• Call anytime for a free discussion. Tel: (681) 238-9066.
• Do not share information with a potential buyer before speaking with us.
Proven process brings more offers and a much higher selling price.
Representing sellers in all 50 states and PR.
100% confidential.
Contact us to start a conversation.
Are you thinking of selling your pharmacy to Walgreens, CVS, Rite Aid, your PIC, or anyone else without an advisor?
You may be the smartest guy in your industry, and you may have built a giant empire, but selling a business is not the same thing as building one. Watch what happens when Bill Gates, founder of the biggest software company in history, steps out of his area of expertise and takes on an expert in a different field…
When you are ready to exit the pharmacy that you built with years of hard work and sacrifice, you may will be dealing with people who work in the corporate acquisition field every day. They are experts in gaining an advantage at the negotiating table and this is what they do — at your expense.
Of course, this is also what we do every day. We are here not only to level the playing field, but to press any and every advantage you have, and to mitigate potential problems before the buyer pool becomes aware of them. Getting a premium price in today’s marketplace requires far more planning and preparation than you might think.
Your wound’t sell your $500,000 house without a realtor, so why would you sell your $2 million business without an advisor?
Step 1: Add an element to the visual editor canvas
Step 2: Edit the element to your likings. A visual preview will be shown to the right for most content elements.
Step 3: Rinse and repeat, until you got a great website ;)
There are several approaches when it comes to content editing but we consider our Advanced Layout Editor one of the best.
We prefer a backend editor to one that is placed on the frontend, because there is less clutter and the layout process is usually much easier.
However, there are merits to a frontend editor. The biggest one is that you can see how the element your are editing looks like at any given time.
This is why we have implemented a live preview window for our content elements. So now you got the best of both worlds: easy layout building and visual content editing :)
We offer the best support and service you can imagine. Use our support forum if you got any question and our team will respond, thats for sure! We got thousands of solved threads and a customer satisfaction of 97%. We do care that your site runs great!
In addition to a pharmacy transaction being a legal process, it is also an emotional one. The seller has worked for years or decades building the pharmacy and is emotionally attached to it. We know owners (and their spouses) are sometimes unfamiliar and anxious about the sales process, and we provide as much counselling as they need to feel comfortable. My clients have my cell phone number and they can call me at any time. Likewise, the buyer needs a very clear path to being successful with the pharmacy; the patients and community need continuity of care, the banks and lawyers need comfort; and the business needs to keep operating during the process. At Colony RX, we ensure all of this.
Some people think our job is to find you multiple buyers and make them compete for the best price and terms. That is only part of what we do. The rest of our work is managing the process of closing a sale from start to finish. To do this, all of the stakeholders in a transaction need to commit to a structured and orderly process that we lay out from the beginning. It is our responsibility to get that commitment and hold everyone accountable to following through on it. Most sellers who try to sell without an advisor experience process failure that eventually leads to deal fatigue and eventually relationship breakdowns between buyer and seller because they don’t know what they don’t’ know.
Our process works because it reflects what the stakeholders need. It accommodates what the chain stores, consolidators, lawyers, banks, insurance companies, appraisers, wholesalers, PBM’s, DEA, and BOP all need to allow you to close. Our process gets our clients top dollar, and prevents deals from busting.
In addition to competition between buyers, we get our clients top dollar by having the best packaging in the industry. We package the deal in a manner that tells the story of the business and shows buyers, chains and lenders the top bracket of what will work. In essence, we do the work of the buyer in selling the deal to their lender or senior VP. Buyers also pay premium prices for stores we represent because they know they can close with little hassle in 7 weeks and not 17 months, and we deliver on this promise.
When you choose to sell without an advisor, or use an advisor that doesn’t have Colony’s horsepower, you give off a vibe. This is what a seller who doesn’t use an advisor is saying to the market, “I’m looking to save money on commission because I don’t have the cash to afford an advisor and business is slow, so I have time to do this on my own.” This vibe attracts buyers who are also looking to save money by lowballing you or don’t have the ability to close, and it triggers the buyers who would have paid more to offer you less. This vibe is very much like driving up in a beaten up Honda wearing dirty clothes. You are going to get lowballed or worse, no offers.
When buyers see a deal presented by Colony, it sends a completely different vibe. It’s like pulling up in a chauffeured Rolls Royce wearing a custom fitted Armani suit. When buyers see this, the tirekickers are scared away, more buyers are interested and the the serious buyers start from a higher position because they know we have cultivated deep relationships with other buyers who will outbid them if they try to mess around.
The same pattern applies to real estate. The National Association of Realtors has shown over and over again that sellers represented by realtors get more money for the same property. The same house with professional representation gets more money. It’s all about the vibe and image.
I do almost everything for my clients. I lay out the terms, the financing, the non-compete, the assets, the inclusions and exclusions, and the transition. I hold their hand and drive the process from start to finish. Colony has all of this codified into checklists that we customize for each deal. I also manage other stakeholders (including spouses) very, very well. If you or your spouse is feeling anxious, they can call me at midnight. If also do not let my clients get fleeced by lawyers or frivolous legal fees, or problematic family members.
Call us and ask “why do we love selling pharmacies.” Our number is 681.238.9066.
There are several reasons why an independent pharmacy owner may want to sell their business. Some examples include:
If you wait too long to sell your pharmacy, your options decrease, not increase. We often see a seller come to use in a panic because they are losing money in their pharmacy. We can usually sell these stores (for a lot), but to a smaller potential pool of buyers and under pressure to make a deal quickly.
Therefore, the ideal time to sell the business is when things are going well, so you leave at the top and have power in negotiations with buyers. We understand things change, so if you don’t have a clear plan to fix what is ailing your pharmacy, or if that plan is not working, sell while you can for top dollar before it’s too late.
If you are unsure if it is the right time to sell, call us and for a free, no obligation consultation. Sometimes we tell people that it is not the right time to sell, and the problem is with something else, for example they need to work less hours or terminate a staff member. I had a pharmacy seller call me and wanted to sell. I asked him about his store and the first thing he said was that his girlfriend started working in the store and all the staff hated her. Once he said this to me, he knew what he needed to do, and I didn’t have to say anything else. We help owners sound things out all the time.
We have established a proven process to sell your pharmacy. We know this process works, from the first phone call with Colony all the way to post-closing obligations. We call stores after the sale to make sure thing are going well, and have refined this process over many years and deals.
Call us for a free, no obligation phone call to learn about who we are and what we do. I will ask you questions about your store, what your goals are and what you want to do. I will answer any questions you may have. If we are a good fit for each other, after the call, I will send you an agreement to sign. You can cancel the agreement at any time.
The next step is for us to calculate the value of your pharmacy. We will review financial reports, script counts, and payroll records. We will discuss any discretionary, personal expenses that the pharmacy has paid for and credit these against the value of the business. We will also review information about your lease or property ownership, its value and other property consideration. We will then model out the store in multiple different ways, customizing the presentation for large chain buyers, regional chain buyers, consolidators, strategic buyers, employee buyers, investors, and non-arms length buyers. Once we have this information, we will know the strengths and weaknesses of the store and which buyer segmets we should target.
The next step is for us to use the information in the valuation to decide if we are going to make targeted improvements to the store. Just as a house seller will often paint their home prior to a sale, we will decide if we are going to make targeted improvements to the business. In this step, we are looking for easy wins that require minimum time, effort and disruption to the business. For example, we once had a client that was losing thousands of dollars a month with DME. We advised the owner to cut that line of business, and then created a model pro-forma financial projection reflecting this change. This eventually added $240,000 to the purchase price.
There is an old expression, “clothes make the man.” So we package the pharmacy to make it look like a beautiful Italian Armani suit with a Hermes tie and John Loeb shoes. This means putting together a professionally produced “Confidential Information Memorandum” which presents your pharmacy in the best possible light. Many advisors don’t make a package. However, our packaging is the best in the industry and is modeled after what wall street investment banks like Goldman Sachs and JP Morgan use to sell billion dollar businesses.
We have a database that we have built over many years, but we also use “shoeleather” to find buyers. This means we pick up the phone and in a confidential and discreet manner let people know that a store is available for sale. We know the people in your trading area and if we don’t, we know the people that know the people in your trading area. We follow up with every lead, we press and we push forward until we have a buyer. Even when there is obvious chain buyer nearby, we still go throughout this process to give us maximum negotiation leverage with the chain.
We are experts and professionals at negotiating with buyers in every segment, including chains and independent buyers and everything in between. We know exactly what to say, how not to give up too much information, when to say no and when to say yes and stop negotiating. The buyers who have dealt with us respect us for our professionalism and welcome future calls from us.
We can personally attend to the closing and will supervise the counting, notification requirements, and put out fires that invariable come up during the final process, including with buyers, staff, phone companies, DEA, BOP, etc. This is where our checklists come in to help prevent these issues, but our strong reputation in the industry and professional demeanour also gets us results. When we tell buyers to “trust us,” they do.
Once the store is sold, the seller has post-closing obligations. We review and assist the seller with these, help the seller organize the process to make sure they understand what has to be done and when it has to be done. There are many unforeseen things that often come up after the closing, and we remain available to assist with these as well.