YFP 217: How Kelley Used Her Clinical Expertise to Build a Business


How Kelley Used Her Clinical Expertise to Build a Business

On this episode, sponsored by GoodRx, Kelley Carlstrom shares how she has leveraged her clinical expertise to make oncology specialty training more accessible.

About Today’s Guest

Kelley D. Carlstrom 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 a large academic medical center where she specialized in blood and marrow transplantation, at a small community hospital, as a consultant for a large electronic medical record implementation, and most recently at a healthcare technology startup company committed to building software products for oncology clinicians. Kelley is passionate about oncology and sees a growing need for more pharmacists to be trained in this specialty. She has launched KelleyCPharmD, LLC which offers unique oncology training opportunities because she believes every pharmacist deserves access to specialty training that can transform their career.

Summary

Kelley Carlstrom, a board-certified oncology pharmacist, joins Tim Ulbrich on this episode to discuss her side hustle, which arguably is more of a full-time business. She talks about her career journey as a clinical oncology specialist, what motivated her to develop oncology training opportunities through KelleyCPharmD, and how her business has accelerated her financial plan.

Through her career experiences, Kelley learned there are gaps in oncology specialty training availability and a lack of support for pharmacists managing complex cancer treatments without additional resources. This shortage of resources and training, partnered with a need for oncology-trained pharmacists across the country, created an opportunity to build technology and education to fill that gap. Kelley saw this problem and began working on a solution, and KelleyCPharmD was born.

Without a background in business or being a prior business owner, Kelley had to learn how to take on various tasks outside of her comfort zone, including building her website. Initially, she explains, she wanted to make low-risk financial decisions about the business while testing its necessity and benefit to the pharmacy community. For Kelley, this hustle is not just a temporary solution. She is in it for the long haul. Kelley has built a business that she enjoys, sharing that experience with other pharmacists who she employs. She sees KelleyCPharmD and the flexibility that it will bring to her life as an integral part of her long-term financial plan.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Kelley, thank you for coming on the show.

Kelley Carlstrom: Thanks so much for having me.

Tim Ulbrich: Really excited to dig into your pharmacy journey as well as your business, Kelley C, PharmD, LLC and your upcoming launch of a really incredible course. And I was sharing with you before we hit record, our paths crossed several years ago when you were up at Northeast Ohio and I was up at Northeast Ohio. And as we will share throughout this episode, your career has really taken some interesting turns and I love the mission and the work that you’re doing as a trained oncology pharmacist to really help impact and provide those services to other pharmacists and ultimately to have a positive impact on patient care. So excited for this interview and getting it out to our community. I think they’re going to find it really inspirational. So we have, as those that are listening know, we have featured several pharmacy entrepreneurs on this show as they have shared their business stories, their side hustle stories, and to be clear, the work that we’re going to talk about today that Kelley is doing at Kelley C, PharmD, is more than what I think of when I hear “side hustle.” This really feels more like a main hustle. But our goal nonetheless is the same, and that is to share inspiring stories of pharmacists such as Kelley that have really taken their clinical experience and training and because of their passion, developed an incredible business and offering that is helping other pharmacists while helping also accelerate their personal financial goals. So Kelley, start us off by telling us about how you got into pharmacy, where you went to school, and your training and some of the first work that you did after school and in residency.

Kelley Carlstrom: Sure. So I went to pharmacy school, I worked as a technician, actually, for a long time before pharmacy school. So I’ve been in pharmacy for awhile. But I graduated pharmacy school in 2010 from the University of Colorado. And I moved to Boston for postgraduate residency training. So I did my first year at Beth Israel Deaconess and my second year literally a stone’s throw across the street at Dana-Farber Cancer Institute. After I did residency, I moved to Cleveland, of which I had never been before. I’d spent about 24 hours in an interview there and moved for a really incredible job. And my — I was tasked with starting a new pharmacy-led ambulatory service in the bone marrow transplant department. They had really a not — they had very few pharmacists that touched patients in the ambulatory setting. But they were having some issues in bone marrow transplant when the patients were admitted. They were on interacting drugs, their med rec was terrible. So they really wanted to try to capture those patients up front. And I loved it. I loved the ambulatory setting, I got to chat with patients all day long. And I did that for several years and ended up deciding to broaden my scope a little bit because bone marrow transplant, although I love it, is super niche. Rare treatment of rare cancers. So I ended up moving to a small community hospital within the same health system. So I went from working with 10 physicians in my niche in bone marrow transplant down to two physicians that covered all cancers. So really different environment, large academic center down to community center. And I learned a lot there. I learned that this is where the majority of cancer patients are treated in this country are these small community centers. Most of them don’t go to these large academic places. And I learned what it was like to be the only pharmacist in this type of setting. So I did everything. I did the clinical work, I did the order verification, the product verification, and I am so thankful still to this day I had a rockstar technician that kept me on task. So it was a great learning experience.

Tim Ulbrich: So Kelley, you talked about, you know, your time at school in Colorado, made the move cross-country to Boston, from Boston to northeast Ohio where you’re at a large academic medical center, regarded as one of the best healthcare institutions really in the world. And then you decide to make a pivot to a smaller community hospital within that same system. You know, I think the question that comes to mind is why make that pivot from the large academic medical center where we tend to think about the specialty experiences, the high intensity care types of cases, you know, that’s where we’re really going to get the most bang for our buck as a specialist and what we’ve been trained to do. Why make that move? And tell me more about when you say that you realized many patients are getting their care in the — more of the local, community setting, not necessarily going to those larger academic health centers, what did that really help you do in terms of form your thoughts around what support pharmacists do or do not get in those roles where they’re not at those large institutions?

Kelley Carlstrom: Well, I did realize that just a couple years out of residency, I had hit the top rung of my career ladder. And I was a little surprised about that. And I guess I shouldn’t have been when I kind of understood what the career trajectory was after residency. But I was, you know, doing all of the things that we do in clinical specialist roles. I was seeing patients, I was involved in the residency program, I was a director of the PGY2 program, I spoke at conferences, you know, I gave CEs, I did all the things, but I was at that top rung and wanted to expand and see what else was out there, how else I could develop my skills. So that’s what moved me to the community practice. And when I got there, I think what it showed to me, I was very — I felt very fortunate because I had — like I mentioned, I was the only pharmacist in the whole hospital, let alone the cancer center that had any oncology experience. So I felt fortunate that I could rely on my residency training, I could rely on my colleagues that I had connected with, that I had worked with over many years, and I could reach out for help. But as I interacted with other pharmacists at other smaller community centers like me, I realized not everybody has those resources. And I thought it would be pretty terrifying. I mean, I was busy throughout the day, there was a lot of questions I didn’t know, I don’t know why every 5FU pump shows up at 10 a.m. on a Tuesday, you know? It’s really busy, it’s a fast-paced type of environment. And I just, I was so fortunate that I had resources to tap. And I was just wondering, how do these other pharmacists manage this? Because like I said, there’s so many of these cancer centers. And yeah, I just wanted to determine how other pharmacists kind of make that successful.

Tim Ulbrich: And I think we’re going to come back in a little bit and dig into more of what I perceive to be the solution that you’ve developed to the problem that you observed in terms of pharmacists that are at these smaller institutions or even perhaps institutions that may not have access to those pharmacists and how can we be able to provide those services in a way that might seem a little bit more nontraditional. Kelley, it reminds me — you know, one of the thoughts I had often in my academic roles where it’s very common where there’s a shared faculty member that spending time at the college and time at the practice site and often, the funding of those positions may be split between those institutions, and those practice sites tend to be very robust, they tend to be very innovative, they’re training students. But I always left feeling a little bit unsettled of like, how does this scale? Or how does this translate when we think about the pharmacist impact nationally and ultimately, what a pharmacist can do to improve patient care? And I think those types of pilot sites, I guess you could call them, are great. Or if I think about here, what we’re discussing in terms of sites that have access to really robust, advanced residency training programs and clinical specialists, that’s great. But that’s a really small percentage overall of the institutions that are out there across the country. And so I think the vision that you have here — and we’ll talk more about some of the services that you’re deploying to help solve this problem, is really an interesting one. And when I first learned more about that, it was kind of a lightbulb moment for me of wow, like this is a really incredible opportunity for here, we’re talking about oncology practice, but I could see how this could also translate beyond oncology practice of how do we be able to really extend the expertise of a pharmacist outside of what we might think are the institutions that are able to offer these services or have the resources to do so. Now, before we get into that and talking more about what you’ve developed with Kelley C, PharmD, and to really help solve this problem, bring us up to speed with your current positions and the transition you made after that experience at the small community hospital and the work that you’ve been doing since then.

Kelley Carlstrom: I was pretty happy in my small community role, and I had a recruiter reach out to me through LinkedIn, which is one reason I’m so passionate about advocating for pharmacists to be on LinkedIn because this is where a lot of job opportunities come from. So I got recruited into a consulting role where I helped a large center get off of their paper chemotherapy orders and into their EMR, which there still are cancer centers and other centers that are on paper orders. And what surprised me is that I found this love for oncology and technology that I didn’t realize I had. You know, it’s not the typical path of a clinical specialist to end up on the tech side or the informatics side of things. But what I realized is that we have a lot of bad tech in healthcare. And the reason why we do is because there’s not enough clinicians helping inform those products. So I did that for awhile, almost three years. And when that contract ended, I was looking to stay in the technology space. So I ended up at a healthcare technology startup. So an interesting role for a pharmacist, and it’s really great because we’re making software products for oncology physicians and patients. And I get to bring my clinical practice experience to help inform those products.

Tim Ulbrich: And that led you out to San Francisco, correct?

Kelley Carlstrom: It did.

Tim Ulbrich: Yeah. So adding to the list, as we talked about, you know, Colorado to Boston to Cleveland and so forth. So really cool. So on top of that role and that position that you’re working in in that startup where you’re able to really blend your passion and love for oncology with some more of the informatics technology side, I want to shift gears and talk about the business that you have developed because I think it’s a really interesting example and one that I’m excited to share with our community about how you’ve been able to leverage your clinical expertise and ultimately monetize that expertise while being able to provide value and a service to other pharmacists and ultimately, the patients they serve. So Kelley C, PharmD, LLC, tell us about when it started, how it started, and ultimately what was some of the why behind getting this effort off the ground?

Kelley Carlstrom: Well technically, it started two years ago. That’s when I made my LLC. But I had some ideas floating around in my head before that from what we spoke about when I was at the community cancer center and really just trying to understand who were the pharmacists that work in these settings and what kind of support do they need? And in addition to my experience there, I had a lot of pharmacists reaching out to me on LinkedIn, getting messages every day about ‘Hey, I’m new to oncology,’ or, ‘Hey, I’m covering for a maternity leave and I’ve been thrown in here and I don’t know what I’m doing.’ You know, ‘Where can I learn the basics of oncology?’ And so I sought out — I started to research like, OK, what hyperlinks can I give these people, what are articles can they read, and there was nothing cohesive out there. You know, I had to send people to a slew of different websites. And it’s just — there’s nothing that was at the baseline level of what these pharmacists needed. So that’s when I got an initial idea, but what really sparked it was I went to the MediPreneur conference, which is a conference for pharmacist entrepreneurs or other medical professional entrepreneurs. And it was great to be in a room with a lot of like-minded people that had big ideas and really just started chatting through what could this actually look like? What does being a business owner look like? Because of course, in pharmacy, we don’t get a lot of exposure to that. I think my school had a business elective that I didn’t take because I didn’t think I needed it. So you know, I don’t know anything about business. So that’s really when the process started. And from there, I just took a lot of really small steps of reaching out to pharmacists and saying, “Hey, what kind of information do you need?” and kind of gleaning more information. And it’s been growing since then.

Tim Ulbrich: Yeah, and as I mentioned on the call before we hit record, this really feels disruptive to me in a good way. And I think one of the things you shared is that there’s this idea in the profession that you can only work in oncology if you’re residency-trained, perhaps two years of training, board certification, and so forth. And that’s just not true in terms of the number of people that are out there that are working in oncology practice without training that might not be getting support. And that could be situations like you mentioned of, hey, somebody’s on leave and I’ve been thrown into this role and I want to make sure I’m doing my job well as a pharmacist and so how do I get up to speed? Or it could be maybe somebody who has been in a staff pharmacist role or maybe a general pharmacist role and they have this interest in oncology that’s flourishing. And maybe they’re out five, seven, 10 years and the idea of going back and doing some additional residency doesn’t necessarily make a whole lot of sense. And so how do we make this more accessible and to get the support that they need? And one of the things I love, Kelley, from your website is that you say, “My goal is to bring hope and optimism back to the pharmacy profession because everyone deserves access to specialty training that can transform their career.” And that mission, I know our listeners know that I talk often about any good business is ultimately finding a solution to a problem that is out there and is one that people care about. And I think you really have, you know, nailed this with a strong why and motivation behind what you’re trying to do. So kudos on the vision and for taking some of that risk to get this off the ground, even if that means not necessarily following what would be a traditional path as we think about pharmacists in these roles.

Kelley Carlstrom: Yeah, let me throw a couple numbers at you, Tim, that kind of explain this. So yeah, I completely agree with what you said about not everybody can do residency training. And we can’t restrict people working in oncology just to those that are residency-trained. And the reason for that is we don’t have enough pharmacists. So there are 71 NCI-designated cancer centers, so National Cancer Institute. And these are, they’re only in 36 states, so there’s not even one NCI center in every state. And these are the big, urban centers where residents are trained and where clinical specialists typically work. So 71. But there are more than 1,500 cancer centers in the country accredited by the Commission on Cancer. And that — they all dispense chemotherapy. There’s probably other centers, infusion centers, that dispense chemotherapy, that aren’t accredited. So we need more pharmacists to work in all of these various settings. And there are constantly oncology jobs posted. I talk with recruiters that can’t fill oncology jobs. So I know you’ve talked previously on episodes about where the profession is going and the shrinking job market, but oncology is not experiencing that. We have a lot of opportunity.

Tim Ulbrich: Yeah, and I’m glad you said that, Kelley, because I think this is a great example where we often talk about the job market and trends from a global standpoint. And we really need to get down in the weeds a little bit in that there are certainly sectors of the profession, you’re talking about one here, where there’s arguably considerable opportunity for growth. And I think that’s one of the challenges when we look at general trends, Bureau of Labor Statistics, indices, etc., we’re looking at the whole pie. And really, it can be different stories if we look at different parts of the profession. And as I put on my employer hat for a moment, Kelley, like if I’m a director of pharmacy or a Chief Pharmacy Officer, and I have this open position in oncology that I can’t fill, you know, I could sit around and perhaps wait for the right time and the right person that has clinical specialist training, residency training, board certification, etc., or I might have someone in my department who has been a high performer, is a known entity, has an interest in oncology, and if there was more readily available access to resources and training, I could develop that person internally and be able to promote them up into that role. And that’s where when I say I think you’re onto something disruptive, I think that’s a great example where, you know, there’s an opportunity through more readily available training and resources to be able to train up folks within a workforce or to be able to make these positions more readily available.

Kelley Carlstrom: Exactly.

Tim Ulbrich: So talk to us more about the products and services. We’ve talked about the problem, right, that we’ve identified. You’ve talked a little bit about the why there’s a need for this. So what does the solution look like? When we talk about readily accessible resources and training, talk to us a little bit more about the products and services that you currently offer, the focus of what you do on your website, and more specifically, about the Enjoy Learning Oncology program, the ELO program for short, which is a new course that you’re going to be launching soon.

Kelley Carlstrom: So I see three main paths to learning oncology. There’s the do-it-yourself, the DIY path, where you can learn oncology on your own. All the information you need is free on the internet. But that’s the problem, right? The internet is a vast place, and you can fall down into a lot of rabbit holes, and it’s not really — it takes a lot of time investment up front to kind of do your own curation of the information. The second piece is the curated content, so what’s already been packaged out there? You know, some of the CE programs I’d put in this bucket. You’re kind of given some information. You still have to do it on your own, but it’s kind of already been collated for you. And then the third piece is the facilitated training path, which is what I’m going down. And I like to think of this as an Orange Theory analogy.

Tim Ulbrich: Yes. Yes, give us an Orange Theory analogy. Yes.

Kelley Carlstrom: So I love Orange Theory. I went a lot pre-pandemic. And what I love about it is you just show up. You don’t have to bring water, you don’t have to bring a towel, you just get dressed and you walk in the door. And they tell you what to do. “Go get on this treadmill, run at this pace, do this on the rower.” And you still have to show up and do the work, you have to burn the calories, put in the effort. But you don’t have to spend time and effort thinking, you know, what’s my workout program going to be today or tracking in your app how many reps I did. And I’ve modeled my program off of that because you also have access to those experts in the class. You can say, “Hey, is my form good?” or ask a question about the rowing machine or how fast should I be going, what’s my speed? So my program, my ELO program, has three main components. And the component that I’m most passionate about is what I call the ELO collaborative. So what this includes is a basics training program, so foundation of things like how to verify a chemotherapy order. It includes my blueprint online course, which is a really robust program that has 20+ weekly modules. And it goes through all the major diseases and a couple non-clinical topics. But what the collaborative does is it houses all of those in a bubble of access to experts. This is the biggest challenge I see and what I’ve heard from pharmacists is I can read all this material, but I have questions, I don’t understand how these things link together, I don’t know if this actually happens in real life. Just because it’s in the guidelines doesn’t mean it happens in practice. And so we need resources to be able to help direct people when they have questions. So how I do that is I hire other expert oncology pharmacists to support clients in my program. And that is through — you can ask questions weekly as you go through the content in my Slack channel. And then we have live office hours virtually where you can pick the brain of an oncology pharmacist.

Tim Ulbrich: That’s awesome. That’s really cool. And that feels like, Kelley, to me as you talked through the three types of training pathways, the DIY, more of a traditional CE type approach, and then obviously what you’re doing here, those things where you’ve got more of the support, the community aspect, the live office hours, and so forth, access to various experts, more up-to-date, relevant information, that really feels like the differentiator from that more of a traditional model. Is that accurate?

Kelley Carlstrom: Yes.

Tim Ulbrich: OK.

Kelley Carlstrom: I think that’s the big piece that people have told me. They have questions and they have nowhere to go to ask them.

Tim Ulbrich: You know, I love your Orange Theory analysis here. And I want to take it a step further because I participated in Orange Theory for awhile pre-pandemic, and for all the reasons that you mentioned, I thought it was incredibly impactful. A couple other things that I think resonate here as well as we’re talking about the ELO program and what you’ve developed and would be of interest to other pharmacists that might think about developing something on their own, if you want the Orange Theory type of model, you book an appointment, you’re accountable, and if you don’t show up, even though you’re paying a monthly fee, if you don’t show up, you’re going to get charged, right? And you know, one of the things I love about folks that are monetizing their clinical expertise is that for the user, for the person that’s purchasing, there is value and power in someone having skin in the game. You know, maybe you offer something for free and you get more folks involved. I can tell you from our experiences at YFP and a lot of what we’ve done, I heard from other pharmacy entrepreneurs, is that there is value in folks that make an investment to pay for something that they then perceive there is a personal return on that investment and therefore, there’s a commitment of time and energy to be able to participate in that. So I would encourage folks that are thinking about monetizing clinical expertise and services, No. 1, don’t be scared to charge for your expertise and your time, and No. 2, make sure you’re not underestimating what your service is worth. Because I think we tend to maybe have that approach for some pharmacists that are out there. The other thing I would say to that is, you know, I remember going to some of those workouts and like, you’re right, I mean, you don’t have to have all the equipment, you show up, the workout is ready for you, but you better walk in the door with a mindset of being ready to personally grow or else your butt is going to get kicked, right, for that day. And I think that’s true here. Like when you’re going to invest a lot of time and some money in a course that you’re making a commitment to develop individually and professionally, like you’ve got to be ready. You’ve got to be ready to engage. And I think the accountability you have with other learners and the accountability you have with live office hours and things like that really helps to facilitate that as well. But I think the mindset going in to a program like this is really important to be able to get everything out of it that you want to.

Kelley Carlstrom: I completely agree. Accountability is really difficult with a long program. Oncology is hard. Like it’s — we have a steep learning curve. But our profession is a profession of self-learners. So if anyone can learn oncology, it’s any pharmacist. And you just need to show up and put in the time because at the end of the day, nobody can make you learn or develop new skills. It’s really on you.

Tim Ulbrich: That’s right.

Kelley Carlstrom: And you know, my program is about eight months long. So this is not a short, do it one time course and learn all about oncology. I need you to stay committed.

Tim Ulbrich: So at the time of this episode launching, your course is maybe live or about to be live here really soon, so where can folks go to learn more about not only Kelley C, PharmD, but also more specifically about this course, the ELO program.

Kelley Carlstrom: Yeah, you can visit my website at kelleycpharmd.com. And that’s Kelley with an -ey here.

Tim Ulbrich: Awesome, awesome. Let’s transition, Kelley. One of the questions I like to ask folks that are especially working full-time, they’ve started their own business whether we want to call it a side hustle — I would argue this is not. You know, it seems more than that, as I mentioned at the beginning — but whatever we want to call it, at the end of the day, you know, I think some of this is about really having a strong vision for what you want to do, the impact that you want to have, and obviously I can tell this is fulfilling work to you. But I think part of this is also about like you have financial goals, you have a financial plan, and you want to be able to accelerate some of those as well. So how has this business accelerated and impacted your financial plan?

Kelley Carlstrom: So this is — I’m in it for the long game here. So it has not had an impact on my financial plan in the short term. But what — my focus when I initially started this was, you know, not being a business owner not having any experience with business before. I wanted to kind of tiptoe my way in and do a lot of bootstrapping initially. So for example, I built my own website. Not a skill pharmacists typically have. And I definitely wasn’t great at it. But I didn’t want to make huge investments up front until I kind of got some feedback and determined if I was on the right path. So over the past two years, I’ve been getting that incremental information and investing more and more in my business. So what I — definitely what I am interested in is having this be an integral part of my plan, my financial plan, and what that gives me is flexibility. And at the end of the day, flexibility in my view is the end-all, be-all that gives you opportunity to go whatever path you want to go. If you want to take a different job, if you want to take a different job that maybe pays less, like you don’t have that pressure of needing a full-time income or benefits from a particular job. It gives you a lot more options.

Tim Ulbrich: Absolutely. We’ve talked about the power of flexibility on this show so many times as I think that others share your belief on the value and the power that that has. Kelley, let me ask you, you mentioned — paraphrasing here — that you know, you weren’t a business owner, you didn’t see yourself necessarily as a business owner and entrepreneur. You’re a clinically-trained specialist. And so here you’ve got this really cool idea, you think that you have a solution to a problem. But I always say, there’s a big chasm between like idea and actually having something that’s out there, right? And I think this chasm is where a lot of people get overwhelmed, get lost, or perhaps give up? And Seth Godin, one of my favorite authors, talks about this as the concept of being the dip. You know, when we’ve got a really cool idea, whether it’s a project at work, whether it’s a business idea, whatever, we get really excited about it. And then we quickly find ourselves in this dip of like, oh crap, like what do I do next? And what is this really going to take? And like am I ready to kind of go through this? And what he argues in that book of which I agree with is oftentimes, we never get on the other side of the chasm or the other side of the dip because we get lost in that period. So for you, you know, you mentioned building your own website and that’s awesome. I noticed that when I was looking at the site the other day. Like as someone who doesn’t necessarily view themselves as an entrepreneur or a business person — although I would challenge you a little bit on that — what were some of the big barriers to bridging that gap between idea and actually having something to go?

Kelley Carlstrom: The biggest barrier I think is your understanding or my understanding of what you’re capable of because I think, like you said, you look into this chasm of I don’t know a lot of this information, and it can easily get in your way. So for example, initially, I was sending out an email newsletter with some interesting jobs I found that didn’t require residency. And I was manually sending these emails, Tim. I didn’t realize what an email provider was. And so I really started at the baseline of understanding all of these skills. But one thing that in my traditional or in my career path that really helped me, when I got into my consulting role, I moved from being a full-time employee to being a consultant contractor, which is a much riskier position, you can be let go at any time. And what I learned from that was I was much more project-based. So I had to show up and understand what value I was bringing and what I was delivering at the end of this project. And that’s a different mindset than when you’re an employee.

Tim Ulbrich: That’s right.

Kelley Carlstrom: So that really shifted me to think OK, I see a problem, these pharmacists reaching out to me and telling me they have a problem — shouting at me, actually. When I finally recognized OK, somebody’s giving me an opportunity here, there’s a problem, then I start thinking about how can I fix this? What’s the deliverable at the end of it? And I just started walking down that path of asking questions, the resources at the MediPreneur Summit kind of got me kicked off. They gave me a couple other references, and I just started learning on my own. I invested in some coaching and some other programs that really kind of taught me a lot of the nuances. But it’s a journey for sure. Like there is not a destination here. I am learning something every single day. There’s lots of great new technology out there to help us, depending on what you’re offering. So I’ve really enjoyed flexing those skills that I didn’t get to flex before.

Tim Ulbrich: And I think if folks that are listening that have an idea, you know, really let sink in what you said about it is a journey. I don’t view this as there’s an end point per se because there’s always the learning that’s happening of new tools, new resources, how can this be improved. But one thing you said that really resonates with me, and I’ve shared on the show before, you said, I just started, right? And there are several ways that you just started, whether it was eventually you built that website, you mentioned engaging in coaching, you attended the summit, MediPreneur Summit, which sounds like had a big impact on kind of accelerating the idea forward. And one of my favorite books I’ve referenced on the show before is “Start” by John Acoff. And that was really instrumental for me as well of OK, how do I get over some of these internal objections and fears and all these questions, and what’s one thing I can do to get started, even though you know, like you will look back, Kelley, I know you will, in five years — and even though I think you’ve done an awesome job building your site and what you have — you’ll look back and say, “Wow. This has come a long way.” Right? “It’s grown, and I can’t believe that I did this or that,” or “I can’t believe I didn’t use an email provider.” And that’s OK. Like not letting those things paralyze you but really just trying to move forward because at the end of the day, you’ve got a good vision, and you’ve got a problem that needs to be solved, and I think you’ve certainly got a solution to that. What about time? You know, I sense that many people listening are thinking, Kelley, like where and how are you finding time to build a website, you’re working a full-time position, I’m sure in a startup environment, that doesn’t mean you’re not working a decent amount of hours. So how are you balancing this with your pharmacy job? How many hours are you spending of the week in the business? Tell us a little bit more about that.

Kelley Carlstrom: Yeah, time balancing is definitely tricky. So this is my night — every night and every weekend is pretty much what I work on this. I think the — when I was first developing kind of what program I would want to create or what product I wanted to create, I had some great advice about not making a product you don’t — or not building a business that you don’t want to work in. And it sounds kind of intuitive, but when you’re initially thinking of what is the problem and what’s the solution, it can easily fall in the trap of making something that fits the solution but doesn’t fit your particular lifestyle or goals. And so when I was initially making my bigger, robust program with these 20+ modules, I was thinking, OK, I can make all this — I can do this all myself. I have this knowledge. But then I had the epiphany one day where I was thinking, why would I do this all on my own? Like I have a full-time job. I don’t need to do this on my own. So that’s when I got into the track of my business where I hire other pharmacists because what I’m realizing now is that there’s kind of a mass exodus in oncology pharmacy. A lot of experienced clinicians are leaving patient care and going into nontraditional roles, particularly pharma. And I think one reason — it’s multifaceted, but I think burnout is definitely one part of it — but one reason is that there’s not a lot of other opportunities within their role to monetize their knowledge or kind of move above that career ladder. And you can be on an advisory board or speaker panel for pharma and make a little extra money, but not — those have conflicts of interest so not everybody can do that. You can give a presentation at a conference that they usually pay you for, but then you have to slave over a slide deck. And at the end of the day, your hourly wage is pretty meager. So you know, not only am I helping pharmacists learn this material, but I wanted to bring in these expert pharmacists and pay them for their knowledge to help support me so I don’t have to do everything myself. Staff your liabilities is one of my most important phrases lately. Hire out help.

Tim Ulbrich: Absolutely. And I think those hires, Kelley, like it sounds like for you — I know we’ve noticed the same thing — like in the moment, they feel really weighty, right? Not only from a financial standpoint but also you’re giving up some of that control of whatever piece or part but so instrumental to getting comfortable with that and really, at the end of the day, again, you’ve got a great vision and a big vision, and at the end of the day, like Kelley can only do so much to accomplish this vision, right? And so how does the business not necessarily become just Kelley but it’s about this accessibility of oncology specialist training to as many pharmacists that need it and that can get it out there and that you might be the limiting step to that to be able to accomplish that. And so how do you be able to build the business in a way that supports other people helping? I said this before we hit record, I mean it genuinely, so I’m going to say it again: I was really excited about this interview. You’ve delivered on inspiring me, and I sense that’s going to be true for many of our listeners as well that may have some ideas that are floating out there and maybe have not taken action on some of those and are ready to move those forward. Where can folks go or what is the best place for folks to go to connect with you and to learn more about the work that you’re doing?

Kelley Carlstrom: So you can learn more on my website, KelleyCPharmD.com. But I would love if you would connect with me on LinkedIn. LinkedIn is my favorite place to hang out, and I think most pharmacists do not maximize LinkedIn to the fullest potential. And there’s a lot of opportunity on there. So definitely reach out and send me a message.

Tim Ulbrich: Great stuff, Kelley. And again, that’s KelleyCPharmD.com. That’s Kelley with -ey, and you can connect with her on LinkedIn. We will put her information into the show notes. If you have a story and you’re listening, you have a story that you think would make for a good episode on the podcast that either you’re monetizing your clinical expertise or have knowledge of someone else that is, please reach out to us and as always, do us a favor and leave us a rating and review on Apple Podcasts so more pharmacists can find this show as well. Thank you so much for joining, and hope to have you back here again next week. Take care.

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YFP 205: Current State of the Pharmacy Job Market


Current State of the Pharmacy Job Market

On this episode, sponsored by Insuring Income, Tim Ulbrich welcomes back to the show, Alex Barker, the founder of The Happy PharmD. They talk about the current state of the pharmacy job market, considerations for those looking for their first position or switching jobs, and the intersection between your career and your financial plan.

About Today’s Guest

Alex Barker is a pharmacist, entrepreneur, author, and creator of The Happy PharmD and the Happy PharmD Summit.

Summary

Alex Barker, pharmacist and founder of The Happy PharmD, joins Tim Ulbrich to discuss the current state of the pharmacy job market. With many new pharmacists graduating around this time, looking for new positions, and still others looking to change positions, it is a perfect time to touch on the pharmacy job market, its current state, how that differs from previous years, and what the future looks like for recent graduates.

Alex shares some interesting data on the state of the pharmacy industry that includes the number of open positions currently, the percentage of full and part-time jobs, and the percentage and number of positions available in the undefined category. Without information as to whether undefined jobs are full or part-time, applicants should consider reaching out to the hiring department for more information, creating a new connection at the same time.

Alex explains that much like tackling financial goals, career goals should be approached with the end in mind. Without much change to a pharmacist’s salary throughout their career, a side hustle can provide opportunity in the form of personal satisfaction as it relates to the pharmacy career as well as a pathway to financial goals, ultimately leading to financial freedom.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Alex, happy to have you back on the show.

Alex Barker: Thanks for having me back. I think it’s a good sign that I’m back, right?

Tim Ulbrich: It is. You are a frequent guest and certainly a friend of YFP, and appreciate the contributions that you make on the show. We had you on last on Episode 192, so this was way back when, February, where we talked about the findings from the 2021 Pharmacist Salary Guide. And today, I’m excited. We’re going to have you on to dig into the current state of the pharmacist job market, including financial considerations for those that are starting their first position and those that are looking to make a move to another position. So before we jump in, Alex, I don’t want to assume that all of our listeners know who you are. But give us a quick intro to Alex Barker and The Happy PharmD.

Alex Barker: Oh, I’m just some goofy pharmacist —

Tim Ulbrich: True, true.

Alex Barker: — that figured out entrepreneurship. I’m Alex Barker. I founded The Happy PharmD in 2017 I think. And since then, we’ve helped about 700 pharmacists transition into new and better jobs. We do career and business coaching. And we focus a lot on helping people find that spark again with their career, help them create an indispensable career rather than feeling like eh, dreading what I do or I feel like my company’s going to get rid of me. So that’s my main focus. I do a lot of other fun stuff like hanging out with Tim Ulbrich in a podcast. I love Thai food and anime. And that’s — oh, and Dungeons and Dragons. That’s me in a nutshell.

Tim Ulbrich: Of course Dungeons and Dragons. Yes. You know, Alex, I’ve never asked you this question, but I’m going to put you on the spot here for a moment. When you talk about 700+ jobs or pharmacists that you have impacted to help them find a better job, more fulfilling career, however we want to word it, have you stopped and reflected on that? Like the significance of that. I know you run at a pace that is fast — we’ll call it that. But I mean, have you paused — I’m fascinated by the topic of legacy. And I think you’re just getting warmed up. But you know, what makes people tick, why do they do what they do, and when I think about the work that you do and obviously the team at The Happy PharmD are doing and the impact that has on those individuals, the profession at large, but then I even think about pharmacists being in a more fulfilling job, you know, as I think about myself being a parent of four boys and obviously my relationship with my wife Jess, like we know that home and work are so interconnected and the joys and challenges of work, we often bring home or vice versa. And so even folks that are in a more fulfilling position, the positive impact that has on their families, their households, like have you reflected on that?

Alex Barker: No. I have to admit, I don’t know how to even think about it.

Tim Ulbrich: Yeah.

Alex Barker: It’s a lot of people. And on top of that, it’s their spouses, their partners, and then it’s their kids, their community. It’s a big ripple effect. And I don’t know how to take that in. On top of it, I think you and I share this that we’re pretty driven people, and so as soon as we accomplish something, we’ve forgotten it and then we question our value like the next day. Like oh, what am I doing? Am I really achieving everything I want in life? Because I have this new goal now, and it’s not accomplished yet. But truthfully, no. And I –admittedly, I actually have a coach now, and this is one of my areas of improvement is reflecting on the things that I have accomplished because I think it’s very easy to get addicted to success. And I am working on it. So that’s my answer is no, and I’m trying.

Tim Ulbrich: Well, and it wasn’t in my notes for the episode, but when you led with that intro — and the reason I asked you it, besides just to make you a little bit uncomfortable because that’s kind of fun every once in awhile — is the reason I asked you that is I, too, am being challenged by a coach of stop, enjoy the moment, like reflect on what’s happened before you’re off and running into the next thing. And so I think that’s a valuable thing for us to talk about. But perhaps for even folks that are listening, I think many pharmacists are achievers by nature, and I think it can be easy to get caught into the strive, strive, strive without stopping along the way to enjoy it. So onward we go. This episode, you know, as I mentioned, really talking about what I see as the intersection between one’s career plan and their financial plan. And really good timing for this episode, many pharmacists graduating right now, others I suspect that are looking to make a job change. And with that, comes navigating a lot of new things, you know, whether it’s finding that position, perhaps some that are choosing or changing their career path, how does this look for me for the next 5, 10, 15 years? What about managing your finances during this transition? What about those student loans, budgeting, other financial goals? And really figuring out how to set themselves up for long-term success both professionally and financially. And we’re going to touch on several of those things throughout the episode. So Alex, let’s talk about something that every graduate is faced with right out of the gate: finding a job, choosing a career path, as much as some may enjoy being a student, at some point, we’ve got to make that decision. So you recently held the webinar about the Q1 review of the pharmacy job market where you dug into the supply and demand of pharmacy jobs. And I’m going to go there for a few minutes. And one of the questions I have to hear to start us out with is, what did we take away from Q1 in terms of the number of jobs that are out there, what types of positions are out there, and really the current state of the pharmacy job market?

Alex Barker: Yeah. So let’s just do high overview. And I know I’m going to be saying a lot of numbers. And if you’re like me, it’s hard to comprehend numbers when you’re listening to something. So some of these numbers are on our website, you can always check them out later if you want, or we have a presentation where we go over them. And I want to just take a moment to pause and ask, Tim, I know you already know the answer, but if you had to guess how many jobs were created in Quarter 1 of 2021, pharmacist jobs, how many would you think?

My answer was I thought maybe 15,000-20,000, somewhere in that range. Did you have an idea?

Tim Ulbrich: Yeah, no, my question here was are these — are you talking about open positions or like newly created positions?

Alex Barker: Open, newly created positions.

Tim Ulbrich: OK. Yeah, I would have — I don’t even know if I would have said that high, although when I think about kind of the nationwide reach and some of the roles that are expanding, some of the states that are doing some creative things, yeah, that sounds about right.

Alex Barker: So that’s what our past kind of has indicated. There is a report out there. I believe it’s called the Pharmacy Demand Index or Pharmacy Job Index. It changes names, I feel like, every other year.

Tim Ulbrich: It used to be the PDI. I don’t know if it still is.

Alex Barker: Yes.

Tim Ulbrich: Yep.

Alex Barker: Yes, I don’t think it is that name any longer. But they predicted — or they reported I think in Quarter 4 of last year that there was like somewhere between 5,000-10,000 jobs created. Well, at The Happy PharmD, we’ve recently strategically partnered with JobRx, which is a job board. And they collected all of this data, and this is data from company websites where a company posts a job, and they take that information and document it. And in Quarter 1, they reported 50,000 jobs were created, just over 50,000 jobs.

Tim Ulbrich: Wow.

Alex Barker: When I heard that, I thought that was insane. At first, I thought, that’s COVID. But then I thought, no, most of these companies did the majority of their hiring in 2020. So that — it blew me away. I just couldn’t believe it.

Tim Ulbrich: That was my thought too, Alex. When you said that number, I started to think about, you know, I remember seeing some of those offers for part-time vaccine help that some of the chains and others were doing. So I think here, the interesting question is like, peel back the onion a little bit, right. Of those 50,000, because I think many of our listeners, we’ve kind of fallen into this script of like, the job market is what it is in pharmacy right now. But that number might be shocking, so give us the details behind that. What’s going on?

Alex Barker: I think we have to because I think this is totally different than what is suspected or talked about online. The vast majority of these jobs are community jobs, about 73%. And then another 25% were health systems, which includes long-term care and home infusion. So probably no surprise there. I know that there’s a big push in careers to do nontraditional things. But vast majority of open and available jobs are community and health system. The majority of those jobs were just straight pharmacist jobs because when an employer posts a job online, you know, a lot of people want to use the word “clinical pharmacist,” but the word “clinical pharmacist” only was about 6%, a little over 6%, of the jobs that were available.

Tim Ulbrich: That makes sense.

Alex Barker: And then another 12% were management jobs. However — and you actually kind of alluded to this earlier — the majority of these jobs were part-time, part-time jobs. So let me — I’ll break this down in a minute, but 40%, so you think, that’s not the majority, well, 40% were part-time, 28% were full-time jobs. Not even a third of the jobs. But 28% of these jobs were not defined, meaning that when a company posts a job online, they put it on their website, they don’t say whether it is full-time or part-time. And I think practically every jobseeker has seen that happen where you look at a job and you’re like, is this 20 hours a week? Is this full-time? You’re not quite sure. Well, unfortunately, it’s common practice for that to be happening. So 28%, another almost third of the jobs, didn’t say whether they were part-time or full-time.

Tim Ulbrich: One of the things, Alex, when I hear this — and just to recap those numbers for those that are listening and may not be audio learners — is, so about 28% full-time, about 40% part-time, and about 28% that were undefined. So that 40% that’s part-time, you know, when I think about the financial implications, great to hear about the number of jobs that are created. And then I dampen that question a little bit, right, when I start to see the part-time. And let’s call it out right up front is that there are many folks that may opt in and want a part-time position for very good reasons. And that’s not what I’m referring to here. I’m referring to folks that may want full-time work and aren’t able to find it, which obviously has significant financial implications. What are we defining as part-time? Can we pin that down? I know one of the trends I’ve seen is 30 or 32 has become the new 40, right? So what used to be let’s just say for example base salary of, I don’t know, $110,000 in Columbus, Ohio, for a pharmacist working on average 40 hours per week in community pharmacy, you know, now, they might be guaranteed 30-32 hours, sometimes a little bit less, sometimes a little bit more, and maybe that $110,000 now looks like $85,000 or $90,000. And certainly in some of those cases, opportunities to get additional hours but they’re “guaranteeing” some base that’s a little bit lower than 40. So are we talking 15 hours? 20-25? Like what is the threshold here? Or is it a ‘it depends’?

Alex Barker: It’s of course ‘it depends.’ It’s always up to the company what they define, right, on that limit. And I’m no law expert because every state is different in how they define a little bit on this. I think with a decent rule of thumb, you can say it is less than 32, 30 hours a week. But to your point, I think there’s even more danger here because everyone’s probably heard a horror story or two that you get hired on part-time, you were told we’ll guarantee this amount, and it turns out they only need you once every other week. There’s a huge financial consideration for anyone going for a part-time position. And career-wise, there are benefits and pros and cons for doing something like that because on the one hand, it’s nice to get a part-time job. It could give you some flexibility, and it could help pay your way while looking for your next job. But on the other hand, if you just want a job to do the job and make some extra money, pay some bills, and you’re expecting 30 hours, I would encourage you, do not think that that is a guarantee, no matter what management said because we have heard this in community, in hospital, in nontraditional jobs as well. So I think the days are leaving us behind where we trust a company in telling us how much are we working and how much are we getting in return.

Tim Ulbrich: Yeah, and I think it’s just a good reminder — and I’m not saying this to be negative to companies as a business owner myself, I’m just saying it as reality of like, nothing is guaranteed, right? I mean, outside of some folks that are listening that have contracts, that have some guarantees that are associated, those are probably few are far between. But when we’re thinking about our financial plan and depending on our income, hopefully we’re not thinking about our future income as if it’s guaranteed and going to be able to fund things that we’re spending money on now. So you know, obviously, some of that can be fluid. Hopefully it’s not, but it can be. Alex, the other thing I think about here is as our listeners know very well, for many folks, their healthcare benefits, their retirement opportunities, a lot of that is tied to their employment, right? So when I — and often tied to full-time employment. So my mind is going down the path of, 401k benefits, 403b benefits, access to HSAs, healthcare benefits, dental, vision, other benefits that come from your employer. And not any one of those may seem very significant or potentially catastrophic in the moment — maybe outside of healthcare — but you know, something like a 401k, let’s just use that as an example. If you’re making $100,000 a year, and your employer is offering you a 3% match dollar-for-dollar and now you’re working part-time where not only is the salary and the hours reduced, but you’re not getting that, in that example, $3,000 per year. In that year, that may not seem catastrophic, but $3,000 a year compounded over time, especially for pharmacists that are just getting started, is very significant. So I would encourage folks to be thinking about — as we’ve talked about the intersection between the career and the financial plan — not just the salary, the sticker price, but also what other benefits may be afforded. And even for those that are working full-time and looking at other positions, that’s where you often will start to see some of the differences and nuances between one position and another and some of the benefits that can come. Alex, competition. You know, the other thing I’m thinking about here is it’s great we see 50,000 jobs, as you mentioned, not so great that many of these may be part-time. But we also have the reality of, you know, new graduates that are coming out into the market. We obviously have many that are listening to this episode. What is that looking like in terms of expected number of new graduates that are coming out into the market? And how is that impacting the competition for these positions?

Alex Barker: It’s fierce. It’s fierce. This year, in 2021, we’re graduating just over 15,000 students. And based on last year’s NAPLEX, we should probably expect at least another 14,000 and a few hundred who pass the NAPLEX because as we all know, the NAPLEX passing rates for most colleges of pharmacy has gone down significantly. And that number, the number of grads, the number of new grads every year from what we can tell, as far as I know, AACP hasn’t published information since 2019. I could be wrong about that when this goes live, but that’s the latest data that we have. The number of grads is going down steadily. By 2023, we’re looking at just under 13,000 entering the market. So we’ve got a significant group of students, probably about a third of those are going straight into residencies. And then we’ve got another two-thirds that are going into the job market. But we also have some very interesting information from AACP, they do a workforce survey every five years. And they change a little bit of the topics, but they always do ask things about your jobs. And in this group, those that were likely or very likely to be looking for a job was — it was around 34%. So again, a third.

Tim Ulbrich: Wow.

Alex Barker: And there was over 5,000 people who did this survey. And something I’ve learned in survey design is that when you get a population that big, you can start extrapolating out quite well to a larger population of similar demographics. And in our case, if we were to extrapolate that to the 300,000+ pharmacists in the United States that have an active license, we’re talking about over 100,000 pharmacists at any given time likely or very likely to be looking for their next job. So right now, in this very moment, we’ve got 100,000 people looking and now we’re adding another potentially 10,000 — I mean, many of these students probably have jobs lined up or have interviews lined up and they’re going to be hired very soon. From what we can tell, it does seem like the vast — at least the majority of students by this time have something lined up. But they’re coming into an overcrowded market. And so it isn’t looking very positive. There are some interesting things, though, happening in pharmacy that I think could be drawing attention, but that’s not obviously what we’re focusing on for this. These are just the straight facts.

Tim Ulbrich: And Alex, did I hear you correctly — and I’m guessing you’re pulling this data from the enrollment data that’s published by AACP. And we’ll link to some of this in the show notes, including the AACP workforce survey that you mentioned every five years and also some of the enrollment data — but did I hear you correctly that the projected number of graduates is going down? And I’m assuming you’re pulling that from like the current number of P1s, 2s, and 3s and then projecting that out to see what the number of graduates would be?

Alex Barker: Yes.

Tim Ulbrich: OK.

Alex Barker: Yep. So we look at numbers from NABP, AACP, ASHP, APhA, and they help kind of provide a holistic picture of what’s happening. The most data we have on this stuff is obviously students.

Tim Ulbrich: Yeah.

Alex Barker: Once we enter the workforce, the numbers are a lot more variable. We rely on the Bureau of Labor Statistics, which is always changing. Some people may know this, that they are predicting negative job growth right now for pharmacy. And so it is a tight, very tight market and likely we’ll be seeing oversupply for quite some time. But I’m positive. I think I’m more positive about the future of pharmacy. I do think opportunities are opening up, and I think that eventually, things will correct themselves because we’re already seeing a huge disinterest in the general public in pharmacy as a career option. And that’s evident by the number of applications that colleges are getting. And so at some point in the near future, we will see an evening out. As any good capitalist would believe in, the market fixes itself at some point.

Tim Ulbrich: I think the other thing that I’m thinking about, Alex, and I don’t think we have a data point to draw any conclusions, but if you think about 15,000 new graduates coming into the market in 2021, and you mentioned over 330,000 licenses in the United States active, so that’s about 4-5% of new positions coming in relative to the whole workforce. So the question is, short of new job creation, which we just talked about a little bit — and there will be some of that — short of new job creation, like are pharmacists leaving the profession? And the other thing I’m thinking about is in the midst of coming out of the pandemic and the uncertainty, what impact did this last year and a half have on folks that were near retirement and might that be delaying, might it be expediting, you know, folks are I’m ready to be done? So that’s a big factor, right, the number of positions that come open, assuming, assuming that those positions remain and then get filled. You know, but that’s a data point that I don’t often see and probably is hard to capture. But obviously we know the front end, but it’s a little bit harder to assess what’s happening on the back end.

Alex Barker: Yeah, and I don’t know how — I was just trying to think — how would you capture that? It would probably have something to do with an active license, right? But that could mean that they’re retiring. I’d imagine state boards perhaps are capturing this. So I think you’re kind of spurring on a new research project for me to pursue.

Tim Ulbrich: Well, you can hold the license but be retired.

Alex Barker: True. Right, you can.

Tim Ulbrich: Yeah.

Alex Barker: Absolutely. And in fact, one study we looked at about retirement, it was like I think 40% of people still practiced on the side after age 65. So even if you do retire, you’re still taking up jobs, you’re still practicing and I guess potentially taking that opportunity from someone else. But it’s only part-time, typically. I don’t think there is a data point to suggest it, but I think it would be interesting to track it. We have anecdotally helped people transition into different things outside of pharmacy. But the majority of people we work with stay within pharmacy, 95-97%. And I’m not sure how to get into it, but I think you’ve found a new niche.

Tim Ulbrich: Next project. Yeah.

Alex Barker: Yeah.

Tim Ulbrich: We can talk about the data all day, and it’s important to get the context. The question is, what can I actually do about this data? So you know, you mentioned roughly a third of folks, according to that workforce survey, that might be out there in the market looking. We’ve got new grads that are coming into the market, some of them that have — many of them have already secured a position, but those that are going on to residency, they’re going to be in the job search either a year or two years from now if they’re doing a PGY1 or PGY2 or for those with fellowships, same type of thing. So the question is, you know, what do you do? The reality is you need a job. Income, as we say at YFP, is the lifeblood of a financial plan, right? You need it to pay down debt, and you need it to grow your assets and ultimately achieve your financial goals. So in the webinar, Alex, you mentioned that you have to have a good strategy when it comes to targeting your career path. What do you mean by that? And bigger question than we have time to likely go into in a whole lot of detail, but you know, some tangible, practical things that folks listening can take away when it comes to designing what you call a good career strategy.

Alex Barker: Well, it starts with kind of the same steps that you guys take with when you help someone create that financial plan. It’s knowing where you want to go. It’s having an idea of where you want to end up. Everyone probably has this understanding or belief that they want to retire someday. And they very likely want to retire from a job that treated them well, that created a great work environment, that will be maybe a bittersweet finish. We know some of the feelings and the things that we want, but how do we build that? We start by the end in mind. And so typically when we work with people, we like to think big picture, where do you want to be, even just five or three years? Because thinking about your career 30 years from now is practically impossible. I mean, think about even your career, Tim. You know, I would classify you as someone who’s indispensable. You probably wouldn’t have —

Tim Ulbrich: Appreciate that.

Alex Barker: Yeah, think about your career. You have built something that has led you to building a business now. And it’s something that you absolutely love. You probably never thought about that when you graduated pharmacy school.

Tim Ulbrich: Correct. Yep.

Alex Barker: Same here. In fact, I was turned off to business when I graduated. I thought no way. There’s no way I want to do something like that. And so we tend to think smaller picture versus something like a financial plan because what we find over and over again is that as indispensable people come into their own into their careers, they typically have opportunities being presented to them frequently, often. And it can lead them in very different trajectories. You and I talked a little bit before this, when we hit the record button, about trajectories. Pharmacy, in general, not leadership, excluding leadership positions, is a very low financial career trajectory. The difference between someone who just starts a pharmacy career and someone who has like 20+ years is about $12,000 a year. And that’s unheard of in most professions.

Tim Ulbrich: And give us the details on that. So as we talk about obviously the dollars here and you know, again, income is the lifeblood of the financial plan, right, income is a tool. We’ve got to have it to be able to move forward with the goals we want to achieve. So what did you find — and we touch on some of this when we talked previously about the 2021 Pharmacist Salary Guide, and folks can download that, again, at TheHappyPharmD.com/YFP. But tell us exactly, you mentioned trajectory, not so much generally speaking, outside of admin/management positions. Give us the numbers. What are we seeing in terms of data around salary? And then how that does or does not change significantly with experience?

Alex Barker: So there was only one resource in our salary guide that looks at years of experience. And that was payscale.com. Not a lot of data points, but what they did find is that less than a year, your annual average wage was about $113,000. And if you had over 20+ years experience, it’s $125,000. That’s where that $12,000 difference came from. And what we’ve found when working with pharmacists, when building that strategy, we typically do include money because money is a major reason why we do the work we do. But what we found is that with financial trajectory, getting into something you actually enjoy doing usually presents new and exciting opportunities where you can get paid more, where there are promotions, where there are bonuses again, where there are financial incentives for performing well because if there’s one thing that pharmacy is plagued by it’s that we’re not paid for performance. I wasn’t paid any better than the person who was the best on our team and the worst on our team. I was paid because that was my pay grade. And that creates kind of I would say stagnation in our profession. So by understanding someone’s financial future, what they want to be making, it can actually help us narrow down a few things. It also helps kind of motivate typically younger people to create a business because what I’ve found, including myself, is people want lifestyle freedom over even making more money sometimes or just the ability to travel the world and live off of — I mean, heck, some people, no one I think we’ve worked with, but I know people in this industry who live off of $40,000 a year and they are some of the happiest people I know in the world. But there’s simply too much opportunity out there to make even more money than that, but it’s all about really what you want from your work, your career, and your life.

Tim Ulbrich: And I love that while we’re talking here about salary, that connects full circle to me about what you said just a few minutes ago is starting with the vision, right? Maybe it’s not 30 years out for the reasons you mentioned. Maybe it’s 5, 6, 7, what do you want? And getting clear on that. And I would argue — you probably do this in coaching all the time and do it well, like put aside the objections for a moment, right? Put aside the fears or am I qualified or am I capable? But what am I really passionate about? Or what are the moments that are happening where I feel energized, right? I always tell folks, I can think back to moments at work where I could have spent one hour on something, but if it wasn’t something that I enjoyed nor necessarily an area of strength, like I felt emotionally exhausted. And it could have been a one-hour workday, right? And there are other days — you know this from your business — you could spend working on a project for 10 or 12 hours and you get lost in it, and you feel like you could come home and do some more work because you’re just energized by what you’re doing. So I think the vision and the plan, you know, is so important. And we see the similarities here to the financial plan as somebody is thinking about, what does that next step look like? Whether it’s a first step for a graduate — and I would encourage those new graduates listening like not to fall into the trap that your first step is the only step, right? To the comment you made, Alex, it feels like that, though. You remember that feeling. I remember looking at residencies, looking at jobs, and you think, OK, this is the path, as if there’s a singular path. Like what is that all about? I mean, there is so many different paths and on the path, there’s different stops and different routes and things to get there. So excited about what you all are doing to help pharmacists and coach them in this area. Trajectory of pay. You know, this, to me, from a financial planning perspective, this to me is a big concern. Now, I will say, a pharmacist’s income, while we’re seeing the changes we’re seeing, is still a good income. And you know, it still provides us a great tool. The risk I see, Alex — and I want to flip the script here and have you play financial coach for moment — the risk I see here is if I’m somebody who’s graduating, let’s say I’m in my late 20s, early 30s, I’ve got a doctorate degree, I’m making a great income, and that’s not going to go up significantly, just by fact of inflation, just by reality of life tends to get more expensive usually as things goes on, with exceptions, of course. But whether that be because of family or other expenses or the desires and needs that we have, wants that drive up those expenses, so if income is not going to bump up like we might see in other careers or fields, like there’s somewhat of this potential like a negative effect on the financial plan, right? And so what can a new graduate, what should a new graduate be thinking about? Or even those that are looking at a job switch or position change to put themselves in a position where the stress of the salary and the finances isn’t going to be crippling to them as they think about what this means from a career perspective?

Alex Barker: I think traditional wisdom says it’s give and take. You can either get paid really, really well and you know what jobs typically pay really well, and you can suffer for a few years and potentially not really enjoy it. We all know what those jobs are. And in exchange for that misery, you give away a few years of your life, you make a decent salary, you can pay off your debts faster if that’s one of your goals, you can save up for a down payment on a really nice house. You know, you can do what you want with that. I think of — I can’t think of his name, but the pharmacist who got very famous for retiring early, saving up his millions.

Tim Ulbrich: Jason Long?

Alex Barker: Yeah. Yeah, and he retired early. And that’s great. That’s fantastic. And I think that plan or that traditional wisdom is based on financial success, wanting to achieve your financial goals over a career goal. And there’s nothing wrong with that. Absolutely nothing wrong. I would not personally pursue that path because I would encourage people to pursue the things that expand or create abundance versus thinking that this is a scarcity thing. I just talked with a student yesterday who took a job at a major retailer because he was afraid of his loans, he wanted to pay those off, and he missed out on an opportunity because you know, it didn’t pay as well. And when I say didn’t pay as well, we’re talking not a lot of money. We’re talking like $15,000 a year, which yeah, it may sound like a lot —

Tim Ulbrich: That’s significant.

Alex Barker: Yeah, for sure. It’s definitely $1,000 a month — less than that after taxes.

Tim Ulbrich: Yep.

Alex Barker: But it isn’t a huge change. The thing that I would encourage everyone to consider is choosing abundance over scarcity because this world has so many opportunities. And you as a pharmacist have an expert knowledge that is valuable in the right marketplace. And so if you feel like your job isn’t paying you enough or that you’d want to get a job that pays more, or you want to create financial freedom for yourself, then why not do something on the side? I know that that comes with some baggage that people may not be wanting to do if you’re a parent, I don’t want to give up 10 hours a week, 15 hours a week or whatever it takes.

Tim Ulbrich: Sure.
Alex Barker: But I am someone who believed in that dream, that is my personal philosophy, paid off my house 27 years early because of hustling on the side. Like if I can do it, I know you can do it because we’re all pharmacists. I’m pretty sure you only have pharmacists listening to this podcast. So if you’re listening —

Tim Ulbrich: I think so, yeah. Maybe my mom or dad occasionally?

Alex Barker: Oh, nice. Hey, Mom or Dad. Nice to see you. If you’re a pharmacist, you’re insanely capable, insanely intelligent. And you can create something that makes $1,000 extra a month. And you can hire a team to help you to fulfill on whatever those things are. And that can create your financial freedom for the future. It’s what I’ve done, it’s what I’ve helped other people do, it’s what people are doing now. And I think personally, I have my own theories about Gen Z. I really think that this next generation doesn’t care two flips about making six figures in order to — and to give up 6+ years of my life to get this job. That’s not at all what they care about.

Tim Ulbrich: That’s right.

Alex Barker: And I think that’s what the application trend shows as well. So I think it’s all about pursuing an abundant freedom through business, personally. That’s what I would find.

Tim Ulbrich: And I want to add, Alex, one of the things I think we don’t talk enough about — you know, side hustles are widely discussed — is it’s not just about the money, right? I mean, the money is a factor, of course it is as we talk about the financial plan. But one of the greatest joys I still have to do this day and had when I was at the very beginning of the journey of YFP was the creative outlet and that feeling of you’re creating something, you’re providing value, right, you’re leaning into a strength. Like it’s energizing. And I would have and did it for nothing, right? I mean, when you’re kind of getting everything going. So what value does that provide in terms of if you’re in a position where it may not be as fulfilling as you would hope, like that may be an outlet for you to think about. And we have tried on this show — and we’re going to do more of this — of featuring pharmacists that are doing different things in this area, not so that somebody can hear any one of those and say, “Oh, I’m going to do that,” maybe that’s the case, but more so of hey, that’s a cool idea and I hadn’t thought about it and hopefully beginning to let the creative juices flow in different areas. So we’ve had several folks on talking about different areas. I can think of Brittany Hoffman-Eubanks, Episode 126, we talked about her income from medical writing, Blair Thielemeier, of course, the Pharmapreneur Academy, had her on recently, 197, Brent Rollins we had back on 112 talking about expert witness and several others. So I think this is an area for many folks to consider for a variety of reasons, and Alex, you did a good job of articulating those. As always, love having you on the show. We’re going to be doing it again as I bring you back to give us an update on what’s going on in the job market and what our community needs to be up-to-speed with. Where’s the best place for our listeners to go, Alex, to stay connected with you and to stay connected with the work that you’re doing at The Happy PharmD?

Alex Barker: Oh, we’ve got a website. It’s super slick looking. You can check it out if you want.

Tim Ulbrich: It is nice.

Alex Barker: TheHappyPharmD.com. But I am the most active on LinkedIn. You can check me out there, Alex Barker. And happy to connect with you there and have a conversation with you. I try to talk to everyone that connects with me. If I miss you, I’m sorry. But feel free to send me a message, happy to connect on there.

Tim Ulbrich: Alex, appreciate having you on the show. And to our listeners, thank you for joining us for this week’s episode. If you liked what you heard, please do us a favor, leave us a rating and review on Apple podcasts or wherever you listen to your podcasts each and every week. We appreciate your feedback, love to hear your ideas on the show. And as always, we thank you for listening to this week’s episode of the Your Financial Pharmacist podcast. Have a great rest of your week.

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YFP 199: Introducing the YFP Real Estate Investing Podcast


Introducing the YFP Real Estate Investing Podcast

On this episode, Tim Ulbrich welcomes Nate Hedrick and David Bright, co-hosts of the brand new YFP Real Estate Investing Podcast that is launching on Saturday, April 17, 2021. Tim, Nate, and David talk about the mission and why for the show, who the podcast is for, the content that will be covered, and the guests that will be featured on the show. They also discuss the newest guide developed by Nate and David, The Pharmacist’s Guide to Real Estate Investing, which details a step-by-step plan on how to get started in real estate investing.

About Today’s Guests

David Bright, PharmD

David Bright is a pharmacist with a heart for teaching. He’s been a full-time professor since 2009 with a passion for implementing and improving pharmacy services. Themes of “implementing and improving” in the pharmacy space are quite similar to themes of “building and fixing” in real estate, which has been a growing hobby for David and his wife, Heather, who bought their first house more than ten years ago. That fixer-upper house became a live-in house flip, which they sold a few years later, only to repeat the process with their next house. When David and Heather got sick of perpetually living in a construction zone, they pivoted to fixing up rental properties in West Michigan, where they now live.

David invests in real estate as a way to bring greater diversity to financial planning and to fund memorable life experiences with family and friends.

Nate Hedrick, PharmD

Nate Hedrick is a full-time pharmacist by day, husband and father by evening and weekend, and real estate agent, investor, and blogger by late night and early morning. He has a passion for staying uncomfortable and is always on the lookout for a new challenge or a project. He found real estate investing in 2016 after his $300,000+ student loan debt led him to read Rich Dad Poor Dad. This book opened his mind to the possibilities of financial freedom and he has been obsessed ever since. After earning his real estate license in 2017, Nate founded Real Estate RPH as a source for real estate education designed with pharmacists in mind. Since then, he has helped dozens of pharmacists around the country realize their dream of owning a home or starting their investing journey. Nate resides in Cleveland, Ohio with his wife, Kristen, his two daughters Molly and Lucy, and his rescue dog Lexi.

Summary

On this episode, Nate Hedrick and David Bright, cohosts of the brand new YFP Real Estate Investing Podcast join Tim Ulbrich to discuss the podcast launch, the why and mission for the show, the target audience for the show as well as the guests and content.

Nate and David also share some of the steps from their guide, The Pharmacist’s Guide to Real Estate Investing. Here are some of the highlights:

  1. Get your financial plan together: Taking stock of your own finances and financial picture will help you to better understand which investment and financing strategies may work best for you.
  2. Time to study up: Learn about and do your research on which real estate opportunities will best match your personal skill set.
  3. Location is everything: Choose where you are going to invest, taking into consideration factors that will impact your investment such as rent to income ratios, population growth, and more.
  4. Choose a strategy: Choose which strategy of investment you plan to implement of the many options, including house hacking, flipping, long-term or short-term rentals, or BRRR.
  5. Build your team: Build your team of professionals around you, specific to your investing needs. This likely will include a realtor who is familiar with real estate investing, a lawyer, an accountant, contractors, and property managers among others.
  6. Double check the math: If you do the math wrong with real estate, it can be a bad experience. If you do your math correctly, with the use of some tools and resources, you can get familiar with the numbers and more easily find a deal where you are comfortable in making a decision.
  7. Make an offer: Keep emotion out of the decision and realize that not every property is going to work out. Stick to the plan and research you’ve conducted in steps 1 through 6 and make your offer.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Hey, what’s up, everybody? Welcome to this week’s episode of the Your Financial Pharmacist podcast. And today’s show is a special one, not just because it’s Episode 199 — hard to believe that we’re almost to Episode 200 — but special because we have something exciting to announce that we’ve mentioned on the podcast and in the YFP Facebook group over the last couple weeks and something that really has been in the works for much longer than that. On Saturday, this Saturday, April 17, we’re launching a brand new podcast through the Your Financial Pharmacist podcast channel called the YFP Real Estate Investing Podcast. Now, as much as I love the new podcast and the focus on real estate investing, I’m excited that the hosts of the YFP Real Estate Investing Podcast are two pharmacists, real estate investors, and friends that I have known for awhile, two guys that I have a great amount of respect for in the work that they do as pharmacists and the integrity in which they approach their business and their investing and the heart that they have for educating others and who have both been on the show before. And that is Nate Hedrick, the Real Estate RPh, and David Bright. Nate and David, welcome back to the show.

Nate Hedrick: Thanks so much for having us.

David Bright: Thank you.

Tim Ulbrich: So I know you both have been on the show before. Nate, you’ve joined us many times on the YFP podcast. And David, we had you on not too long ago, Episode 167 where we talked about must-know real estate terminology. But I don’t want to assume that our audience knows your background and really important information that they get to know you as we get ready to launch the Real Estate Investing podcast of which you two will be serving as the co-hosts. So David, let’s start with you. Tell us a little bit about your career, how you got started in real estate investing, and your why behind pursuing real estate investing while keeping your pharmacy career.

David Bright: Absolutely. Yeah, I started in pharmacy at 16 working in the drug store and went from there where pharmacy school, community pharmacy residency, and really just loved that outpatient community pharmacy drug store opportunity that was there. A lot of the implementing and improving of non-dispensing clinical services really got me excited about that outpatient space. And then later as well with academia, that implementing and improving also mirrors hobby of real estate, the building and fixing of real estate. And so that was something that my wife and I had enjoyed too. We bought our first house as a short sale. It need a lot of work, so that kind of live-in flip was a way that we could diversify our financial plan, also just create some extra money for those memory-making experiences with the family. And so we’ve just enjoyed kind of doing that over time. At some point, we decided we didn’t enjoy living in a construction zone anymore, so we started enjoying doing that in other properties. But that’s just been a fun hobby along the way and part of our why behind real estate.

Tim Ulbrich: Great stuff, David. And I know you and I have had this conversation before, but we’ve known each other dating back to community pharmacy residency all the way back in 2008-2009. And I like the connection you’ve made before about really some of the challenges around developing, implementing, evaluating patient care services in the community pharmacy setting and really the connection between some of the interests and passions that you have in real estate as well. So excited to have you experience, your perspective, on the show, really to be sharing that information with the community but also what I have always taken away is really your passion to help other pharmacists and really lead with education, really teach some of these principles, and help folks understand how they might be able to apply that to their own personal situation. So Nate, as I alluded to, we’ve had you on the show many times. I think now officially the most frequent guest on the YFP podcast. So starting way back on Episode 040 and 041 where we had a two-part series talking about 10 things every pharmacist should know about home buying and then most recently on Episode 193, building v. buying a home, what to consider. And that was in early March of 2021, and I think many of our listeners know you as the Real Estate RPh. So for those that haven’t caught one of your several — I think at least five or six at this point — episodes on the YFP podcast, Nate, tell us about your background, pharmacy career, and how you ultimately ended up as a realtor and real estate investor.

Nate Hedrick: Yeah, and I expect the trophy for most frequent guest to be arriving.

Tim Ulbrich: It’s on the way. It’s on the way.

Nate Hedrick: Alright, good. Yeah, no. So I started off full clinical track. I did a residency right after graduating from Ohio Northern back in 2013 and really fell in love with the pain and palliative care space. And was a hospice consultant for a long time and really just, I loved that role. And then as time went on, I kind of moved into more of a sales-y type track where I was working with outside clients and really kind of touting what the other pharmacists were doing rather than doing that work myself. And as all that was happening, I was getting this interest in real estate and real estate investing. I think the story I tell all the time was I read “Rich Dad Poor Dad,” and my mindset just completely shifted. So when I should have been going out and getting my BCPS or some sort of additional certification in pharmacy, I told my wife I was going to get my real estate license. And she looked at me like I was crazy at first, but we’ve really fell in love with where that stake in our career and the opportunities that I have. And so back in 2017, I took that same idea and launched Real Estate RPh, a website all about educating pharmacists about home buying and home selling and real estate investing. And really just have been growing that ever since. And so really excited that we are able to launch this podcast today. I feel like it’s the culmination of a lot of that stuff coming together, that idea of education and connection really in the purest form. So I’m really excited about this.

Tim Ulbrich: Yeah, and this really has been in the works for I would say a couple years. I mean, it started with the idea of hey, we were seeing a growing interest of real estate investing, wanting to learn more among the community, how can we help provide some education, some awareness, how can we connect pharmacists with other pharmacists, and all of that really led to hey, let’s start with a podcast, let’s start with the education, I think something we’re all passionate about. And then let’s see where it goes from there into the future. So let’s dig into the new podcast launching this Saturday, April 17, on the YFP podcast channel. Nate, what’s the mission and the why of the show?

Nate Hedrick: Yeah, the mission is actually pretty simple. It’s to empower pharmacists to leverage real estate as part of their financial plan. We realized that not everyone’s listening to this podcast trying to take over a real estate empire, right? And really, when David and I sat down and started thinking about what kind of philosophy are we going to have behind the show and what kind of guests are we going to have on the show and all that, we really sat back and said, we don’t need to replicate what’s already out there. There are some fantastic resources in the real estate space, Bigger Pockets being kind of the most obvious one with excellent podcasts and books and all these things that I think really promote the idea of real estate investing. But what we felt like was missing was this idea of how do you couple a really fulfilling career, i.e. pharmacy, and real estate investing? How do you do both? And so our whole idea with this show is that we’re going to show you how to not just leave pharmacy but stay in pharmacy while also investing in real estate. And so that’s really the overarching philosophy behind this program and this show.

Tim Ulbrich: Great stuff. And I think to reiterate that, that really is going to be the focus of the content and the audience that we want to reach. So you know, not to say some folks may get started and eventually build that empire, Nate, that you talked about, but knowing the vast, vast majority of pharmacists that are listening have either not gotten started yet but have the interest piqued, wanting to learn more, or maybe have taken a step or two, might be saving for that first property, might have bought a property or two, but really looking to take it further from there. And that’s going to be the focus of this show. So David, with that in mind, you know, what can our listeners expect? The kind of guests, the topics that we’re going to be covering as they listen to this podcast that we’ll be launching each and every Saturday?

David Bright: Yeah, I think the obvious one is we don’t really intend on focusing on pharmacists that have left their career of pharmacy. That’s not really our focus. Again, we’re focused on pharmacists that want to have real estate as a part of their financial plan. So there’s a lot of other, better resources out there for those kind of things. But for those that are looking for tangible and practical tips on getting started, on growing, on getting better at what you’re doing, that’s where we’re focused. We’ve got guests that are on talking about short- and long-term rentals, talking about house flipping, talking about rehabbing, property management, taxes, lending, all those different things go into buying your first or your second or your fifth property. And so focusing, again, on ways that you can jump into that and make that even better.

Tim Ulbrich: Yeah, and our goal is, David, you know, I think one of the things we’ve discussed thus far is that real estate investing can look like a lot of different things. And we’re going to obviously highlight a lot of different stories that will emphasize that. And it’s probably going to take a lot of guests and a lot of episodes to even fully uncover the variety of options that are out there. And so we’re not suggesting that there is a one right path to real estate investing. What we want to do is explore many different areas, feature many different stories, the good, the bad, the ugly, make sure we’re representing all sides of that and then really give folks an opportunity to go learn more and say, ‘Oh, that’s interesting, I think that might fit or might not fit for my personal situation,’ as they evaluate where real estate investing does or does not fit in the context of their financial plan. So Nate, if someone has a question about real estate investing that they would like to be answered or perhaps they have a story that they want to have featured on the show, where can they go?

Nate Hedrick: Yeah, and so as this podcast drops, we’re going to also be launching a new website just to help out with that. And so YFPRealEstate.com will be your go-to source for getting in touch with us, asking questions, you can apply to be a guest on the show, all sorts of stuff. So as this podcast launches and you guys start listening here, you can head over to YFPRealEstate.com. And then we will also have — we’ve already launched, and it’s been running for about a week now, and that’s a Your Financial Pharmacist Real Estate Investing Facebook group. So if you’re looking for community, looking for a place to connect with others, we’ve already seen some great photos posted and people talking about their investments already on there. So definitely check that out.

Tim Ulbrich: Yeah, I’m glad you mentioned the Facebook group, Nate. One of the goals we had with that group and with this effort overall is to connect other pharmacist investors with one another. And we had a question last week in the group that was in essence like, “Hey, where are you from? Welcome to the group. Where are you from? Tell us a little bit about what you’re hoping to get out of this group. Tell us a little bit about your investing, what you’ve been working on.” And to see pharmacists, “Hey, I’m from Buffalo, New York,” “I’m from Columbus,” “I’m from this part of the country,” I think we’re going to see a lot of that connection start to happen organically. So I hope folks listening will join us in that Facebook group as well, which we’ll link to in the show notes. David, I want to come back to the concept that we don’t feel like real estate investing is something that folks have to choose it’s either that or it’s my pharmacy career. We really feel like folks can be successful in their pharmacy career, still be passionate about what they’re doing and what they’ve spent a lot of time and money to train to do and still pursue and potentially reap some of the benefits that come from real estate investing. So David, tell us, how can one enjoy their profession while also investing in real estate?

David Bright: Yeah, I think it’s the same kind of answer that you think about when it’s how do you get 700 prescriptions and 50 flu shots done in a Monday in a drugstore. It’s you have a team around you that helps you, right? Like this isn’t an individual sport with real estate. Like I know that I am not a realtor, I am not a contractor, I am not a property manager. I’m not a lot of those things. But I can find people who are really good at each of those areas. And so by bringing that team together and by having some direction and leading that team, I can really step back from the day-to-day side of it and let other people that are really good at what they do do what they are good at. And to me, I think that’s how a lot of pharmacists can find real estate investing as a part of their financial plan without it taking over or taking too much time.

Tim Ulbrich: And one of the things that I know I’ve heard both of you talk about and seen you role model as well is that the value that a team can bring to the process and really thinking about how to begin to build your real estate portfolio with both the team and the system in mind. And I think that’s really critical. I suspect many folks listening are not only busy in their full-time career as a pharmacist but they perhaps have family, other commitments, other priorities, other things that they need to be doing, want to be working on, things that they enjoy. And so we need to be able to do this, if we’re going to do it, in a way that is realistic with those other responsibilities and those other roles that one has. So Nate and David, you created a really valuable guide, the Pharmacist’s Guide to Real Estate Investing, that details essentially a step-by-step plan on just that: how to get started in real estate investing. And we’re going to link to this in the show notes, and I’d like to walk through this for a few moments to give our listeners a taste of I think some of the information and the content that they’re going to get on the show. But that guide, the Pharmacist’s Guide to Real Estate Investing, you can download that guide for free by visiting YFPRealEstate.com or you can text REIguide, all one word, again, REIguide, to 44222. And you can download a copy of the guide that way as well. So Step No. 1 of this guide is get your financial plan together. So a topic obviously near and dear to my heart. And Nate, tell us about why this step, getting your financial plan together, is really such an important first step.

Nate Hedrick: Yeah, I think a lot of this comes back to the original mission of Your Financial Pharmacist as a whole. I think back to, Tim, when we had our very first meetings years and years ago, and I said, you know, I want to be the real estate side of what you’re trying to create here. And again, it all stemmed from that idea of you’ve got to have a good financial house first before you can move on and do anything else.

Tim Ulbrich: Yeah.

Nate Hedrick: Again, as I approached my own real estate investing, we really stepped back and did a lot more time with the education side and the reading side because if you don’t have that financial base, that strong financial base, it becomes very, very difficult to escalate or to be successful in the real estate investing side. So we put that first because, again, it’s really the core philosophy of YFP, but it’s also just absolutely essential if you want to be truly successful I think in the real estate investing side.

Tim Ulbrich: Yeah, and one of the things, Nate, I think you mention this in the guide that I like is if you think about real estate investing being similar to pharmacy school, personal finance is like your pre-reqs, right? Your basic science courses. So before we build upon that, before we get into our therapeutic courses, other more advanced content, we better be sure we’ve got a really good foundation or we’re going to end up in trouble when we get on rotations and we have the preceptor that exposes the lack of that information. So that’s Step No. 1, get your financial plan together. Step No. 2 is time to study up. So I love that you guys write that first, you need to learn the basics and then can decide what real estate investing niche fits your skill set. So David, talk to us about how to approach learning about real estate investing and what resources you have leaned on as you got started in your own journey.

David Bright: Yeah, I think just like you wouldn’t recommend a drug therapy without having any therapeutics courses, you need to have that time to study up. And with setting aside that time is probably the most important thing for the life of a busy pharmacist. And so for me, I found that during my daily commute, it was really easy to plug in podcasts and audiobooks. And so we will — as a part of the show, we have some outro questions where each guest recommends some resources. And so I would encourage you to take notes as we get through there. And we always put those things in the show notes as well. If you’re looking for good books and resources that got each guest started, we’ll have those going as well. So we’ll have several recommendations coming over the next few weeks. ANother thing I think are groups, whether that’s in-person meetups — at some point we can hopefully be doing that again — and then also just gathering with other friends and people that can bring accountability and education and you can share in that with. So carving out that time I think is really important, but I also think that there’s some even a life of a busy pharmacist, you can find 15 minutes here and there to get through an audiobook or podcast slowly.

Tim Ulbrich: Yeah, and David, I’m envisioning a future state, post-COVID perhaps, where we have a real estate meetup of pharmacists at a state or national meeting or other venues, which is really exciting to think about. What is your over-under, David, on the number of times we’re going to hear guests recommend “Rich Dad Poor Dad” in the first 50 episodes?

David Bright: Oh, 48 out of 50 I think is what I’m thinking.

Tim Ulbrich: Yes.

Nate Hedrick: We’re going to have to strike that from the options. You can’t pick that as your favorite. I’m sorry.

Tim Ulbrich: So Step No. 3, location is everything. Nate, you know this, obviously as an agent. So choosing where you’re going to invest in real estate is such an important step. Nate, give us a broad overview of some factors to consider, whether somebody is choosing the location for their first or perhaps their fifth real estate property.

Nate Hedrick: Yeah, absolutely. So really it comes down to assessing those locations. I think as we look at investors when they are either starting out or they’re looking at a new market, figuring out where to invest is one of those big steps in terms of OK, well, is it going to be something that I need to have close by? Do I have someone there that’s a part of my team that I can tap into? Do I know anyone there already? And then it gets into the actual macroeconomic factors of that location. So is the city seeing population growth? Job market — is that diversified? What’s the rent-to-income ratio look like? All those things get factored into it. And so there are — you can be successful anywhere at any time. Anybody that tells you, oh, you can’t invest there. The market doesn’t work. It works for something. But what you have to find is a way to pair that location with your strategy and your goals. And so I think figuring that out together can be difficult. So we really try to address that in the guide about here are some factors to consider before you start moving forward.

Tim Ulbrich: And Step No. 4 then is choosing a strategy. So we’ve got our financial house in order, we’ve soaked up lots of real estate investing knowledge, we’ve decided on a location, and David, what comes next when one evaluates the strategies available?

David Bright: I think that as you’re figuring out that strategy, that’s just really important because you think through each potential real estate acquisition through the lens of that strategy in order to make sure that it’s effective. Like you may find this beautiful lakefront property, and if you run the numbers as a long-term buy-and-hold where someone moves in there and lives there for years, it may not work nearly as well as if it was an Airbnb or VRBO kind of vacation rental. The numbers may work much better that way. So figuring out your strategy and the way that you want to invest in real estate can really help you figure out which property is the right acquisition for that plan.

Tim Ulbrich: Yeah, and we’ve talked about a few. I know you mentioned a couple earlier in the show, but we’ve had on guests talking about house hacking, we’ve had Nate on to talk about flipping, we’ve talked about long distance real estate investing, we’ve talked about using the BRRRR strategy. So we’re going to dig into these and others as pharmacists, again, evaluate, OK, what’s out there? And then as I learn more, which of those may fit into my financial plan. So Step No. 5, build your team. Nate, we talked about this briefly already but team, team, team, is so important when we think about real estate investing not only in the long-term success but also being able to make the most of our time and the limited time that we have. So talk to us about this concept of building a team and who we should be thinking about being included on this team.

Nate Hedrick: Yeah. And this applies whether you’re investing locally down the street or whether you’re investing across the country. There are just certain members that you’re going to need to build into that. And we try to one, demystify that process but also make it feel easy. I know every time I heard, “You have to build a team to be successful in real estate,” it just sounded kind of overwhelming. Like I don’t know how to build a team. I don’t know how to do any of that. So we’re trying to break that down and make it a little bit easier. But the idea is that you need to have that real estate agent, you need to have potentially a lawyer or an accountant, a financial planner. You know, there are all these different members that can help you out. And so how do you tap into the good ones? And how do you get to that team more quickly? So the guide helps with that a little bit. And then it also leads to our expansion of the real estate concierge service, which we’ve been doing on the home buying side for years but really this new model is looking at how do we connect you guys with investor-friendly agents? So again, head on over to YFPRealEstate.com. We have access to our real estate concierge service. We can get you connected to a local investor-friendly real estate agent, somebody that can actually help elevate that business wherever you’re trying to invest.

Tim Ulbrich: Very important distinction between agents that, you know, specialize on the primary residence home buying side and those that are familiar with the investing side and ideally maybe even have some experience themselves or have worked with many clients that have gone through that path and know what they may be looking at to be able to advise them. Step No. 6, David, the math. So we’ve got to actually figure out is this a good deal or not? And so Step No. 6 is double or triple check the math. So talk to us about the importance of running the numbers and obviously something we’ll dig into in much more detail as we go throughout the show on individual cases and scenarios. But you know, how is the math run? Why is it so important? Talk to us about this step.

David Bright: Yeah, I think we’re all familiar in the pharmacy space that if you do the math wrong, that can be life-and-death for a patient. And I think the parallel with real estate is if you do the math wrong with real estate, it’s life-or-death of that deal. Right? It can be a really, really bad experience if you do the math wrong. If you do the math right, you check it well, and that ends up being a great investment for you, then that’s also a huge win. So there’s some strategy in doing those numbers correctly. There’s some online calculators and YFP has one, I’m sure we’ll put the link in the show notes today. But those online calculators are just like in the profession of pharmacy where there’s different online calculators for things that we need as well. So just getting familiar with those numbers to the point where it becomes really understandable and simple of how to evaluate those deals makes it just that much easier to find something that you’re comfortable with to break through that analysis paralysis and to jump in.

Tim Ulbrich: And we will link to the YFP rental property calculator that David was alluding to, we’ll link to that in the show notes. And finally, Nate, Step No. 7 is we’re ready to make an offer. So talk to us about really two key points to keep in mind as folks are getting ready to make an offer.

Nate Hedrick: Yeah, I think when you get to this point where you’ve done all this background work and you’ve gotten to this point where OK, I think this is a deal that we’re going to go put this offer in, there’s two really important things to keep in mind. And that is that you need to keep emotion out of it. This is an investment. This is not your forever home. And so once you’ve done all that math like David said, don’t ruin it by ignoring the math and making a bad decision. So keep the emotion out of it, walk into that deal with ‘here’s where we’re going to go’ from a numbers standpoint, and we’re not going to vary from that. And then realize that not every good house is going to work out. Even if everything looks great, if you can’t get to that right negotiating spot, it’s worth it to walk away. So I think, again, Step 7 really should be do what you did in steps 1-6 and make sure you stick to it because that’s really what the offer is all about is that you’ve done all this background work to stay in line with what you’ve decided ahead of time.

Tim Ulbrich: Great stuff. So we just scratched the surface on these seven steps that are part of the Pharmacist’s Guide to Real Estate Investing, which you can download at YFPRealEstate.com or you also can text REIguide, again, all one word, REIguide to 44222 to get a copy. So I hope that you will join us for Episode 01 of the YFP Real Estate Investing podcast. It’s going to launch this Saturday, April 17, where Nate and David talk with Tim Baker and I about how real estate investing may fit into a pharmacist’s financial plan. We also talk about considerations for how long someone should be in their personal finance journey, where you should be perhaps with debt repayment, where you should be perhaps with your investing plan before jumping into real estate investing, and then we also talk about how one may balance real estate investing with a busy pharmacy career. So you can listen, again, to the YFP Real Estate Investing podcast right here on the YFP podcast channel. It’s going to launch each and every Saturday. What better way to start the weekend than learning about real estate investing, hearing from other pharmacists that are along this journey as well? So David and Nate, thank you both not only for your time on this episode but I know firsthand the time and effort that goes into putting a podcast together. It’s both exciting and exhausting at times. There’s moments of re-records, there’s moments of that was an episode that went great, but really an awesome opportunity as well to meet other pharmacists and connect with folks all across the country. So I appreciate your passion for this topic, your willingness to teach others, and the time commitment that you’ve made in being able to put this podcast together.

Nate Hedrick: Yeah, we appreciate you letting us do it. This has, you know, really been, like you said, months and months in the making. And it’s really fun to get to this point, and David and I have been having a really good time interviewing the initial guests we’ve been working with, and I can’t wait to see where we go from here.

David Bright: Yeah, we’ve got some really inspiring people coming on in the first few shows and so I’m really excited about it and looking forward to it kicking off officially on Saturday.

Tim Ulbrich: Great stuff. So again, this Saturday, April 17, I hope you’ll join us for Episode 01. And as always, we appreciate you joining us on this week’s episode of the Your Financial Pharmacist podcast. Have a great rest of your week.

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YFP 197: How to Leverage What You Know as a Pharmacist to Start Your Own Consulting Business


How to Leverage What You Know as a Pharmacist to Start Your Own Consulting Business

On this episode, Blair Thielemier, the creator of the Pharmapreneur Academy and the Elevate Pharmacy Summit, joins Tim Ulbrich to talk about ideas and strategies for how to monetize your clinical expertise, including where to start, how to know if you have a good idea and common barriers that pharmacists often have to face and overcome. Blair and Tim also discuss the upcoming Elevate Pharmacy Summit, where you can learn about building revenue with clinical service contracts so that you can help more patients while generating income along the way.

About Today’s Guest

Blair Thielemier, PharmD, is an MTM and business management consultant pharmacist specializing in pharmacy billing models. She consults on and produces e-learning programs for state and national organizations, pharmacy wholesalers, payers, technology start-ups. She has books and online courses available for individuals looking to leverage their pharmacy knowledge into monetized clinical programs at PharmapreneurAcademy.com She speaks internationally about trends in leveraging pharmacists to improve value-based care.

Blair is passionate about the advancement of the profession of pharmacy and believes the shift to a value-based healthcare model is an opportunity for pharmacy to play a bigger role in the system. She believes this shift will change the face of our profession drastically in the next 20 years and wants to help her colleagues prepare and adapt to those changes.

In 2015, she founded a pharmacy consulting business BT Pharmacy Consulting, LLC and currently helps train and coach other pharmacists looking to start their own consulting businesses through an online e-course and membership site at the PharmapreneurAcademy.com. Part of that business includes presenting at pharmacy conferences and pioneering the use of educational online courses for pharmacists interested in providing enhanced clinical services, such as immunizations, point of care testing, chronic care and transitional care management programs.

In April 2017, she launched the first online pharmacy conference in the industry. The Elevate Pharmacy Virtual Summit featured pharmacists of various backgrounds practicing pharmacy at the peak of the profession. There were over 1,800 pharmacists from across the globe who attended the free event.

In April 2020, the 4th annual Elevate Pharmacy Virtual Summit reached thousands of pharmacists across the globe helping them to identify and act on innovative opportunities. The five-day conference presented by the Pharmapreneur Academy has been leading the way in virtual education and events in the pharmacy industry for the past 4 years.

Blair’s interests include advocating for community pharmacy services that help providers in primary care and post-acute care improve quality measures and patient outcomes. She is dedicated to putting out helpful information about pharmacist billing options and the benefits of pharmacy consulting services.

In her spare time, she enjoys spending time with her husband and children, gardening and raising animals on their small farm and traveling abroad. She also enjoys reading personal development books, listening to business podcasts, studying meditation and human potential and learning about investing and personal finance.

Summary

Pharmacist and entrepreneur, Blair Thielemier, joins Tim Ulbrich on this episode to discuss how to leverage your skills as a pharmacist to start your own consulting business or side hustle. Blair touches on common barriers and hurdles to success in the mindset of the entrepreneur and ways to overcome self-limiting beliefs when it comes to your business. Pharmacists have such an impressive breadth of knowledge that can be applied widely. With some soft skills training, sales education, and business basics, that you just can’t get in pharmacy school, you can develop the mindset of an entrepreneur. This mindset shift means thinking about and actively asking about your clients’ and patients’ needs, anticipating those needs, and providing solutions to meet those needs and provide value. Consultation can be monetized in many ways, personalized to the pharmapreneur’s ideas, and applied through various methods whether consulting in an office, in a pharmacy-based setting, entirely independently or virtually.

Through her personal experiences, Blair discovered that she could use and monetize her own pharmacy skills and knowledge of the body to the cellular level, in countless ways to help others, ultimately leading to the creation of the Pharmapreneur Academy, her consulting business, and the creation of the Elevate Pharmacy Virtual Summit. The Elevate Pharmacy Virtual Summit aims to teach pharmacist entrepreneurs the skills necessary for building successful businesses and consulting programs, including methods for increasing revenue, relationship building, and a system for success.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Blair, welcome back to the show.

Blair Thielemier: Thank you so much for having me again.

Tim Ulbrich: Excited. This is, for the record, your fourth time on the YFP podcast. So we’re excited to have you back. Last time we had you on was Episode 117, all the way back in September 2019 where we talked about three bold predictions for the future of pharmacy. And I want to put you on the spot here for a moment. So we had talked about predictions you had around automation continuing to happen and evolve in community pharmacy practice, the shift that you thought would be happening to appointment-based models, and the third thing that you talked about was the continued shift in focus on pharmacists being embedded in primary care practices. So since September 2019, we obviously have had all that a pandemic has thrown at us, which I feel like for many pharmacists, we’ve been focusing on vaccine distribution, serving our patients the best that we can. What have you seen in your space, your world, in terms of these predictions and where we’re at in 2021?

Blair Thielemier: Yeah, I mean, those predictions, you know, that we were going to be shifting at least diversifying our revenue streams away from just a product-focused business model to now include services, I also kind of saw this opportunity for pharmacists to step in and have an impact on preventive and community population health. So yeah, the COVID pandemic really was a catalyst, I think, in a good way for clinical services led by pharmacists. And it’s something that I’m going to continue to talk about and beat this dead horse that pharmacists need provider status. But we can also do more and help our patients, even right now when we don’t have provider status. So you know, two of those predictions I’m still not reversing my stance on either one of those. And the third one, for us to start becoming embedded in physicians’ offices, especially when we start looking at quality metrics and some of the pay-for-performance models that CMS is really, really focusing in on, there’s going to be a huge opportunity for clinically-trained pharmacists in the future.

Tim Ulbrich: Absolutely. And we’ve seen — shoutout to my Ohio colleagues here have done an awesome job advocating on our behalf. We’ve seen some exciting evolutions here in Ohio with value-based contracts, embedding pharmacists, obviously the evolution of telehealth that’s happening. We’ve still got some work to do on the reimbursement side of that as well, but I think there’s exciting times ahead. And one of the things I often think about, if you think about telehealth as one example of if we could now move a model where you might have depended on a pharmacist being embedded in a clinic to be able to be accessible from a population health standpoint to serve multiple clinics and perhaps those are the highest risk or could improve those metrics to the greatest degree, wow. I mean, talk about really trying to leverage the pharmacist’s expertise. So 2019, we talked about some of that. It’s been exciting to see the movement and certainly more on the horizon. And today, we’re going to talk about ideas and strategies for how folks can perhaps think about some of their clinical expertise, their experiences, how might they turn some of that into a business or a side hustle? How might they monetize some of that? How might they think like an entrepreneur? Or what are some of the barriers, obstacles, case studies, things that you’ve seen from your experience? And so before we get into that conversation, remind our listeners who may not have caught one of the three previous episodes, a little bit about your background since graduating from pharmacy school, and the work that you’re currently doing with the Pharmapreneur Academy.

Blair Thielemier: Yeah, so after I graduated pharmacy school, long story short, went from being a clinical hospital pharmacist to having no job whatsoever. So you know, it was a rough time. I was six months pregnant with my first child. We now have three. And it was a small, rural hospital, declining reimbursements, just couldn’t afford to keep two full-time pharmacists on staff. And so I was really left out in the cold, kind of being six months pregnant and trying to figure it out. So what I did, fell back on my community pharmacy roots, and I went to a couple local independents and just offered my help. And they were like, ‘Well, we have this new clinical thing called an MTM and none of us know how to do it. We were kind of hoping that you might want to do it for us.’ And I did, I went through the first couple cases and worked with those patients and absolutely fell in love with clinical services and I thought, this is my purpose in life. I mean, I don’t mean to sound dramatic. But that was really the feeling that I had was like, this is my future. I don’t know what it’s going to look like. But this is the path I have to follow. So I really just tried to make myself as knowledgeable as possible on these clinical pharmacy services. And in doing so, I was talking about it on my blog and eventually ended up creating a training course in the Pharmapreneur Academy. And you know, now we work with pharmacists and independent pharmacy owner clients that just like you mentioned at the beginning, you want to work with a collaborative provider doing remote telehealth services for maybe three or four providers in your area and seeing 50-100 patients per provider? That’s a full-time position. You know, that’s creating new jobs for pharmacists and being able to really think outside the box and understand some of the nuances of the quality payment programs and pay-for-performance stuff. It really allows pharmacists to what I call think like an entrepreneur, which is to see these gaps in the marketplace and also see opportunities in the marketplace so that we can leverage those skills in new ways to impact our community’s health and also the health of people across the U.S. because with telehealth, I mean, I don’t see that going away.

Tim Ulbrich: Right.

Blair Thielemier: Anytime soon either.

Tim Ulbrich: And so you’ve made this transition obviously from a clinical pharmacist and the role that you had to now really what I see of educating, training, coaching, motivating various pharmacists, which is really interesting, I think is inspiring when you think about impact. And we’ll talk about the business side of it here in a moment. When you think about impact, when you’re able to help people take an idea and help frame, shape that idea, perhaps help them overcome some of the obstacles or barriers that may seem overwhelming to them in the moment and then think about seeing that service develop and hopefully thrive at some point and the impact that that will have on patients, obviously that’s far greater than the impact that you could have had alone. And I see so much of that happening, what you’re doing at the Pharmapreneur Academy. One question I have for you as you think back to your journey, would you have ended up here today doing what you’re doing if it weren’t for that job loss? And I ask that because I feel like when you talk with folks that I think have that entrepreneurial slant, itch, bug, whatever you want to call it, like it comes out eventually, right? I mean, it’s going to come out. You’re either going to get frustrated with the situation you’re in, see an opportunity, see a problem that can be solved. So as you reflect back on the journey, how critical was that situation, that moment, as difficult as it was to where you are today?

Blair Thielemier: I don’t actually know if I’ve ever told you this story, Tim. After I was working as an MTM consultant, like just kind of doing PRN for these local independents, it was probably my daughter was about 6 months old at the time and there became a director of pharmacy position come open at the local regional hospital one county over. So not the place I had been let go from but one county over. And I went there, and I applied for the job, and I got the job, of course. They offered me the job. And after the interview, they were walking me around the pharmacy, they were introducing me to the team, they were showing me my very own computer and all this stuff, and I actually that day was probably worse than the day that I lost my job the first time because I felt like there were like these two paths laid out ahead of me. And one was like the I know what that career path is going to lead to. I’ve been there, I’ve done that. There was more responsibility as the director but also I had what I thought was a pretty secure position at the other hospital. And you know, I just, I thought, how many more years am I going to do this before I finally go after what I really want, which is to own my own business and have the freedom and flexibility and autonomy to work the way that I want? And so I went home that evening and told my husband, I’m like, ‘Well, I got the job. Bad news is I’m not going to take it.’

Tim Ulbrich: But…

Blair Thielemier: Yeah. I got it, and I’m not going to take it. It was kind of one of those moments where my parents were concerned about me, you just spent a ton of money going to school, getting your pharmacist license, and you’re already like I’m going to try this other thing. But I really, I just at that time, I just felt like there wasn’t another option for me. It was really like, if you don’t try this, Blair, you’re going to regret it for the rest of your life. And that was the big turning point for me is like, you can still work your job while you’re trying to build up your side hustle. But there comes a point too to where you really have to decide, am I going to focus on this? Or am I going to focus on this? And that was the point to like just get that started. I think it was — I was originally pushed off that traditional path by when I lost my job. And then I actually chose the other path whenever I decided not to take the director position. So every day, I’m still choosing to show up at the Academy for my clients and to continue to really help them help their patients. That’s what I want to grow. And that’s the impact that I want to have is helping pharmacists leverage the stuff that they’re really good at that I can just support them with some of the business and marketing skills that we didn’t learn in school.

Tim Ulbrich: Absolutely. And let’s go there and discuss that further as I suspect many folks will be listening and saying, “Hey, I’ve got this really cool area of expertise,” or perhaps I have this idea, and I just don’t know exactly what I could do with it. And you know what, I was trained to be a darn good clinical pharmacist. But I don’t know about marketing, developing business plans, and financing my business. And oh, by the way, this is really scary to think about. Maybe I have a young family or I’ve got a stable income. We talk about it sometimes, the golden handcuffs, right, in terms of being able to — or I have $175,000-200,000 of student loan debt that might be getting in the way of what I’m doing, which obviously connects through the work that we do. So someone that has an idea or even knows that they’ve got something that is worthwhile sharing with others, having an impact in the work that they’re doing, where do they start? You know, I think this is the common thing I hear is, I don’t know where to start. And that fear can often come to be quickly where you can convince yourself that I either have to leave what I’m doing altogether to pursue this or I can’t pursue this because I have limited time and I’m working on this full-time, and sometimes we don’t get past the start line, right, to even see what might be potential going forward. So as you coach folks in the Pharmapreneur Academy, I would assume from all walks of where their idea is at from maybe I don’t have one but I know I want to do something to I’ve got something to I’ve validated it to I’m trying to scale it and everything in between, like what advice would you have for folks that are hearing this and thinking, I just don’t know where to start.

Blair Thielemier: You know, we really have a process. Like it’s a step-by-step framework that we — I encourage people to kind of put their blinders on. So think about what you want, think about the program that you want to build, put your blinders on, work towards that, and then test it. If it doesn’t seem to be something that the market is interested in, it’s OK to pivot too. So I think we get so attached to our ideas, when we have one, you know, usually people are like, “I have zero ideas of what I can do as an entrepreneur,” or “I have 50 ideas about what I can do as an entrepreneur.” So both of them I really tell them the same thing, like baby step No. 1: Look at your career and look at your past experience, look at your network, because what you have to offer is very individual. Your past experiences, maybe you know, you’re like me and my undergrad degree, I was studying plant biology because I’ve always been a little bit of a crunchy plant nerd. And I was like, maybe when I go to pharmacy school, I want to go to the Amazon and research novel drug development. And now, like I’m finally kind of seeing this come full circle as I’m getting my Master’s in Ayurvedic medicine. I almost forgot that about myself. Like I forgot that I was really into plants and herbal and like even growing a garden and nutrition. I had kind of forgot that about myself. So we’ve got some places where people can revisit some exercises that they can do to figure out if they don’t have an idea what their idea could be, if they have too many ideas how to scale down and start with just one thing. So that’s what we call our three pharmapreneurial paths, which is essentially are you going to be a consultant in a physician’s office? Are you going to be a consultant in a pharmacy-based setting? Or are you going to try to do kind of completely separate, on-your-own, like a virtual cash-based kind of business? So being able to really hone in, figure out which of those paths I want to take really makes figuring out your offer, so we talk about deciding on your offer, we’re going to talk more on this year’s Elevate Summit about how to scale your business from $1,000-5,000 per month in revenue to upwards of $25,000 per month in revenue using these techniques and things that I have learned throughout the past seven years in the online business industry and figuring out how to apply those things to pharmacy. And the other thing I really work with people a lot on when I coach them is helping them to identify their limiting beliefs. So you know, I know, Tim, you’re a big self-development person. And this idea of the growth mindset versus the fixed mindset, one of the things that I really see people in this static or fixed mindset deal with is imposter syndrome. And they, they might say, “Oh, well I’m not a clinical guru,” or, “I’m just a retail pharmacist.” I hate hearing that. I’m like, you’re not just a retail pharmacist —

Tim Ulbrich: With just a doctorate degree, yeah.

Blair Thielemier: You just have, you know, this amazing breadth of knowledge underneath your belt. You’re trained unlike any other healthcare professional on Earth. I mean, ask a doctor some questions about pharmacokinetics and see what happens. Like your training is so unique. Our knowledge of biochemistry and physiology, down to the cellular level, is what I think really makes for an interesting recipe for a pharmacist to be able to take influence from all these different seemingly unconnected areas of health and even looking into stuff like Ayurvedic medicine and meditation, how that has an impact on our mental health, on chronic stress, on our gut health, like all of these things really play together with the pharmacological interventions, the modern medicine can bless us with.

Tim Ulbrich: And so you mentioned one, Blair, which I would agree with, you know, some of the self-limiting beliefs, imposter syndrome, being a hurdle that folks may have to overcome and doubting whether or not they can do something, perhaps making the mistake of looking at others and you know, making assumptions that may not be true about what others are doing or looking at others and saying, “I’m not sure I can do that,” when in fact those folks may have been doing that for 5, 6, 7 years and they obviously had a place they started, which takes me to the question, like what are other hurdles that you see folks having to overcome? Common barriers of folks that are coming to you in the Academy that are just trying to get started, whether they don’t yet have an idea or they do have an idea, common hurdles that folks need to overcome or work through as they develop this business idea further.

Blair Thielemier: Yeah, so a lot of people come to me and say, “Hey, how do I get a job as an MTM consultant?” I’m like, “Well, it’s not really a position you can apply for, unfortunately, at this time, anyway.” And what I think that maybe we aren’t taught in school is how to talk with someone, how to have like a sales conversation or a collaborative business arrangement with someone. So really, like I kind of teach them — I feel like I’m teaching them the language of business to where they can feel comfortable going out and not feeling like, oh, I’m just going to hand somebody my business card and wait for a call because I don’t want to be pushy or sales-y or whatever. So what I teach them really has to do with building up your selling skills, building up confidence in what you’re talking about. The having conversations with people that don’t feel sleazy or sales-y, we have the four A’s of selling, which what I call first, you start with Asking what challenges they’re dealing with. What have they tried in the past? If you’re talking to a physician maybe like what quality metrics are you reporting on? Or what are some of your biggest medication issues with patients? So asking that question is the first A. The second would be Assessing. What are some things that I’ve heard? I’ve heard Blair talk about chronic care management, I’ve heard other pharmacists talk about pharmacogenomic testing or whatever. So assessing what type of program could I put together that can be customized to this person that can really help them? Because it’s not necessarily what I want to do. Like maybe I went in there thinking, oh, I really, I kind of want to do annual wellness visits for this place, but come to find they’ve already got somebody doing annual wellness visits and they’re happy with that service. But they don’t have somebody doing chronic care management. So you know, you go in with this like kind of a loose plan but then leave it open for —

Tim Ulbrich: That’s right.

Blair Thielemier: Leave it open for changes and pivots. And so being able to assess what their needs are and agreeing on this could be a good thing, would you want me in the office? Or would you want me in my own office? And would you want to do a collaborative practice agreement? Or should we just work under a collaborative business arrangement? And finally, the final piece of that is Accepting, accepting of the program, accepting of you as an employee, signing off on that legal agreement, and really just kind of going through the pilot and implementation phase of any type of new business relationship is going to go through that kind of four-step process. So when people go in and say, “Well, I talked to my physician’s office about it and I handed them a flier and told them that I was available for hire, but I never heard back from them,” I’m like, “Yeah, that’s not really the way I would have tried to get my foot in the door. And here’s what I would recommend to you to do. Go back and have that conversation with them because they may not even understand who you are or why you’re trying to help them or what it is you do. So first things first, just build a relationship and talk to them like they are a person and that you are a person, and you just are looking to see if there’s any opportunities to work together.”

Tim Ulbrich: In that last example you gave is such a good one because I think sales and accepting some of the success and challenge that can come from that is something probably many pharmacists struggle with. And this is an area where I see the community and the network being so valuable inside of the Academy because I know firsthand, this is an area where one of the coaches that I’ve worked with before calls this “head trash.” Right? There’s things that, you know, are barriers that we come to believe are going to happen or the example you gave of I dropped off a flier, I let them know I’m available, reach out to me if you want to, that is not sales. Right? That is a “I want to feel comfortable walking out of this scenario without putting risk for it that I might get a no.” And I think in that example, I would encourage folks to reflect on like, why is that the approach? Because at the end of the day, remember, we’re talking about if you have a business idea, you have a problem that needs to be solved. And if you believe so wholeheartedly in that vision, then the outcome needs to be — if I have a solution to a problem, then I need to make sure we get to that solution because I know I’m going to better serve that physician, better serve the patients that that physician also cares for, and so my primary goal in sales is to be able to further that mission. And in that mindset, which gets back to some of the growth mindset, is a totally different perspective when somebody is thinking about a sales process. But if you’re trying to go about this on an island — and I think this is where an academy and a group can be so helpful, you know, you can talk these things out loud, talk to folks that have different levels of experience, and start to learn through one another and also reflect on those conversations and get some feedback as well. One thing you mentioned, Blair, earlier was think like an entrepreneur. And I know many pharmacists that I’ve talked with, you know, when they may think, hey, I’m a really good clinician, but I don’t consider myself an entrepreneur. And that can feel overwhelming. I think sometimes we glorify the image on an entrepreneur, tech startup, big offerings of companies and so forth, and we often don’t think of what may be realistic in terms of the work that we’re doing. What do you mean by that concept of thinking like an entrepreneur? Break that down a little bit further.

Blair Thielemier: Yeah, so I really think that pharmacy’s origins started with people like my great-grandfather, who owned his own pharmacy in the Chicagoland area in the early ‘40s. And it was that kind of person-to-person service, it was the idea that like if I don’t make an offer to help this person, they may not be able to get the solution to their problems. They may not even know that this option exists for them. So even giving like just a very simple answer, so one of my friends, she was doing like a intermittent fasting, keto-type diet, and so she was mentioning having some issues with muscle aches. And I was like, “Oh, well make sure that you’re drinking a ton of water if you’re going to do one of those diets because you’re losing water. You’re also losing a lot of electrolytes, so you need a really high-quality vitamin supplement.” And you know, she was like, “Oh, I never even considered that if I was going to change my diet that I needed to think about supplementation.” And she was like, “Oh, but I can’t take those big horse pill vitamins.” And I’m like, “Well, they make gummy vitamins. And they make liquid,” like there’s so many options that you can do. But because she had never really thought to ask me about it, I never even thought to talk about the different ways that you could — we haven’t even gotten to compounded medications to where you could really help someone if they do have those types of issues. So even thinking about just basic pharmacy services from an entrepreneurial standpoint, you’re thinking about, OK, well what time of the year is it? What are people needing? What are my patients experiencing right now? It’s hayfever season. We’re going into spring and thinking through like, what are these people’s needs right now? And right now, they’re needing some COVID vaccines, for one. They’re probably also needing some Claritin. So being able to think like that and see the opportunities in the market, the gaps in the market, to have conversations and talk to people about their pain points. You know, Elon Musk didn’t wait for people to come say, “Hey, I really need an electric car.” He was like, this is what the country needs, like even if consumers aren’t screaming that they want an electric car, I’m going to create something because I see this opportunity, and I see it as impacting the highest good. So we’re going to make it, and we’re going to make sure it fits people’s needs and their pain point and also let them feel good about the investment that they’re making in their next vehicle. So same thing, you know, I think when we talk about investing in people’s health, so many pharmacists are like, “Oh, I would feel bad if I charged my patients for a consult on their nutritional supplements or a functional medicine consult or whatever.” I’m like, “Yeah, but people need to have some type of investment in the program or else they’re not going to take your advice.”

Tim Ulbrich: Yep. And value it —

Blair Thielemier: And value it.

Tim Ulbrich: — as such, right? I mean, I think that’s partly why we’re having some of the challenges that we have in the profession that we’ve largely given away what we have for free. Obviously that’s an overgeneralization in some regards. But I think the comfort may not be there of back to where we started the conversation, you know, any good business idea is a problem that warrants a solution, is one that you’re passionate about, and is one that people are willing to pay for. And if you can find that idea of what you’re providing value and providing a solution to a problem and you can obviously generate revenue from it, if that’s deriving value to an individual, it’s OK for them to pay for that, right? And it’s OK for that to be profitable because there’s a willing investment that’s being made as they see the return on the investment. And if we think about how we invest as a consumer, you know, I think that helps reshape our mind of, I invest in a lot of things that may not be a physical product, per se, but I believe has a lot of value and I’m willing to invest both time and money to invest in that solution that is going to provide some of that value. And I think this is a good transition, Blair, to an upcoming summit that you are hosting again, the Elevate Pharmacy Summit, which I’m excited about, April 9 and 10, and as folks are hearing this, thinking about OK, strategies that I might consider to monetize clinical expertise or I’ve got an idea and I want to think about how I might begin to flesh that idea out further or maybe I’ve started something, and you talked about kind of that growth phase from let’s say $1,000 in revenue per month to $5,000, whatever that growth would look like. And I know that some of what you’re going to be discussing on the summit. So tell us about the Elevate Pharmacy Virtual Summit, who it’s for, what folks can expect, and the theme of what you’re trying to accomplish in the summit this year, April 9 and 10.

Blair Thielemier: Yeah, so this year’s summit, we’ll be teaching our entire system over the course of two days. So it’s two days of live trainings, of live presentations that will help you really decide on the services and programs you want to offer. So like you just said, thinking about the solution that you could offer someone, how to put a value on that. So one example is a client that I’ve worked with. She had some issues with fertility and changed up her diet and nutritional supplement regimen and kind of fixed some of those issues with her microbiome and gut health and was able to conceive. And she, because of that experience she had, she really felt called to create a group program for other females that were of childbearing age who were looking to conceive. And you know, she was asking me about pricing and I’m like, “Well, if you help someone who couldn’t have a baby have a baby, what type of return on investment, you know, like what –”

Tim Ulbrich: Absolutely.

Blair Thielemier: Can you imagine how much more enriching that person’s life would be? And there is value in what we can offer. And there is value in our solutions. So you know, she was able to really think about the impact that she wanted to have. And so I really have worked with hundreds of pharmacists to overcome some of these issues from absolutely no idea of what they want to do to OK, now I’m generating $5,000 in revenue each month, you know, I’m thinking about leaving my full-time position, I’m thinking about hiring someone else to help me, you know, scaling to that $25,000 to $50,000 to $100,000 per month in revenue and how that works for someone using some of the processes that I’ve built in to my own business. So some of the automation and some of the marketing and lead gen and social media strategies. That’s exactly why we created the Elevate Pharmacy live this year is so that we can teach those. It’s going to be also a very small-knit group. So there’s only 300 tickets available in our Zoom room so that we can take Q&A, so we’re actually working with them. It’s really a two-day workshop that we’re going to be teaching and talking about and then of course, Tim, you’re going to come on and talk about like kind of your book publishing empire and how you’ve been able to impact so many pharmacists and helping them improve their financial health and then also what to do with it when you do get to that, you know, $25,000, $50,000 to $100,000 in revenue per month. Like that’s a fun conversation to have with the Tims is like, what do I do with all this money? That’s a great place to be. And you can really start thinking about how to have the impact you want and how to structure your services so that you can — if you do choose to leave your job, you can have this as a full-time position and it’s something you can grow and really build out. So that’s pretty much what we’ll be teaching on those two days. It’s our system from taking you to low five-figure revenue to six- and seven-figure revenue as a pharmacist.

Tim Ulbrich: I’m really excited for the event, not only participating as a speaker, as you mentioned, but also that this is available to pharmacists. When you and I talked a couple weeks ago, I was going through the list as you’re talking about marketing, lead gen, social strategy, building processes, I was like, yep, fumbled through that, fumbled through that, fumbled through that.

Blair Thielemier: Me too, Tim.

Tim Ulbrich: And every one of those was an incredible learning experience but, you know, to have other examples and I certainly read lots of books and resources and blogs and podcasts and all those things, which were incredibly helpful to see things outside of the industry as well. But to hear from folks that I can connect with and to begin to develop a community that I can connect with, I certainly know the value of that. So looking forward to the Elevate Pharmacy Virtual Summit, April 9 and 10 coming up. You can learn more about the summit and register and join me at PharmapreneurAcademy.com/YFP. Again, that’s PharmapreneurAcademy.com/YFP. Blair, thank you so much for joining. Appreciate the time, as always. Appreciate the work that you’re doing to better the profession as well as those that have some of these ideas and entrepreneurial dreams. And excited about what this means for them individually but also for the patients that they serve. So thank you very much.

Blair Thielemier: Absolutely. And thank you for having me, and thank you for the work that you’re doing as well, helping pharmacists create this firm financial foundation so that they can really build something amazing on top of it.

Tim Ulbrich: Absolutely. Thank you, Blair.

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YFP 196: How Cory Uses Improv to Create a Better Healthcare Experience


How Cory Uses Improv to Create a Better Healthcare Experience

On this episode sponsored by Insuring Income, pharmacist, improv comedian, and motivational speaker, Cory Jenks, joins Tim Ulbrich to talk about how and why he got started with this side hustle, how it has improved his ability to connect with his patients, and how you, as a pharmacist, can apply the valuable skills of improv comedy to create a more adaptable, empathetic, and humanizing healthcare experience.

About Today’s Guest

Dr. Cory Jenks earned his PharmD from the University of South Carolina in 2011 and completed a PGY1 residency at the Southern Arizona VA Healthcare System in 2012. His past pharmacy experience has included time as a retail pharmacist, outpatient clinical pharmacist, and inpatient clinical pharmacist. Currently, he practices as an Ambulatory Care Clinical Pharmacy Specialist where he applies his passion for lifestyle interventions in the management of chronic disease. Cory is also an accomplished improv comedian, having started on his comedy journey in 2013. Since then, Cory has coached, taught, and performed improv for thousands of people. Today, Cory travels the country (or at least Zooms around) teaching other healthcare professionals how to apply the valuable skills of improv comedy to create a more adaptable, empathetic, and humanizing healthcare experience. When not working or performing improv, Cory enjoys playing racquetball, basketball, and golf, exploring the science of disease management through lifestyle, and is currently earning his Master’s Degree in “Dad Jokes” with the help of his two sons Jacob and Henry.

Summary

On this episode, pharmacist, improv comedian, and motivational speaker, Cory Jenks, joins Tim Ulbrich to talk about his side hustle in improv comedy. Cory details his journey in improv as a curious student, his experience as an improv coach, instructor, and performer, and how improv comedy aligns with his profession as a pharmacist. Through his various stages of development as an improv comedian, Cory noticed his ability to more easily connect with his patients, and his professional satisfaction as a pharmacist grew.

Cory walks through the mental shift to positive from negative, outlining the importance of applying the improv 101 phrase, ‘yes, and…’ in his life as a pharmacist. Because of the skills learned through improv, Cory tells us that instead of dreading difficult cases or patients, he began to see each experience like a puzzle to solve.

Cory further explains how, not only his own experiences with improv but also the experiences of those around him and those who he has taught, have inspired and motivated him to share exactly how improv comedy can be applied in the healthcare professions. Through nationwide workshop facilitation and public speaking events, Cory is able to reach healthcare professionals with his message – to create a more adaptable, empathetic, and humanizing healthcare experience. He notes that balance, an open line of communication with his wife, and the ability to dedicate time to his passion projects have contributed to his success.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Cory, welcome back to the show.

Cory Jenks: Hey, thanks for having me. It’s a thrill, it’s an honor, it’s a privilege, and I’m excited to be back.

Tim Ulbrich: Glad to have you back. And last time we had on the show was Episode 134, which aired in January 2020. Hard to believe more than a year ago, and a lot has happened since January 2020. Who would have known at that point we had a global pandemic in front of us? And in that episode, we talked about the journey that you and Cassie were taking towards Coast FI and some of the steps that you had taken or been putting in place towards financial independence. So how are you guys doing? What’s new? Give us the update.

Cory Jenks: Well, everything went according to plan, right?

Tim Ulbrich: Right.

Cory Jenks: It’s like, we’ve got this podcast recorded, we’re going to have a great 2020. It’s our year. And then COVID hit. But I think all things considered, we really have counted our blessings. I think being in a strong place financially set us up to weather that storm as well as we could, had hoped for. We had our second kid in June.

Tim Ulbrich: Congratulations.

Cory Jenks: Good time to have a kid, right in the middle of a pandemic, right? We’re home anyway, so we have to hang out with them. And I had a chance to continue to work and grow on my little business, which I think we’re going to talk about today. And Cassie’s had the opportunity to drop back further into a part-time role. So that was what that Coast FI journey allowed us to do was to reduce some of that income from her to spend more time with the kids. And she actually got an opportunity to work a little extra on a different, more passion project working on lifestyle for disease management and diabetes reversal. So that’s something that she’s been starting in the last few months that being able to go to part-time has afforded her the opportunity to pursue that passion. So guiltily good. We’re guiltily good in this 2021 now.

Tim Ulbrich: Well, we will link back to Episode 134 in the show notes. And I hope our listeners will take a listen back to your journey, really an inspiring one. And when we talk about financial independence or even FIRE at large, standing for Financial Independence Retire Early, I think sometimes we think about it as a finish line. And really, it’s more about the journey. It’s a trajectory. And I think about your story as an example of that trajectory, of that evolution. And so we’re going to talk to you about what that has allowed you guys to do as a family. Obviously a lot has changed, the addition to your family obviously with Cassie’s role changing, the work that you’re doing with ImprovRx, and all of that is in part possible because of the steps that you have taken related to the financial plan. So excited to talk about your side hustle, ImprovRx, and the work that you’re doing to help other healthcare professionals create a more adaptable, empathetic and humanizing healthcare experience. So before we dive into the nitty gritty of ImprovRx, remind us about your pharmacy journey, where you went to school, the work that you’re currently doing now, and even the other work that you have done as a pharmacist prior to your current role.

Cory Jenks: Sure, yeah. So I am coming up on my 1-year anniversary of graduating from the University of South Carolina, so go Gamecocks.

Tim Ulbrich: Go Gamecocks.

Cory Jenks: I’m wearing my Gamecock Pharmacy sweatshirt for all the — this is an audio podcast, so perfect segue there.

Tim Ulbrich: Yes, I can see it here.

Cory Jenks: Yeah, thank you. Yeah, it’s a beautiful garment color. So graduated 2011, and I grew up in Tucson, so I went out to South Carolina for pharmacy school because I just loved student loans and out-of-state tuition. And I ended up coming back to Tucson to do a residency here at the VA in Tucson, where I have been ever since. I’ve worked anywhere from in ambulatory care, inpatient pharmacy, I’m back in ambulatory care now as a clinical pharmacy specialist doing chronic disease management. So really cool job, getting to help manage patients’ health. And I have a real passion for helping sort of reverse the chronic disease, not just manage them but do my best to get patients off their meds and living a healthy life. And in between, I’ve worked a little bit of retail, I’ve worked in a community health center. And so I’ve kind of — it’s like the Johnny Cash song, I’ve been everywhere in pharmacy. So yeah, that’s where I find myself today in my day job.

Tim Ulbrich: And we’re going to make that connection here in a little bit for folks that are wondering, we’re going to provide that bridge between improv comedy and the healthcare practitioner and how that relates to the experience for the patient. Now, I know some funny pharmacists, Cory, but I don’t think about pharmacists and comedy that often and the two of those coming together. So give us the back story. Why improv comedy? Why did you start it? What drew you to that area? And tell us a little bit about the work that you’re doing.

Cory Jenks: Sure. So growing up, I loved Simpsons, I loved Saturday Night Live, I loved watching comedy. And so this was back before you could DVR stuff. You young punks in pharmacy school with your on-demand and your DVRs, so you had to watch the show on Saturday or Sunday night, and you’d talk about it with your friends the next day.

Tim Ulbrich: That is right.

Cory Jenks: And I loved it. And I mean, I enjoyed school, good at science, pretty bad at sports, that’s why I pursued pharmacy and not trying to play baseball. But always had this love of comedy. It’s always been a part of my life that I think as a pharmacist, a good laugh really is good medicine and something I enjoyed. And in undergrad and pharmacy school, there was an improv group at the University of South Carolina that I went and saw once, was like, ‘Oh my gosh, that’s amazing.’ And I didn’t do it because I was very committed to my academics. So I kind of put that dream and enjoyment on hold but always kept that sort of fire for comedy. And then when I finished my residency in 2012, Cassie was like, ‘Hey, you’re just kind of hanging around. You have this time on your hands. What do you want to do with it?’ And so I had a birthday coming up, and so I said, ‘Well, I’ve always been interested in trying to play the guitar or do improv comedy.’ So give me one of those two lessons or classes for my birthday. And so if you heard me play guitar, you would probably assume I did the improv. And that is correct. So it was 2013, I took my first improv class. And it was a local theater here where I live in Tucson. So just starting up, so the guy who’s now one of my best friends was — took a class, took another, and it was a matter of, ‘Hey, you have a pulse and you’ve taken these classes. We need people to perform. I’m trying to grow this theater. Do you want to do it?’ Yes. Love it. Let’s do it. Perform, get on stage, and it’s really a thrill. I had a ton of fun performing it. And then eventually, ‘Hey, Cory, you’ve been doing this a couple years. Can you help me teach my classes?’ Because he was scaling his business. So sure, I love teaching this. And so I got a chance to learn the intricacies of teaching it. And eventually, it was, ‘Cory, I need someone to run my comedy school. You’re a very organized pharmacist. Use those skills to organize my curriculum.’ Sure, let’s do it, would love to do that. And then while I was doing this and sort of bringing my wife back into it, she’s the real superhero of the whole story. She was in nurse practitioner school. She was busy every night, so I got my improv Master’s degree during her Master’s degree of her getting her nurse practitioner degree. So I was down at the theater 4, 5, 6 nights a week coaching, teaching, performing. And it’s a blast. It was fun. And along the way, I realized that these skills that I learned as an improv comedian, listening, communication, teamwork, empathy, all of these soft skills that we sort of talk about but don’t really find a way to teach or measure became better. I was connecting with patients, I was adapting, I was feeling like I was a better listener. And so as we had our first kid in 2018, as much as I enjoyed being down at the theater performing for 5-10 people in a very small crowd sometimes, the heat of the Tucson summer, I would get paid to teach classes but not quite the rate as a pharmacist, if that makes — if I’m making sense there. So and when you’re away from your kid and your family, you want to make sure you’re really getting a lot out of it. Not that I didn’t get a ton out of it, but I was kind of thinking like, what’s my next step with improv? How can I push this to another level? And auditioning for Saturday Night Live is just on the cards because I’m not moving to LA or New York or Chicago, abandoning the family to pursue this dream, which I don’t — it would be cool if I somehow SNL. I think I’d have to be some sort of unlikely national hero of something to be famous enough to do it, but then I realized, oh, I’m a pharmacist. It’s helped me as a pharmacist be better. What if I push it in this direction of applying it to healthcare? And so that’s where I found myself a couple years ago as I started the business of speaking and doing workshops.

Tim Ulbrich: I love the creativity in finding something that you were passionate about and connecting it to your skill set and experience and what you are trained to be doing as a pharmacist. I think sometimes we talk about side hustles or businesses, sometimes they’re connected, sometimes they’re not. And I think probably many folks like myself when I first heard about you and the work that you’re doing with ImprovRx, I was trying to find the connection, trying to see where that connection may be. And like yes, we can always use an extra lap, but when we talk about enriching our experience and interactions with patients and enriching the healthcare system at large, we all know there’s a lot of room for improvement. We’ve all been through it as a patient, perhaps some at the different levels than others. So I really start to see the connection of how pharmacists can benefit from some of the skills and training that we’ll get to hear about in a little bit. So dig a little bit deeper for a second on the connection between improv comedy and the ability to connect with patients as well as just your professional satisfaction as a provider. You mentioned some of the softer skills, but take me in the room. You know, Cory, I’m working in ambulatory care, I’m seeing patients, how do you begin to apply this personally in your patient care encounters?

Cory Jenks: Yes, so improv is actually — I would consider it very similar to a healthcare encounter.

Tim Ulbrich: Absolutely.

Cory Jenks: And here’s why. So taking it a step back, when I go and practice improv when we’re not in a pandemic and can gather, I tell my parents, ‘Hey, I’m going to rehearse improv.’ And they’d say, ‘Cory, it’s all made up. What are you rehearsing?’ And I’d say, ‘Fair point. But improv, like a sport, you have specific skills.’ Like basketball, you ought to practice dribbling. You ought to practice defense. You’ve got to practice your — if you’re me, you’re practicing your slam dunks all day long. You’re just flying above the rim, right?

Tim Ulbrich: Absolutely.

Cory Jenks: Well, with improv, we’re practicing characters, voices, playing on teams’ different format of improvisation. Like I perform on an improv hip hop team. I rap. I do improvised rapping. Much like an improv scene, we do have certain rules within improv. And I don’t need to get into the weeds of that, but there are rules within improv that help guide us in these scenes. Well, sports you have specific rules and then in healthcare, obviously we have this specific set of rules. But with improv scene, every basketball game, every interaction with a patient, anything can happen within that timeframe. No two basketball games are the same. No two improv scenes are the same. And certainly no two patient encounters are ever the same. So you’re able to take those skills of listening, being 100% in the moment, and adapting to what that patient is telling you and continue to provide them the best outcome. One of my best examples of this was one of my patients I was managing for diabetes. And he came to the room, was just demanding a prostate exam so he could get Viagra. Like this was just his connection. He was told he needed to get that checked out to get his Viagra. And I — how do I navigate — like I never had that question on a test in pharmacy school. No one gave me the “patient demanding prostate exam, what do you do?” but also continue to do the job that you’re assigned to do, which is manage their blood sugars but also make sure that he’ll trust you in the future to take care of what you need to do. And so pardon the graphic example of the patient, but the way I was able to navigate it, I was — the two words of improv are ‘yes, and.’ Those are the basic words. If you ever want a free lesson, ‘yes, and’ are the two words. We agree and build together. So how can I say yes to this patient who’s wanting a prostate exam from me, a pharmacist, who decidedly went into pharmacy so I did not have to do exams like that? And so I said, “Yes, I could give you a prostate exam. And you wouldn’t like it, and I wouldn’t like it. And you wouldn’t get the meds you want.’ So let’s focus on your blood sugar, and you talk to your doctor about that prostate exam. He said, “That’s great idea. Let’s do it.” So it was a way to connect with him without fighting him, right? I think a lot of times consumers, we as consumers will fight with the healthcare system. We agree, we get on the same page, and we work together as a team with your patient rather than seeing it as an adversarial issue when they bring something off the wall to your office.

Tim Ulbrich: Yes, and I love that. What a tangible takeaway for folks that are interacting with patients. So is ‘yes, and,’ is that like a staple of improv comedy, improv training? Like when you’re teaching that and you saw that connection with the healthcare, is that something that’s commonplace?

Cory Jenks: Literally like Day 1 of Improv 101, you learn this idea of ‘yes, and.’

Tim Ulbrich: Really?

Cory Jenks: So if you’re doing an improv scene and then you say to me, “Hey, we’re on the moon and it’s so beautiful.” And I say, “No, we’re not. We’re in a bounce house,” well, I’ve completely negated your reality. We have to rebuild everything. And so that scene grinds to a halt, the energy stops. And I have to explain why I thought we maybe we’re on the moon. But if I say, “Yes, and it’s so beautiful up here,” or, “Yes, and we only have 30 seconds of oxygen left,” we’ve now agreed to our reality, built on a detail or a consequence and have gone down this journey together rather than trying to fight and have this adversarial reaction. And in healthcare, that’s what we’re doing. We want to build together in the moment. That’s all we’re doing with our patient. So to get the outcome, improv is to get a laugh, with our patients it’s to optimize their health. And I also am a big proponent of the experience because we don’t get to control their health all the time. Sometimes the diagnosis is beyond our control. So we can at least agree to their reality and build together.

Tim Ulbrich: I love that. And one of the questions I like to ask folks — and especially, Cory, of the journey like you’ve had is when you have such a clearly defined vision of where you are going and you have obviously thought a lot about how this interest in improv comedy can connect to patients and create a better healthcare experience, that doesn’t just happen without a specific passion, without a motivation or without a why, whatever you want to call it. Was there an “Aha!” moment when you realized that you could help other healthcare professionals have a similar experience, develop their skills to better their connection with patients and ultimately better the healthcare system? We know there can be improvement there as well as improving their own satisfaction as a healthcare provider. One of the things we hear, of course, from healthcare providers, you know, I’ve lived it, you’ve lived it more than I have, I talk with many pharmacists, physicians, veterinarians, etc., I hear, “You know what, I’m burned out.” And so there is also this piece of provider satisfaction in addition to the patient experience. So what was that “Aha!” moment for you where you saw this connection?

Cory Jenks: I’ve just done all of this talk of ‘yes, and’ and how I would agree with you. And I have to say, it wasn’t so much an “Aha!” moment as a slow boil or a slow burn. In my own professional life, I started to realize like I didn’t come home as cranky. I enjoyed the — like when someone would give you, ‘This patient is difficult,’ I stopped saying, “Oh no,” and started saying, “Cool. What are we going to do here?” Right? It’s that mindset shift that it comes — it’s solving a fun puzzle versus dreading not having the answer. So I think that was part of the puzzle. My wife Cassie went through improv training and she was like, “Oh, wow, this is really useful as in my career as a nurse practitioner. I enjoy this.” And then I’ve had — we’ve had nurses and I have a physician who’s now a friend here in Tucson that went through the training. And his like, he was like pure “Aha!” Like every class was like, “Oh my gosh, I could use this with my patients. Oh my gosh, I’m too left-brained. Oh my gosh, I need to say yes more.” And so I think seeing the light bulbs go off in those that I have taught through our classes in Tucson, I mean, you get all walks of life. You get — in our theater, we joke we have a rocket scientist. He’s an engineer. We have nurses, lawyers. But then we have the typical theater artistic folks who live with that right brain a bit more. But it’s just that consistent reaction from people who buy into the ‘yes, and’ philosophy. So I really see it as more of a philosophy than just a rule of improv. I try to live that ‘yes, and’ life as much as I can. But seeing those light bulbs and “Aha!” moments is just energizing back to me. And I realized, oh, this is an opportunity to take what I do 40 hours a week and what I do on the weekends and improve that 40-hour life, not just for myself but I think we could do something for the other people that, as you say, we struggle. Healthcare is hard. Like, to everyone listening, kudos to you. We have hard jobs. It’s OK. Admit it. So how can we make those jobs a little less hard and a little more rewarding? And I think this is one of those avenues to find that satisfaction.

Tim Ulbrich: So I have to ask as a father myself, you know, I suspect dad jokes are a regular. Is that fair? I mean, are the dad jokes getting better? Are they getting worse? Where do the dad jokes come in?

Cory Jenks: I give myself like a 6.5 out of 10. So like the littlest one just turned 9 months old, so he just sort of like, I smile at him and he laughs. So the bar is low for him. And my 3-year-old is just getting a little sense of humor and a little playfulness. But I can make Cassie’s eyes roll pretty good with a lot of my dad joke humor. And just kind of circling back to what you said, you say you don’t know many funny pharmacists. The interesting thing about improv is that you don’t have to be funny to be good at it. I think improv is perfectly suited for pharmacists because it requires you to listen, be in the moment. And if you are smart, which pharmacists objectively are very smart, you can be really good at improv because you learn the patterns, you learn the rules. And as kind of left-brainy pharmacist as that sounds, once you learn that, you can play up and find the funny. You can develop that sense of humor. And so if you’re listening to this at home saying, ‘Well, I’m not funny,’ first off ‘yes, and,’ yes, you can be funny. You can do this. And so that’s my bit of pushback. I think that the smartest people make some of the best improvisers. So just brushing my shoulder off here.

Tim Ulbrich: So this connection of obviously bringing your interest in improv comedy or experience as a healthcare practitioner, your opportunity is, I suspect, as a patient, perhaps a caregiver, other experiences, recognizing that this could be done better. Insert ImprovRx, so an opportunity to train other healthcare professionals. So let’s talk about more of what you’re doing with ImprovRx. What do you offer? You mentioned to me before we hit record that you’re going to be doing an upcoming session for a Rho Chi induction. So give me some examples of things like that. What would it look like to the person in the room when you’re doing a workshop? What does this experience look like for pharmacy students?

Cory Jenks: Yeah.

Tim Ulbrich: Give us some more of the nitty gritty of what these types of sessions would include.

Cory Jenks: Definitely. So I offer basically — I’m an improviser, so I can adapt to whatever session or issue or event you’d like. But I can do a good old fashioned speech or a talk on it where I’m talking to your crowd, revving you up, inspiring you, pretty much what I’m doing with the audience today, just giving you just a bunch of motivation and excitement about what improv can —

Tim Ulbrich: I’m ready to go.

Cory Jenks: Yeah, like I’m glad there’s no brick walls in front of you because you might run through it.

Tim Ulbrich: That is great.

Cory Jenks: But I think my bread and butter really are the workshops. So what I do with those is I provide, depending on the workshop — and I have a menu of those depending on what the event calls for, what the particular organization wants. So I could either get right into some basic rules and we just get in and play. And what we do is we have the participants doing improv within 10 minutes. You’re doing scenes, you’re building things together. And then what we do, regardless of those different workshops, is we break down what happened in those scenes. What happened with those skills? What made them work well? What didn’t work well? And then how do we turn this into making ourselves better healthcare professionals. So how are you going to take what you did during this particular game and utilize it to be more in the moment with your patients? And so whether it’s something where we jump right into the improv or whether we do a little bit of background, a little presentation on some of the literature that supports — because ImprovRx is evidence-based comedy. There is literature supporting the use of role play and improv in education and pharmacy and medicine. So we’re pharmacists. We like to have that data to show that what we’re doing is worthwhile. And so there is — so I can dig into the data, give you the good background, and then we jump into the fun. And what I think the most important thing that comes from this is that people are going and taking risks, they’re trying new things, and there’s no consequences. Like in pharmacy school, for example, you can take a test and if you fail the test, you fail the test, right? In improv, if you do a scene that’s not funny, the scene is over, we move on, it’s disposable comedy. It’s beautiful. And you can learn that lesson in the moment. And I think that’s something that students — it’s really resonated with students because they are under pressure 24/7, get the grades, go to residency, get your job, get your student loans paid to tie it back here to YFP. So for an hour, we’re going to try something. It could be difficult. We’re going to be growing some skills. But the thing that I love — and I’ve been doing all these virtually right now because of COVID — is I’m looking at my screen and I see smiles on faces of students trying new things that are hard. And when do we have those moments in life where we get to try something and have fun doing it? And I think that’s the — like at worst, we come out of this having fun. And at best, you have fun, you challenge yourself, and you realize that those limiting beliefs that I’m not funny, that I can’t listen, that I can’t create, are not true because there’s so much more lurking — in a good way — inside of all of us as healthcare professionals that are waiting to be there to help our patients.

Tim Ulbrich: You know, I’m connecting back to my experiences in academia and even as a student where while we have come a long way in providing I would say more digestible learning experiences for students in terms of not as high risk of assessments, making things more spread out, smaller, lower risk and so forth to help foster the learning experience and take some of the anxiety out of it and an effort to try to help students manage stress and other things that they have going on, I suspect for pharmacy students listening, they would still say it’s a very pressure-inducing environment. And you can see it among students currently. They feel the stakes are high. And they certainly can be in a session like this and see value from this. And I can see it happening in a classroom, in a student organization event, as a part of another event on campus, whatever that would look like, where there’s just an opportunity to grow, to have professional development, but to have fun and to do it in a safe place. I mean, what an incredible experience. So if I’m tracking with you correctly, Cory, these hands-on workshops that you described as kind of your bread-and-butter type of offering would be provided to a college of pharmacy or offered at a national organization or a state organization or an organization like Rho Chi. Is that correct?

Cory Jenks: Perfect. Yeah, exactly. Those are all places that I’ve done this. I’ve done it at a state association, I’ve done it at a national meeting for a — I’ll be doing one at a national meeting for a pharmacy organization here in a few weeks. And I’ve done them in a small group with Rho Chi. And one thing that I actually did too was a pharmacy residency. So something — you think of pharmacy residents that the high stakes, the pressure —

Tim Ulbrich: Absolutely.

Cory Jenks: So teaching them adaptability, some resilience, and having fun while doing it. So I had a lot of fun doing this with some pharmacy residents as well, doing it virtually, playing together and learning these skills in like a very — I hate to say zero gravity environment because it kind of — I don’t want to cheapen what I’m doing, but it’s just from a world where if you’re a pharmacy resident and you’re in training and you’re taking care of patients, like the stakes are incredibly high. It’s life and death, real life and death. So here’s a way to get a step away from the life and death but be more effective when those stakes are high and you need to communicate with that doctor in a life-or-death situation or that patient in a life-or-death situation.

Tim Ulbrich: Well, what is the reaction? You know, I’m thinking of my experiences with pharmacy students or other pharmacists and depending on where they are at, I can see that some might really get into this type of experience, others maybe kind of skeptical, maybe others warming up to it over time. What kind of reaction do you get from the audience during these sessions?

Cory Jenks: The beautiful thing is that it’s different with every session. So I’ve worked with student groups that they’re a little more tentative, they’re a little more self-conscious, and so it takes a little bit of we’ll say prompting from the organizer or the school to send me a private message on Zoom and say, “Hey, call on Davey or Suzy,” or whatever. And then they’re like, “Oh no!” And then there are some where it’s like they can’t get enough. Like, ‘We only have an hour? I want to go and I want to go again, I want to go again.’ And then there are the ones that they’re like, they’re really uncertain, but they do it. And then they realize, oh my goodness, that was fun. I did a great job. I had that in me. And so it’s like I said, everyone is going to be different. And that’s what makes it fun for me is that every group presents its own challenges. Some of them it’s like, we’ve got to slow this energy down, we’ve got to give someone else a chance. And some it’s like, OK, it will be more work to get you to come out of that shell. That is OK. That is my job. Let’s do it. Challenge accepted.

Tim Ulbrich: Which I think is a whole separate skill set, one I’m guessing you are continuing to hone and develop upon. I mean, there’s an art to it I think, interacting with folks, drawing things out of them, creating the experience and the environment that gives the best shot of participants engaging in the material. But it just depends sometimes on the group, on the culture, what is going to have those types of interactions, what’s going to lead to those types of interactions. And I can’t just roll by the fact that, Cory, we’re in the midst of a global pandemic where you are really just warming up to the work that you’re doing and things like traveling and being able to engage with other organizations and along the way comes a global pandemic, which I would suspect brings things like travel to a grinding halt. So for me to jump on to Zoom and to do a talk about personal finance, yeah, I would love to be there in person, but we can make it work at the end of the day. The information is the information. And I’ll try to do my best to inspire folks in that environment. Now, this, the work that you’re doing, feels like the experience that you would have with the learners in the room is so important to the outcome of the event. So talk to me about how you have been able to pivot with Zoom, with obviously what’s going on with the pandemic, and how you’ve been able to be flexible and the mindset that has allowed you to continue to press on despite the limitations that have been brought on by the pandemic.

Cory Jenks: So yeah, it’s a great, great point. I picked a wonderful year to decide to be a speaker, right? But don’t worry, what I speak on is drawn entirely out of what the energy in the room is. So no, I think that’s — you mentioned like the mindset. So one of the things we talk about in improv is that there are no mistakes, only gifts. So you don’t go to an improv show, watch it and say, “Well, they messed that line up there.” It’s not like a play where you’re expecting. You don’t know it’s going to happen. And so a good improviser will take whatever happens, whether it’s the tech person talking over your scene on a microphone, which has happened to me before, and turning it into some sort of narration of their life, we turn it into a gift. And so this past year of having to do everything remote, well, I’m an improviser. I teach adaptability. If I couldn’t adapt, you shouldn’t be dealing with me. And so I’ve been able to adapt the exercises to the Zoom or the virtual platform. It’s more of a challenge — like it is more of a challenge to get people engaged and involved, especially it’s very easy to have people just like, I want to turn my camera off and hang out on Zoom. So you have to work harder. Like in a way, it is harder to do to be able to do this virtually. But I have adapted the message, I have adapted the games, I’ve adapted the activities to make it much more interactive for those participants, even though we’re virtual. And in the world of seeing things as gifts rather than mistakes or problems, I will not anger your entire audience and say, “COVID’s been a great gift,” right? It’s been terrible for many people, myself included. Everyone has been affected by this. However, the gift of doing things virtually has allowed me to maybe reach some groups that I would not have been able to reach before. Doing Zoom sessions across the country from here in Tucson when the travel costs might have been prohibitive for a small organization. Well, you don’t have that barrier now. So I get to interact with your students, I get to share this message. And so the ability to adapt is baked into what I do. And so it’s been fun having that chance to adapt to see how these different things work and to get to talk to and interact with a bunch of folks that I might not have had the chance to otherwise.

Tim Ulbrich: Absolutely. And I think what you said is just so on point. I mean, the mindset being so important, the adaptability piece being so important, but also the opportunity to reach organizations and groups that otherwise might not have been open to a Zoom session and because of, whether we like it or not here, we are. And we are all comfortable with it now. And so you’re giving things like this a try and obviously continuing to have the impact that you want to have by reaching more folks through the technology and what you’re able to do. And you mentioned the evidence. You know, my academic perspective is thinking, when it comes to the evidence, Cory, that you reference, I know that there’s likely something there. And you specifically mention some of the pharmacy and medical literature that’s out there. Tell us more about the evidence behind some of the work that you’re doing.

Cory Jenks: Yeah, so I’ve got to give props to the University of Arizona here in Tucson. This precedes me, but there’s an article from I think the late 2000s, the late ots, I guess we call them, where they incorporated — they actually have incorporated improv into their pharmacy school curriculum. So it’s a lot of fun. I’ve been able to help out with those sessions once the world found out that, ‘Oh, you’re a pharmacist that does improv. Well, we do this improv thing for pharmacy students.’ Wow! I have a clinical specialty! Here it is, it’s improv. So I get to go participate in that. But they’ve written up the improvement in patient communication with the pre- before and after doing their improv sessions. So it’s improved subjective communication. In medical school curriculum, it again showed that it improved communication. They felt like there was a quote where I don’t feel like I have to do things off of a checklist, I could just listen to it back in the moment. And most of the medical school students, I think they got 10 hours of improv instruction in the article that I researched and read, is they felt it was worth repeating. And now, put your hand up out there if there’s any classes in pharmacy school or medical school that you wanted to repeat. It was like, I’m done with this one, moving on to the next one. So to me, that — it’s not like where we can objectively measure like, ‘You were a 7 on communication and now you’re a 9 on communication.’ But getting at that human side of healthcare, like if students are saying they’d repeat this, I think they find it valuable. And so trying to promote that evidence more so would be something that I would love to be able to continue to pursue and really with what I’m doing, trying to make that more of a reality in more places for more students to get that training and of course graduates as well.

Tim Ulbrich: And I’m going to for a moment, Cory, connect the work that you are doing here in the improv comedy, the impact that you’re obviously having, you know, one of the things that really strikes me is the compound impact this can have. So if you’re training, let’s just say a session where you’re doing a workshop with 75 pharmacy students. Let’s be glass half full and say 40 of them are all engaged and they’re going to take away some things that they can then apply with the patients who they probably also will share with others and their classmates and have an impact on other folks, could be families and friends, and hopefully have an impact on the practice sites and the patients that they serve and the culture within that organization and within those experiences. So the compound effect of the work that you’re doing to me is really interesting. And the influence that you can have on really transforming the healthcare experience through the pharmacists that you’re able to have an impact through obviously your training, your understanding of what pharmacists are doing each and every day. So I want to bring together that work. I know from our personal conversations that your family is incredibly important to you, a big motivation of why for everything that you’re doing, and I also know that your financial journey, as we talked about on Episode 134, is important.

Cory Jenks: Yeah.

Tim Ulbrich: So fast forward to us five years. What does success look like for you in terms of the work that you’re doing here as it relates to ImprovRx?

Cory Jenks: I think success to me would be that I am at least — I’ve at least gone down to part-time as a practicing pharmacist because I am doing too much speaking and training with improv.

Tim Ulbrich: Absolutely.

Cory Jenks: I think perfect world in five years, it’s really hard. I’m going to be vulnerable here in front of everybody. Like giving up this identity as a pharmacist would be really hard in this moment to think about not being. However, the energizing thought of being a full-time speaker and trainer, implementing this improv training, whether it be in healthcare associations, other hospital systems, in curriculum, at university level, that’s what I would love to be. Having that compound impact, as you said, is it’s one thing for me to go and teach this to a group of 70 people. But if I can go implement it into multiple curriculums in different healthcare settings, dental schools, pharmacy schools, nursing schools, that compound effect is exponentially more. And it’s just going back to this idea of something that you would not consider traditionally related to healthcare, improv. Like I would love to be known as, “Hey, it’s Cory. He’s the healthcare improv guy. Like he knows how to make that experience great by implementing these really fun, simple rules of improvisation.” And in five years, I would love to see cultures change. Like I talked about this ‘yes, and’ mindset. I think in healthcare, we often are stuck in a world of ‘no.’ Like the paradigm is ‘no.’ So like can I get more time with my patients? No. Is this drug covered by insurance? No. I had this new idea for this new service as a pharmacist. No, we don’t have the time or the budget for that.

Tim Ulbrich: Or did I bill for it?

Cory Jenks: No. There you go, right? See, you said you’re not funny. You just like followed the pattern right there.

Tim Ulbrich: Yeah.

Cory Jenks: That is textbook comedy. Beautifully done. But I would love to build a culture where of course we can’t literally say yes to every request. Like we can’t say, “I want 1,000 Percocet.” Boom, done. Right? That would be irresponsible. But when we say yes to the idea of some — so here’s this idea for a new billable service, or when a patient’s asking for an obscene amount of controlled substances, we say yes to what they’re telling us. That is they have something deeply going on that we need to investigate and help. So it’s not — ‘yes, and,’ does not literally mean yes all the time, although I have had a improv student come back married after their first week of improv class. It was like, “You said, ‘yes, and,’ and someone asked me to marry him, so I said yes!” I was like, that is ultimate commitment. Beautifully done. But it means at least saying yes and listening. I think that’s a big thing that Cassie hears from her patients, I hear from my patients is they’ll say, “You’re the first person that’s just listened to me.” It doesn’t mean that we fix their problem all the time. It doesn’t mean that we give them exactly what they want. But that ability to listen and empathize with that patient is to learn, why are they saying this? Why are they frustrated with their system? Why are they feeling like they haven’t been heard? And so in five years, if I’m helping create a culture of that for patients and as you said, for providers who are burnt out, I’ll have considered it a wild success.

Tim Ulbrich: One of the things, Cory, that I want to ask you because I think I see folks struggling with this when they’re starting a side hustle or business, whatever you want to call it, is that they’re just crazy passionate about what they are starting. And they see some initial success, and that’s starting to build momentum, hopefully over time, and they’re having an impact. You know, it can be incredibly fulfilling work. So I know, again, as I mentioned, your family is incredibly important to you, the time that you have with your family is important to you. So how do you balance and reconcile the work that you’re doing with ImprovRx, the time that you’re spending preparing for presentations, obviously pre-pandemic traveling? You know, you and I both know that you can sign up for an hour presentation, but it’s much more than that when you think about the before work, the after work, the time that you’re spending thinking about that. So tell me how you handle and reconcile that in terms of scheduling where you’re spending your time and ultimately your decision algorithm for what you decide to say yes to and what you decide to say no to.

Cory Jenks: I think the first step in this is marrying up. So my wife is — my wife Cassie is incredible. We have frequent conversations about what we want our life to look like, what our visions are, what our dreams are, and I know it sounds hokey, but it’s just — the line of communication is open so well. So when it comes to the decision algorithm, a lot of it runs through her because we are on a team together. And every time I’m doing something, she is taking the burden on it. Like right now, she is keeping our kids quiet so we can have this conversation. Mostly quiet, I think. So I think that’s part of it. But I also — we have blocked off time for ourselves. Like these hours during the week in the evening, Cassie is doing her extra little passion project. These hours, Cory’s doing his thing. Oh, Cory wants to do this thing in three months. I check with her, and we look at our schedule, we make sure that there is no other family things, and she’s like, “Go for it.” Like she’s all in too. Like she is in this for making these dreams happen. And I think that relating it back to our episode, being in that Coast FI world of really, I’ve been out of pharmacy school a decade, so a decade of hard work setting ourselves up to take some of these risks to pursue the dream, right, is what has set us up. So the algorithm for what I say yes to at this point in my business is very much saying yes to as much as I can to get that experience, to get those reps, to get that network built. And then the goal is, like my goal that I write down every day, is to have to turn things down at some point.

Tim Ulbrich: That is right.

Cory Jenks: To get to that place where you’re in such demand that I can’t do everything. And so that’s how I see it. But really, it comes down to we have our protected family time, we have our day job time, and then these other hours are for us to work on these things or if I wanted to sit and numb myself with Netflix, which is OK sometimes, you can. But don’t ask me what WandaVision is. Like I have no idea, like no concept of these shows because at night, from once the kids are down, it’s laptop open and if all I have is an hour of energy, I give it an hour, and then it’s get that rest and bedtime. So that’s how I try to balance it. A lot of it is just cutting out the nonsense and unnecessary things that in 10 years, will I be happier that I watched the Cubs spring training games? No, it’s fake baseball for a baseball team. Like, no, I will not. But will I regret not having given this thing that seems to be resonating with the people I work with, if I don’t give it my all, that’s going to be the regret. That’s the broad strokes, I guess.

Tim Ulbrich: Yeah, and I think some of the best businesses, you know, from a fulfillment/impact standpoint, are those that you can turn into a business, side hustle, again, whatever you want to call it, but that you do have an impact on others and that you feel a sense of contribution towards the work that you’re doing. And if you can build something that is also sustaining but is having an impact, obviously that’s a sweet spot that I think we often strive for when we’re working on things like that. Not just speaking, you also have a blog in the mix, you’ve got a book that you’re working on, so tell us more about those opportunities, in addition to the speaking, the things that you’re working on with the blog and the book, and what you’re hoping to accomplish with those projects.

Cory Jenks: Yeah, so as a fairly new side hustler, I think the struggle is I have this idea, how do I get people to know about it? And so is it a podcast? Is it social media posts? Is it this or that? And so for me, the blog is — I’ve always enjoyed writing. In undergrad, I actually wrote a blog for the University of South Carolina’s Admissions Department describing my day-to-day activities as a pull to get people to come to our college. So I’ve had that practice of writing, so it’s in a world, as you say, we have limited time, how do we say yes to what’s important? Well, writing is a low barrier to entry for me to get these ideas out that I have a chance to go deeper on, to take these seemingly unrelated concepts and put them together into something that’s really usable. So I’ve enjoyed getting the chance to write about that. Part of the gift of COVID — the “gift,” I’ll use my quotation marks here — is that I didn’t have the spring of — March of 2020, like everything shut down. What are we going to do? No one knows what’s going on. So I’ve had all of these ideas formed in my head, so I put them down in a manuscript for a rough draft for a book. So I’m hoping to publish that later this year, to provide that value that I can provide on a face-to-face basis but provide sort of the manual and the stories and the background as to why this is useful, to provide that support and that evidence and try to establish myself more so as an expert in this field. I think writing a book, as you have done, you’re the expert in this. So to the other improv pharmacists out there, let’s collaborate if there are others. This isn’t a — I don’t have to be the expert. Certainly not. Improv is a team sport. But yeah, I’m trying to reach folks with that message of application, really.

Tim Ulbrich: They are going to be coming out of the woodwork, Cory.

Cory Jenks: I know. We have a certain type that’s drawn to pharmacy. I know of all the pharmacist comedians, improvisers, you’ve got me on here. So I appreciate it.

Tim Ulbrich: What is the best way for folks to connect with you? You know, I’m suspecting that some of our listeners might be with academic institutions or state or national organizations, would like to have you do a speaking engagement or a workshop or just in general learn more about the work that you’re doing. How can folks connect with you?

Cory Jenks: Yeah, so I think my website, CoryJenks.com, that’s Cory Jenks — my parents were cheap and did not buy the vowel, no ‘e’ in Corey, so little dad Wheel of Fortune joke there. And if they want to find me on LinkedIn, that’s another great place to connect to. I am on Twitter, Facebook and Instagram, but I don’t post much. My whole goal with improv is to have people being in the moment, listening, going deeper with their patients. I’m not going to say social media is not useful. It certainly is very useful. I think the value that I’ll give to people is going to be from my blog, my book and my face-to-face interactions. So you’re welcome to follow me on Instagram. If you like periodic posts of — I don’t even know what I posted last — so you can do that or on Twitter too. Twitter is kind of a — can be hit or miss as far as fun or terrible. But or you can email me, [email protected] email. So the beauty of 2021, there’s a million ways to find me. And I love to talk about this. And I really want to express my gratitude. This is an honor to be a two-timer here on the YFP. I know that you have all helped Cassie and me on our journey so much. And my hope is that I will resonate with somebody and I will help them on their healthcare journey and help them with their patients. So much gratitude to you and the team for having me on.

Tim Ulbrich: I appreciate that, Cory. And we will link to the blog, we’ll link to some of the social profiles, specifically LinkedIn, your email address, in the show notes so folks can find that information. Go to YourFinancialPharmacist.com/podcast, you can find this episode and the corresponding notes. You know, you are contagious. I mean, the whole heart of —

Cory Jenks: I don’t know, you might choose your words better in a pandemic, here.

Tim Ulbrich: Yeah, that is true. Not a good choice of words necessarily. But you know, the energy that you have, the interactions you have with folks that you remember is something that I often think about. And I always describe these as bucket-filling interactions. So you know, sometimes we have interactions with other folks that can feel exhausting or feel draining. And then we have those interactions with folks that they really exude energy and they’re contagious to be around, and it obviously hopefully makes those folks better in the individual work that they’re doing and the desired outcome that they have through that work. And I can honestly say, Cory, my conversations with you, you are really that individual that is bucket-filling. I love the passion for what you’re doing. I love the purpose and the intent behind what you’re doing. And I think there are really exciting times ahead for you professionally and for you personally and the folks that you’re going to impact through your work. So congratulations on the success that you’ve had thus far. I look forward to following your journey. And please also send Cassie my regards.

Cory Jenks: Will do. Thank you so much.

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YFP 194: How Karine Used Her Pharmacy Skills to Create a Successful Healthy Dessert Business


How Karine Used Her Pharmacy Skills to Create a Successful Healthy Dessert Business

On this episode, sponsored by Insuring Income, Karine Wong, pharmacist, educator, and entrepreneur, joins Tim Ulbrich to talk about her journey starting My Guiltless Treats. Karine discusses how she uses her pharmacy skills in her entrepreneurial journey, how to determine whether or not a business idea is worth pursuing, why it is so important to have a clear purpose and vision, and why saying ‘yes’ is so crucial when starting and running your own business.

About Today’s Guest

Dr. Karine Wong spent her entire pharmacy career in the hospital pharmacy. She worked as a staff pharmacist, director, and clinical coordinator. Over time, she became frustrated about the lack of compliance with her diabetic patients. After countless hours of counseling at the bedside, the patients would return in a few short months with the same problem; uncontrolled diabetes. In 2013, Karine and a colleague had an idea to make protein candies. The idea seemed intriguing; simple and yet revolutionary. The company could provide a viable, sustainable solution to the non-compliant diabetic patient. By 2018, Karine has led My Guiltless Treats on a successful journey to popularity, sustainability, and profitability. To date, My Guiltless Treats is the only company that specializes in healthy desserts.

Summary

Karine Wong, pharmacist, educator, and pharmacy entrepreneur, joins Tim Ulbrich to discuss her pharmacy career, how she’s used her pharmacy skills on her entrepreneurial journey, and how she’s built a successful business, My Guiltless Treats, by going above and beyond the usual standards.

Karine has also learned how to determine if a business idea is worth pursuing and outlines practical benchmarks to evaluate when starting a new venture. She explains that great ideas can turn into great businesses if they can solve a problem that you care about and are passionate about, solve a pain point, have a market (with or without competition), and help people on a large scale.

Additionally, Karine shares her personal experience with the power of being positive, how the act of saying ‘yes’ can have a huge impact on your business, and practical ways to say ‘yes’ in your own business practices. Business owners, aside from providing free product (if the business can afford it), can also provide knowledge and time in various forms to their customers, building relationships that may potentially turn into lifelong sales.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Karine, thank you so much for taking time to be on the show.

Karine Wong: Hi, Tim. How are you?

Tim Ulbrich: I am doing well, excited to have you on. We had a chance to meet virtually a few weeks ago and had an opportunity to learn a little bit about your pharmacy career as well as the work that you’re doing with My Guiltless Treats and said, “Hey, we need to get this in front of the YFP community,” as I know many folks may have an idea that they’re wondering about, whether it’s a business idea, a side hustle idea, and I think featuring other pharmacy entrepreneurs is really an opportunity for them to see examples of what others are doing out there. So let’s first start with your pharmacy education and career. Why did you go into pharmacy? Where did you go to pharmacy school? And what type of work have you done in pharmacy throughout your career?

Karine Wong: I went to pharmacy school right out of high school, straight into University of the Pacific in southern California and endured a 5-year program, the accelerated program to be a PharmD at the end of 5 years. By the end of the 5 years, I really loved the clinical field. I actually wanted to be a doctor at that point, but at that point my parents decided not to support me anymore. So I was stuck being a PharmD. That’s OK. At the time, pharmacy was — it’s a world that can be anything you want it to be. You can be a CVS pharmacist, a Kaiser, nuc pharmacy, ambulatory care. It was — the world’s your oyster. I chose to stay in the hospital field. I felt that was the best place for me to be surrounded by the greatest minds of Edison. And so I stayed in hospital pharmacy when I graduated in 1999. And I have worked up the totem pole. So I was a (inaudible) pharmacist, worked up to outpatient pharmacist, did some floating here and there, became a director of pharmacy at one point but stayed put as a coordinator, which is a fancy word for clinical manager. So I was in charge of all the PMT minutes, agenda items, formulary additions, deletions, and in these settings. I also got the precep student from West University for 8 years and I’ve also participated in rounds with the teaching staff of the hospital. So I’ve always been in academic settings in terms of the hospitals. I was always teaching nurses or students, interns or residents and pharmacy students. So that’s pretty much my journey. Always learning.

Tim Ulbrich: Always learning, which is a good connection to business. And we’re going to talk a little bit about how your pharmacy career has played a role in the work that you’re doing in running your own business. So My Guiltless Treats — and we’ll link to that in the show notes for folks so they can learn more, check out the website, learn about the products that you offer — give us the 20,000-foot view. What is My Guiltless Treats all about?

Karine Wong: My Guiltless Treats is not something I intended to start at all. If you had told me 20 years ago I would start a business, I’d laugh in your face. I’d be like, no, no, no, I’m going to live and die in my pharmacy office. That’s what I thought I would do. Kind of changed now, I think I got burn out in pharmacy. I was really good at what I was doing, and I was writing codes, I was helping the pharmacy staff with all the difficult cases we had at our hospital. When 2008 rolled around, I took some time off to give birth to my child and I came across this fitness director who wanted to increase my protein intake. But it did not taste good. And she complained about why does it taste awful? Now, as a pharmacist, I thought, that’s kind of funny. I don’t take protein myself, but don’t you think it’s odd that we can make steroid solution taste really great but we can’t make something as simple as protein taste better?

Tim Ulbrich: Right? Yeah.

Karine Wong: So I told her, I can make it for you. I’ll make you a protein candy. And that’s how My Guiltless Treats came to fruition. I did create a product that was a delicious treat. At the end of the 5 years of working with her with RMD and sales, we decided to split up. She went to pursue a different career path, but I stayed on board. The original treat that we had, they’re actually protein gummies, was not scalable. It wasn’t something that people wanted to buy. We had no sales to warrant the continuation. We had people who loved it, but it wasn’t like a lot to justify a $50,000 investment into buying a million gummies, OK? That’s a lot of gummies to sell. It’s almost like two pallets. And it wasn’t scalable, it wasn’t something that we could sell. So she took off, which is fine, but I stayed on with the company because I still believed it had so much potential for it. So I looked at Guiltless Treats as a vehicle to deliver treats or desserts to diabetics, to those who really need it. And this Aha! Moment came back to me when I was working at the hospital. I remember counseling at the bedside and doing diabetic teaching to our patients diagnosed with diabetes, and I would teach them how to use insulin and the syringes. One gentleman stuck in my mind because he was very noncompliant, his A1C was double digits. I had to tell him, “OK, senor, no more bread, no more rice,” and he said, “OK, I would love to do it. But senorita, I want my bread. I want my (inaudible) bread. I want that.” And I looked at him and go, “OK, I guess I’ll see you in 3-6 months,” you know? Right? What can I do? He told me he’s noncompliant. He’s not going to change. He gave me a dare. He said, “Unless you can tell me something that is good for me and delicious, I’ll eat that.” And I had no answer for him. That was the Aha! moment. That was the moment I realized, oh my gosh, he’s right. So I go downstairs, and I ask my dietician friends, my physician friends, “What do you tell patients what can they eat that’s good?” And you know what they all told me while they’re eating their Twinkies and their Ho-Hos, “You tell them to eat their kale.”

Tim Ulbrich: Oh gees.

Karine Wong: Quinoa’s good, brown rice is supposed to better. This is what they’re telling me. But they weren’t eating it. And I’m thinking to myself, OK, that’s — I can’t use that, OK? Because they don’t know how to make kale salad or quinoa rice. They don’t know how to do that. It’s not part of their culture. So I was up against the wall. So when my fitness instructor friend mentioned the protein gummies, I thought, that actually sounds interesting because I can take out the sugar and replace it with another macronutrient like protein. So even though the gummies didn’t come to fruition, there was a point to make the treats. There was a reason for it. I needed to make something for that gentleman. I needed to make a dessert, something that he can have that doesn’t taste medicinal, that doesn’t use artificial flavors or sweeteners, something that he can grab at the store, not have to make it, not have to thaw it or bake it but can eat it right out like a protein cup. So aha! Six months later, after intense RMD, I created or actually made a version of my own kind of pork bun, (inaudible) a type of dessert similar to flan or custard. It’s very soft in texture. I don’t use (inaudible) cream or eggs or gluten or milk. I just use coconut cream, which is better for you, doesn’t cause the same problems as animal fat. And I layer over real mango, pineapple, or guava. So it’s a tropical dessert. And then I fortify the dessert with protein from the protein. But it’s also filtrated, so there’s no lactose, there’s nothing that will make you bloated. I deliberately made my products allergen-free. I took the top seven allergens that we see in the States and took them away, so nuts, there’s no seafood, there’s no tree nuts, stuff like that. I avoid that. Coconut is not considered a same nut as a tree nut, so it’s OK to use that. And yeah. I’ve been successful with the panna cotta desserts, people love it, it’s a thing now. People know me as the kind of the panna cotta lady. I’m the only one that makes it. And I make it healthy. So it’s the only dessert that you can find that’s actually good for you. So you can eat it instead of your ice cream at nighttime, you can eat it instead of yogurt at breakfast or like my friends at the hospital, they eat it during their shift. So when they have a long shift, the protein sustains them for the entire 10-hour shift that they have. So it’s a great option for everybody. You don’t have to be diabetic or pre-diabetic to enjoy it. You could be anyone. It’s just a dessert that’s healthier. Other manufacturers can’t do that because they put lots of sugars in their products. They don’t really know what we know as pharmacists. And that’s why being a pharmacist really helps your product if you’re going for the food industry. Because you know so much.

Tim Ulbrich: Yes. Yes. Absolutely. That makes sense. And one of my favorite stories, Karine, from our conversation several weeks ago was, you know — and get the story right if I have it wrong, but you had mentioned at the gift shop of the hospital, you know, this being distributed and sold and how quickly it would come and go and that you knew you were onto something in terms of folks that obviously appreciated the product, the quality of it, and certainly those that could benefit from it from a health perspective as well. And it has me thinking, you know, we’ll take a little bit of an aside here, but many folks may be listening that have an idea, right? And so you had an idea of something that could be done better. You mentioned the protein gummies, which ultimately didn’t come to its full fruition. So what ultimately does make a good idea? As you’re thinking of this not only with your own business here and other experiences you’ve had but also potentially advising and giving input to other folks that have business ideas, what makes a good idea? What’s the framework in which you think of what is this idea and does it actually have viability going forward?

Karine Wong: That’s a great question. And I’m going to say lots of time and energy because I could break it down for you in this way. I actually have a lot of students or mentees that I work with who have ideas, and ideas come in and out of your mind all day long. Doesn’t mean you act on every single idea. So what makes a good idea, an idea that you probably want to sit on. First, the idea that you have, whether it’s a service or a product, should be there to solve a problem. And the problem could just be just to you, but if you find that this problem bugs you — let’s suppose that it bugs you that every year, your smoke alarm will run out of batteries and always at 2 o’clock in the morning, right? Every night.

Tim Ulbrich: Amen.

Karine Wong: I don’t know how they do it. And that’s the night that you can’t sleep, that’s when you jolt out of bed with almost an MI because it’s like, beep, beep, and it won’t stop, especially if you have like 5 in your house and you don’t know which one it is, right? What if that’s a problem for you? If it’s a problem for you, it’s a problem for someone else and probably many others that have smoke alarms. No. 2, if you could develop a product like a battery or a monitoring system that tells you when your battery is low, like if you can find a way to make an app that bluetooths the battery life to your smoke alarm, that would be superb. And you don’t have to physically make the app, you just have to hire someone that can code it for you. You tell them what you want, and they make it for you. It’s pretty simple. But you have to have the idea, you have to do the research and find out is there a market for it. So if I know every house in the United States has to have smoke alarms, right? That’s a law.

Tim Ulbrich: Yep.

Karine Wong: No. 2, so the market’s very big. No. 3, does anyone make that besides you? Like is there an option out there? Now if there is, it doesn’t mean don’t do it. Just know that if there’s no competition, you have a more difficult road because you have to pave the road for yourself. You have to do all your market research and find out how to get the pricing down, find the right coder, for example, and get the best pricing for that. But if you have competition, follow them and see how are they doing it? OK? I’ll give you an example. Protein gummies was my first skew. We had three competitors. That was back in 2010. Today, they’re all defunct. Why? Because no one wanted protein gummies. Interesting. They all went bankrupt. We didn’t go bankrupt, we just changed our name. Going into No. 3, you have to find out if there’s competition or not. OK? No. 4, if it’s a good idea, it’s an idea that will come back to you the next day.

Tim Ulbrich: Yes.

Karine Wong: So an idea that’s OK goes away the next day. You don’t remember. You just like, eh, whatever. I don’t remember the idea. It just came and go. It didn’t stick around. But if the idea is awesome and you find there’s potential in it because of what you know, whether it’s a pharmacist or a handyman or living your house and hearing that every year, the smoke alarm chirping, then that idea will come back to you. And you’re like, you know what? I won’t let it go. I can’t let it go. Because it’s a really good idea. And that’s how you know. So those are four benchmarks. And just like when you sig a patient, check them off, right? Do you have a problem that you’re solving? Check. Can you make a service or a product that will solve it? Check. Competition, is there any? Check, yes there is. That’s fine. OK? That doesn’t stop you.

Tim Ulbrich: Yes.

Karine Wong: It just means that, hey, there’s a market for it because so many people have tapped into it. Now if there’s too many competitors, you might want to like not do it because it’s too hard. Like I would never go into the beverage market now because it’s so supersaturated. I would not go into the frozen industry because you know the frozen aisle is very coveted shelf space because it’s frozen. So I can’t get in there if I had the best tasting item ever. I could not break into that. And No. 4, like I said, if the idea comes back to you and you won’t let it go, then you have a really good idea.

Tim Ulbrich: I love that, Karine. Very tangible advice. Checklists, we like checklists. We like thinking about things in sequential order. And I think your comment that resonates — several things in there — but you know, multiple ideas that may come to focus doesn’t mean we need to act on every one. What I actually do at home, my wife and I like to brainstorm various business ideas. And we write them down on a legal sheet, you know, 8.5×11 yellow piece of paper. It’s in my office. And then what I find is some of those we keep talking about, right? We come back two days later, four days later, six days later, eight days later, even some of those we may determine for other reasons in your four steps aren’t viable. But those that we find we can’t let them go, like that means you’re at least at the beginnings of something that obviously is important to you. The other thing I think about here, Karine — I’d love your input — is I think folks often struggle with is this an idea that I really care about solving this problem and I have a solution that I’m going to be really passionate about? And is it financially viable? Am I after the money? Am I after the purpose and solving this problem? Or both? And what advice would you have with folks, you know — here as I hear your story, obviously at the end of the day, you’ve got to run a business but also something that you saw could have a tremendous impact on patients. It was a problem that needed to be solved. And so the concern that folks might be chasing becoming rich or having a home run of a product and how important it is to be passionate about the problem that you’re trying to solve.

Karine Wong: The way I look at it is your company is a baby. If you’ve lost interest in your baby, the company, literally dies. So imagine yourself, like you’re in charge and you decide, you know what, I’m going to take a break and do something else. Guess what? The company that you built falls apart. It may take awhile, but it will fall apart because you are the glue that holds it together. So you’re the why. Why are you doing this has to be something that you will use every morning you wake up, every morning you clock in, you turn on your recording or you reach out to people for your interviews, that is your why, why are you doing it. And if you say, “money because I want to be a millionaire,” or “be featured on Ellen, the show,” you’re going to have issues, OK? Because the likelihood of that is almost as high as winning the lottery. It’s very rare. Just like people who want to be on TikTok and they want to make it big. That’s pretty rare. What’s your why? It should be because you’re solving a problem that is important to you, that bugs you. And you want to solve it. We as pharmacists I consider are problem solvers. Right? We fix people’s ailments with drugs and we tailor their regimens. And so the same thing happens with products or services. If I could fix your life to be better, even by a little bit, hey, that’s so neat. That is your why. I love that I know that my products help those that are enduring chemotherapy or those with the canker sores from the chemotherapy or has protein loss because of dialysis or they just can’t eat because they’re kekectic, be able to thrive. Hey, my stuff is better than Ensure+. My stuff is better than most medicinal foods. So that’s my joy. That’s my why. And if I stop my company, those customers are affected. And that’s why I don’t stop. And there’s more than one person. There’s a lot. In fact, in about a month, I’ll be celebrating my milestone — I had to tell you this, Tim — but I’ll officially have sold 25,000 units.

Tim Ulbrich: Hey, congratulations.

Karine Wong: That is not an easy feat. And I did it in about 18 months, so that’s a lot of panna cottas.

Tim Ulbrich: That is awesome.

Karine Wong: Yeah, I mean, I’m sure if I was a big company that packs and manufactures it, I’m sure it makes a lot. But a single person by myself using pharmacist-grade benchmarks, yeah, it’s not easy. It takes awhile to do because I’m very picky. When I make products, I go beyond, beyond the food safety measures. OK? Food safety measures are pretty low, OK? It’s like, don’t put stuff in there like debris. Yeah, I get that. But I don’t put piologens in there. I don’t put bacteria in there. My stuff is vacuum-sealed, sterile, no piologens. It lasts for six weeks without any bacteria count of significance. And I do this with technicians in laboratories, so it’s all certified. OK? So I go beyond the scope of a food manager because I’m a pharmacist. I don’t want to give people stuff that — it’s not a liability, it’s more like what makes you feel good? I don’t want my patients — or not my patients, consumers, to eat something healthy and that’s not dirty or have full of debris or particulates. That’s our nature as pharmacists, right? So going back to your question about your why, yes, your why, my why is because I want to help people be on the medicine. I want to help people at the marketplace, give them teaching, counseling. I do more patient counseling now that’s more viable, that’s more significant to them, than I would have at CVS. Because CVS is very fast-paced and you only have so much time. But at the marketplace, I’ve got time and they’re much more open to me. So when I give them advice or valuable tips, they love it. And they get to go home with that, and that’s going to help them from this point on. So I give them a lot of hope and insight into their management of their disease state, whether it’s diabetes or eczema or Crohn’s Disease. I’ve heard it all, so I am able to talk on that not as their doctor but as a pharmacist. And they trust me in that. And so it’s not about sales, but they end up buying it because they like who I am and what I represent. So the why for everybody should be that you want to help people or you want to solve a problem. Those are the best whys you can have in your life. But if you’re going to say money or stardom or fame, you can still do it. I won’t stop you. But your journey every morning will be so much harder because it’s tough. And so if you’re hoping to be on Ellen’s show and every morning you wake up and you make 1,000 panna cottas, you might go, God, is it really worth it? You’re going to be tired. You’re going to be kind of burnt out real fast. And that’s why those are really not good reasons to start a business. I’ll give you an example, Tim. I actually had an investor that offered me lots of money to make CBD gummies. This is right when the legislature passed the state law that legalizes like CBD and marijuana for recreational use. And he asked me to make it. He said, “You’ll make millions of dollars.” And I believed him. I would make a million dollars. And I said no, not because I couldn’t do it, not because I didn’t want the money, because it’s not my jam. It’s not my why. I could not make CBD gummies because it’s not like I don’t think it works. I think it works great, I don’t think it matters how much money you throw at me, I wouldn’t do it. It just doesn’t make me happy. It doesn’t solve anyone’s problem — at least, it does solve a problem, but it’s not a problem that I want to solve. Does that make sense to you? It is a problem. But it’s not my jam, it’s not my passion to solve that problem or to help those patients. It could be yours, maybe someone else’s, so that’s what I did. I deferred.

Tim Ulbrich: So important. And I can’t echo enough of what you just said there. Even thinking of what we’ve been working on at YFP, hearing your story here, hearing other stories of pharmacist entrepreneurs that I’ve talked with, you know, having that motivation and a why of something that you care about, a problem that you care about, that you want to solve is so critically important to invest in the time and energy that’s going to have an impact. Karine, I want to talk for a moment about the gap between having an idea and from there, getting to a minimum viable product and perhaps from there, being able to actually grow and scale something. Big separation, big gap between having an idea and actually being able to grow that idea perhaps into its full potential. And I think pharmacists may hear your story or hear other entrepreneurial stories and hear from folks that have been successful, however you may define success. And for you, selling 25,000 units in 18 months, that’s overwhelming. You know what, I have this idea and I hear Karine talking about RND, about growing, scaling, manufacturing, hiring a team, wow. Maybe I should just stop pursuing my idea right now because that feels overwhelming. What advice would you have for folks that are listening that say, “You know what, I have this idea, and I just don’t know where to go from here.”

Karine Wong: The fear of pursuing an idea is very common. It’s not unusual to hear an idea or come up with one and go, you know what, it’s a good one, but nah. It’s not going to work. And to have self doubt because you’re afraid. And I think as pharmacists, we’re more risk-averse. So we don’t want to take chances on something that we don’t know much about. That’s understandable. There’s a few things that I do in my career and my company that help minimize that risk. First, when you hear an idea, obviously we don’t put every single penny we have towards every idea. But look at the idea that you’re thinking about. A good idea is the idea that will solve a problem that is going to affect many consumers, not just you, not just your family, but other pharmacists or other people in your industry or your role as a mother or father, some of the frustrations you see as maybe a student. And that is a problem that if you have had it, and other people have had it, then that’s a good market. That’s why. You check that box, that’s a pretty good market, a pretty good idea. Second, you have to create a solution. An idea basically tells you that we need something to help fix that problem. Your job is to find a solution, and whether it’s a product like my product, a dessert, a snack, a service, or even a device that you create, then that is what you need to come up with. And that’s probably what you’re talking about when it comes to the minimum viable product. It is a product or service that will bring in people to buy your product or service in exchange for money to solve that problem. And that is what investors look for is how good or awesome is your end EP. Many pharmacists always tell me, oh, I’m not creative or I don’t know how to make dessert or I’m not a baker, I’m not an engineer. Neither am I. But you are resourceful. You’re a pharmacist. So you can easily hire a coder to perhaps make a software app for an iPhone that would track down smoke alarms in your house and find out when that battery is going to run out. You can hire engineers to create a device for you. My whole point is that designing, creating a product doesn’t have to be a solo mission. In my case, it’s a solo mission because oh heck, we’re always into compounding in laboratories and we’re always making something. And I’m a mom, so I’m always baking new recipes. It’s a small experimentation. So you don’t have to be a chef or a professional engineer or a writer or anything like that to pursue a product or device or something that solves a problem. So that’s No. 2 is find a solution, create it. No. 3, now you’ve got to test it. You’ve got to find out if your market that you’ve identified, like the other moms in your area, the pharmacists in your industry, like what you’re selling. And I don’t mean people like your mom or your dad or your brother or sister or husband. They don’t really count. Not to say their opinions don’t matter, but they’re really nice and they love us. So they’ll say whatever makes us happy. You want to know if your friend of a friend of a friend is going to buy your product or MVP. So this is a person that doesn’t know you, has no connection with you, and is more likely to give you an honest opinion. If they’re willing to give you money in exchange for that service or product you’re providing for a problem that you both share, you have an awesome idea that is worth pursuing. With that being said, if you get like a thousand ideas in a given month, maybe one or two might be feasible or fit all of those check boxes. To me, the ones that really require more attention are the ones that stick around. I have a lot of ideas, and I don’t always move on every single idea. But if an idea comes back to me in two or three consecutive days or weeks, like I just can’t let it go, I dream about it, I obsess about it, I think about it when I’m running, now that’s an idea worth pursuing because your subconscious knows it’s a good idea, Karine, don’t let it go. It’s something worth pursuing. That’s why if you look at my bio, I do more than just My Guiltless Treats. I’ve actually written a book, I have created an app for pharmacy students to help prepare for the board exam and medical students to help with their SEP boards. So I’m not just limited to the role of pharmacy. I’m not limited to the food industry. If I feel there’s a problem, in which I did, I hire coders, I learn how to write, I hire editors, I had a publishing team that all helped me get to my purpose.

Tim Ulbrich: That’s great. And one of the questions, Karine, that I’m thinking of as you’re sharing your story is when I hear 25,000 units in 18 months, obviously you are solving a problem that people are interested in that are raising their hand to purchase, but you haven’t scaled nationally into large retailers, despite the opportunity being there to do so. And that has been an intentional move, as I understand it. So my question here is how and why did you arrive to the decision that you wanted to control your growth?

Karine Wong: There are two reasons why I chose to control my growth. In the food industry world, there’s a saying, you go hard in your backyard. That means that all your marketing, all your efforts to brand, to market, should be in your local region. It doesn’t make sense for me to let’s say get in Costco or Whole Foods nationally when I’m here in California. Nobody in Chicago or East Coast knows who Karine Wong or who the Guiltless Girl is or what panna cotta is that’s made of coconut cream. They don’t know. So it’s going to be a very hard sell. And now with COVID, it’s even harder because I can’t hire marketers to go out there to demonstrate the product. That’s the first reason is to always market your product in your area. If you’re able to do a service remotely, that’s a little different. But the point is that people are more likely to buy your product, buy my product when they know you, heard about you, seen the car, seen your Instagram posts and are more familiar. So in California, in Orange County, I am very popular as the Guiltless Girl. Selling product is very easy, I sell in a few stores, and they sell through it, which means that nothing is left over. They always run out. That’s a positive sign. I’d rather have those benchmarks than to be in let’s say 200 Whole Foods stores and sell 10% of what I stocked. There’s no glory in that. There’s no fame or money to be made when you’re only selling a little bit at those stores. And eventually, those stores will discontinue you because you could not show velocity in their stores. So that’s the first reason why you want to go hard in your backyard. And the second reason is that there has to be a balance. If all I did was My Guiltless Treats and nothing else, then yes, I would go national. I would go and find investors and get seed funding to go national. I would even go on Shark Tank because that’s all I got going on and my role is to go national. And I would actually hire a larger team and brokers to get those milestones. But I am not just the CEO of this company. I’m also a professor. I teach remotely for PharmD students for PGI West University and Yogi (?). So I’m busy with that, and I do love teaching pharmacy students. I’m also a pharmacist. I’m doing remote pharmacy from my home, and I’m a pharmacogenomics counselor. So there’s a lot going on my plate. So I’ve got to be home, and this is a good balance because I can spend maybe three days a week doing Guiltless work, including weekends, and the other days are spent doing teaching, being a parent, working out, kind of having time for myself. And the balance is fantastic because I’m very happy and I feel successful because I do make money. I have enough money to pay for my staff. I have enough money to hire people to design logos for me, I can basically sustain — the company is sustainable on its own. So that’s a sign of success. And I don’t need to make a million dollars from this. I just need to make it run on its own, which it is. And I need to have time for myself, my kids, my family, and teach. If I lost all that, there is no glory. There is no fame. So controlling growth is about finding a balance where you have time for yourself and your family and your other hustles and passions but also time for yourself and the company. It’s a balance, really. And you know, I’m OK making what I’m making right now. I am making profit. But yeah, I’m not a millionaire. And that’s OK. I’m very happy with what I’m doing. You’ve got to be OK with all those things. Other entrepreneurs, for them, it’s all about, I want to get in Costco, I want to get in Whole Foods, I want to be in all these Krogers and Vons. OK? That’s your jam. It’s not my jam. Just because they’re saying it and they want it and their business coach is saying it doesn’t mean it’s for you. So you have to look at yourself and your life and see is that for me?

Tim Ulbrich: That’s great wisdom, Karine. I would encourage folks, you know, to spend some time getting clear on your personal goals and why. In addition to what we’re talking about here today, which is the business goals and why, as Karine shared her personal goals, the balance obviously informed her business goals and the direction that she is taking with the business. And Karine, I’m glad to hear what you said about controlled growth. I think we have glorified the grind and hustle and working hard at all costs. Perhaps it’s the Shark Tank effect, you know, I’m not sure. But I think it’s a good reminder of us each individually thinking about what success may look like. So Karine, tell us about a lesson that you shared with me before we hit record, which was the power of saying yes. Tell us about for you and your journey, saying yes to folks, why this was so important, even recently, in terms of the value and the power of saying yes as a business owner.

Karine Wong: Being positive and affirmative is an attractant to other consumers. Consumers, when they buy a product or service, they’re not just buying a product or service, they’re buying from you. They’re buying you. They love you. They want to be in your life, they want to be engaged with you. If you’re negative or cheap or frugal or penny-pinching, they’re probably not going to come back to you. One of the things I adopt is generosity is key. If I can do it, I will, whether it’s emotional support, physical support, knowledge, expert advice, I’ll do it. I have no problem at all. I consider ourselves a drug expert. So if someone asks me a question randomly in the aisles of Target, I’ll be happy to help them. I have no qualms about holding back information because oh, I don’t work here or I’m on break or whatever. If you need help, let me help you. It’s better that I help you than for you to find the answer yourself on Wikipedia, which is not something I recommend. So when you say yes, the rule is this: Say yes to people if you can do it. For example, when you have a product or service and especially in the initial phases of the company, a lot of the times will be giving away product for free. And that may sound counterintuitive because you’re trying to make money. But the first couple years, you’re not going to make money. And your goal is to let people try your product, even if it means giving it away for free. Most people will not try a product and pay for it just to test the waters. It’s better for you to give it away for free, gift it, donate it, mark it as a tax writeoff on your income tax returns. And that allows people to try your product and go, you know what? She’s quite generous or he’s quite generous. They let me try it for free, there’s no contingency offers, there’s no like alternative motives. They’re going to feel warm and fuzzy with you. And they’re going to love the product because hey, you know, this is a good product. And I like it. And yeah, I would come back and ask for more and I would probably pay for it. So offering the first dose or first service or first product for free actually is a really awesome marketing idea if you could afford it. And usually, you can because you have the capital for that. If you can’t afford it, don’t do it. The other things you can offer for free would be your knowledge. If you know something, if you are very well read up on gluten diet, gluten-free foods or celiac disease or eczema and they’re going to shift to dairy, definitely talk about it. A lot of consumers will come up to me, once they discover who I am, they’ll open up their hearts and tell me their medical problems. So I know a lot about their eczema, rosacea, diabetes and other problems. And I’m happy to help them. And they feel pretty much open because I’m not timing them, I’m not charging them, I’m not going to ask for their medical insurance. And it’s a great exchange of information. So they value my input, and they usually walk away with a panna cotta, they usually walk away with something that I provide because they like who I am. So there’s the generosity of knowledge. The other thing you can offer is your time. You didn’t know this, but when the COVID hit, a lot of my colleagues were being fired for obvious reasons. So I offered free CV reviews because I have experience hiring pharmacists and technicians. I said, “Submit your resume to me and we’ll help brush it up.” And it was great because people were sending me — I actually opened up publicly to everyone in my community, my neighborhood, and all I could reach. And I got so much response, and people even said, “I liked it because I don’t know who you are, Karine, but I love it that you’re doing it,” so they were referring me, shared my post, and I didn’t charge them for it. I just wanted to look at their CVs, make recommendations, and I send it back to them. So I do it now for pharmacy students and those applying for residencies. Just my opinion, just make it nicer, cleaner. And usually I could find one or two errors, and they’re very appreciative. ‘Oh my gosh, I forgot to add this,’ or ‘Oh my gosh, I didn’t know I had to add a header or footer.’ Those are kind of core things you look at as a director because we get so many resumes for one position in a hospital pharmacy. So it helps to have page numbers and footnotes and lists of references instead of me asking for it. So those are little things that I want people to see what I see. That’s what I offer is my knowledge, time, free product if I can do it, free service. At the end of the day, it makes the consumer, the other person, just like you more, like your company more and guess what? All those people I helped the first few years of my career, of my business, have come back as repeat customers. So I didn’t charge them the first time, but guess what? They’re total lifetime revenue for one customer is well over $100. So is it worth it? Yes.

Tim Ulbrich: Great advice. And the resume service is a good example of serving others, whether it’s product, whether it’s time, you know, I think offering and bringing something valuable and serving others without necessarily a return in mind but just providing that value in the moment, we know reaps great benefits. So I think you articulated the value of saying yes well. I try to follow that advice from mentors I’ve received before. And it’s not about being reckless. I mean, as you mentioned, being the face of the brand, folks are looking for that energy, they’re looking for that enthusiasm, they’re looking for that we’ll figure it out type of mentality as you go along and build some of those relationships. Karine, I really appreciate the time that you’ve taken, the wisdom that you’ve shared. What is the best way for our audience to connect with you to learn more about your journey as well as to follow the work that you’re doing with My Guiltless Treats?

Karine Wong: Very simple, just go to MyGuiltlessTreats.com. On the very bottom of the home page is “Send a Message.” That goes straight to me. All of my emails and phone numbers and even an Instagram/Facebook, you can go onto My Guiltless Treats, it goes straight to me. I don’t believe in hiring a third party marketing agency for that because I want to engage my customers. So if you want to engage with me, just go straight on board to the website, email me, run by your ideas with me or any questions you have about possibly starting a company or a product, and we’ll talk about the feasibility of it. It’s better to rule it out or rule it in as early as possible before you need to put money towards the product or whatever.

Tim Ulbrich: Absolutely. We’ll link to the website in the show notes. We’ll link to some of the social media connection opportunities as well. And again, appreciate you taking the time, sharing your journey and your willingness to also support and encourage other pharmacy entrepreneurs that are out there. So Karine, thank you very much.

Karine Wong: You’re welcome. It was a pleasure, Tim. If you decide to come up with that smoke alarm app, you owe me 10% of the royalties.

Tim Ulbrich: You’ve got it. It’s a promise. Thank you.

Karine Wong: Thanks.

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YFP 186: The Picture Perfect Side Hustle


The Picture Perfect Side Hustle

On this episode sponsored by Live Oak Bank, pharmacist and photographer Landen Conner shares how he turned his side hustle into his main gig, why and how he started his photography business, how he found his niche, and the mechanics of his business.

About Today’s Guest

The career of pharmacy accelerated Landen’s path to becoming a photographer, but where he met his passion was at the intersection of pharmacy and photography, which was “people.” Seeing people heal in an instant on camera was magical. Then hearing the unexpected wins after, such as landing a job, gaining more clients, even dates was the icing on the cake for him!

Summary

Landen Conner became interested in photography after one of his friends shared with him that he was able to create a successful business as a wedding photographer. Although Landen was a full-time pharmacist at the time, he was experiencing major burnout from his job and needed to step away from pharmacy. Landen soon realized that being a photographer was more than just picking up a camera and taking pictures. He found his niche in headshot photography and helps clients heal by taking their picture and sharing the stories of his clients.

Landen was debt free aside from his mortgage loan and knew he didn’t want to start his business without taking on any debt. He used cash to fund his start up and leaned on his pharmacy day job as a way to invest in his business. Knowing that he was paying cash for the majority of his equipment allowed him to be more present with potential clients. He estimates that he spent around $10,000 to $15,000 starting his photography business.

Landen now focuses on headshots, family shoots, commercial photography, and marketing and branding. During the COVID-19 pandemic, Landen started working a couple times a week as a per diem pharmacist to help bring in a steady stream of income. Landen also discusses how he automates functions of his business, his advice to other pharmacists looking to start a side hustle, and how he’s taking his business to the next level.

Mentioned on the Show

Episode Transcript

Tim Church: Landen, thanks for stopping by and for being part of this side hustle edition.

Landen Conner: Thanks a lot, Tim. I appreciate you for having me.

Tim Church: I recently learned about your story as I was perusing Google News alerts and an interesting article came up from the Orlando Business Journal titled, “Side Hustle to Main Gig,” and one of the biggest reasons I was excited to have you share your story on the podcast is basically, you have the reverse side hustle where pharmacy is not your main gig. But before we dive in, I do have an icebreaker for you.

Landen Conner: Yes.

Tim Church: Alright, you ready for this?

Landen Conner: I hope so. Let’s roll with it.

Tim Church: Alright, the pandemic is over and you’re out at a bar or restaurant and your name comes up to sing karaoke. What song are you singing?

Landen Conner: Oh, wow. Talk about a curveball. This may be funny. How about the Lion King Can’t Wait to be King?

Tim Church: Oh my gosh. I love that Disney movie.

Landen Conner: It’s like 1A in my book.

Tim Church: That’s awesome. I was not — let me just say, I was not expecting that. That’s a good jam. Do you like blast that in the car?

Landen Conner: The only reason why I’m hooked on it as like my second favorite Disney movie of all time, probably right there with Aladdin. But my wife just designed this whole room for a newborn with Lion King. And I’m hooked back onto Lion King now.

Tim Church: OK, that’s awesome, man. I love it. Well, Landen, before we kind of jump into your main gig now, really, talk a little bit about your career path as a pharmacist.

Landen Conner: Started out at 18 with a tech — as a tech/student. And wanted to see if I wanted to be a pharmacist. I got a job at Walgreens pharmacy, loved it, started school at Xavier University. The first day, I got scared and flipped my major from computer engineering to pharmacy because I got scared — I heard about 50,000 people were going to be laid off. So I was like, I’m just going to go to my second strongest thing, which was science. And that’s where my career began as a pharmacist.

Tim Church: OK. And talk a little bit about what are some of the positions that you’ve had when you were working full-time.

Landen Conner: I’ve been pretty much the full gamut. Went from retail pharmacy as everyone does pretty much to long-term care — loved that one — specialty pharmacy — loved that one as well — to MTM pharmacist and now to basically a per diem pharmacist filling in on call positions.

Tim Church: Now, obviously to where you got to that point, going from full-time to per diem, you talked a little bit about something in the article because at some point in your pharmacist career, that initial vision you had when you were training, you were starting out as a pharmacist, that changed. And in the article, you mention that you had been diagnosed with extreme stress related to your job and were quoted as saying, “As a result of this, my vision became blurred, memory loss occurred, as well as pains all over the body. The diagnosis made me sit back and think seriously, was it or anything worth the cost of my health? The simple answer was no.”

Landen Conner: Yeah.

Tim Church: Now, when I read that, I was really taken back because we’re not just talking about oh, I’m stressed at my job. We’re talking that it got to the point where it was physically affecting you. So obviously, that had to be pretty severe in the position that you had at that time to get to that point. So talk about those feelings that you expressed and how did it get to that point?

Landen Conner: The feeling that I expressed, I was actually helped along. I won’t mention her name because of the company she works with, but I was sitting next to this lady, we were really good coworkers and friends. She had mentioned her story to me years earlier when she was progressing in this company, going up the management chain. It got to a point she was taking on so much, she got sick. And she had to make a choice whether to keep working or keep progressing. And I asked her about that story and what would she recommend? And she said, “Landen, if I could do it again, I would choose to take a break and stay away for my health purposes.” So hearing that, I took that as a sign from God to say, you know what, choose your life. Because you can always find a way to make money with an entrepreneurial mindset versus how we’re taught in pretty much — you’re a pharmacist too, Tim — we go to school, we’re in school all day. And when you come out, you still practice those similar principles, but after awhile, you experience burnout. And that’s where it was with me. It was just burnout.

Tim Church: And can you elaborate a little bit more? Like what specifically were some of the things that were contributing to that? And how long did that take to develop?

Landen Conner: I think it developed slowly, honestly, going through recently a new marriage, working all the varying types of shifts, 5 a.m. shift, 10 p.m. shifts, then going from working early in the morning maybe to a photo shoot that evening and then just constantly repeating those cycles, finally caught up to me. Not being able to take vacations when you wanted or when you needed, rather, not just wanted per se, when you needed it. And just going through that, it was accumulation. Then you just start feeling the headaches, you start seeing the double vision, sometimes memory loss where you don’t really remember verifying certain things because you’re under that amount of stress, you think you’re keyed in, but you’re not.

Tim Church: How did you get to the point where you said, you know what, I’ve got to transition. I have to do something to get out of this situation?

Landen Conner: Sitting back, taking a look and starting to organize your life. I’d be lying to you if I said being debt-free except for the house didn’t matter because then I could start to organize, hey, it takes this amount per year to live. And then you break it down into monthly cycles, you know living in Florida, your bills may be a little bit higher due to the summer weather, then in the winter, you can dial it back. So you kind of average, put everything in perspective. And you don’t have your credit cards that you have to pay, the bills you have to pay. And that helped.

Tim Church: So obviously, that setting yourself up in a good financial position allowed you to make that transition, it sounds like. But one of the things that I wanted to ask you is while you were working full-time as a pharmacist, your side gig at that time was photography. And so before that became your main gig, how did you become interested in photography? I think that’s interesting because the last time I checked, you know, that was not an elective in my PharmD. I don’t know if it was — what was it, Xavier that you went?

Landen Conner: Yes, that was definitely not an elective. I tell you, I was sitting in a desk working specialty pharmacy, and I was — I kept saying the same thing over and over again. I was like, man, I’m basically saying, “You want fries with that?” And I’m like, God, you’ve got to have better for me than this. And then one of my best friends back home in New Orleans, Calvin Gaveon, called me. He told me how much he was making doing wedding photography. And I said, “No way, dude.” He’s like, “I promise you, man.” And I’m like, “Cool, I’ll pick a camera and do the same thing.” But it was so much more than just picking up a camera and shooting a wedding. I found my personal niche in headshot photography. And that grew into branding and marketing a person because the joy that I experience meeting that person one-on-one and attacking those internal securities — insecurities — watching them heal in front of the camera was just golden, knowing that you could do that in the power of a millisecond with a click, this person’s whole life can change.

Tim Church: So Landen, your friend Calvin reaches out and says, “Hey, you should try this out because I’m making great money, and it’s an opportunity for you to do something on the side,” not knowing it would eventually become your main gig. But you talked about something there that I think is really important and really stuck with me is that you said you had the opportunity to learn other people’s stories and to help them get to a point where they weren’t so insecure about getting even just a simple headshot. Talk about that.

Landen Conner: I’ll take you — I’ll make it relational. Like whoever may be listening to this, you go back to the age, I mean, to your kindergarten age. And you get your mom and your dad, and you think they’re doing the greatest thing in the world by having to take kindergarten photos. Most kids don’t want to take them. Or you’re being bullied in school or someone, that one person in life tells you you’re not beautiful and you’re not worth it. You carry those insecurities with you throughout the rest of your teen years, your adult childhood years. So once someone’s steps in front of a camera, they’re carrying it, like I’m not photogenic. I’m uncomfortable in front of cameras. I’d say that’s 99% of people I shoot, they tell me that they don’t think they take great photos. And they don’t value themselves. And once I meet them at the corner of that insecurity and just give them small coaching tips and walk with them through, it’s like, “Hey, you’re beautiful,” or, “You’re debonair.” Who told you that lie? And they pour out their heart to me. I can give you a story, a couple stories if you want.

Tim Church: Yeah, let’s hear it.

Landen Conner: The first time where photography became so much more than just a photo, I walked in shooting this behind-the-scenes interview that a guy from my church asked me to do. And I said, “Sure, I’ll do it. I just need to get some headshots to build my portfolio.” And the main interviewee said, “I hate my photo being taken. I really don’t want to do this.” So I asked her, I said, “Can you give me five minutes? If you don’t like it, delete it. It’ll never see the light of day.” And she allowed me to do the photo. I edited it, sent it to her probably within 48 hours. Then she called me back about a week later, kept me on the phone for maybe an hour, and said, “Landen, I put this on Facebook, and I got over — at that time, I think 75-100 likes.” And she was almost in tears because she said, “I am beat up verbally so bad in a marriage, abused in a marriage, abused in her childhood, I thought I was the ugly duckling in the family.” And from that moment on, it completely changed every time I stepped behind camera and had someone in front of my camera. The second one that made a massive difference was probably about a month or two ago, I photographed this young lady that was a resume writer. She came in, she got her head — she was ready to do her headshot. First five minutes, we shot, made sure my lighting was good and everything. And then I was just talking to her, getting to know her, and then in five minutes, we got a photo that she loved. And walking back to the bathroom to change, she stopped midstream and said, “I can’t believe you made me look this beautiful.” And I said, “Why? You’re beautiful.” She’s like, “I just had a kid two weeks ago, my body is out of shape from the weight gain from the pregnancy, and I didn’t feel like I was myself.” And I was like, “Hold on, you’ve got to stop because you’re about to make me cry.” And she just kept going on, and the session was just magical.

Tim Church: So did you ever think that when you were getting into the photography business that you were going to hear these stories from people or that you were going to have the opportunity to walk with them in what was a very difficult thing to do, which may not be for other people, but for a lot of people, it is?

Landen Conner: Absolutely, 1,000% no. I had no clue this would happen. I had no idea. I’d be lying to you if I said I did.

Tim Church: And so how has that really changed your perspective? And was that part of how you flipped that switch to basically say, I’m going all in?

Landen Conner: Yes, absolutely. Recently I joined a Christian Chamber about three months ago, and the leader of the Christian Chamber was Crystal Pocker. And she helped me to marry the two fields because I thought pharmacy had nothing to do with photography. And she said, “Landen, the common thing you have, you did one P with Pharmacy and now you’re doing another P with Photography, but in the middle, that P was People, that you care for people and want to see them win in life and not just meet the status quo because everybody is unique.” I’m different from you, Tim, you’re different from me. We may have some commonalities, but you have your own personal traits.

Tim Church: I think it’s just amazing, the work that you’re doing because it goes beyond just putting images on a website, on social media account. It’s driving a lot of impact and helping people get to a place where they’re comfortable with themselves. And I mean, I think that’s huge. It has to really give you that warm and fuzzy feeling inside.

Landen Conner: It does, but you want to know something, Tim? I was scared as I don’t know what to share people’s stories initially. I really battled with that because let’s just say if I took a — because if I took a photo of you and you shared something personally with me, I would — I would say about a year and a half ago, I would just put, “Had a great time working with Tim. And he was excellent to photograph.” That tells the viewers nothing. But sharing those stories, it makes it so relational, just like I shared with the lady that was mentally, physically abused in her previous relationship or with the guy who was molested at a young age, those type of things. I don’t have to put the molestation, but it’s a sense of rejection from another person’s perspective. You need to make it totally relational. I just posted something a couple of days ago. I said, the title of it was, “Don’t be Stiff.” As soon as I put that up, I said, man, this is so relational. Because I get in front of a camera and freeze up every time.

Tim Church: How have these stories that you’ve collected from the clients during the photo shoots, how has that helped with the marketing of your business?
Landen Conner: It’s humanized it because when you see those headshots, you see a healed person. You don’t see the person that looks like everybody else. You see that actual person. If I photograph Tim, I’m not shooting just with Tim. I’m shooting for Tim’s audience. I’m shooting so they can meet who Tim is, not just the, “Smile, Tim!” That’s not it.

Tim Church: Well, Landen, I want to switch a little bit and kind of dive into the mechanics of the business. The article mentioned that you used cash to fund the initial startups and you said this was something really important to you. So talk a little bit about that.

Landen Conner: I was at a photography conference, and this one photographer told me, he said, “Don’t look at your business” — I mean, “Don’t look at your day job as just a day job. Look at it as an investment into your business.” And since I already had a limited school loans, I didn’t believe in debt for the business because it did one big thing. I bought one lens on credit, and it would make me talk to people — I would allow myself to talk to people differently, thinking I had to book this client to justify putting this lens on debt. But when I paid cash for everything, I didn’t have that type of burden in my life. So it allowed me to actually sit and talk with clients freely and to serve their best needs.

Tim Church: And what were some of the other startup costs that you had besides the lens and some of the basic equipment? Anything else you needed to kind of get up and running?

Landen Conner: I would say the biggest thing — of course, cameras, different cameras, more up-to-date cameras, lenses. But getting to be able to afford automation because I photograph different people on different days, and that’s a lot of storage to kind of keep inside. So I don’t want to just share everything all at once because you get tired of seeing it after awhile if I overload you with too many stories. So I just needed to hit with that one person that one day or two people so they can know that they’re not alone. So the automation was the biggest thing.

Tim Church: Do you mind sharing approximately, what was the cost that you needed to kind of at least get started? What are we talking?

Landen Conner: I would say anywhere from $10,000-15,000 maybe. If it was now, I think you could do it — actually, I know you can — as much as half that amount.

Tim Church: That’s not a little amount to kind of get started. I mean, was that sort of intimidating looking at those costs? Or was it much more palatable considering you started it while you were still working full-time as a pharmacist?

Landen Conner: It was easier because at a pharmacist’s salary, did I know it at the time? No, not until I did my taxes at the end of the year, and I’m like, “I spent what on what?” But I’ll tell you this, for any aspiring people, do your research first. Even though I didn’t research, there were some of the marketing tricks that I fell for, which I allowed myself to waste money in certain areas. And that would have cut my costs in half, by at least 25%.

Tim Church: So do your homework. Know what the bare minimum you need to get started. But it may not be as expensive as you think is what it sounds like.

Landen Conner: No, it’s definitely not as expensive as what you would think. Right now, they’ve came out with better products at a much more affordable cost. So that’s going to knock your costs from where I started for probably down by more than half.

Tim Church: Wow. That’s a big deal. So you said a little bit earlier that headshots are basically your jam, that’s the space that you excel at and how you’re helping people. Are there any other services that you provide or that you do?

Landen Conner: I still do family shoots when my clients ask for them. Weddings, I’ve kind of stepped away from. I’m doing my last wedding this Sunday. My bread and butter now is marketing and branding, commercial photography. And we just start with the headshot and build all the way down. Why? Because everything starts with you. As a small business owner, I want to know who you are. We don’t have the luxury to hide behind a brand name such as a Nike or Apple.

Tim Church: So talk a little bit more about that, that beyond just individuals marketing themselves, you’re talking about other businesses and helping them with their marketing materials, specifically with photos but even other things as well. Talk a little bit more about that.

Landen Conner: Sure. With the marketing and branding is — you know how we, like when we start a business, we always go to those free stock image websites?

Tim Church: Yeah, of course. I’ve used those multiple times.

Landen Conner: Oh boy. Should we change the question? So as a photographer, there’s nothing wrong with those starting out. But you should try to get away from those type of websites within your first 6-12 months, especially if you’re getting big. Because if you look at it, those are models and those are ideal situations. I’ve seen a lot of times where people use those stock imagery images, and I can go to another website and see the same stock images. So it causes a disconnect in the viewer’s mind. Or let’s just say that small business owner to mid-size business owner invites me to their office, I go to their website, it doesn’t look anything like this. So now I have my defenses up because I think you’re lying to me. They’re never going to tell you this, but it’s the same scenario. When you’re doing your marketing and branding, you can’t market and brand on things such as Facebook, Instagram, using non-organic photography.

Tim Church: And so what it sounds like is you’re basically helping to foster that image of that company, of maybe that individual as well, and making that more of an authentic feel versus something that is not actually representing who you are and what you’re doing.

Landen Conner: Correct. Absolutely, 100% correct.

Tim Church: So one of the other things I wanted to ask you — what about matching pajama holiday photo shoots? Do you do those too?

Landen Conner: Yes. I’ve done that, two years ago, actually. Two years ago.

Tim Church: I mean, I could see there could be a lot of high demand for that one.

Landen Conner: It’s funny you should mentioned that because you just brought to mind this family that I photographed like two years ago. And the story behind that one was they wanted holiday photos within their home. It meant something to me when they called me because a kid was born so prematurely and was fighting for his life. And now, I believe he’s running, walking and just going all over the place being a kid. But knowing the story, the backstory behind how this kid fought for his life to live and then was able to do the whole photo session and now he’s — you wouldn’t even know he was a preemie.

Tim Church: Wow.

Landen Conner: Those types of sessions are magical.

Tim Church: That’s cool. How specifically are you marketing your business?

Landen Conner: Definitely LinkedIn. Trying to get better at Facebook. Christian Chamber has definitely been a blessing in my life.

Tim Church: Hopefully the YFP podcast as well.

Landen Conner: There’s a new one, another blessing, the YFP podcast. And just word of mouth has been my mainstays right now.

Tim Church: Does anyone help you with the business? Anyone with assistants or doing some of the behind-the-scenes things to get you up and running to kind of do the sales or is this all Landen?

Landen Conner: This has been all Landen — and I use the word ‘has’ because until recently, I realized that with people in my life, I can start to delegate and hire out to do different things. So now we’re moving into video and we’re able to move into doing a full scale brand and market build. So if you need copywriters, if you need graphic design artists, then we’re working purely organic — with organic material for the particular individual or business.

Tim Church: So sounds like things are happening and you’re growing, which is awesome because it means that a lot of people are valuing the services that you’re providing, which I think are huge. Landen, talk about how did you get back into pharmacy? You said you were doing that full-time, you switched to photography, and now it’s kind of coming back to some extent. Talk about that.

Landen Conner: I got back into it because COVID did put a kind of damper on the business for awhile. That and the house note was the only debt that I had that was left to pay off. And then with my wife’s health, with her being diagnosed with MS, I had to provide even when you don’t have a constant income coming in as a entrepreneur. So doing those on-call maybe 1-2 times a week, it does keep a constant flow when I don’t have clients that are coming through.

Tim Church: One of the things that often comes up is how do you even consider a side hustle with a full-time job? People talk about in the YFP Facebook group, they’ll message me on LinkedIn, they’ll say, “How do you do it? How do you work full-time, have a side job, and also maintain your family, your relationships, and do it all?” So how do you do it?

Landen Conner: I would say automation really helps. The other thing is I started to sit back and remember why did I get into this in the first place? Meaning pharmacy. And then the second thing — I mean third thing was do you want to make a difference in just your life and build something only for you? Or do you want to make an impact in others’ lives and change one life at a time and challenge yourself a day at a time? Can you make someone else’s life better? You make time for what you desire to have fulfilled in your life.

Tim Church: I love that. That really pumps me up. But I totally agree with you that if you’re buying into that mission and the results of what that work is going to accomplish, that that can be a huge driving factor for being able to make it work. Totally agree with you on that one. You mentioned automation, so talk about that a little bit. I think that’s an interesting way that you’re making it happen. So talk about that.

Landen Conner: You mentioned that a lot of people ask how do you do it? Let’s just say if you want to do email blasts, ConvertKit is an excellent source. If you want to do Facebook posts, you can schedule out your Facebook posts, your Instagram posts, your LinkedIn, all of those things have built-in automation. And the other thing I would explain to people who are interested in a side hustle and they’re doing those email campaigns, they’re doing those social media campaigns, there’s seven days in a week. One day, you’re going to have a groove. And let’s just say that groove is an hour to two hours. You get in that one or two hours, and you just write or bang out a bunch of posts of things that you want to go on, schedule them out. They don’t have to be every day. They could be weekly. And then as you gain more experience, as you gain more clients, then you add to it. So you’re building slowly. And it adds up over time.

Tim Church: I think that’s big. I think you’re right. You have to harness technology. We all have the same amount of time. We have 168 hours every week. And after sleeping and working your full-time job, I mean, you’re limited. That gets substantially cut. So I think that really is a huge one because you have to think about OK, realistically, how are you going to make it work? And how are you going to do the things that you want? I think that’s big. I mean, I think that’s great advice. So speaking of advice and recommendations, what advice would you give to other pharmacists out there who they have other interests, passions beyond pharmacy that have the potential to be turned into a business or they have an entrepreneurial mindset?

Landen Conner: Go slow. That was one of the biggest things that I say now I understand because if you think of the story of the tortoise and the hare, the tortoise always wins. Get out of debt. Organize it from biggest to smallest. If you watch Dave Ramsey, you understand that. And give yourself small wins. Look at the pharmacist’s salary allocated in percentages. If you want to take 10% out of your salary and invest into your business to get those automation programs, they’re going to pay off huge in the end.

Tim Church: That’s so good. I want to bring another one up that you mentioned in the article, which was find the right group of like-minded people who won’t just tell you what you want to hear but what you need to hear. How has that helped you?

Landen Conner: Immensely. A lot of times, it’s hard to hear what you need to hear from people. I haven’t had that issue because I have friends that they’re going to tell me whatever it is that they feel like they have to tell me. I know it’s out of love. So it’s getting to a place that I know that they love me and tell me up front versus hiding the truth and hurting me or damaging me long-term. My grandfather, before he passed when I think I was like 8 or 10 told me something I never forgot. He said that there are only going to be three people that make it off your block. And lo and behold, there was only three people that made it off my block that was successful. And he said, “Watch the company you keep because whatever company you hang around is what you will become.” Is that always the truth? No, but a good majority of the time, I’ve seen it come to fruition.

Tim Church: I definitely agree. And sometimes, we need that criticism, that feedback, if we want to make it to the next level.

Landen Conner: True.

Tim Church: I totally agree with you on that. Well Landen, thank you for coming on the show, for sharing your story. Thanks for being open about the burnout that you experienced as a pharmacist. I know you’re not the only one out there who has gone through that or is going through that. A lot of pharmacists are dealing with that, so thank you for being open about that. And you know, I really look forward to hearing about your progress as your business continues to grow and you continue to create memories but also share people’s stories with the work that you’re doing. And I think it’s just amazing, that work that you’re doing right now. So if somebody wants to reach out to you for a holiday photo shoot, wants their headshot for LinkedIn or they just want to learn more about who you are and what you do, what would you recommend?

Landen Conner: Of course reach out to me on LinkedIn at Landen Conner or my website, www.landenconnerphoto.com, and it’s with e’s. And of course the last one, which hardly anybody takes advantage of — give me a call. (514) 905-2249.

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YFP 180: How Allyson Used Her Pharmacy Skills to Build a Natural Skincare Company


How Allyson Used Her Pharmacy Skills to Build a Natural Skincare Company

Allyson Brennan, founder and owner of Emogene & Co., a natural skincare company, joins Tim Ulbrich on the show. Allyson talks about her background in pharmacy, why and how she started Emogene & Co., how she has had success in such a short period of time, and what lies ahead as she prepares for growth in 2021 and beyond.

About Today’s Guest

Allyson Brennan is a pharmacist with 13 years’ experience specializing in Neurology and is now a hospital Clinical Pharmacy Manager in Nashville, TN. She received a B.S. in Psychology minor in chemistry/biology as an undergraduate from Millsaps College and then went on to receive her B.S in Pharmaceutical Sciences and her PharmD. from The University of Mississippi.

This year, Allyson founded and created her own natural skincare company called Emogene & Co. focusing on effective natural skincare and the science behind purposeful ingredients. She created this company after noticing the skincare industry producing products full of toxic and ineffective filler ingredients. As a child, she was inspired by her grandmother, Emogene, who had a remedy for every skin issue or ailment. Throughout her professional career as a pharmacist, she noticed how she was drawn to medicinal chemistry and how specific molecules affected organs in the body. After becoming a mother, she began to focus on what molecules are available straight from the Earth to provide nutrition for our largest organ, our skin.

In less than a year, Allyson has grown her company organically, filled over 5000 individual orders and is also available in 11 locations including dermatology clinics and medical spas, all while continuing to work full-time in Pharmacy Administration during the day.

Summary

Allyson Brennan, a clinical pharmacy manager, started using a vitamin C serum on her skin after having her daughter and looked at the ingredients listed in the product. She quickly went down the rabbit hole of researching natural versus synthetic ingredients and active versus inactive ingredients in skincare products. Allyson realized that because of her clinical pharmacy and compounding skills she was able to create a vitamin C serum using natural ingredients. She soon discovered that she had tapped into a passion that she never knew was there. Friends started asking what she was using on her skin and Allyson began making the serum for them.

In January 2020, Allyson created an LLC called Emogene & Co., a company focusing on effective natural skincare and the science behind purposeful ingredients. Nine months later (November 2020), Emogene & Co. carries 21 products, has sold over 5,000 individual orders, has an online shop and is sold in 11 locations, including 3 medical spas and a dermatology clinic. Emogene & Co. is made in small batches mostly by Allyson, however she has brought on two full-time employees to help with production and labeling. Allyson still works full-time as a clinical pharmacy manager and focuses on the business in the evening to the early morning.

Allyson believes that Emogene & Co. has an advantage over other skincare products because of her pharmacy background. She explains that she stands by natural products and ingredients and offers education to people about how effective her products are. On this episode Allyson also talks about becoming an entrepreneur, what the next year of the business will look like, and how she balances running Emogene & Co. with a family and a full-time pharmacy job.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Allyson, welcome to the show.

Allyson Brennan: Hey, Tim, how are you? Thank you so much for having me.

Tim Ulbrich: Really excited to have you, been looking forward to this interview ever since you and I had met actually through Adam Martin, The Fit Pharmacist, and had a chance to learn more about the work that you’re doing at Emogene & Co. And really excited to share that story as well as some of your pharmacy background and to expose our listeners to I think what has been a very unique career path and obviously some success you’ve had with the business and would like to get an inside look into that. And so let’s start with your pharmacy career. Tell us about your background in clinical practice and then administration and management since you graduated with your PharmD from the University of Mississippi.

Allyson Brennan: Sure. So my background actually started before I even went to pharmacy school. I originally thought I wanted to go to vet school. I am an avid horse rider. I was a competitive horsewoman growing up. And so I wanted to start and go to vet school. And ultimately, fast forwarding through all of those decision-making pieces of my life, I shadowed a veterinarian. I wanted to be an equine leg surgeon, so that would entail about 16 years of post-undergrad study, a lot of time, a lot of decisions that go into pushing you into a different path because when times are tough, you know, people might take care of themselves before they take care of their animal ultimately. So I decided against vet school with the veterinarian that I shadowed, she just gave me so much amazing advice. And as I started to look into what I wanted to go into, I knew that a passion for me is really breaking things down — I wouldn’t say at that point to molecular structure but very much like how I build this but from a very kind of unpiecing things, if that makes sense.

Tim Ulbrich: Sure.

Allyson Brennan: So I love chemistry. I’m a total chemistry nerd. So I had heard about pharmacy, right? And so I’ve been out for 13 years. Back then, pharmacy was a very different ball game. And I heard that through kind of talking to people that knew about pharmacists, what really it entailed, and I was able to balance a family life with a career. And so I went for it and was accepted to University of Mississippi pharmacy school after I completed a undergrad BS degree in psychology with a biology and chemistry minor. And went into pharmacy school at University of Mississippi or Ole Miss, you end up with your PharmD, your doctorate, as well as another BS degree. So I was ready to go. Once I got out of pharmacy school, I was looking into residencies because I knew I ultimately wanted to be in clinical practice in a hospital setting. I applied to some residency programs in Nashville, Tennessee, because I had done some undergrad rotations there but ended up getting an offer from a wonderful hospital, Huntsville Hospital, in Huntsville, Alabama, a very large — I believe at that point they were 881 beds. And it was a clinical position without needing the residency, and it was everything I was looking for. So I interviewed, I was accepted, and the next year, they started to require residencies for this because it is so clinically based. And so for me, my career started with no residency in a facility, a large facility, and I started with an ortho and neuro kind of concentration. So I really built that niche of pharmacy in hospital practice for about three years there. And then I ended up moving to Nashville and practiced specifically neuro, neuro-endovascular, under surgery and just neuro intensive patients for close to nine years at Centennial Medical Center in downtown Nashville. From there, I really built a lot of relationships with the providers and physicians that entailed in that specialty. So the neurosurgeons, the neuro-intensivists, the neurologists. And once I built those relationships, they offered me a just heap of opportunities to build my clinical knowledge as well as build into things that were the building blocks for me to move into administration. So order set development, process improvement, committee-sitting, PNT, presentations, just a wonderful group of physicians and after about eight years, I was loving clinical practice, but I knew that I was ready to kind of push on. And Centennial, where I was, is part of the HCA, Hospital Corporation of America, group. It’s a large privately owned corporation that owns hospitals. So there’s several sister facilities in Nashville, in the Nashville area. And there was a clinical manager position at a smaller sister facility about 11-12 miles from downtown Nashville. And I knew the director. He actually was a resident under me that I trained him at Centennial. He is a wonderful guy, and he had called me and said, “I really think that you’re ready for this position. I would love to work with you.” And I ultimately went ahead and interviewed, uncertain that it would be a good fit because it was so much smaller. And when I went, I loved the staff, I felt very much at home there. It was what I was looking for because I had become a mother at that point, so it was very much a community feel. And working with that director was a goal of mine because he was a wonderful leader. And so now I’ve had my two-year anniversary as the pharmacy clinical manager at a facility. So I manage about 20 pharmacists and elevate the clinical program there to really help them succeed with their interdisciplinary rounds and their clinical responsibilities within the facility for patient care.

Tim Ulbrich: That’s great. And I appreciate you chronicling the journey. We’re going to come back here in a little bit as we dive into the work that you’re doing with Emogene & Co. as how that pharmacy management experience and how your pharmacy experience at large has helped you as you’ve been working to get that company off the ground and now continue to grow that company. Let’s start with kind of the basics around Emogene & Co. What is it? Why is it important? And ultimately, what problem is it solving? Because I really believe every business is ultimately trying to solve a problem. So tell us more about the backstory of Emogene.

Allyson Brennan: Absolutely. So for me personally, I was just chugging right along being a pharmacist and about two years ago, I was maybe 37.5-38 years old, and I decided I wanted to start to focus to take a little better care of my skin. I had taken care of my skin all my life, but you’re getting older and I was like, what can I do that I’m not doing that is good for my skin. And the interesting thing about this is that this journey is really a full circle of the creativity that I feel like I lost as a kid and really started focusing more on this logistical math and science, black and white kind of thinking. And I’m really loving this journey because I am at this place in my life where I’m opening up kind of the Pandora’s Box of creativity but in a very different way than I ultimately thought I would. So it started for me, honestly, Tim, with a Vitamin C serum. Vitamin C serums, for those that don’t know, is kind of your ultimate go-to that every female and male should have for antioxidant protection against environmental stressors and to prevent further aging. It’s natural. There can be synthetic versions of it, but it’s kind of your go-to for just preventing your aging, starting in your 20s. So I spent about $150 on a Vitamin C serum. And I turned it on the back and looked at the label and was like, what am I paying for? Just the chemistry nerd came out, and I usually don’t do that, which is crazy. And so I turned it on the back, and being a pharmacist with the chemistry and science background that we all have, I was like, well, I don’t see ascorbic acid. Where is it?

Tim Ulbrich: Right.

Allyson Brennan: I did notice an ingredient that looked like some sort of derivative of that. So I went to Google. And I Googled this specific ingredient and found out, you know, that it’s a synthetic ester version. So then before I knew it, I had dropped down into a very deep rabbit hole of synthetic versus pure of all ingredients and natural versus synthetic, active versus inactive, and really started to pull apart the skincare game, if you will. I started then. It grew arms. I started into essential fatty acid concentrations and what that looks like for your skin, yadda, yadda. And so before I knew it, I had tapped into a passion I never knew I had. When I looked at this Vitamin C serum, I was like, I can make that. Like I can make that. And I’m not a real DIYer. So I actually made some and didn’t tell anybody and started to apply it to my face. And I would say about two weeks later, I had friends that were asking me, what are you doing to your skin? Like something looks different. So I told them, I’m making a bootleg Vitamin C serum.

Tim Ulbrich: Good old compounding labs back, right, from pharmacy school.

Allyson Brennan: Yes. I tell you, I tapped into all this knowledge that you never think comes back. So I started to really appreciate that they asked me to make some for them. I was not charging anybody, it was just more of you know, friends sharing with friends. And then ultimately, in about November of 2019, I was like, maybe I should try something on the side. Maybe I should try to do this. Now, for understanding a little background on me, I am a very driven person. I’m someone who puts their head down and thinks well, I’ll do a little side project. If I’m going to throw my time into something, I’ve put blinders on, and I go. I’m all in. And if you’re familiar at all with the Enneagram or if anyone on that on this podcast that listens is, I am a Type 3.

Tim Ulbrich: I’m with you there.

Allyson Brennan: OK. I’m a 3w2, 3 wing 2. And I am the poster child for 3, The Achiever. And so I really think that learning the Enneagram helped me understand what drove me to this place. So I’ve never been an entrepreneur, I never, ever, ever, not even for a second, thought about owning my own business, my own pharmacy, let alone a skincare company. So I just went for it. So in January, I went ahead and created the company through an LLC. The name, Emogene & Co. speaks to, it pays homage to my grandmother Emogene. And I am named after her Allyson Gene, and my daughter is Parker Emogene. And that’s where the Co. comes in. But my grandmother was someone who could make something from nothing and had the most amazing skin. And that generation was very much a make-it-work type and create anything. And for me, I love science, I love chemistry, I love — as a pharmacist, we all know that there’s a time and a place for medication and chemicals. But I wanted to really focus on natural ingredients because I think that in the skincare industry — and I’m a baby in this — I think that the skincare industry can be extremely misleading to consumers. And the reason why is that there’s a lot of terms and titles that are thrown around without the knowledge behind that. I think that there is a time and a place, like I said, for chemicals. But if you can have things that come from the Earth naturally that are extremely effective, I want to focus on that. And that all came into play when I became a mother. What I started with a Vitamin C serum. And I started with a couple of other items that I actually made, a stretch mark prevention cream when I was pregnant, and I did a lot of tweaks to it and offered that. And then I offered a body scrub that is amazing for increasing the circulation in the blood to the skin, which creates a different kind of solution for your skin. I’ve been making that for three years just for myself. I offered that. And then I really focused on facial oils and essential fatty acid nutrition for your skin. So here I am, almost a year later, and I offer 21 products. And I’m offered in 11 locations as wholesale clients, so they’re my stockist list. And that includes three MedSpas and a dermatology clinic, which was kind of my moment for really taking this to a level where being taken seriously in a dermatology field, in a medical field, that it’s a natural product. I have done a little bit over 5,000 individual orders in this time. And I am still a full-time pharmacist and mom and wife. There’s not a lot of sleep in my life right now, but I am so driven by the passion for this, and it ultimately all comes down to I want to offer the ability for people to No. 1, age gracefully, No. 2, to improve the quality and the nutrition to their skin because we all take so much advantage of our skin. It’s the largest organ that we have. And I want it to be an accessible option for people. I don’t think skincare should be a luxury. I don’t think that people should not be able to afford to take care of an organ for themselves. And so my price points are at a place where I want people to be able to access that but feel good about the science that kind of marries the natural skincare for them. So it really boils down to a lot of relationship-building with customers. Anything starts out as a family-and-friend trying your items. And then once they are like, wow, OK, you really have something, they spread by word of mouth. And then word of mouth starts to go to the right people that are the really big word-of-mouthers, you know?

Tim Ulbrich: Yep.

Allyson Brennan: And then ultimately, you start to have stores that want to carry you. And it’s based off of the fact that it is skincare, which is a very saturated market, but it is natural rather than stating it’s natural, it is natural. But I get to really flex that pharmacist science arm with it, so that is the solution I wanted to offer. Like I said, it’s a saturated market in the skincare industry. I’m learning that also it is an absolutely overpriced industry. But it really comes down to do you believe and trust what someone is selling you? And I, being a psychology background, I want to develop that trust relationship for people to know that I ultimately have their best interest at heart for what is best for their skin. So that’s the solution I wanted to offer. And I hope I do that and I continue to do that. And I don’t want to sacrifice the integrity of the ingredients or the integrity of that brand.

Tim Ulbrich: Yeah, and that really resonates, Allyson, when you and I had talked several weeks ago, that really resonated with me is wanting to keep the integrity of the brand, wanting to focus on the natural and pure ingredients, wanting to bring this at a price point that was more affordable. And when I think of the timeline — and I know you mentioned and you honored it, but I don’t want our listeners to gloss over it — one year ago, November 2019, you know, if I heard you correctly, kind of idea was coming to be, that was starting to form, but it wasn’t until the beginning of 2020 that you actually formed the company. And here we are, just over 10 months into this journey, you mentioned 21 products, 11 locations, obviously an active e-commerce online, over 5,000 units sold, and so of course there’s a trajectory here. And my natural next question, which I’m guessing our listeners are thinking as well, is like, break down the operations. Like how are you doing this? You mentioned starting with the compounding. So are you up late at night and compounding? Do you have a team? Do you have a distribution facility? Like this happened so quickly, so tell us how you’ve been able to scale up to be able to fulfill those orders while also being an N of 1 when you started.

Allyson Brennan: An N of 1. I’m still an N of 1, but I do have maybe .25s on the side, and I’m so grateful for those. So for me, my first sale was — I formed the LLC and all of the background information you do to form a business in January — and my first sale was January 26. It started, you know, social media, no website, I had Square, which the majority of people are familiar with. And so it was literal orders coming through email, text, Facebook messaging or Instagram messaging.

Tim Ulbrich: Instagram, yeah.

Allyson Brennan: Yeah. And then invoicing them to their email. And then they would pay. So it started out really just grassroots. I don’t know how much more grassroots you could be. As far as the compounding goes, let’s say for instance, let’s speak of this Vitamin C serum. OK, there’s 21 products now, but let’s just speak to this. So I was starting only making batches of eight. Eight at a time. That was it. And I would say now, I’m making those in batches of 120. So in this amount of time, I’ve learned that scale because I was still white-knuckling it, you know, really holding those reins of wanting to know that I’m putting out — I mean, everything is made by me, filled by me, packaged by me, labeled by me, heat-sealed by me, sold by me. And that’s a lot process once you reach a certain point in time. So I was really only just, if you will, dog paddling through life. I was making what I needed to fill those orders and then trying to still be a mom and a wife and be a pharmacist manager. So I think at some point, I really had to stop holding onto that control and start to hire the right team around me. But I have a very specific thing I look for in that team. So before I got to that point, it really looked like let’s say — so I create a sterile field at my home in my kitchen. I am still working from my home. This was maybe one closet upstairs in my house that had, you know, the packaging, the raw ingredients, whatever. And then I would fill the orders literally fresh made, on the spot, and I would fill those orders. Let’s say three months into that, I was still making the same amount of batches of things, but I was maybe expanding to another closet, you know? So nine months in, I am in six closets, the entire garage, my dining room is my office per se where I fill orders. I have a shipping station in that room, and I have my entire dining room is not even used anymore other than Emogene & Co. I have complete shelving in the entire room. But I still create this sterile field in the kitchen, and so now the batches are larger, I finally — you know, I’ve had a lot, I’m so grateful for it. I’ve had a lot of females that love my products, offer to help. “I love what you’re doing, I’m so passionate about it, I see that you’re passionate about it, let me help you.”

Tim Ulbrich: Sure.

Allyson Brennan: And I’m grateful for that. But when you have something like this, you don’t want people to do it just because they like the products. You want someone who has the same drive and the same passion to grow.

Tim Ulbrich: That’s right. Yep.

Allyson Brennan: And those are very specific qualities that I look for. So for me personally, I have two women that are full-time employees that are — one is a pharmacy tech who’s a chemotherapy technician I’ve worked with for 10 years. And the other is a pharmacist who is on staff, and I’m her manager at work. She’s a workforce. These are people that don’t know how to stop. But it’s not a work that they grovel in. They love it, they’re passionate about it, they’re positive, their attention to detail and specifics is second to none, and that was ultimately why I chose to say yes to them. What they’re helping me with now is — the chemotherapy technician has six products that she now compounds herself. And these do not — the products that I offer, there are some that are just mixed dry ingredients, there are some that are mixed liquid ingredients, and then there are others that are very complicated where they’re a lot more chemistry lab type with an oil phase, water, phase, heat phase, cool phase. She mixes just the solid and the liquid ingredients. So she has six products that she makes. And she forms a sterile field in her home and does those, and she heat seals and labels her own. And then she passes them to me. The other employee, she is a mother of two and a full-time pharmacist, and so what she does for me is she does the labeling, which is crazy that she is — it’s crazy how helpful it is.

Tim Ulbrich: Oh sure, yeah.

Allyson Brennan: Yeah, so she literally does the labeling as well as now we have a holiday product with a local company that’s a big collaboration and it’s a dry ingredient body scrub. And she — I taught her that recipe and checked her off on a competency like I would a pharmacist. And she mixes that now. And we pass off bulk everything in the parking lots before we go into our day jobs. And it used to look like maybe staying up until 10-11, and now every single night, I’m up until 2 o’clock in the morning, and I’m up at 6-6:30, depending on what time I have to be at the hospital. So I look very tired. But I am so passionate about it, and so I very much have fallen into a routine of what pieces of the night are where I start certain products.

Tim Ulbrich: Absolutely.

Allyson Brennan: Yeah. So it’s a lot of compounding at the very beginning after putting my daughter to bed. It’s compounding if I’m low — I have PAR sheets. And we have margins, and we have all of the background that you need for those pieces. There’s ordering that happens every Friday, and I do all of the ordering. But I focus on their PAR sheets filled out, and they pass those to me with their time sheets. So yeah, I start with making the products while I’m still kind of fresh. And then once maybe 11 or 12 rolls around, I’m usually finished that compounding and I have put up, boxed them up for the pharmacist to pass off the next day that she’ll do the labeling. And then I start the admin of anything that’s needed, and I fill orders until usually about 2, and then I go to bed. And then I do it all over the next day.

Tim Ulbrich: Start over.

Allyson Brennan: Right.

Tim Ulbrich: And I love that, Allyson, because I think we all know the hustle that needs to be there. And obviously as you continue to build, you’re going to have an opportunity to bring more folks in and efficiencies will happen over time and obviously as you continue to scale. But when you’re getting something off the ground like this, like anybody listening that wants to get any company or initiative, side hustle, whatever you want to call it — this obviously is much bigger than that — you’ve got to hustle, you’ve got to work. And I think when you’re that passionate about the mission or the why of what you’re doing, I can speak from firsthand experience, I suspect you may feel the same way that as exhausting as it can be, it doesn’t necessarily feel like the type of work that somebody hearing it may think that it feels like because the mission is so clear on why you’re trying to do what you’re trying to do. And although you described it, Allyson, as being pretty homegrown and still distribution happening out of your home, kudos to you, I think you guys have done an awesome job on the marketing side, on the packaging side, my wife and I purchased and ordered several products before we did this interview — I wanted to get kind of a feel of the experience — and have really enjoyed not only the products but also kind of seeing the behind-the-scenes of how you have distributed and packaged and marketed those. And I think you’ve done a fantastic job, so especially when you think about this as 10 months into the journey, so it’s really, really incredible. One of the questions I have as I think about just purely from the lens of a business owner is help me break down a little bit further, like what is the differential advantage of Emogene & Co. And the reason I ask that is obviously you’ve had success, but when I hear you talk about like natural and pure, like that marketing of skincare products — while I certainly don’t consider myself an expert in the space — is out there already and even if it isn’t natural or pure, how do you overcome that perception from the consumer that you can separate yourself from those products? So what is the differential advantage for you and your company?

Allyson Brennan: Yeah. First of all, thank you so much for such kind words. That really means a lot to people that start out and second guess themselves and they go back and forth and they’re passionate and the next night they’re like, am I doing the right thing? So I really appreciate that. But ultimately, Tim, it does fall back on “seeing what got you there.” It falls back on my pharmacy background, and I’m very thankful, and that’s not lost on me that I would not have the knowledge base to do this and feel good about what I’m putting out and solid and confident of what I’m putting out if I did not have that medicinal chemistry background and the pharmacy background in general. So you’re right, the skincare industry, like I said earlier and like you just alluded to, you know, there’s terms that are thrown around that people just don’t know what they mean. And as consumers, we are drawn to bright, shiny objects. And in the skincare industry, that looks like wonderful packaging, it smells good, feels good, but you fall for it might state that it’s natural but it’s actually not natural. And so — and I’ve turned down opportunities for a couple of collaborations with larger medical-scale type opportunities of products because they — it was not going to be a natural product. It was going to be synthetic. Because I do stand by wanting to stay with the natural because there’s — it’s just a world that is just wide. You can cast a wide net and get some really amazing, effective skincare that way. But my goal with this company was to offer natural skincare that’s effective, right? So I don’t want it to just be something that’s another option for people to not know what to do with their skincare, but I want it to be accessible, like I mentioned, but I want it to not be fussy. There’s a lot of options for people to take care of their skin, and I don’t want people to be confused about how to best take care of their skin. The other piece of this that I’m hoping to offer and that I really do hang my hat on with my company is the scientific background of the natural ingredients. Just because they’re natural does not mean that they don’t have the science behind them. They come from the earth, there’s science behind them. So I want people to know that there is legitimate education that is there behind that and lastly, where I really thrive and where I really know that I thrive and I love it and I really try to build on this is to offer that education to people.

Tim Ulbrich: Yeah.

Allyson Brennan: So as a small skincare company, which is sometimes labeled as indie skincare companies, you know, I’m not competing with the big guys. It’s an opportunity to really dial in with your customer base and with your clientele and to get personal with them. And the majority of how this business started was, like I said, those messages where people would say, “You offer these items. This is my skin type. Go. Like tell me what I need.” And for me, it is not about offering every item that I need them to buy. It’s really about building that trust. Honestly it is. So I will have women that will come and say, “Alright, I want the whole thing.” And I will say, “First of all, let’s talk about your skin type. But let’s start with these three things because I don’t want you to overwhelm your skin and then you might not appreciate the products or your skin might not just because it’s too much for you at one time. And then let’s build on it. So I want you to start with something that works for you, and let’s go from there.” So my goal is to offer yes, natural skincare, but that has a scientific background that can actually be spoken and related to but also there’s the education behind it. So to grow this company is not just to offer more products. It is to scale, that is a — it’s a pivotal point that I’m at now that is a new problem that I don’t know how to solve because I’m new at this. So you know, 2021 is a year of scaling. It’s a year of working efficiently, moving into a warehouse space, SEO and strategic marketing. I do have a girl that I’m about to bring on for that who is wanting to build a company because she’s worked for larger companies. I have a delivery lady that helps me part-time now so that gives me some time back in my day. But that still offers a customer experience for people to have the deliveries. So yeah, it’s really a combination of all of those things. But I want to separate myself apart by the pharmacist piece of it to speak to the actual education of what you’re putting on your skin.

Tim Ulbrich: Yeah, that’s great. And one of the things you said regarding scale in 2021, I mean, it certainly feels like that, sounds like that, based on the trajectory you’ve had for the last 10 months. But as you sort of alluded to and didn’t say directly necessarily is scaling can have its challenges for a variety of reasons. And so the question I have for you is if we fast forward a year from today and you’re now looking at wrapping up almost the second year of the business, heading into the third year, what does success look like for you and for the business as a whole?

Allyson Brennan: Oh, man. It’s so funny, I was recently on a podcast, and that same question was given to me but in five years. And you know, I feel like as pharmacists, we’re so — we’re trained when we’re students going into trying to get a job or maybe getting into a residency of answering that five-year question. It is a different ball game for me now.

Tim Ulbrich: Absolutely.

Allyson Brennan: So you know, I’m really back to that baby step, you know, of learning something brand new. So ultimately for me, where I find the most passion is the creative piece of this. Now, creativity is going to look different for me, like I said. I feel like I’m coming full circle to the little girl — I used to be an artist. Like I really loved to draw and paint and just be extremely creative in that sense. And there was some point in time, I would say maybe 8 or 9 years old, where something switched for me and I just became more math and science based. But I think what this company is really doing for me personally is opening back up that creative side. It looks at it in a different because I can tap into skills that I now have, right? So for a year from now, I need for me to keep my sanity to be at that place of efficiency. I want to always keep the creative edge. I always want to keep creating. There’s a lot of things I’ve created that just were terrible, you know, that I would never put on the market. But to really better streamline what I’m doing now, and that looks like a lot of things that are not in the lab creating. It looks like very much a business model, so having the right people around me that know that sense, that I trust and they really believe in this little company to grow, that’s a goal for me in a year. A year from now, a goal is to be in a third space because I’ve completely outgrown my house and also to create — still create that need and want. I mean, I’m tapping into a southern market here with my wholesalers and in clinics and my customer base. But it’s to continue to scale that. But I am only one person, and I only have 24 hours in a day, and I need about 30 hours, honestly. So

Tim Ulbrich: Yeah, amen. Yeah.

Allyson Brennan: Yeah. You understand. And so I really want to learn how to segregate what that looks like for me but still continue that growth. And it might look like scaling back in pharmacy. I truly, truly hang my hat on pharmacy is what got me here. So I am not that person who is going to be cold turkey leaving pharmacy, you know? No matter how big the company gets, it’s a building block, baby step approach for me to step down as this grows. But I want to do it the right way. I don’t want to do it too fast. That’s very important to me.

Tim Ulbrich: And let me prod there a little bit because one of the things I’m thinking about this as, you know, I believe one of the challenges, especially of a successful business like this or for others that maybe have started a side hustle that grows quickly and can quickly outgrow the time that one has available to dedicate to it, you know, is that one of the risks is that it may not reach its full potential, which matters when you’ve got a really clear purpose and vision, right? Because ultimately, you know, there’s only so many hours in the day, and obviously you’ve got a purpose and a vision and a mission for why you’re doing what you’re doing. You’re not just selling products to sell products. So is that something that hangs on your mind, crosses your mind, that you’re not allowing the business to reach its full potential? Or is that an area, as you’ve kind of alluded to, that bringing the right people around you and putting you in the area that you can provide the most value to the company, that you’re going to be able to continue to see and scale that growth while also making sure the vision and the mission stays front and center?

Allyson Brennan: I mean, great question, Tim. Yes. It’s on my mind daily. Daily. And I would say it’s on my mind daily at this point because starting out, you know, last year or two years ago, you know, when I was literally just a consumer or even just January, taking my first order, I wouldn’t have known what to expect. I, like I said, didn’t go into this without really taking it seriously and growing and pushing. And I’m a hustler. I mean, I am. And that’s something that I understand about myself. So I use that to my advantage now, but I also really, really appreciate and thrive on relationships with people. So those are two things that are not something I do lip service to. They’re a part of who I am, and they’re a part of what this business is. So when I talk about am I doing a service, it’s funny, my dad — I’m very close to my dad. My dad is a farmer. And my dad knows how to grow something from the ground. It might not be skincare, but he knows what it looks like to start and then reach a certain level and then basically at the very end, reap what you sow.

Tim Ulbrich: Yeah.

Allyson Brennan: No pun intended, really. So he told me, I would say seven months in, he said, you’re behind and don’t even know it. And that has stuck with me so much because I was like, he doesn’t know what he’s talking about. And not even a month after that, it hit a whole new level. A whole new level. So yeah, it’s on my mind every day. I also have to say that I am the type of person, if I want to feel like — so there’s overwhelmed, right? And there’s underwhelmed or bored. And then there’s whelmed. And I think that everyone, everyone kind of thrives at a different threshold. For me, what I thrive is at overwhelmed for a lot of people. But I want to stay whelmed. Does that make sense?

Tim Ulbrich: Absolutely. Yep.

Allyson Brennan: I want to stay plugged in. I want to stay alive. I want to stay with my finger on the pulse of what is happening with this. So to do that, I have to feel like I’ve got a little bit of control with that, which for a lot of people seriously feels like they are spinning out, it is chaos — and it is chaos. I mean, it’s full-blown chaos.

Tim Ulbrich: Controlled chaos, right?

Allyson Brennan: It’s controlled chaos. 100%. So I’m starting to get much friendlier with the idea of bringing the right people in and making a team effort at this. And that is the way that me personally, I think that I can grow this and not feel like what you were saying where I’m not doing it a service because when I’m at work during the day in a hospital, I am 100% there. I am managing people, putting out fires, you know, provider and physician conversations, building formularies. And there is no time for all this. So then it is overwhelming when the minute I leave the hospital, right? So I want it to be something that when I leave, I am managing from that CEO perspective where I’ve got the right team underneath me that I trust, they’re just as invested as I am, but they are the people that will help that grow. And it’s not that they are employees of me. I want them to be a piece of what that is because they believe in it. So that is where I am now of looking at 2021 right now, I’m a baby in a product-based market. It’s the holidays, and I’m slightly terrified of what is coming. I’ve already had double the sales that I had last month at the end of the month.

Tim Ulbrich: Oh, gees.

Allyson Brennan: And we’re on — yeah. And I’m exhausted. And I’m overwhelmed, for me.

Tim Ulbrich: And for our listeners, it’s only Nov. 10 when we’re recording this.

Allyson Brennan: Right.

Tim Ulbrich: So.

Allyson Brennan: Yeah, so it’s — you know, it’s that Type 2 fun where it’s chaos in the moment and you look back on it and you’re like, wow. So I’m extremely proud of it, but I’m trying to stay very aware of what that is and then, you know, come 2021, I need to take a little bit of time to say, OK, we need to take some time, not do the logistics of filling the order, let’s gather my team and let’s look at what this looks like. And that is what is what my goal is for January 2021 so then we can approach the new year with the next products we put out are very smart, efficient products. I’m scaling back a couple of products that are my slowest movers, right? Hiring that SEO management, the marketing and strategic management, that is just not my forte. Hiring on a couple other girls that might not be full-time that I truly believe their attention to detail. And then from there, what happens? I did not see this happening with word of mouth in almost a year. So I really am so grateful but also very optimistic. But I do keep myself in check that if I reach a level that it doesn’t grow beyond that, I need to be OK with it. I need to know that I have exceeded what expectations were, and that’s a tough thing for me to swallow because I am not someone who celebrates the wins all the time because of how I am programmed. I tend to keep going and going and going and let’s keep building without sacrificing what your ultimate mission was in the first place. So I have to tell myself that, that’s a daily mantra that I tell myself, if this reaches a certain pinnacle and it wasn’t what you ultimately thought it would be, you need to be OK with it.

Tim Ulbrich: And I think, Allyson, as an outside observer, just kind of talking out loud as I hear you reflect on the journey and from our previous discussion, I think the business potentially gets bigger and more successful than it already has, which is incredible, and further achieves the mission and vision that you have with the business with less of you. And I mean that in the most sincere, kind way of like, you have built an incredible, incredible thing, but as I hear you talk about scaling up, bringing other people in, and I think putting yourself in the position where the company gets the most value from Allyson that nobody else can do as well, and then those other areas that maybe aren’t areas of interest or strength or that you have other areas of expertise you can bring in. But I think like the relationship piece, that certainly feels like a strength here, setting the vision, making sure you’ve got the right people on the team, on the bus, and bringing other people in that perhaps Emogene grows and will continue to grow and scale with more even balance of your time. And one of the questions I have for you is I know one of the daily struggles I have is pouring my time and energy into YFP because I believe its mission is that important but also balancing the time that I treasure, deeply treasure, with my wife Jess and our four boys. And so I suspect many of our listeners may be wondering what I’m wondering here, which is how do you reconcile how you spend your time and work on work and on the business and what that may mean for time away from family and friends, whether that’s short term or long term?

Allyson Brennan: Oh, man. This is the tough one for me. So we all have our strengths and our weaknesses and our opportunities for improvement. Let’s leave it at that. This is my opportunity for improvement with just who I am as a person. Let’s say — I’ll give you an example. I leave the hospital, it’s been a full day of meetings, committee meetings, building things, process improvements, yadda, yadda. And then my only alone time is the 35-minute drive home. That is it. I am not good at sitting. I’m not good at just listening to the radio, listening to a podcast. I am having business meetings for Emogene & Co. on the phone, I am — I shouldn’t say this — I’m texting and driving — but I’m still multitasking. And then I get home, I’ll pick my daughter up from school, and I will start with that piece of, you need to take — Allyson needs to take an hour, an hour to put the phone away, put all of the productivity away, you need to have a transition time between the first job and the second job, right? And I’ll say, OK, that means that I come in, I’ll lay things down, I’ll unpack the packages, the bulk packages that have come in, I will open them to see what it was today. And that’ll be it. Sometimes — more times than not, and I’m very transparent about this — two hours later, I’m still in the thick of now I’m processing orders, you know?

Tim Ulbrich: Sure.

Allyson Brennan: And what that does is that does take away time from my family. And I have — again, transparently speaking — this year has been a completely rebalancing of what it looks like for our family. I’m not saying it’s been easy. And now, I do have a support system. You know, my husband has supported, now he’s the cook for dinner every night, not me. But ultimately, I don’t want to be at that frequency. I want to be able to manage that better. And that is the ultimate growth for me. I think — I mean, this is just true and this is my psychology background speaking — we are all works in progress our entire lives.

Tim Ulbrich: Absolutely.

Allyson Brennan: And the quicker that you learn as an entrepreneur or as a new person starting out, you give yourself some grace, you take a breath easier.

Tim Ulbrich: Amen.

Allyson Brennan: Instead of thinking that overnight, it’s got to be built. And that’s coming from someone who thought that overnight, it’s got to be built. I don’t — I don’t take the baby steps easily. But I know for my sanity and for the quality of life and for me ultimately to build a business, I have to learn that. That is a muscle I’m learning to flex and to build. So you have to start somewhere and you have to decide what it looks like and then block out all the other noise because the noise is what will get you off the path. The noise is what overwhelms you and makes you stop before you’ve started. And I’ve been there. So the balancing of the family life is something that is a daily struggle and on my mind. I’m getting better at it, and it’s because I know myself well enough now. I know myself well enough now that someone has to physically remove the phone from my hand. I know myself well enough now that someone has to physically take me away for me to vacate. I don’t do staycations. I don’t do weekend-long weekends. I don’t do any of that. That is not who I am, and I accept it.

Tim Ulbrich: The business is right there, yeah.

Allyson Brennan: The business is there. I accept it for me. My husband and I were huge travelers before we had our daughter. And now with COVID, it’s a little difficult. But for me to truly vacate, to let go of everything, to help reset your mind because we need that, I have to be gone. It’s got to be a certain type of trip that still speaks to me needing to be active, but I cannot tap into the things that drain you because you’re wanting to build them. So I think it’s — you’ve got to know how you’re programmed and how you’re built. And you have to just start somewhere and block out noise.

Tim Ulbrich: And that’s fantastic. And I love the self-reflection, the self-awareness. What you said really resonates with me and I think too just giving yourself permission, forgiveness, where you’re not going to get it right. It’s a life-long — I believe as well — it’s a life-long journey, and there’s going to be stumbles along the way. And I think that’s part of the process. And having those around you that can help keep you accountable and being willing to admit those areas where input and help would be valuable. So as we wrap up here, Allyson, where can our listeners go to learn more about you and the work that you’re doing?

Allyson Brennan: Sure. So for me, I have a website that’s available, it’s www.Emogene&Co.com — that’s all one word. And Emogene is interesting, it’s spelled Emogene. It’s an old-school spelling of the name a lot of people are not used to. Again, it pays homage to my grandmother, so Emogene&Co.com is the website. On Instagram, I am @__Emogene&Co__. And then on Facebook, I am Emogene & Co. So I am tapped into those resources all day, every day, if you can imagine from the podcast. And then email address, you can sign up for a subscriber, and you can contact me directly through the website.

Tim Ulbrich: Great stuff. And we will link to all of those in the show notes. And Allyson, this has been fantastic. You know, when I had first learned of the work that you’re doing, I got really excited of kind of the intersection of pharmacy administration, management, and entrepreneurship. And we both have some experiences in those areas. And I suspected this would be a fantastic story to share, and it certainly has. So thank you so much for taking the time to come on the show. I wish you the best of luck and success with the work that you’re doing, and we’ll be touching base in the future to see how things are going.

Allyson Brennan: Oh, it’s an honor, Tim. Thank you so much for your time. I really appreciate it.

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YFP 171: How Austin Successfully Made the Financial Transition to New Practitioner Life


How Austin Successfully Made the Financial Transition to New Practitioner Life

Austin Ulrich joins Tim Ulbrich to talk about how he and his family successfully navigated the financial transition from student pharmacist to resident to new practitioner. He discusses how they were able to become debt free while completing residency training, why and how he started a medical writing business, what it was like to finish residency and find a new job in the midst of a global pandemic and what they learned from their first home buying experience.

Summary

Austin Ulrich, a new practitioner, joins Tim Ulbrich on this week’s podcast episode to discuss four major areas of his life: paying off his student loans, building a side hustle and how he was able to make money medical writing, buying a home on the other side of the country and signing onto his current position.

Austin explains that he’s always been “allergic to debt” and obtained scholarships to pay for his undergraduate education. He did have to borrow money for pharmacy school loans but by making wise financial decisions, he and his wife were able to pay off $80,000 in loans during his residency training. Austin explains that there were some key decisions that helped them optimize the loan payoff. They purchased a home that allowed them to have a much lower mortgage payment versus what their rent cost would have been. When they sold the home they ended up making a good profit off of it and paid over $40,000 toward their student loans. He also explains that him and his wife were on the same page with finances and kept expenses down where they could.

Austin digs into his side hustle business, Ulrich Medical Writing, which helped him to pay off of his loans. Without this additional income, he would not have been able to pay off his loans as quickly. Austin also discusses how he and his wife purchased a home on the other side of the country during a global pandemic and how his relationship building and networking afforded him the opportunity for a career in a tough market.

Mentioned on the Show

Episode Transcript

Tim Ulbrich: Austin, glad to have you on the show. Thanks for taking time.

Austin Ulrich: Yeah, thanks, Tim. It’s great to be here.

Tim Ulbrich: So we’ll dabble more into this as we get into the interview, but you just finished up residency, moved from Oregon to North Carolina in the midst of the global pandemic. So what have been your first perceptions as you move across the country and got your first taste of the Carolinas?

Austin Ulrich: Yeah, I mean, it’s definitely been a big change for us moving across country with three kids. There were a lot of logistics involved in that. But there are a lot of bugs in the South that we’ve kind of discovered compared to Oregon. But you know, it’s really green here, and we like that. And really nice people and good southern food. So there’s a lot that we like about being here.

Tim Ulbrich: And kudos to you and your wife for moving the three kiddos across country. My wife and I — or at least I — have always joked that we made that move with three before we had our fourth from just Cleveland to Columbus, Ohio, only two hours. And I said, “I’m never doing that again.” So kudos to you guys for making that transition. We’ll talk about your career story, what you’re doing, what really necessitated that move and we’ll weave that into your financial story as well. So we have lots of different parts of your story that I’m excited for our listeners to hear. And you and I first connected on LinkedIn back in May of 2019. You sent me a message sharing your story regarding your financial journey, which by the way, I love getting messages like these and hearing from pharmacists across the country. And as we went back and forth a little bit, you know, as I heard about your transition from student pharmacist to resident to new practitioner, I really said, you know, you’ve got so much going on that we have talked about extensively on the show but such a great example I think of how with intentionality, you can make this transition — I will not always say with ease — but how you can successfully make this transition and really be able to have it be done in a way that will set you up for long-term success with the financial plan. So we’re going to talk about four areas of your financial plan: No. 1, paying off all your student loans; No. 2, building your medical writing side hustle business; No. 3, buying a home and what that was like; and No. 4, signing onto your current position during the COVID-19 pandemic. So let’s start with tell us a little bit about your journey into pharmacy, where you went to school, when you graduated, and ultimately, how you chose the residency path that you did.

Austin Ulrich: Yeah, so I’m originally from Ogden, Utah. And that’s a small town that’s north of Salt Lake. But I did undergraduate at Weaver State University there in Ogden and did pharmacy school at University of Utah. And so I graduated there in May of 2018 and then after that is when we moved out to Oregon, where I did a PGY1 residency at Providence Health and Services and then finished my PGY2 residency in ambulatory care and academia at Pacific University and Virginia Garcia Memorial Health Center.

Tim Ulbrich: So where did your interest in ambulatory care come from?

Austin Ulrich: You know, I’ve really always been interested in ambulatory care since starting pharmacy school. One of the first pharmacists I shadowed was an ambulatory care pharmacist. And at the time, I didn’t know that that was really a career option being fairly new to pharmacy. But I was really impressed how he was able to interact with physicians and with patients and have a lot of influence in how the patients were treated. And so throughout pharmacy school, that was one of my areas of focus and specifically during those years of 2014-2018 while I was in pharmacy school, I saw a lot happening where there seemed to be a shifting focus even more so toward ambulatory care within the pharmacy sector. So you know, it just felt right as far as economic opportunities in the future as well as I love talking to patients and getting that face-to-face interaction. And then the hours really fit well with the family lifestyle. So all those things are some of the things that I love about ambulatory care.

Tim Ulbrich: And in order to get there, like many pharmacy students and residents, you had to take on some debt to do that. So I want to talk about your student loans. I mentioned in the introduction part of the journey is paying off all of these loans. And we’ll talk about how you did that, but first, I’m sure as many of our listeners are wondering, what was the amount? What were you dealing with? What were you working with? Were you able to keep that low because of scholarships or other opportunities? You mentioned the in-state tuition piece. So tell us about your student loan debt, specifically as you went through pharmacy school.

Austin Ulrich: Yeah, so I’d like to preface this by saying I feel like I’m fairly allergic to debt and student loans. I have really bad reactions to it. So in my undergrad, I was pretty diligent about getting a scholarship to cover all that. But with graduate school and pharmacy school, that’s not really possible unless you have some sort of large sum of money fall into your lap. But so over the course of four years of pharmacy school with in-state tuition, I acquired — I guess I should say — $80,000 in student loans. And that’s with interest. That’s the full amount that would have been paid off.

Tim Ulbrich: OK.

Austin Ulrich: So that was the amount of student loans that I had coming out of pharmacy school. And you know, I would say that my wife and I really worked hard on making wise financial decisions, even though — I mean, we both knew that we didn’t want a lot of student loans. And so she worked as a nurse during pharmacy school and put a lot of hours into that. That was definitely something that was really helpful. And I worked as well as a pharmacy intern. So kind of our two part-time incomes put together helped keep that burden down as well as I was fortunate to receive a few scholarships that helped keep the loans down. But one of our philosophies was that we wanted to borrow as little as possible while still being able to maintain, you know, a decent amount of savings and a good quality of life. And we had purchased a home right when I started pharmacy school. It actually ended up being a really great investment. But that’s kind of the how things went with the student loans.

Tim Ulbrich: And so as you know, as our listeners know, $80,000, while it’s still a lot of money, it’s about a half — a little less actually, than half of what we’re seeing graduates in 2020 come out with on average. And so you mentioned a little bit about some scholarships, but I also heard a lot of intentionality around trying to minimize what you’re able to borrow through work and getting that bill down. But I also heard something that I want to dig in a little bit deeper when you said you’re allergic to debt. And I think that really gets to maybe some of the mindset, which drove the actions to keep that amount as low as you could. So tell me more. Tell our listeners more about what you mean by being allergic to debt and where that comes from.

Austin Ulrich: Yeah. So I think it was kind of engrained in me from childhood because my dad’s a financial advisor. And so he would always teach us these principles about, you know, keeping — staying out of debt and only buying what you can afford. And I guess I never really verbalized that into a financial why until really I started listening to the YFP podcast. But when I verbalized it, you know, I had student loans at the time. So I just, reading the statement here, I have an unquenchable desire to become and live debt-free. And so you know, just I guess as part of my financial why, the reason that I’m allergic to debt and I really want to stay away from it is I feel that being a slave to money is not a good way to live. I want to be in control of my money rather than let my money control me. I think that comes from a Dave Ramsey book somewhere.

Tim Ulbrich: It does. I think he says that often. And I want to prod a little bit more there. When you read your why statement — I’m hearing it for the first time, so I’m guessing our listeners may wonder as well, like when you say a desire to be debt-free or not to be a slave to debt, take us one step further. What does that mean for you specifically in terms of freedom? Is it that those payments that would normally be going to debt could go otherwise? Is it being able to free up money for other types of goals or lifestyle? What does that mean practically? If you don’t have debt, you can do what?

Austin Ulrich: Yeah, so I mean, I have a couple other lines here in my financial why that I had drafted that I think would answer some of those, really providing the basic level. It’s providing a sustainable living for my family where money is not a worry. You know? So I think that’s kind of our basic goal of we’re not drowned in debt, we’re able to do things as a family. We’re able to really provide — I can provide for our basic needs. Some of the other things that come from not having debt and building wealth over time would be I want to take my family on vacations around the world. We love vacationing, and we love trips. And they’re not free usually.

Tim Ulbrich: Right.

Austin Ulrich: So money that’s not going toward debt and paying interest or paying someone else you can use to accomplish your own goals and your own dreams. Some of the other things is owning an investment property or vacation home, you know, giving is a big part of my financial why. And that’s actually been really a core principle from the beginning for us, ever since we started making any sort of money, including throughout pharmacy school, paying off student loans, we always have been giving money. So we give tithing to our church, and that’s been something that’s very important to us, and we feel that we receive blessings from that. So those are just some of my kind of the building blocks of my financial why and really what being debt-free I feel like can allow me to achieve.

Tim Ulbrich: That’s awesome, Austin. I appreciate your willingness to share, and I promise to our listeners, we didn’t have that in the script. I didn’t have that in the notes, but when you had said you had something written down, it was great to be able to prod further and even hear more of what’s behind that. A few things I heard from there as you were talking, you know, beyond the concept of being able to be financially free from a paycheck, giving, diversifying your income through real estate, investing, life experiences with family, being able to care for, provide and support for your family, and so I think all of those are great. And for our listeners, maybe some of those resonate with you, maybe it’s other things. But I think ultimately, taking time to set your vision, set your why for your own personal financial plan can really help month-to-month when it comes to executing certain decisions related to the plan. So Austin, as I understand it, you will have paid off or did pay off $80,000 of student loans over two years of residency. And we before we just talk for a moment about how significant that is considering what we all know is a limited income in residency, I want to go back to one thing you had mentioned is that you were able to be successful in terms of limiting your student loan debt that was accrued, but I assume also in paying that down through making wise decisions. Tell us more about what was the Ulrich playbook when it come to — when it came to minimizing debt and ultimately paying down that debt. What were those things in terms of making wise decisions?

Austin Ulrich: Yeah, so I mean, I would say the linchpin or the key factor in that was really our house purchase. So like I mentioned, in 2014, we decided to buy a house because we knew I’d be in pharmacy school for four years, so we figured that we didn’t want to throw money away to rent for that long and maybe build up some equity. And it actually created a bit of a commute for me — or maybe more than a bit. But I had to drive an hour each way to school for four years.

Tim Ulbrich: So it was pre-Zoom pharmacy school, right, with COVID?

Austin Ulrich: Right. Yeah. So we did have to sacrifice a little bit, you know, as far as commute time. But it was in a place — it was actually in Ogden that we owned a home. It was more affordable, and we had a pretty low house payment. We were able to put some money down on it. And so when it was — when I finished pharmacy school and it was time to move for residency, we actually debated keeping it as a rental property. But when we had looked and, you know, really, we were thinking then, it’s getting close to time for a recession because they seem to be cyclical, but of course, it didn’t happen quite at that point. But in any case, we figured the value had increased so significantly that it would actually b ea good time to just sell the home, so we did make a very decent profit on the sale of the house, probably more so than any other investment we would make in the future. But I guess who knows? But that allowed us to pay off over half of the student loans. So that was definitely a big — the biggest driving factor as far as volume goes to get the cash to pay off the student loans.

Tim Ulbrich: So building up that home equity in that property, being able to sell that, throwing it at the student loans, obviously a big dent. And for our listeners that are hearing that and they’re like, ah, dang it, I don’t have a home with a lot of equity that I can sell and pay off my student loans, so what else was the key to success for you guys in terms of budgeting, working together, keeping expenses down — we’ll talk in a moment about being able to increase some income through a side hustle — what else was sort of the recipe for success as it related to your debt-free journey?

Austin Ulrich: Yeah, so you know, of course my wife and I, we definitely had to be on the same page as far as making these financial decisions. And everything that we’ve done, we’ve done together. And so it’s been a lot of kind of late night discussions and talking through things. And it’s not always easy, but I think that as we work through things, we end up on the same page and we figure it out. So some of the things that we did to keep expenses down during pharmacy school, I think the house purchase was a big one because we actually paid less on our house payment than we did in rent. So you know, there’s some money there. We also — and I know this is not something that’s available to everyone — but we had family nearby as far as childcare. So we had our first child was born the summer before pharmacy school, so we had kids all through pharmacy school. But we had family nearby that we were able to swap babysitting days with and so we actually did not pay $1 in childcare as far as working or school goes to get through pharmacy school. So you know, things like that were pretty significant I think in contributing to helping us keep expenses down.

Tim Ulbrich: What a blessing that is, and I appreciate your comment about you and your wife having to be on the same page. And I know how difficult that can be. I mean, you guys have three young kiddos at home, you’re transitioning from pharmacy school to residency to now obviously even a new opportunity, new location. And it’s hard with three young kids to have any length of conversation, right, without being interrupted. And so sometimes, you’ve got to work hard to piece it together and you’ve got to be persistent, and sometimes it means some late-night conversations, so love to hear that intentionality. I want to talk about your side hustle for a little bit. One, because you know, the YFP community knows, we love a good side hustle for many reasons. I think it helps accelerate the financial goals and the plan, I think it can often help provide a creative outlet and release for something that one is passionate about. And so I think you have a great example with what you have built with your medical writing business, Ulrich Medical Writing LLC. So tell us a little bit about how this came to be, why it came to be, and what the work is that you’re doing right now.

Austin Ulrich: Yeah, this I think is one of the most interesting things I would say I’ve done, really didn’t have a clear path or clear plan. But I would say it really wasn’t about — until about halfway through my PGY1 residency year I was thinking, you know, I know that theoretically at that point, I should be making decent money as a pharmacist, but you know, why not do something to increase my income now? Not that I wasn’t busy enough. But just kind of thinking outside the box. So I mean, I tried a number of things as far as kind of getting a side hustle to generate income. So I’ve tried lots of different things: taking email surveys, transcribing recordings, which I actually didn’t do because my transcribing wasn’t good enough. They paid like $5 an hour, but I couldn’t quite get hired on there. Probably a good thing.

Tim Ulbrich: Oh, wow.

Austin Ulrich: But I did some tutoring on Chegg, some online tutoring, I taught piano lessons. And then I did a bunch of reading about online business.

Tim Ulbrich: OK.

Austin Ulrich: But really, when I happened upon medical writing, I had no idea that it has existed before, and it just felt right with my pharmacy experience. And medical, I guess for those who may not be as familiar, it’s really just writing about any sort of medical topic, and it can any sort of format. These could be blog posts, they could be continuing education modules, slide decks, regulatory documents for pharmaceutical companies, all of that falls under the umbrella of regulatory writing. So really, what I found is that I just needed a little bit of training and a little bit of education to kind of steer my skills in the right direction to be able to provide value in this setting and be able to do some freelance and contracting work in that area.

Tim Ulbrich: And how do you as a new medical writing business, obviously you have the PharmD, you have the clinical training, so that helps in terms of credentials and expertise, but you know, there’s other people in this space. How do you build credibility, how do you build relationships, how do you find clients? What were some of those initial steps that you take and even some of the struggles that you had along the way?

Austin Ulrich: Yeah, so I would say it did take me a long time to get started. So I actually did research for about four months — I guess long time relatively — but I did research and I was building a website in the background, which is nothing fancy, but it kind of does the job. It’s more of a portfolio. But what I would recommend and what worked for me is digging around on AMWA.org, so that’s the American Medical Writers Association. And you basically have any resources that you need about medical writing, they have education there, it’s been a really great community be a part of as I’ve been growing my business. I went to one of their annual meetings last year, and so really doing some networking with people that were also members of AMWA, I read a couple books on medical writing to really just kind of get me started. And then as far as finding clients, there’s the cold email strategy. Sort of like cold calling, but you send them an email and basically when people hear that you’re a pharmacist in the medical writing space, there is a certain understanding that they have that you know about medications and if you’re a writer, you must be able to write about them is the hope. And that reminds me, I did read some books about writing as well too because you do need to know how to write and enjoy it to some extent to be able to do medical writing.

Tim Ulbrich: Sure.

Austin Ulrich: Sometimes you have to grind away, but all of those were pieces that went into building that business to the point where I launched the business and I had a grand total of 0 clients. So then I started my finding process.

Tim Ulbrich: Yeah.

Austin Ulrich: But AMWA, the American Medical Writers Association, actually has a great place to post freelance opportunities, job opportunities. So a number of companies and agencies will post there periodically. So I’ve gotten a few clients that way, I’ve gotten a few clients through just direct emailing. And so just kind of a combination of different approaches has been how I built that up.

Tim Ulbrich: What has the side hustle, what has the medical writing business meant to your financial plan? So how has it either accelerated your goals or perhaps even opened up some new opportunities?

Austin Ulrich: So paying off my student loans within two years of residency would not have been possible without the side hustle. You know, that’s very clear to my wife and I that that was such a big player in that. You know, and though it did mean some early mornings and late nights for me and weekends, it’s not just something you get all of this money for doing nothing. You have to put in the work. So it’s still a trading your time for money type thing. But you know, it’s been really one of the things that I would say I’m the most proud of that I’ve been able to get that moving and actually see some success. You know, the first project that I landed I was almost in disbelief because it’s like, I’ve never done something like this before.

Tim Ulbrich: Yeah.

Austin Ulrich: And you just kind of go with it, and you do your best and make it happen. So that’s what entrepreneurs do.

Tim Ulbrich: Absolutely. And that’s awesome. And kudos to you for taking some risk getting it started. I’ve shared on this podcast before, one of the books that was so instrumental to me in getting started with YFP was “Start” by John Acuff. And I think it’s just such a good resource on the mindset of when somebody has a new idea — and it could be a new business, it could be a new service at your place of work, it could be anything that you’re looking to begin or start, that there can be so many different steps that need to be done and it can be overwhelming, there’s so much to learn. And often you can get lost in that maze of what do I do next? Where do I go? And often, there’s obviously paralysis that prevents that next step. And I think what I took away from that book was you’ve just got to start, right? You’ve got to start. You take a step forward. You do your research, but you move forward. And you may look back in two years and say, “What was I doing with that website or that first step?” But that’s not the point. You know, you’re really getting toward that larger vision and being able to move something forward. So before we transition to talking about your most recent home purchase, Austin, where can folks go to learn more about what you’re doing with your medical writing business?

Austin Ulrich: Yeah, so I think the best place to connect with me would be on LinkedIn. So just Austin Ulrich on LinkedIn. I’ve got my profile set up as a clinical pharmacist and also a freelance medical writer. And then you’ve got my website, and anyone’s welcome to take a look at that. So it’s UlrichMedicalWriting.com.

Tim Ulbrich: Awesome. And we’ll link to both your LinkedIn profile as well as the website in the show notes for those that want to go back. And again, you can go to YourFinancialPharmacist.com/podcast, find this episode, and you’ll see those show notes listed. So you finish up two years of residency in Oregon and you move in across country for a new ambulatory care position. So tell us about this new job, what you’re doing, what you’re working on, and how ultimately you came to find it and how difficult or maybe not it was in terms of navigating that home buying and job position finding during a global pandemic.

Austin Ulrich: Yeah, so I think starting out with the job, you know, of course during the latter half of my PGY2 residency year, I think as all PGY2s are, you’re looking for a full-time position. So I’d been looking and had a number of opportunities and positions available I was applying for. And about that time, COVID hit, you know, early March. So I started to see positions disappearing, you know, I had a few phone interviews. And things just weren’t really moving forward with what I was looking for for positions. But so I guess one thing I would say about this is other than possibly being the worst time in history of the U.S. to get a job, unemployment rates really sky-high, but you know, it impressed to me the importance of going to conferences and networking in person because a lot of the people that I interviewed with, it was all remote, and it was all phone. Maybe I just interview poorly that way, who knows? But the company that I work for is called Upstream. And I had actually met them at ASHP Midyear in December.

Tim Ulbrich: Oh, cool.

Austin Ulrich: So I had met them in person, and it just so happened that I saw a posting that they had a position open. And that was — I think that was in May, early May that they had posted that. So I reached out to the people that I had met and we set up an interview and got a job offer not too long after.

Tim Ulbrich: That’s awesome.

Austin Ulrich: So you know, it’s really interesting how things materialize that way and are just — meeting people in person I think is not to be underestimated.

Tim Ulbrich: Yeah, and I’m so glad you brought forward that networking/professional organization piece. I think from my experience, the benefits of a network and I think really building genuine relationships, I think sometimes networking can imply sort of this cold relationship where you’re using people for connections and other things. And I think so much of networking is genuine relationship-building and doing that continually, making that a part of what you do every day because you genuinely care about people and genuinely care about collaborating and sharing with others. And the fruit of that will come to be and most often will come to be in a time where you may not even expect it. And I think here is a great example. But waiting until that time of need to try to build that network I think is where folks can get in trouble. So not only were you searching for a job in the midst of a global pandemic — and I saw the same thing here with many of the residents that I work with in the Columbus area where job positions were falling off, people were pulling back, trying to conserve resources during this unknown time period. But you also were trying to purchase a home during a global pandemic, which doing that alone from West Coast to East Coast would be difficult enough, let alone trying to do that in the midst of obviously the challenges that were brought forth by COVID-19. So tell us about that experience — and I think the piece, Austin, I’m curious to hear from you knowing this isn’t your first time going through the home buying experience, was there anything that you learned from that first time that you applied and did differently when you bought this home here in 2020?

Austin Ulrich: Yeah, so I think the thing that was most important for us is we wanted to actually see the property before buying. It was really important for us to get into the right area or a good area for our family. But on the other hand, how do you know what is the right area when you’ve never been somewhere? We hadn’t even been to North Carolina before. And I guess to contrast that with our home buying experience in Utah, we knew the area very well that we wanted to live, and we actually ended up finding our house on it may have been Zillow or some sort of real estate network. But we basically found our house and called whatever realtor was listed on there. It was probably an easy job for them, but you know — so that was definitely differences. We didn’t really know where we wanted to be, and we’d had some not-so-good experiences with that realtor and also our realtor selling the house. So one of the important things for us was to get a realtor that would actually do a good job for us because we knew that they’d need to be — we were going to take a trip out and we had three days to find a house and make an offer. And so that realtor needed to be available and needed to do a good job, so you know, we asked for recommendations and one of the people I work with had mentioned someone that they used that was an awesome realtor. And so we went with her, and she put in a lot of hours those three days when we were out there, and we did too. But having a good realtor was really important to us, and of course having all the financing lined up is an important piece of that as well so that you’re ready to act because what we found is there were actually three or four houses we were considering offering on, and they were gone.

Tim Ulbrich: Yes.

Austin Ulrich: About the time — I mean, within one day. We looked at it in the morning and by the evening, it was gone. So part of that was getting our offer in fast enough before the house we’re in was gone. I would say those are some of the things that we kind of carried over from our previous experience but really different experience for us because we just didn’t know anything about the area. But I think by the end, we had a pretty strong feeling of where we needed to be.

Tim Ulbrich: And I’m glad you mentioned those two things, Austin, as I think of Jess and I and our transition buying a home for the second time here in Columbus, those two things really stand out to me as well. Having your financing in order and having a good realtor on your team and how important they are. And I think they can certainly make all the different, especially when you’re dealing with a situation such as what you guys are doing, moving across country but also in a market where things are moving quickly and properties are coming off the market quickly and needing to be ready to act. So you’re in North Carolina, you’ve gone through a lot of transition in the last four or five years, obviously you’ve made incredible progress, you’ve got a young family, lots of competing priorities for your finances, so how are you feeling in this moment about your overall financial health? And talk to us a little bit about some of your financial goals going forward.

Austin Ulrich: Yeah, so I think about my goals fairly often now, I think since crafting my why, which has been really helpful of having things that I’m looking to achieve. But of course our big goal is to buy a house, that was something that’s important for our family. And I know that may not be part of everyone’s financial plan, but that was something that was important to us is to build the equity and maybe it was due to our really good experience with our first house, but I think in general, we don’t like the idea of throwing money down the drain to interest. But you know, in any case, our next steps for financial goals really are to make sure our savings is solidified. We were able to get some what we feel like is pretty favorable financing where we didn’t have to completely destroy our savings and emergency fund to purchase the home. And so just building that back up is going to be the first step and then looking to kind of flex up our investments and then eventually down the road, I think we want to get into real estate investing. But I think we’ve got kind of more to learn and more capital to acquire probably before stepping into that of what we’re thinking that we want to do there.

Tim Ulbrich: Yeah, and you’ve put yourself in a great position to have that as an option going forward. And so I’m excited to see what the future looks like for you and your wife. And as I listen to your financial journey, I know — it sounds like it, certainly — that your intentionality with your finances during school and residency has really set you up for a lot of success in the future. And I think really sharing your story, I’m hopeful students listening are inspired by this, those that are in the midst of residency and feeling how daunting that can feel in terms of both the intensity on your time as well as the strain on your resources as well as those that are making the transition and looking to build that solid foundation, I think there’s a lot of wisdom that you shared throughout this episode, so Austin, my question for you here is what advice would you have for, you know, students that are listening to this episode saying, ‘I’m going to put myself on the path that Austin has taken where a couple years out, I can be on solid financial footing and really be looking toward the future to optimize the plan.’ What would you have for students and some actions that they can take in the moment?

Austin Ulrich: Yeah, so I think honestly, one of the biggest things I would recommend is remember to enjoy the journey because it can be easy to think, oh, after I graduate, after my student loans are paid off, after this, after this, once I have enough money, then I’ll be happy, then I’ll enjoy life. And I think that’s a little bit of a trap that people can get into because in some of the way, it’s really about the journey, those nights being up with the kids three or four times and getting up at 5 a.m. to go to school, those are times to look back on and now those are great times and we’ve got a lot of great times ahead of us. So I think that’s probably my No. 1 piece of advice that I would give as far as an overall standpoint is keep that in mind as you’re looking to accomplish your own goals and meet your own financial why. But I think one of the most important things for me was for sure working during pharmacy school. I was a pharmacy student, I personally recommend that to everyone. Just the opportunity to implement the knowledge you’re getting in pharmacy school, it makes you a better student and you get paid for it, so it puts you in a better financial position. So I mean, I don’t think that anyone should overstress themself by getting a job, but it’s certainly something I recommend. That would be one of my biggest other pieces of advice as far as the finances go.

Tim Ulbrich: Great stuff. And we know the YFP community is hungry to learn more in addition to what they’re hearing on the podcast, so do you have a favorite book, podcast or other resource that you have found to be instrumental in your own life as it relates to your finances?

Austin Ulrich: Yeah, so I was thinking about this and, you know, I think a lot of the books that you mention here on the podcast are ones that I’ve read, a lot of them actually at recommendations I’ve heard on YFP. But as far as podcasts go, I think some of the things that I learned as far as my side hustle, which was a very important piece of the financial plan and still is, there are a couple of business podcasts or entrepreneurship podcasts that kind of, they get you motivated really well. And I haven’t listened to those in awhile, but Entrepreneurs on Fire by John Lee Dumas and then School of Greatness as well, Louis Howe is that one. So those are some great kind of — they have some key episodes that are good kind of pop-up entrepreneurship and get you in the mindset to go and take some action, like you said, and just do something to start moving forward and then let that momentum build.

Tim Ulbrich: Great recommendations, Austin. And I appreciate you taking time out of your busy schedule with all that you have been going on with the move and the new job to share your financial journey. It’s been an inspiration to me. I’m confident it will be the same to our community and certainly appreciate your contribution to the show. And to the YFP community, if you liked what you heard on this week’s episode, please do us a favor and leave a rating and review on Apple podcasts or wherever you listen to the show each and every week. And if you haven’t yet done so, I hope you’ll join us in the Your Financial Pharmacist Facebook group, over 6,000 pharmacy professionals all across the country committed to helping one another on their individual path towards achieving financial freedom. Have a great rest of your week.

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YFP 158: How Building a Platform Can Unlock Opportunities


How Building a Platform Can Unlock Opportunities

Mike Corvino, clinical pharmacist and creator of CorConsult Rx, joins Tim Church on this week’s podcast episode to share his unique journey in pharmacy, how he built his side hustle, and how he’s persevered through challenges along the way.

About Today’s Guest

Mike Corvino received a BS degree in biochemistry from Charleston Southern University and his PharmD from the Medical University of South Carolina. He is board certified as a pharmacotherapy specialist and ambulatory care pharmacist. He is also a certified diabetes care and education specialist. Currently, he works as an ambulatory care pharmacist at Fetter Health Care Network. In addition, he holds the position of adjunct assistant professor of pharmacology for the physician assistant program at Charleston Southern University. Outside of work, he is the host of the evidence-based medicine podcast called CorConsult Rx as well as the CorConsult Rx social media pages and CorConsult Rx Flash Briefing on Amazon’s Alexa device.

Summary

Mike Corvino, currently a clinical pharmacist at Fetter Healthcare, graduated pharmacy school in 2015 and became a Walgreens pharmacy manager right after. He chose not to do a residency but stayed incredibly dedicated and committed to continual learning after graduation. Mike shares that he spent all of his free time furthering his clinical knowledge including on his days off from Walgreens, free time in the day, PTO days, etc. This “self-taught” residency built him a reputation of having clinical insight and helped him get a clinical pharmacist position without formal residency training.

Mike realized in 2017 that he could take the content he was learning and teaching to another level by starting a podcast and Instagram page. Mike began the CorConsult Rx podcast which now boasts 350,000 unique downloads and has a following on Instagram of 21,000 people.

Mike shares that he doesn’t monetize his platforms specifically, but has had several professional opportunities that are paid come from them. His podcast has led to opportunities like getting a teaching position at a new PA school where he built the program from scratch as well as various speaking engagements. Mike is hopeful that opportunities that bring in additional income will continue to arise. Because of his side hustle, Mike brings in an extra $1,500 a month.

Mike also shares his tips for starting a side hustle and his advice for those that are interested in entrepreneurship.

Mentioned on the Show

Episode Transcript

Tim Church: Mike, thanks for stopping by and being part of this side hustle edition.

Mike Corvino: No problem, man. Thanks for having me.

Tim Church: If you’ve listened to any of the other side hustle interviews I’ve done, I like to start out with an icebreaker. And because you’re somebody who does a lot of clinical work, I wanted to ask you this: So the zombie apocalypse is coming, and you can only bring three medications with you. What are you bringing with you?

Mike Corvino: Oooh. Good question. Let’s grab some I guess naproxen because I’m most likely going to trip and fall in the woods while running from the zombies. Let’s see, what else? We’ll grab — we’ll throw on like maybe a Z-pack or two just to make sure, in case I get some upper respiratory infection or something like that while I’m running. Got to keep the lungs clear. And then probably some allergy medicine so I can keep my sinuses and stuff open too because I’ll be doing a lot of running I imagine during the apocalypse.

Tim Church: OK. I like that. You’ve got to be able to maneuver and be in good shape to be able to do that. That’s interesting. I thought you might go with like pain med — another pain medication or maybe a benzo. But I guess that’s not always going to be in the best situation, depending on what you’re doing.

Mike Corvino: You’ve got to stay sharp when the zombies are coming after you, you know? It’s key.

Tim Church: Well Mike, talk a little bit about your career path as a pharmacist.

Mike Corvino: OK. So I graduated pharmacy school in 2015. I did not do the residency track, which in hindsight, I guess kind of worked out but probably would have been easier I think if I had gone and done residency and gotten it out of the way and done all that training ahead of time. But went straight into working for Walgreens. Got a pharmacy manager job probably 3-4 months after graduation. And then during that time, I had spent pretty much all of my free time going back to the Medical University of South Carolina, which is where I graduated, and volunteering to help teach and help them with osties and working with students, going to topic discussions that the real residents were having, things like that, just to kind of continue my education. And then from there, managed a Walgreens for about three years and then got an opportunity to be a clinical pharmacist for a place called Fetter Healthcare Network and worked in their diabetes program. It was kind of in the early stages at that point. And so took that opportunity, switched roles and transitioned over into more of a clinical role at that point. And been doing that as my main job since — for the last going on two years now.

Tim Church: And was that position difficult to obtain without a residency?

Mike Corvino: So I would say normally, I think yes. And even in my case, you know, it was difficult in the sense that I had spent so much time kind of furthering my own clinical knowledge. You know, I basically had zero time off from 2015-2018. Like I used all of PTO from work to basically go and spend time at MUSC. We went on our first — my wife and I went on our first actual, real vacation three years after I graduated. I spent literally every second of free time, every day off that I had doing something to kind of further my own clinical knowledge. And I kind of built this sort of reputation around myself as being more on that clinical side of things and being somebody that you could go to for some more clinical insight in the retail world. And that kind of trickled over into some of the clinical world. And so I was able to kind of make that transition easy at the time that it was actually presenting itself. But it was a long kind of road to get there. But yeah, once it was actually time, the actual transition was pretty effortless because I’d been prepping myself that whole time to make that jump.

Tim Church: So what it sounds like is you did your own version of a residency, just not in the traditional sense.

Mike Corvino: Yeah, so that was kind of like our joke, me going to my old professors and we would kind of say I was doing a self-taught residency. And that was kind of the way I looked at it. I just basically said, I’m going to put in as many hours as I can progressing as a pharmacist, I’m learning everything I can possibly get my hands on. And I actually saw it as that even though it was kind of silly to say out loud. But I looked at it as almost like this is my residency. I’m going to do it this way. And so I just got laser-focused for a few years. And it all kind of came together.

Tim Church: Wow, that’s really cool. And I don’t know if I know anyone who has done that. So essentially, you’re working at MUSC for free just to get that additional training and experience.

Mike Corvino: I was like the weirdo sitting in the topic discussions and people were like — all the other residents were like, who is this guy? I was kind of like sitting in the back answering some questions and then fade into the background. But no, it was good times. It was hard, it was a long road. But it was fun.

Tim Church: So you said that diabetes management was one of the things that you’re doing at Fetter Health. Walk us through a typical day. What would that be like?

Mike Corvino: So on a day where I’m just seeing patients, basically — like I’ll take yesterday for instance. I came in around 8 or so in the morning, and I basically had patients that had been referred to me. Most of them have uncontrolled diabetes. Some of them have some other things going on as well where they’re just on a whole bunch of meds, and their primary care doc would just say, “Fix this.” And they’d get referred to me. So their appointment that day is just with me. The nurse takes them back, does their vitals and all that. If we need to run an A1C or something, we can do that ahead of time. And then I start my appointment with them, go through the medications, figure out if there’s something that needs to be changed, what can be optimized. We’ll go through like lifestyle management, go through some diet, some exercise type stuff, whatever that patient needs specifically. And then if I need to order labs or change medications, then I kind of have the autonomy to do that, which is great. And then if I need to have the patient come back and see me, which a lot of my patients it’s the first time I’m seeing them, they’re pretty poorly controlled and things like that. So a lot of times, I’ll have them come back and follow up with me two or three times. And then once they’re A1C is good, their blood pressure’s good, whatever I’m dealing with with that particular patient, then I’ll turn them back over to primary care and let them take it from there.

Tim Church: That’s really cool. And it’s interesting because the position that I have through the VA is very similar, almost verbatim exactly kind of how you’re describing it. So one of the things that always comes up when I talk to other pharmacists who are in a similar type of position is what’s the culture like at the facility with the physicians and the other clinicians that are there?

Mike Corvino: So when I first got there, I was — there was only one other clinical pharmacist that had ever been through there. And he was kind of like a contract pharmacist from MUSC. So he was on the payroll of the actual college. He was going there as part of a grant that was doing some professional collaboration type of thing. Plus, he’s actually one of my old professors, kind of one of my mentors. So he was a lot older than me, and so they kind of looked at him as a little differently. Other than that, the only pharmacist they ever interacted with were dispensing pharmacists, which we have some great dispensing pharmacists there. But they just weren’t used to pharmacists being in the clinic. So when I first got there, it was kind of like, what are you doing here? You know, why are you back here with us instead of being in the pharmacy? But I kind of took the approach of I’m here just to learn, I’m here to do anything I can to help you guys. If you need me to get your coffee for you, I’m cool with that too. You know, whatever it was. And I tried to be as humble as I possibly could. A lot of the clinicians that work there are much older than me, had been doing this for years and years. And so I was as humble as I possibly could going in even though I’m very confident in my ability. But took a very humble approach and then kind of just let my work kind of speak for itself. And then over the months, it’s gotten to the point now where I basically, anything I make as a recommendation, they’ll jump on it. Like I mean, a lot of times I help with the psych department as well. And they could bring me a patient case with them and if I say, “Hey, let’s try this, this and this,” they’ll say, “OK, let’s do it. We’ll go that route.” So I’ve built up really good rapport with the providers there now. And it’s just kind of taken a little bit for them to kind of get used to. And basically I had to kind of prove myself a little bit, which is good. And yeah, but now, it’s great. I absolutely love the providers I work with, it’s fantastic. They make my life super easy. I have so much time, more than I could ever ask for. And yeah, it’s great.

Tim Church: So prior to getting that position, you did your own version, you did the Mike Corvino residency track. But did you have any board certifications or any other credentials prior to getting that position?

Mike Corvino: So when I was at Walgreens, I started doing some MTM. And Walgreens was on board — they’ve gotten a lot more on board with MTM since I left, which is great. But when I was there, at least in our state in South Carolina, we weren’t doing a ton of it. And so I started kind of picking up some MTM on my own. And I was the pharmacy manager, so I had to run the actual pharmacy. But I wanted to kind of proof of concept the idea, and so I was doing MTM claims on my own. I’d go in on my days off sometimes and work on and basically showed how it could be lucrative. And my district manager finally approached me and said, “Hey, if we give you a day a week or two days a week where you can just work on this and we bring somebody else in to actually run the pharmacy, would you be interested?” And so I jumped on that and was able to end up — finally ended up overseeing the MTM for like 80 different Walgreens after like a year’s time. And basically got enough direct patient contact hours to where I was able to sit for the — it was called the CDE exam, Certified Diabetes Educator exam, back then. Now it’s — what? CDCS. They had to change it and add more letters. It’s hard. It’s rough.

Tim Church: It looks better. It looks better now, Mike.

Mike Corvino: If you say so. I had to memorize a whole new set of letters. It was rough. But and then after that, I took the BCPS, I didn’t find out that I passed the BCPS until I actually got to my new job at Fetter. I think I was there for like a month or two, and I found out that I had passed from when I took it. I was at Walgreens when I took it and that was right during that transition. And then I got the AmCare board certification a year later. But I think going into Fetter, the only one I knew for sure that I had was the CDE.

Tim Church: So let’s talk about board certifications for a minute. And this is a little bit off-topic, but I think it’s an interesting discussion. So you know, I have the same diabetes credential that you do and also the ambulatory care. And a lot of people will argue, especially in the pharmacy realm, that having those credentials makes you much more marketable when you’re looking for positions. And arguably, there’s some positions that they’re required that you have some sort of credentials like that in order to be even considered. What do you think now in terms of when you think about the time it takes to prepare for the exams, the cost to take them, the ongoing costs, what is your thoughts in terms of the return on the investment to even get to that point?

Mike Corvino: I really think it just depends on what you want to do. You know, I don’t think that I needed — other than the diabetes certification, which looked really good for this new job because they were wanting to do a diabetes program — I don’t think it would have made a difference either way. I don’t think any of them even knew what a BCPS or ACP or anything like that was. But I think it just depends on the job. As far as if it truly makes a difference as far as the person, I mean, me personally, if I was hiring somebody, I don’t know that I would care all that much. I mean, because when I passed like my board certifications, it wasn’t like all of a sudden I was this miraculous pharmacist comparatively to before. I mean, my knowledge was just basically proving that I knew what I knew. I think, you know, a test is a test, and you can only judge so much just because someone’s a good test taker doesn’t mean that they’re going to be fantastic with patients. So for me, I did it just because it was one of those things — one, I was told that I would never become a clinical pharmacist unless I had a residency. And then I was told that I would never be able to get board certified unless I’d done a residency and all of this kind of stuff. So honestly for me, it was more of like just a personal thing just to prove a point and prove that I could pass it. And it was more on that realm more so than it was I thought that it would make a huge difference in my actual career. But I definitely think like you said, some places like look at that and think that’s the end-all, be-all and if you don’t have that, they don’t even want to look at you. So I really just think it depends. It’s hard to judge whether it’s a good return on investment. I think it just ultimately ends up which employer you go with and how that person particularly sees it.

Tim Church: So does it get you a pay bump if you add more credentials, if you get another board certification?

Mike Corvino: No, not at my current job.

Tim Church: So I mean, I think that’s interesting too because obviously that’s not the incentive for most people why they’re doing it. But it could be one of the benefits, depending on where you are. There’s a lot of government organizations that that’s one of the ways that you can get extra steps or increase your pay. But I think it’s interesting. And I like that you said that that you would proving yourself in one respect because honestly, when I looked at kind of your resume before we jumped on here, I think most people would assume they’re like, OK, where’d you go to residency? Where’d you do your residency? Did you do a PGY2 or did you just do a PGY1?

Mike Corvino: Yeah. And that’s — usually when I tell people I didn’t do one, it’s like, well, what do you mean you didn’t do one? How did you get board-certified? There’s more than one path to do it, I promise.

Tim Church: Sure. So Mike, you’re doing well at Fetter Health Care Network working as AmCare pharmacist, working with patients, helping manage their chronic diseases. At what point do you say, I want to do something more, I want to do something beyond just my full-time position?

Mike Corvino: So realistically, I kind of started that part of it probably before — I guess it was probably 2017 when I first started thinking about ways that I could do more. And initially, it kind of just started off as a way of keeping myself accountable as far as continuing to learn. You know, it’s very easy when you get a job as a pharmacist, you can make great money in retail and it’s very easy to get a cushy paycheck and start watching Netflix instead of reading Medscape. And so I kind of just used that as a tool of I was trying — I like to teach even though I wasn’t in a position to teach at the time. And I like to teach, so I was like, well, how can I maybe use like social media or something like that as a way of helping up-and-coming students as well as kind of it would force me to keep accountable and keep learning and keep staying current with the newest evidence-based medicine trends and things like that. And so that’s kind of where all my side stuff started was that mentality. I had no intentions of it — I never even thought like six people would actually follow my stuff on social media or anything like that. It started off really as a personal thing just to kind of — I knew that if I started it, then I would keep going because I would refuse to stop at that point because I didn’t want to be like one of those people that start something for a month and then quit. And so it was more just that. It was more just an accountability thing. And then it just turned into a lot more as it went on. But initially, it was more so yeah, just something that was supposed to be very simple and just kind of almost for me. It was interesting how it kind of transformed from there.

Tim Church: And so what you’re talking, the things that you’ve done on social media, keeping yourself accountable for the clinical information, that eventually developed into you creating a podcast called CorConsultRx.

Mike Corvino: Yes.

Tim Church: So talk a little bit about that and how that got started.

Mike Corvino: So initially, it was just — CorConsultRx was just going to be like on social media for like posts and things like that. So you know, Instagram is the one that I use mainly. Facebook some, Twitter some as well. But Instagram is kind of like my main focus. And initially it was just that it was going to be just posts with like little clinical pearls or updates and things like that. I was also doing a little bit of like landmark clinical trial video reviews and things like that that I would put on YouTube. But my main focus was just posts on Instagram. And then the more I kind of got established with that, I wanted to try other avenues. And audio is kind of the other piece of the puzzle. Visual aids with social media, video from YouTube and then I wanted the audio piece. And so I kind of started — initially I was doing just like what they call flash briefings on Amazon’s Alexa. And so I learned how to like get a flash briefing going. Back then, like basically Amazon was like, if you don’t know how to code then forget you. Now it’s become like super easy. You just drag and click and you’re done. But back then, literally it was like me and my brother a glimpse in time looking through books on how to write an RSS code that would be able to be uploaded to Amazon. And then from there I got into the audio stuff and then I wanted to go full-scale podcast. And kind of worked my way through that. And that just kind of kept going and snowballed. And now it’s to the point where we just hit — so we’ve had the podcast now for two years. I think we’ve hit a little over 350,000 unique downloads and we’re on all major platforms and yeah. It’s pretty awesome now and something I absolutely love doing. But it started off as kind of just a let’s see if this can be something that could accent what we were doing on Instagram. And the podcast is now probably the main — the Instagram is still a big portal that we have a lot of followers and things on. But the podcast is kind of really where a lot of our listeners are and stuff. I brought in one of my old students, his name is Cole Swanson, he’s the co-host on the podcast. He had finished — he was on rotation with me initially and helped me with some of this stuff when it was early on. He was one of the hardest workers I had ever had on rotation. And so I asked him when he was getting closer to graduation if he’d be interested. And he jumped on board, and we’ve been going after it ever since.

Tim Church: Well, I think it’s awesome. And clearly people are really into what you’re doing and the podcast otherwise you wouldn’t have over 21,000 followers on Instagram and the number of downloads that you’ve had. But when somebody thinks about getting to that point or even just maintaining and keeping episodes going, I mean, was that difficult to do to keep it going, keeping things fresh, always coming up with new content?

Mike Corvino: So I think as far as keeping it going, the good thing about medicine is you can never get to the bottom of it. I mean, that’s one of the things we’ve actually joked about on the podcast is well, I mean, heck, we can just start back over at Episode 1 and go through the topics again if we want to. And it’ll basically be fresh because all the stuff, the guidelines will change and new meds will come out. You never really run out of topics. Ours is very broad. I mean, ours is pharmacotherapy like as a whole, evidence-based medicine. We didn’t want to like get only on one topic or one set specific area. So it was super broad range of topics that we’d go over, so that makes it easy. And as far as like kind of staying with it, when we were first starting, I just always kept everything in perspective as far as followers. Like I never really cared much about how many people were following. Now that I look at the number of followers and things on Instagram, it blows my mind that six people listen to what I have to say. And so I literally just kept that in perspective. I remember being like so crazy excited when we had hit like 100 downloads on one episode. I’d be like, “Cole, check this out! 100 people downloaded our podcast! That is ridiculous. Who are these crazy people? Why would they want to listen to us talk about anything?” I mean, it blew my mind. And so I always had that. I was always so appreciative of anybody that would take 5 seconds to glance at our stuff that I never even really thought about the fact that when we had 500 followers on Instagram, I was like, “Yo, this is great! 500 people.” And then it would just build and build and build. And so it never really got to the point where I felt like oh, come on, when is this going to happen? When are we going to finally get to the 10,000 or whatever? Just because I was just enjoying the fact that these people were — I mean, you think about 100 people, what that would actually look like if you put them in a room. And people complain that they don’t have enough followers. I’m like, 100 people have to care what you have to say. Like that’s huge. And so 21,000 is like unfathomable if I were to actually like line those people up. And so you know, I just always try to keep it in perspective. And I’m super thankful that anybody listens to my podcast. And so that’s always been a driving factor as far as I don’t want to let them down either and make sure the information’s good and something that’s entertaining and what they want to listen to and helpful and all that. So it’s actually been fairly easy to kind of keep the momentum going just because it’s grown and yeah, just looking back, it’s been like, I mean, the absolute best ride ever.

Tim Church: Is there anything you guys do to make it more entertaining? Because obviously, you know, not everyone enjoys diving into randomized clinical trials for hours upon hours. Is there a — how do you guys keep it so obviously you’re delivering the content but you always keep it entertaining and keep people engaged?

Mike Corvino: So like when I first was thinking about doing the podcast, my idea for it was I want high level nerd stuff, but then I also want it to be super laid back coffee shop type tone. And so we literally just talk as if we were going to sit down at Starbucks and then go over some stuff. Like you know, just hey, did you hear about this trial, blah, blah, blah, blah, blah. You know, we joke. I don’t act any differently on my podcast than I do in real life, which I joke around a lot. I’m always cutting up and stuff at work. I mean, I grew up surfing and things like that. I mean, before I was a pharmacist, I was a professional MMA fighter. I mean, I’ve had a very different non-medical background in my past. So now, it’s like, I say dude and I use a lot of slang. And so I just didn’t change any of that. I literally just brought that into my podcast. And I was like, yeah, this is how I talk. I’m not going to try to change it or try to make it sound like I’m something I’m not. What you hear is what you get. But we just try to make sure that the content was there but that it was just not in the typical dry format that usually that kind of stuff is presented in. There’s always like this you have to like have a certain tone when you talk about clinical medicine. It’s like, why though? Who made that stupid rule? And so we just kind of did our own thing. And it’s apparently — I mean, there’s definitely people who say that — I’ve gotten emails that say, “Hey, your stuff’s great, but it’s a little distracting when you guys go off on tangents.” I’m like, I’m sorry, but that’s how my brain works. I don’t know how to fix that. If I could, I’d probably be a lot more successful. But you know, we just keep it as honest as we can and you know, if — basically if you don’t like it, there’s so many other good podcasts that are more like lecture-style that they can definitely check those out too. So we just kind of — we’re trying to be authentic with it and let it go from there.

Tim Church: So obviously, having a platform like yours where you have a lot of followers, a lot of people download the podcast, that opens up opportunities to start monetizing that platform, not that that was the intention or is the intention. But obviously those opportunities come about. So how has the podcast and the followership allowed you to monetize that platform? Or if not, has it led to opportunities to be monetized?

Mike Corvino: So initially, my main focus for the podcast was to open up more professional doors for Cole and I. And so it wasn’t so much that I was ever trying to like monetize the podcast itself, not that I was opposed to that. But I just kind of wanted that to be the attention-grabber, if you will, and get people to kind of know who I was because of that kind of stuff and the free content that I was putting out. And then hopefully that would lead to more opportunities. And because of the podcast and because of my certain things that I’ve done clinically and whatnot, I basically was offered a chance to interview for a position of a new PA school that was being started in Charleston and was going to basically be the first one besides MUSC that had been done ever in this area. And they were a new program, and they said, “Hey, we want to bring a PharmD in to teach pharmacology.” And they wanted somebody that was looking to really like kind of build the program from scratch because they didn’t have a curriculum or anything. They had like a skeleton of what they needed to cover topic-wise. But they had not even a single PowerPoint slide made. And so they wanted someone that wanted to build the curriculum as well as, as they put it, somebody who was looking at more innovative ways of teaching. And so I really kind of went to the interview as just sort of like an experience thing. I didn’t think there was any chance that I was ever going to actually get to teach. And on paper at the time, I had no business teaching, to be totally honest. I mean, I was 28 years old. I didn’t need to be teaching grad school. And during the interview, I just kind of told them what I had been working on, the stuff I had done with like Amazon and the Amazon Alexa and different podcasts and the stuff on social media. And they said they liked it and they wanted to give me a chance and brought me onto the program. And so that was the first time where I really had like a big jump in my pay, if you will, just from something that had been kind of directly from the stuff I’d been doing with CorConsult. And since then, I’ve had speaking opportunities that have paid well and I’ve gotten other different thing and I’ve gotten opportunities to help teach things here and there, other schools and whatnot. And it’s given me a lot of other opportunities that I know will in the next probably 6 months to a year will lead to even more opportunities and things like that. Not to get too ahead of myself, but I see the path now that it’s opening up and all these different doors that it’s opening up. And so that’s really what I’ve been focused on now is kind of using it as that funnel, if you will, to open up doors that I can then jump through and keep it interesting for me from a career standpoint as well as find ways to supplement income and things like that.

Tim Church: And so how often are you teaching at the Physician Assistant program?

Mike Corvino: So I teach an hour and a half lecture twice a week, and I do that almost year-round. I have like December and January pretty much off. I do like a couple like review classes for the students that are going onto clinicals. But I don’t have like regular, set lecture times during those two months. But other than that, I just teach year-round.

Tim Church: And what kind of income does that bring in that’s extra beyond what you’re making in your full-time position?

Mike Corvino: It ends up being — with other speaking things kind of thrown in there and other opportunities, like all in all, it probably ends up being around $1,500 or so a month extra.

Tim Church: That’s a nice boost in pay, right?

Mike Corvino: Yeah, it’s a nice little thing of change.

Tim Church: And so when you look at that additional income beyond what you’re making in your full-time position, how do you funnel that extra income? How do you figure out what you’re going to do with that every month?

Mike Corvino: I don’t have like a set — I mean, some of it I reinvest make into CorConsult. And I mean, realistically, I feel very, very comfortable where I am now. My wife is a pharmacist too. She also works — she’s a pharmacy manager for Walgreens. And she works part-time with her cousin’s opioid treatment center and does clinical work for them. So we feel very comfortable financially. And so anything that we make at this point is something I try to reinvest back into the other future things, whether that’s savings or reinvesting back into CorConsult. It gives me a little bit more justification when I tell her I’m going to buy something for the studio for the house. In our house, she let me build a studio. So she deserves like an award for that because it’s pretty awesome.

Tim Church: We’ll have to add some photos of that in the show notes.

Mike Corvino: There you go. But yeah, it’s one of those things that I just kind of try to — I don’t have anything set each month that I do with it or anything. But we just kind of use it to, you know, further things along, if you will.

Tim Church: So you mentioned that besides the teaching position, that through your platform, through CorConsult, you’ve been able to get other speaking gigs kind of even in addition to that. So what do those look like? And what would those typically bring in?

Mike Corvino: It depends. So some of them will be — usually if I’m speaking at an event, it’s usually on a certain topic like I’m speaking in August on dislipidemia, doing like an hour talk on that. I did one in Hilton Head, South Carolina not too long ago that was on — I think it was diabetes I did there. I did one on just like how different ways of like staying current with inflammation, different techniques to kind of keep up-to-date with everything. I spoke at the Kennedy Center on innovation in your field and things like that. So just different topics. But it can range from anywhere from a couple hundred bucks to almost $1,000 to speak at something, it just kind of depends on the event. I mean, there’s some events that like I’ll still absolutely do for free. I mean, I’m not opposed to that at all. I don’t think I’m a fancy speaker or anything like that by any stretch of the imagination. So the fact that people want to hear me speak, I’m like, sweet. I’ll be there. You know, it just depends on the event. It can be a range of that.

Tim Church: So obviously we keep talking about CorConsult, your platform, the thousands and thousands of followers you have on Instagram. It’s not something that just happens overnight. So one of my burning questions I have is how much time are you spending on all these activities beyond your full-time position? I mean, what does that look like?

Mike Corvino: So when I first started, literally 2017 was kind of when I decided to do this, I had a talk with my wife and was like, if I’m going to do this — because she’s always been super supportive of me. And she knows I get a little crazy with my projects that I want to go on. And so she was like telling me to go for it and things like that, and I said, “Look, if I’m going to do this, I need” — because I wanted to be able to do posts on Instagram and different graphic type stuff, so I didn’t know how to use any of the software that I would need to, let alone do video editing and audio. But as far as graphic design, I didn’t know how to do that either. So I had to like go through — I went to the University of YouTube for hours on end and learned how to do all these different tutorials and things like that with Adobe After Effects and Premiere Pro and all that stuff. And so at the time, I mean, I was basically working like every second I was awake. I mean, if I was off, when I was at Walgreens, I had more days off during the week because I was working like 14-hour shifts at Walgreens. And so I would just treat the next day — if I was off, I would just treat that as a shift at Walgreens and I would work 8 a.m. to 10 p.m. on my stuff. And I would eat some lunch and just keep going back at it. And I would just treat it like that. And it took a lot of my time. I mean, I spent a long, long time kind of learning and building and trying new things and seeing what worked and what wouldn’t work. Richard Waithe from RxRadio, him and I used to talk about our after-hours was 10 p.m. to 2 p.m. And he would text me and I would text him at like 1 a.m. to see if we were still working. That was kind of like the ongoing joke for a couple years. And it’s one of those things, it’s probably not the healthiest lifestyle, but it was something that I knew I wanted to do and kind of build this platform. So it was just something I kind of made peace with in my mind as well as getting my wife’s blessing on it. And we just went for it.

Tim Church: So has that scaled back after you’ve kind of gotten a lot of the pieces under your belt and got acclimated with all the tech involved with kind of running the operations?

Mike Corvino: It definitely has to a degree. Now, it depends, though. Like last week, not at all. Last week was a bad example because even my wife was like, I don’t think I saw you take a break the entire week. And I was like, I don’t even remember last week at all. It was just all a blur. And so I mean, because I was trying to get these different things done, I was trying to help a couple of my buddies start their podcast. And you know, I had to get stuff going for my class. And so it was just a ton of stuff. So it depends on the week, but a lot of times, I do take — if you’re looking at the week as a whole, I take a lot more time off trying to do more fun stuff. We’re going on vacation in July and then again in November, which was like unheard of for us before. So I’m trying to take more time to kind of have somewhat of a more normal life. It’s still not normal by anybody’s normal standards. But it feels like I’m working way less from my point of view. And so I feel like I’m trying at least to move in that direction. But I’m also having a great time with it, so it’s hard for me to like fully get into cruising mode, if you will.

Tim Church: Yeah, and I think one of the things that always comes up is people ask the question, well how do you balance these things? And you know, there was a book that I read one time by Gary Keller called “The One Thing.” And basically he kind of refutes that idea being balanced in all parts of your life because it can shift. And if you want to be mediocre in everything, then you can balance everything. But sometimes some weeks or some seasons, you’ve really got to get the grind on if you want to be successful with whatever you’re doing. And sometimes it can take time to get back. So it sounds like I’m kind of hearing a little bit of that from you because obviously you have to hustle in order to get the kind of response to get the followers, to get the downloads that you’re getting because it’s not something that’s going to happen with little work.

Mike Corvino: Yeah. And usually when people ask me that about my work-life balance, I’m like, it’s horrible. Like I know it’s horrible. I’m not going to sit here and try to give the cliche answer of like, oh I’m very balanced. I’m not at all whatsoever balanced. But that’s what works for me personally. That’s what I need to do to reach my goals. I also have no interest in pushing that life on anybody else. I always tell a story about I had a student of mine that I was — because I always talk to my students at the beginning of the rotation, I’m like, “Hey” — because a lot of them will say, “I just want to follow your exact schedule.” I’m like, “Cool. Do you want to do my clinical schedule? Or do you want to do my real schedule?” If you want to do my real schedule, you’re in for a horrible month. And you know, I always give them that choice because I don’t ever push my work — my poor work-life balance on anybody. And I always tell the story of a student that I had where I was talking to them about different things and he said, “Honestly,” he goes, “I don’t mean to sound like a slacker or anything,” he goes, “But I want to get my PharmD, I want to do well at my job, but I really just want to make enough to where I can surf whenever I want.” Like I loved him for that. Like that’s so authentic to him. And that’s awesome. Like he’s going to do a good job, he was going to make a good income, and he’s going to enjoy what he loves doing. So I have no interest in like ever pushing my personal thought process or my goals on anybody. But when I do have — when I hear somebody that’s like, “I want to be this. I want to take over the world. Blah blah blah blah blah.” I’m like, OK. Well, if that’s the case, then I better not see you at the beach this Saturday on Instagram. You better be working because that’s not how you get there. So it just depends. Like I just basically, you know, give my two cents on that person’s specific goals. And I think that’s kind of the way I look at it. So there is no right balance for anyone. I mean, there’s no blanket statement I can say, OK, now you’re balanced. It just depends on the person, what you want to do, and are you happy? And that’s all that matters to me. It’s like, is that person happy with where they’re at in life? And if they are not, then OK, let’s work and let’s buckle down and figure out what we need to do to get to the next stage. If you are happy, that’s awesome. Good for you. That’s great. I have a buddy of mine who makes a fraction of what I make, but he’s on multiple intramural leagues and he does whatever the heck he wants, living his best life. He loves it. I’m like, that’s great. I love that for him. So it just, it really just depends on the person.

Tim Church: Well, I think it’s cool — and you mentioned this a couple times — that your wife is really supportive of the work that you’re doing. And although it may seem a little bit hectic to somebody else and depending on the life that they want to live, but it seems to work for you guys and your wife is on board with helping you reach those goals and get to the next level.

Mike Corvino: Yeah, absolutely. And if she wasn’t, then we’d have to obviously have a different conversation. Maybe I wouldn’t be able to do what I do. So it all just depends. This is working for us at this point. You know, once other things, life changes happen, I’m sure we’ll adjust and change or maybe slow down or who knows? It just depends. But yeah, it’s so far everything’s smooth sailing.

Tim Church: So Mike, obviously you’re doing a lot of great things. But one of the topics that comes up with entrepreneurship is failing or failures. Would you say that you’ve had any failures along your journey or things that really didn’t work out the way that you thought they were?

Mike Corvino: Yeah, for sure. I mean, like I said earlier just kind of briefly, basically when I got into pharmacy school, so I had been doing like some form of martial arts my entire life, like since I was a little kid. And when mixed martial arts became a thing like MMA — UFC is the big one that everybody knows about — but MMA became like a thing where there was a professional league and you could make money at it, that was like, oh my gosh, I want to do that so bad. I had been working towards that from my early — I guess late teens or early 20s. And then when I was 22-23, however old I was when I got accepted to pharmacy school, literally the same week I got a contract to fight professional MMA. And I was like, oh crap. So I like had a real dilemma there, which path I wanted to go. And I ended up doing both for a little while. I fought professionally for like two years of pharmacy school. And my first year of pharmacy school went terribly. Like I mean I was completely 100% focused on MMA. I barely went to class, barely studied, and I ended up actually getting — I don’t tell this story very much — but I actually ended up getting held back my first year. So my first year was so much fun I got to do it a second time. And like the school was literally like, why did we let this kid in here? They were like totally not wanting me to be a student there anymore. And I mean, you know, at the time, people looked at me like I was going to be a terrible — I was told by some people that I would never become a pharmacist, I didn’t belong there, blah, blah, blah. And you know, when I finally got to the crossroads of like OK, I need to pick a path that’s got the longer life expectancy as far as a career goes. I’m 32 right now, that’s like 108 in MMA years. And so you know, I was like, OK, pharmacy is kind of where it’s at. And then I got focused and I kind of just put all of my focus into pharmacy and my competitiveness into pharmacy instead of MMA. And that’s when things really turned for me. But my whole first two years of — almost my first three years of pharmacy school were like all failure to the point where literally nobody was expecting anything out of me. The fact that I have multiple board certifications and things like that, a lot of that stems from stuff that people had told me I would never be able to do back then, kind of got a little chip on my shoulder I guess from it. And a lot of that came from all the times I had done so poorly in school. If you saw my GPA from pharmacy school, you’d be like, oh gees, they let you teach people? That’s atrocious. But I mean, it’s just — I’ve redeemed myself since then and obviously I have learned good material since then. But I had a very rough start or rough half, if you will, to pharmacy school. I think I got used to being — disappointing my professors and things like that. And so it was a long turnaround period that I had to go through to kind of get the respect again and things like that. So that’s one example. There’s plenty of things I could go into, but I think — personally I think failing is super important. I think it teaches you something. I think as long as you look at it the right way, I think it’s motivating for a lot of people. I know for me, one of the best things that ever happened to me was someone telling me that I would never become a pharmacist while I was in pharmacy school. I still think about it. I’ll go on a run nowadays where it has nothing to do with pharmacy. I’ll be on a run and like, I’m so tired, I think I’m going to stop. And then I’ll think about that person telling me that and I’ll start running faster. It still motivates me to this day. And since that, I have a great relationship with that person, so it’s not like I have any ill will toward them or anything. But it’s just something that really, really motivated me and gave me a little bit of that competitiveness that I needed I guess. So I think failure is super important. There’s people that would disagree with me on that and don’t think adversity leads to success. But I definitely do. I think it’s all just the way you look at things and process what’s put in front of you.

Tim Church: Yeah, I totally agree. I mean, I think for me, I look at my own career and my path with pharmacy, with entrepreneurship, and failing has really been key. I look at people that are role models or that I look up to that are more successful in things than I am, and I look at they — typically the response what I’ve come up with is they either have better habits than I do or they failed more than I have to get to the point of where they are. So I think it’s something that’s really critical. What would you say to people who — let’s talk about pharmacists or pharmacy students specifically that are interested in pursuing a business, a side hustle, something like that but that fear of failure is just paralyzing them. What advice would you give them?

Mike Corvino: Probably just one, figuring out what your side hustle actually needs to be. There’s some people that want to build a side hustle that has to do with pharmacy because they happen to be a pharmacist, but they don’t like love it. And that I feel like is a very hard thing to do. I mean, I got very fortunate to where my career happens to be the thing that I love and am super interested in. But there’s a lot of people that’s not the case. So I think that that fear of failure comes into the fact that they don’t want to have to put in all those extra hours to begin with. And so that fear of failure is kind of amplified because if they do fail, they wasted all that time versus if you’re doing something that you love anyway, like for example, the student that I said that wanted to surf, if his business is around surf lessons or something like that, that fear of failure kind of goes down because he’s doing what he loves anyway. So if the business side of things doesn’t work out, then that’s not great. But at the same time, if that whole time he was just doing that was something he’d be doing anyway, that kind of de-escalates the fear a little bit. And then ultimately, I think that you need to really kind of figure out whose opinion I guess you’re worried about if you do fail. You know, are you worried about somebody thinking you’re a failure? Like who cares what that person thinks? I mean, even if it’s somebody close to you. I mean, ultimately, who really cares? And why do you care so much what they think? I think that’s something that a lot of people have to kind of battle with is they don’t want to put something on Instagram or social media or a podcast because they’re afraid that someone’s going to think that they’re not qualified and they’re not whatever. And I just, I don’t know, I just think you just need to really kind of figure out what’s going on internally in your own head to where that bothers you, that that person’s opinion would keep you from doing what you want to do. I think it’s something that a lot of people struggle with. And the sooner you can kind of get past that and where that is a badge of honor kind of thing and be like, look, just — I have people that I looked up to that told me that CorConsult wasn’t a good idea. And that literally like made me happy because I was like, oh man, I cannot wait to prove you wrong. This is going to be amazing. And so that’s kind of my personality from the get go. But if it’s not your personality, I think it’s important to kind of look at it in that sense of like, OK, they don’t think this is a good idea, they’re going to laugh at me if I fail. OK, this is an opportunity to prove them wrong. And if they’re right and you do fail, OK. Then you’ve got something funny to talk about later and you guys can just kind of poke fun at yourself. There’s plenty of things that I’ve done with CorConsult that haven’t worked out. So you know, I think everyone takes themselves so seriously, and they’re worried about wasting time and things like that. I mean, on paper watching Netflix is a waste of time too. And yet a majority of people do that. So it just depends on the person. But I think coming down to what you really want to do, is that really what’s going to make you happy? Or are you just doing the side hustle because you think you’re supposed to? And then ultimately caring about other people’s opinions on what you’re doing. I mean, are any of them doing side hustles or working extra or putting in extra work? Or are they all doing nonsense stuff too? It just, other people’s opinions I think is something that so many struggle with and I wish that they could kind of be eliminated from the equation. But it takes practice.

Tim Church: Definitely. You reminded me of a quote, one of the great motivational speakers Les Brown. I don’t know if it was from him or somebody that he was mentored by, but he would say that somebody else’s opinion of you does not have to become your reality. And I think you demonstrated that on multiple accounts based on your story and the things that you’ve gone through, which I think is just amazing when you look at that and you look at how people, what their perception was and what they thought of you but where you are now. It’s just amazing. So any other books or resources for pharmacists, pharmacy students, who want to get into entrepreneurship, pursuing a side hustle?

Mike Corvino: I’ve got to be careful with how I word this because I don’t want to — I’m always careful with how I say this because again, this kind of stems from my personality. I’m like very anti-books about entrepreneurship. I think if you have an idea, you need to just try and figure out how you can make that work. And I am a much more of a kinetic learner. Like it would do me no good to read through a book on how to be an entrepreneur. One, I don’t think you can truly teach entrepreneurship. I think you teach like entrepreneurial tendencies, if you will, but not true entrepreneurship. And I think that’s something that some people just have and some people just have no desire to go that route. And I think that if you have an idea or you want to try something, like try it. Because the other thing is well, what if somebody’s never written a book about the thing you want to do or the idea that you had or no one’s ever — like that doesn’t mean that it’s not a good idea or it’s not innovative or not going to work or anything like that. And I think that so many people get caught up on trying to prep for their big starting moment that they sometimes get caught up in that. I — and this is just, again, this is 100% me personally and there’s plenty of people who are way more successful than me that would disagree with this, so take it as it is. I’ve personally read like zero books on entrepreneurship. I couldn’t tell you, like when you said Les Brown, like I have no idea who that is, to be honest with you. Like I read zero stuff about that. I just, I try things that I think feel right to me. And I see what happens. I roll with it. I’m like alright, let’s roll these dice and see if this works out. If it doesn’t work out, cool. If it does, then great. I’ll take that data and apply it to this next thing I’m going to try. And I just kind of go that way. And I know that doesn’t work for everybody. And you know, if books and things like that is how you learn, that’s great. I just, me personally, it’s hard for me to kind of give advice on that because I don’t really use that tactic. I just, it doesn’t come naturally to me to do that. In fact, usually when I’m reading a book about somebody who’s telling me I’ve got to do it this way and this way, my brain defaults into, I’m going to try it the opposite just to see what happens. It’s probably a flaw. I mean, it probably would be way easier if I would just go with the grain on that one, but I just, I can’t help it. That’s just the way my brain works. And it’s just very hard for me to see someone who — like I see the life coaches and things like that. I’m like eh, I mean, cool, I wish you all the best. But I just, I have a hard time getting behind a lot of that stuff.

Tim Church: Yeah, and I mean, I think you said it. I mean, you may operate in a much different wavelength than somebody else and be willing to take more failures and hits versus trying to prep for everything that you’re going to do versus just putting it out there and start. But I think a lot of people that they’re so afraid of getting started or so afraid of putting themselves out there that they never get their idea, they never get their business off the ground just because of that. So I think you shared some really key points there. Well Mike, really appreciate you coming on the podcast, sharing your story, sharing your tips for pharmacists, for pharmacy students, who have an interest in starting a side hustle, becoming an entrepreneur. What is the best way for someone to reach out to learn more about you and what you’re doing with CorConsult?

Mike Corvino: So you can email me directly if you want. It’s just [email protected]. And CorConsult, all one word. It’s like the worst branding of all time. So CorConsultRx.com is my email. You can go to the website. You can follow me on any social media platforms, Instagram, Facebook, TikTok, any of those things, even LinkedIn, Twitter, all that good stuff. All the same handle, CorConsultRx. You can reach out to me via text if you want. I have a texting platform that you can contact me directly. It’s (415) 943-6116. I do like answer pharmacotherapy questions and stuff over text in real time. So that’s been kind of fun. But yeah, any of those things you can get in touch with me. I’m fairly easy to contact, depending on which medium you want to use.

Tim Church: Wow. Are you as fired up as I am? As Mike was telling his story, I honestly felt like I was watching the movie “Rocky” and “Going to fly now” kept coming on. Has anyone ever told you that you weren’t good enough for something? You didn’t have the training or credentials to get a particular job? Or your business idea or plan wasn’t going to work? I’ve certainly heard things like that before. Sometimes, that can be the ultimate motivation to do or stick with something. But beyond that, I think Mike illustrated that building a brand or platform can take a ton of time and effort, not just hours but even years to gain a huge following and begin to start monetizing and unlocking these opportunities. While that may seem overwhelming and intimidating, just remember as Zig Zigler said, “You don’t have to be great to start. But you have to start to be great.”

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