Preparing To Sell Your Pharmacy
By Colony RX
If you want to:
- Achieve the best price for your pharmacy.
- Agree terms and conditions of sale, which are favorable to you.
- Have the sale progress through each stage quickly and with minimum stress.
- Have a positive relationship with the buyer, the staff, and all other stakeholders during and after the sale.
You need to:
- Adopt the right attitude. This means being committed to the sale. You should therefore be sure that you are ready to sell your pharmacy before starting the process.
- Be realistic about the price. While ColonyRX has a reputation of paying top dollar for pharmacies, it is important to have a realistic objective.
- Be proactive. The only way the sale will progress quickly is if everyone involved is proactive. This means that the seller, the sellers’ lawyer, the buyer, and the buyer’s lawyer, all need to be committed to the sale and be responsive.
Lawyer – Virtually any lawyer can close a pharmacy transaction. It is not important that they be experienced in pharmacy transactions, only that they be responsive.
Accountants – You will want to tell your accountant about the transaction in order to properly address any tax issues.
There are different types of documentation that ColonyRX will need to review during its due diligence of the pharmacy, including:
- Accounting and tax records;
- Script reports from the pharmacy software system;
- Copy of the lease. If you own the property, we will agree on a new lease.
Look at your pharmacy from a different perspective, for example, what would you be looking for if you were buying the pharmacy?
- To know they are making a sound investment.
- Potential to increase the sales and profitability of the pharmacy
- A pharmacy that they feel is relatively safe from competitors.
- A pharmacy with a path to growth.
- A pharmacy with dedicated and loyal employees.
- To be confident that the pharmacy’s prescribers will be there in the future.
If there are issues that could negatively impact your pharmacy, this does not mean that you can’t sell it. A problem for the seller is not necessarily a problem for the buyer. Just be sure to disclose everything so Colony RX can work through any issues with you.
If you would like to discuss selling your pharmacy, give Colony RX a call today. Your call will be 100% free and confidential, and you will feel better after speaking with us.