Pharmacy Transition Buyer Services
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
- Identify cities and/or states in which you want to own. Are you willing to relocate from where you currently live, and if so, to where? Make sure the community you target for your business is the right fit for you and your vision.
- Create a vision for what kind of owner you want to be. Think through what's important to you about pharmacy practice, about patients and customer service, about being a member of a community and about being a leader for your staff.
- Determine if you want to own by yourself or if you have a partner in mind. There's no right or wrong way to become a business owner, but if you choose to go the partnership route, make sure you are aligned on your goals and vision.
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.
- Finance – will you know what and how to measure your store’s performance?
- Accounting – do you have a tax planning strategy?
- Marketing – how will you position your store and grow its presence in the community?
- Human Resources – have you ever managed people before?
- Technology – what are the best tools available to make your job easier?
- Operations – how can you maximize the inputs and outputs of your pharmacy?
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 pharmaceutical distributor and other key partners and learn 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.