ncpa business plan

2023 NCPA Student Business Plan Competition finalists announced

T he National Community Pharmacists Association announced that teams of pharmacy students from the University of Georgia, University of South Carolina and the University of Texas at Austin have been named finalists in the 2023 Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition. The three teams will present their business plans in a live competition on Oct. 14, 2023, at the NCPA Annual Convention in Orlando. The winning team will be announced on Oct. 15 as part of the convention’s First General Session.

“For innovative and forward-looking students like these, there’s no better part of the industry to be in than the independent pharmacy space,” said Hugh Chancy, president of NCPA. “It’s where you can structure your business plan as you see fit to best serve the people in your community and support the team you work with. By participating in this competition, students have a head start on becoming successful pharmacy owners and entrepreneurs. I wish all finalists the best of luck at the live competition in October. We’re looking forward to seeing what you’ve been working so hard to develop.”

[Read more:  2022 Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition finalists announced ]

Team members from final three schools will compete for the following first, second and third place awards:

First Place: $3,000 to the NCPA student chapter and $3,000 contributed to the school in the dean’s name to promote independent pharmacy.

Second Place: $2,000 to the NCPA student chapter and $2,000 contributed to the school in the dean’s name to promote independent pharmacy.

Third Place: $1,000 to the NCPA student chapter and $1,000 contributed to the school in the dean’s name to promote independent pharmacy.

The Student Business Plan Competition, which is supported by Good Neighbor Pharmacy, Pharmacists Mutual Insurance Company and the NCPA Foundation, is the first national competition of its kind in the pharmacy profession and honors two great champions of independent community pharmacy, the late Neil Pruitt Sr. and the late H. Joseph Schutte. It aims to motivate students in pharmacy school to create a thought-out plan for either purchasing an existing pharmacy or opening a pharmacy from the ground up, and to prepare tomorrow’s pharmacy entrepreneurs for a successful future.

[Read more:  NCPA announces 2021 Good Neighbor Pharmacy Competition finalists ]

The teams rounding out the top 10 of the competition, listed alphabetically, are Harding University College of Pharmacy; Mercer University College of Pharmacy and Health Sciences; Ohio Northern University College of Pharmacy; Palm Beach Atlantic University; Rutgers University; the University of Missouri-Kansas City School of Pharmacy; and the University of Oklahoma.

The teams’ business plans were graded by independent pharmacy owners, business coaches and consultants, financiers or community pharmacy practitioners, who must follow a detailed rubric when grading plans. Schools submitting to the competition for the first time receive a plaque for their participation. Each year that a school participates, it will receive a plate commemorating the year of participation to be added to the competition plaque. Teams placing in the top 10 receive a special plate acknowledging this distinction.

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Compete To Learn: Best Practices for NCPA Business Plan Competition Team Advisor

Hosted by the  Leadership Development SIG

Best Practices for NCPA Business Plan Competition Team Advisor

Advising a team for a business plan competition can be intimidating. How do you create a team, motivate students, and be competitive? Attend this webinar to hear from two seasoned and successful advisors for the Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition. Your students could be 1st place next year! 

Objectives:

• Discuss requirements for NCPA business plan team advisor and student team
• Review the NCPA business plan competition and deadlines
• Discuss the importance of team dynamics
• Contrast best practices for submission of the written business plan
• Contrast best practices for live competition

Seth Heldenbrand , Pharm.D. Associate Professor and Associate Dean of Experiential Education University of Arkansas for Medical Sciences College of Pharmacy

Nathan Pope , Pharm.D., FAPhA Clinical Associate Professor and Assistant Dean of Experiential Education The University of Texas at Austin College of Pharmacy

Give to the School

NCPA announces finalists for 2020 Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition

The UNC Eshelman School of Pharmacy team consists of Anna Brown, Sydney McEachern, and Daniel Ruiz . The group, along with pharmacy student teams from the University of Arkansas for Medical Sciences College of Pharmacy and the University of Iowa College of Pharmacy, will present their business plans at the virtual NCPA Annual Convention in mid-October.

The purpose of the competition is to motivate students in pharmacy school to create a thought-out plan for either purchasing an existing pharmacy or opening a pharmacy from the ground up, and to prepare tomorrow’s pharmacy entrepreneurs for a successful future.

“A solid business plan is vital tool for community pharmacists to be prepared to handle challenges that may arise in the future,” said NCPA President Brian Caswell, RPh.   “This competition helps train pharmacy students on how to write a thorough business plan now, so that they are better equipped as future pharmacy entrepreneurs. Writing a business plan is challenging enough on its own, but these teams demonstrated their resilience and drive by writing one during a pandemic. I am especially proud of the three teams of finalists who will be giving live presentations during the competition at NCPA’s Annual Convention in October. Best of luck to the pharmacy students from the University of Arkansas for Medical Sciences College of Pharmacy, the University of Iowa College of Pharmacy, and the University of North Carolina Eshelman School of Pharmacy.”

This is the third time since 2012 that the UNC Eshelman School of Pharmacy has placed in the top 10 in the competition, and the second time since 2016 in the top three.

“I’m so proud of this team and the plan they put together,” said Patrick Brown, UNC Eshelman School of Pharmacy alumni, adjunct faculty member and the team’s coach. “They have been working on this plan for months and have put in countless hours. I can’t wait to watch them compete as a national finalist, and to see where their work ethic and strong business acumen will take them in their careers”.

Team members from the three competing schools will compete for first, second, and third place in a live competition for the following awards:

• First Place: $3,000 to the NCPA student chapter and $3,000 contributed to the school in the dean’s name to promote independent pharmacy.
• Second Place: $2,000 to the NCPA student chapter and $2,000 contributed to the school in the dean’s name to promote independent pharmacy.
• Third Place: $1,000 to the NCPA student chapter and $1,000 contributed to the school in the dean’s name to promote independent pharmacy.

Those grading the teams’ plans are independent pharmacy owners, business coaches and consultants, financiers, or community pharmacy practitioners, and must follow a detailed rubric when grading plans.

The Student Business Plan Competition, which is supported by Good Neighbor Pharmacy, Pharmacists Mutual Insurance Company, and the NCPA Foundation, is the first national competition of its kind in the pharmacy profession and honors two great champions of independent community pharmacy, the late Neil Pruitt Sr. and the late H. Joseph Schutte.

For more information about the Student Business Plan Competition, please visit  NCPA’s website.

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Sop students finish in top three at ncpa national business plan competition.

Student pharmacists from across the country compete to deliver the best business plan for a new independent community pharmacy.

By Malissa Carroll November 17, 2016

A team of four fourth-year student pharmacists and one recent graduate from the University of Maryland School of Pharmacy have been awarded third place in the National Community Pharmacists Association’s (NCPA) Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition. Held each year at NCPA’s Annual Convention, the competition is designed to promote student interest in independent community pharmacy ownership.

“Placing in the top three at a national competition is an outstanding accomplishment and one of which our student pharmacists should be tremendously proud,” says Cherokee Layson-Wolf, PharmD, BCACP, FAPhA , associate professor in the Department of Pharmacy Practice and Science (PPS) and associate dean for student affairs at the School of Pharmacy. “The students truly capitalized on their entrepreneurial spirit, dedicating countless hours to develop a business plan that was not only well thought out, but also a viable fit for the current marketplace. We congratulate them on their success.”

To compete in the NCPA Student Business Plan Competition, teams must develop a blueprint that outlines their plan to purchase an existing independent community pharmacy or establish a new pharmacy. The proposal presented by student pharmacists Brandon Biggs, Caleb Goodrich, Elaine Pranski, and David Tran and graduate Emily Chen detailed the creation of Broadneck Health – an umbrella company to include Broadneck Pharmacy to serve residents of the local community and Broadneck “Apawthecary” to serve their pets. The students planned to purchase the existing Broadneck Pharmacy in Arnold, Md., renovate the facility to improve workflow, and purchase a unit in a nearby medical complex to serve as a compounding center for both sterile and non-sterile pharmaceutical products.

“We wanted to establish a business that would provide quality pharmaceutical care to members of the community,” explains Pranski, who served as the team’s captain. “In addition to renovating an existing pharmacy, we devised a number of initiatives that, once implemented, would help improve patients’ health and foster personal relationships. And, since the members of our team love animals, incorporating a veterinary pharmacy component seemed like a natural extension that would help us better serve our patients and their furry friends.”

The team first presented its plan to establish Broadneck Health at the School’s local NCPA Business Plan Competition in 2015. Although the team did not win the competition, its members regrouped and sought assistance from faculty and staff members Joey Mattingly, PharmD, MBA , assistant professor in PPS; Tim Rocafort, PharmD, BCACP , assistant professor in PPS; and Ashlee Mattingly, PharmD , abilities lab pharmacist and technician training coordinator, to refine their plan the following semester. In Spring 2016, the team earned first place in the local competition and a chance to compete in the national competition, for which they were selected from 46 colleges and schools of pharmacy across the United States.

“Potential entrepreneurs can learn a lot from this team’s journey,” says Joey Mattingly. “After losing the local competition in 2015, the team realized that entering the competition again would not only risk its members’ reputations, but also the heartache that might come if their plan failed again. I was incredibly impressed with their ability to handle adversity and feel fortunate to have had an opportunity to work with such a dedicated team of student pharmacists.”

In October, the team competed in the national competition against finalists from two other schools of pharmacy – the University of North Carolina Eshelman School of Pharmacy and the University of Texas at Austin College of Pharmacy. Team members presented their plan in front of a panel of distinguished judges that included a past president for NCPA, a representative from Pharmacists Mutual Company, and a representative from Live Oak Bank.

The team’s third place finish in the competition earned them $1,000 to support the School’s NCPA student chapter, as well as an additional $1,000 contribution to the School to help promote independent pharmacy.

“Although participating in this competition required a lot of time and hard work, I have truly learned a lot about the business behind pharmacy, how to lead a team, and the type of pharmacist that I want to become,” says Pranski. “Our idea and our team have evolved so much from our initial meetings two years ago, and we are incredibly thankful for the support that we have received from the School, our NCPA student chapter, and our faculty advisors.”

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More Stories About: Business Plan Competition NCPA PPS Student Organizations

• Washington State University

WSU Places in Top 5 of NCPA Business Plan Finals

A team of pharmacy students from Washington State University recently placed in the top five in a national business plan competition, continuing a winning streak set by teams in previous years.

WSU students have entered the competition four of the five years it has been held and have placed in the top five all four years.

They took first place once and second place twice. Only the top three teams advance to the final round of competition in October. Those teams this year are the University of Arizona, the University of Kansas and Samford University.

The WSU team of four students was again advised by Linda MacLean, a 1978 WSU pharmacy graduate and former Spokane pharmacy owner who now chairs the department of pharmacotherapy in the WSU College of Pharmacy. Dr. William Fassett, professor with the department of pharmacotherapy, coached and mentored the 2008 team as well.

“As with the three previous teams, we had lots of help from pharmacy owners in the state of Washington and other faculty members here at WSU,” MacLean said.

The students competed against teams from 29 other schools. All teams put together a business plan for a pharmacy and submitted them to the National Community Pharmacists Association, which announced the finalists at a meeting in Chicago in summer 2008.

Students on the WSU team were Manpreet Chahal, Mays Vue, Sean Thurston and Matthew Rhea, all from the class of 2010. The WSU team and others in the top 10 were awarded $300 per team member.

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Pharmacy students win NCPA business plan contest

PULLMAN – Four Washington State University pharmacy students beat out teams from the University of Kentucky and the University of Houston  Oct. 8, and won the National Community Pharmacists Association (NCPA) annual business plan competition.

The three teams presented their plans to a panel of judges at the NCPA annual meeting in Las Vegas. The students on the WSU team are Daniela Beilic , Portland; Jason Doss , Medical Lake; Joshua Fancher , Richland, and Corinne Gavrun , Pullman; all from the class of 2009. Their expenses to the Las Vegas convention were paid by the NCPA.

The goal of the NCPA competition is to promote interest in independent community pharmacy ownership. It has grown since its first year in 2004, when a WSU team placed second among 16 teams and won $4,000. This year the judges reviewed 30 plans from schools all over the country. The three finalists were announced at the annual meeting of the American Association of Colleges of Pharmacy (AACP) in July.

The first place award is $3,000 for the NCPA student chapter at WSU, and $3,000 in the dean’s name to promote independent pharmacy at the WSU College of Pharmacy. In addition, the team members, the team advisor,and the dean will receive complementary registration, travel and lodging to the NCPA’s conference Feb. 14 in Aruba.  The second place team is awarded $4,000 and third place, $2,000.

The award is supported by contributions from the families of two champions of independent pharmacy – H. Joseph Schutte and Neil Pruitt Sr. – and by Mallinckrodt Pharmaceuticals.

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How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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