Protecting Your Confidentiality When Selling a Pharmacy: The Pharmacy Non-Disclosure Agreement
By Colony RX
When selling your pharmacy, it is important to remember that confidentiality matters, particularly as it involves staff and competitors. We understand that in many cases, a pharmacy’s staff do not know that you are thinking of selling.
Therefore, Colony RX requires potential buyers to sign a confidentiality certificate before learning details about the business.
Some people call the pharmacy confidentiality certificate a pharmacy non-disclosure agreement (“NDA”). These are the same thing in all practical respects. In our confidentiality certificates, we require potential buyers to make certain promises to potential sellers who will review confidential information about the business. These generally include promises to:
- Keep strictly confidential and not disclose any information with respect to the Pharmacy;
- Not to make any contact or communicate in any way with any member of the staff of the Pharmacy without the owner’s consent;
- To use the same degree of care to prevent the unauthorized disclosure of confidential information as we do to our own similar confidential information;
- To immediately destroy any information which has been provided at the seller’s request;
- To use any and all information received solely for the purpose of evaluating the acquisition of the Pharmacy
At Colony RX, it is our sincere intention to help our clients protect their privacy and that of their business. In fact, due to our approach, we have never had an issue involving a breach of privacy or confidentiality. We are extremely cautious and sensitive as it involves confidential information, and treat the process with the utmost professionalism and respect. ColonyRX has a superb reputation in the pharmacy community and our adherence to strict privacy controls helps ensure that our clients’ confidentiality will be protected.