A Review of the Emotional Journey of Selling Your Pharmacy

The sale of a business is more than just dollars and cents. It’s also about a change involving a company, coworkers, and friends that have been a significant part of your personal and professional life, for many years. While Colony RX welcomes owners to continue working, it can still feel like a change.

The Emotional Journey of Selling Your Pharmacy

What you may be feeling

It’s difficult to predict the range of emotions an owner might feel during the sale of their pharmacy and while those emotions cannot be planned, they can be managed with the right mindset and a little upfront preparation. The following are some emotional questions that a pharmacy owner might be  considering as they get closer to selling:

  • “Am I doing the right thing?”
  • “What will the relationship be with my employees, many of whom have been with me from the start?”
  • “Is this the right thing to do for my patients?’
  • “Will the new owner respect my company’s place in our community?”
  • “Is money the most important feature of my deal? Are other issues equally important?”
  • “What am I going to be doing the month after the deal closes? A year later?”
  • “I really regret that my children are not taking over the family business? I wonder if there is any chance they will.”
  • “Will I like the new potential owners? Will my employees like the new owner?”

What Colony RX does

ColonyRX helps answer these issues by working with you through the process. Fundamentally, working with you sets the tone for what you’ll be doing today, tomorrow and five years down the road, and makes sure all of these questions are answered so there will be no surprises. We also encourage you to communicate with their family. As a business owner,
your family has been a part of the company’s journey, and like you, they may need some time to prepare for the fact that the business will no longer be a part of your daily family life. By involving your family in the decision making process, you can help prepare them for the transition and create an atmosphere of emotional support throughout the sale.

Knowing that whoever is going to take over the reins is ready

This is more than ensuring that whoever is set to take over the business has the relevant skillset, is competent, and is committed to the future success of the business. It includes taking comfort in understanding how they handle themselves under pressure and how they are going to lead the organization. We encourage you to have an open dialogue with us about our history in independent pharmacy, and to read over our website which contains a lot of information about who we are and what we do.