can this book help pharmacists and patients? And how can pharmacists use this just in their career? Or how can they share this information with those that they help?

[0:37:31] IW: Sure. My new book, adrenal transformation protocol is focused on the stress response, and burnout, and how to get somebody out of that burnout state. When I was going through pharmacy school, I kind of started learning about all these health conditions, and there was always a lifestyle component. I thought to myself, wouldn’t it be great if I was able to reach a person, and really coach them through having a healthy lifestyle, so I could prevent them having illness, and having to prevent taking medications, right? Or really feeling their best, and thriving with medications. 

The book is really focused on a syndrome or condition. It’s not a disease. It’s kind of like what happens when our body gets stuck in survival mode, and people will have really nonspecific symptoms. They’ll be anxious, they’ll be fatigued, they might have brain fog. They’ll feel wired or tired, so they might be – people that are having a hard time falling asleep at night, or they have on a refreshed sleep. These are your people taking Ambien. These are your people taking thyroid meds. These are your people taking antidepressants, anti-anxiety medications, where they don’t have a disease, they don’t have a disorder, they just feel off. Part of that is like, their lifestyle. Their lifestyle is stressful. My protocol focuses on getting them out of that stress response. We utilize this five sending targeted safety signals.

We do things like making sure that they’re connected with a circadian rhythm. Sometimes, taking an Epsom salt bath, and sleeping in a dark room can work better for people, and like they may not need to take Ambien, right? Or people with anxiety issues, sometimes eating more protein and fat throughout their day, that can be really stabilizing for their anxiety. A lot of times people will have these cortisol swings that can make them very, very anxious. That’s kind of the big focus of getting people out of that survival state. If you’re working 12-hour shifts, you’re not sleeping well at night, you’re eating like fast food on the go, and you’re kind of in that work state. There’s a chance that you’re in that survival mode too. And getting something like this worked into your routine, and trying it for your own self is where I would recommend. Then if it works well for you, then consider recommending it your patients. 

[0:39:54] CS: I was going to say, you’re probably actually speaking to a lot of pharmacists right now after COVID, or healthcare professionals in general that are living in this constant state of burnout that we hear about. So, you know, I originally asked the question for the patients, but pharmacists too at any other health care professional. This is going to be something that’s so meaningful to them, that they can hopefully take away a lesson or two. 

But I will kind of wrap things up now. I’ve just got a couple of quick questions just to ask about entrepreneurship in general, and some fun ways for you to reflect on your career journey so far. What has been the most memorable part or thing that has happened to you as a business owner and why?

[0:40:31] IW: I would say the most amazing things has been, when I meet people that have read my books. It’s usually at target when I have no makeup, and –

[0:40:41] CS: Of course.

[0:40:44] IW: And my son’s screaming for more toys. They will say, “Your book really changed my life. I used to be exhausted and overwhelmed. I had a lot of health issues, and your book changed my life.” That to me is so meaningful, to be able to help somebody from a distance, and meet beautiful people that have been helped by my work. That’s the most meaningful for me.

[0:41:12] CS: Yes. That, I mean, just speaks to who you are as a person too, right? It’s not some accolade. It’s not some interview. It’s not a big publication. It’s like at the root core of your business and what you’re looking for, it’s helping people. That’s so beautiful that you share that. That’s what really inspires you to keep going too. What is your favorite part about being an entrepreneur in general?

[0:41:31] IW: I think it’s kind of creating my own destiny and having the opportunity to be creative, and utilizing my talents to help others. Where I feel like I really love researching, and I love connecting the dots. That wasn’t always appreciated and more like, you know, you work at a corporate chain, and I’m like, “I think it would be really great if we restructured the business, and we offer this kind of service, and we did that.” They’re like, “Yes. I don’t think corporate is going to go for that, right?” That’s the thing. So just having that opportunity to be like, you know what, I really think my community needs to have access to something like this and being able to create it. Like being really customer-focused versus being like, I’m so focused on the corporate –

[0:42:19] CS: A metric whatever it is that the business needs. Yes. Yes. Definitely having that control is – you can change that at the drop of a hat when you’re in charge of your own company. It’s nice to be able to have that kind of power so quickly. 

Then the last question I’ve got, one piece of advice for anyone that’s contemplating a non-traditional pharmacy path.

[0:42:38] IW: Huh. I think it’s a great idea to find something that you’re very passionate about, and something that you really, really enjoy. Going in that direction, so perhaps, if you’re like writing, there’s like medical writing opportunities, very traditional ones. But then also like bloggers, so you can become a professional blogger. Some of them make more money than pharmacists, or you can be hired as a writer for professional blog. I know there are blogs that have pharmacist on staff that do their writing for them. Following your passions, and following what kind of sparks for you, I feel like that would be a great direction to go. Because, I mean, if you want it to create your own business, and if you want it to go that direction – people say like, with the pharmacy, you can kind of clock in and clock out. It’s not like that. When you have your own business, you really have to care for it in every aspect of it.

It better be something that you really, truly believe in, and that you’re passionate about. Otherwise, it’s like, if you just kind of focus on like, “Oh, I’m going to do this thing, and it’s going to make me lots of money.” Then you’re like, “Wow, I thought carpet cleaning was going to be the thing. but it turns out that carpet cleaning is just not my thing, or whatever it is.” I feel like pharmacists were very analytical. I think that’s such a huge plus. At the same time, we want to focus on connecting with that other part of our brains too, that helps us realize like, what are we passionate about? Where can we make a difference? And kind of doing the things that maybe other people aren’t willing to do and creating opportunities. 

I think one piece of advice I would give is, when I was first approaching agents with my book, a lot of them were like, “Oh, you’re a pharmacist, you’re not a doctor.” I don’t know if we could publish this. And I was like, “Okay, I’m going to self-publish it.” It’s sold over 100,000 copies. It was the first self-published book to make the New York Times, something to that. I was just like, I just need to get this message out, and I need to get people – I already knew the target audience because it was me. So other people might want to do a better analysis than I did. But definitely, if you’re a part of your target audience, that makes things a lot easier. And if you’re passionate about functional medicine, if you have your own transformational story of how it changed your life, or something that changed your life, that you’re willing to get behind, I think that could be a great opportunity, right?

[0:45:13] CS: Yes. That ultimately is what’s going to carry you throughout the tough times in your business. Because, like you said, it’s not a traditional clocking-in and out anymore. You’re in control of your own destiny, which is so great, but you’re also in control of your own destiny when things are bad. So being able to really go back to the core of why you started what you did will have a really meaningful return in the long run. I’m so happy that you took the time to be with us today. You are so well-rounded, and so well-spoken, and have such an amazing amount of experience to speak from. Where can the audience find you if they want to get in touch with you? What’s the best way to do so?

[0:45:47] IW: Sure. My website is thyroidpharmacist.com. My Instagram is @izabellawentzpharmd. Then, my books are available on Amazon, and Barnes & Noble, wherever fine books are sold.

[0:46:00] CS: Amazing. You can be a household face to anyone who’s in the audience today. You could have Dr. Izabella Wentz’s book in your home at any point in time. So we’re excited for your next book to come out. I just want to say thank you again, for taking the time to speak with us. I think this is really going to resonate with a lot of listeners, not only about the unique opportunities, and niches that are available for you to step into as a pharmacist. But you are just a perfect example of how far you can take your success, and how you can span into different areas of business, and still remain successful, and mentally sane, and still be a normal, great human being. 

That’s really just excelling, I feel like in every aspect of your career. So thank you again for taking the time to be here. We will leave a lot of those connections to Dr. Wentz’s website and her products in the show notes.

[END OF INTERVIEW]

[0:46:48] TU: Before we wrap up today’s show, I want to again thank this week’s sponsor of the Your Financial Pharmacist podcast, First Horizon. We’re glad to have found a solution for pharmacists that are unable to save 20% for a down payment on a home. A lot of pharmacists in the YFP community have taken advantage of First Horizon’s pharmacist home loan, which requires a 3% downpayment for a single-family home or townhome for first-time homebuyers and has no PMI on a 30-year fixed-rate mortgage.

To learn more about the requirements for First Horizon’s pharmacist home loan, and to get started with the pre-approval process, you can visit yourfinancialpharmacists.com/home-loan. Again, that’s yourfinancialpharmacists.com/-loan. As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide, and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archive, newsletters, blog post, and podcast is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of your financial pharmacist unless otherwise noted and constitute judgments as of the dates publish. Such information may contain forward-looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements.

For more information, please visit yourfinancialpharmacist.com/disclaimer. Thank you again for your support of the Your Financial Pharmacist podcast. Have a great rest of your week.

[END]

Current Student Loan Refinance Offers

Advertising Disclosure

Note: Referral fees from affiliate links in this table are sent to the non-profit YFP Gives. 

Read the full advertising disclosure here.

Bonus

Starting Rates

About

YFP Gives accepts advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

$800*

Loans*

≥150K = $800

100-149K = $450

<100K = $350

Variable: 5.28%+ APR (with autopay)*

Fixed: 5.28%+ APR (with autopay)*

*All bonus payments are by gift card. See terms

The "Kayak" of student loan refinancing, Credible displays personalized prequalified rates from multiple lenders

$750*

Loans

≥150K = $750* 

≥50K-150k = $300


Fixed: 5.49%+ APR (with autopay)

A marketplace that compares multiple lenders that are credit unions and local banks

$500*

Loans

≥50K = $500

Variable: 4.99%+ (with autopay)*

Fixed: 4.96%+ (with autopay)**

 Read rates and terms at SplashFinancial.com

Splash is a marketplace with loans available from an exclusive network of credit unions and banks as well as U-Fi, Laurenl Road, and PenFed

Recent Posts

[pt_view id=”f651872qnv”]

How I Make 6-Figures a Year as a PharmD Freelance Medical Writer

By Austin Ulrich, PharmD, BCACP

Austin Ulrich is a blogger, entrepreneur, and freelance medical writer. He spent 8 years in the pharmacy profession prior to going full-time with his freelance medical writing business. On his blog austinulrich.com, he writes about creating freedom and time by earning and keeping more income. He enjoys running, music, and traveling with his wife and 4 kids.

If you had told me 5 years ago that I’d be running my own business as a full-time freelance medical writer, I never would have believed you. I was busy finishing up pharmacy school and focusing on what would come next: 2 years of residency and a lifelong career as an ambulatory care pharmacist. 

Maybe you can relate – pharmacists often change career paths, and these days, many pharmacists are looking for nontraditional jobs. Even though I was looking at many possible career directions when I was a pharmacy student, I never came across medical writing. It wasn’t until halfway through my first year of residency that I discovered that medical writing existed and learned what it was.

In any case, through a series of life events and experiences, I started my freelance medical writing business, Ulrich Medical Writing, LLC on the side in 2019 and grew it to a full-time gig, allowing me to quit my ambulatory care pharmacist job in May 2022. And last year (2022), my total income nearly doubled what I would have made working only as a full-time pharmacist.

I strongly believe that freelance medical writing is one of the best ways for pharmacists to make extra money (either on the side or full-time) quickly. And it can be a very lucrative field if you’re a quick learner and efficient and if you produce good quality work.

My Path to Freelance Medical Writing

The turning point in my career happened during my first-year hospital pharmacy residency – I wasn’t accepted into an ambulatory care second-year residency program I had planned my whole career around. I had spent months focusing all my efforts on getting into that program, and it didn’t work out. After that disappointment, I resolved that I was going to future-proof my income so I wouldn’t have to rely on decisions by a single employer or manager to advance my career.

In my search for earning extra income, I tried lots of things – online transcription services, online tutoring, even teaching piano lessons. It was part of the learning process, but none of those pursuits were viable enough to make a decent amount of money on the side. 

After a few months of searching, I discovered medical writing as a path for pharmacists that would use lots of the skills I already had (scientific research, writing documents, creating slide decks). In fact, I had just finished up a few residency projects that were quite similar to medical writing projects. I had the thought, “I’m doing this basically for free … but people are getting paid good money to do this!” At the time, the average hourly rate for freelance medical writers according to the American Medical Writers Association (AMWA) was over $100 per hour.

I launched my freelance medical writing business the same day I started my second year of pharmacy residency (still ambulatory care – but a different program). I had joined AMWA and learned more about the medical writing field, and I had created a basic website for showcasing my work.

I worked on marketing my services and getting some clients, and within a year I had 2 consistent clients and had generated about $20,000 from medical writing. It wasn’t enough to change my career path, but it was definitely “proof of concept”.

I started working full-time as an ambulatory care pharmacist in 2020, and continued medical writing on the side. Over the next 2 years, I got more clients and more freelance work. I focused on delivering high-quality content and being highly reliable. Doing great work was key to keep work coming in from past clients and build strong partnerships. Having steady clients is important for consistency in freelancing, and building up my client base with companies who offer regular, good-paying projects has been the most important factor in growing my business.

Some weeks I’d have to put in 60+ hours between my job and my side gig to get everything done. Eventually it came to the point where I had to choose between the full-time ambulatory care pharmacist job and the freelance medical writing side gig. It wasn’t a choice I treated lightly, but it was an easy choice. On writing projects, I was often making double my pharmacist hourly rate, and I loved the idea of having complete control over my hours and schedule. And the work had been consistent. But it would be a departure from my “planned career path” of working as a pharmacist. I chose freelance medical writing.

I eased into it – first, I went part time at my ambulatory care job. Then, after about 6 months of that, I was getting so much freelance medical writing business, and there was such a solid history of consistent income, that I was able to quit my job completely and focus full time on medical writing.

Today, I freelance “full-time” (25-30 hours a week on average), spend lots of time with my wife and 4 kids, work on other side projects, and make a good income. Although I still do lots of work each week, my schedule is completely flexible, and I have more freedom than ever before.

Click here to subscribe

What is Medical Writing?

Medical writing is the process of developing medical or scientific materials to communicate information to the general public, patients, researchers, and healthcare professionals. It’s a fairly broad field, and medical writers can work in a variety of different areas such as continuing education, publications, regulatory writing, and digital health.

Anytime you read medical information online, or attend a course to get your required education, there’s a good chance at least some of the content was created by a medical writer. 

Medical writing also includes creating materials like scientific and medical journal articles that are published in peer-reviewed journals, blog posts or online content for health-focused websites, grants and proposals for education companies, and regulatory documents for pharmaceutical companies.

What is a Freelance Medical Writer?

A freelance medical writer is someone who offers medical writing services to companies on a contract basis, not as an employee. Many companies, such as medical communications agencies, continuing education companies, healthcare organizations, and pharmaceutical companies have on-staff writers that take care of most of their content.

But when someone has a project that exceeds the bandwidth of their staff writers, that’s where freelancers come in. Many companies also work with freelance medical writers regularly because it works well with their content process.

Conclusion

Ultimately, medical writing is a great profession for pharmacists, and it’s only going to grow in the coming years. People I talk to tend to be pretty interested after they hear that I work from home with a completely flexible schedule and good income. But, writing isn’t for everyone. In fact, many pharmacists I talk to say, “That sounds horrible!” or “I couldn’t do that” when they find out I spend most of the day sitting at a computer writing.

Pharmacy is a great background to have for getting into medical writing. Many pharmacists have medical writing skills from pharmacy school and/or residency (and that work was for free as a student or resident!). There’s lots of medical writing work out there, and pharmacists are well-suited to be successful as medical writers. So if you know your stuff when it comes to grammar, sentence structure, and writing about science and medicine, I’d encourage you to check out medical writing! 

Interested in hearing how other pharmacists started medical writing businesses? Check out these YFP Podcast episodes: 

YFP 126: Going Beyond Six Figures Through Medical Writing with Brittany Hoffman-Eubanks, PharmD

YFP 256: Building a Medical Writing Business with Megan Freeland, PharmD