Finding and acquiring a pharmacy can be a lengthy process and following the necessary steps, and in order, to ensure you are finding the right pharmacy for you can be overwhelming – especially in the beginning. You will need help throughout the purchasing process. When you first connect with our team, it's helpful to have a starting point.
Suggested starting points
In addition to all of the pharmacy knowledge you have acquired you will wear many hats as an owner (besides being a great pharmacist). While you can hire employees to focus on certain aspects, it's important to have an understanding on many key areas of owning an independent business.
One of the many advantages to buying an existing pharmacy is that you can estimate know how much money you can make from day one. Make sure you budget appropriately in all of these areas and know where to focus your resources.
We can help you get pre-qualified with pharmacy lenders prior to even meeting a potential seller. But think through what your financial situation is and determine how much you have available (savings accounts, 401(k) available for rollover, assistance from family members, partners, etc.). You will need to infuse some cash up front, but how much depends on the purchase price. Lending is available to you and will cover the majority of the purchase, and keep in mind that sellers are often willing to carry a note and act as a secondary lender to a bank in order to help you get started.
It really does take a village. Assemble a team of trusted advisors to develop the best possible strategy for becoming a successful business owner. Explore any relationships you may have with existing independent pharmacy owners who can mentor you. Find an accountant and an attorney who can work with you to develop strategies to maximize your profitability and understand tax consequences. Seek out the right your pharmaceutical distributor and other key partners what tools and solutions you can use to drive margins and revenues. Take a closer look at the appearance of your new store. Consider removing clutter or upgrading fixtures, lighting, flooring and the exterior.
Through our transition to ownership, the Cardinal Health team has proven indispensable in helping with the pharmacy transition process — from weekly support and advice, to the final purchase of the business and establishment of our contract with Cardinal Health as our wholesaler. We realize that the information provided would have cost us a small fortune had we been forced to contract with someone else for the valuation. What an amazing service! Without this help, we would not have realized a dream and career-long goal of pharmacy ownership.
Elizabeth and Michael Berry
Mason Family Drug Maysville, Kentucky