10 Deal Breakers to Dodge When Buying or Selling A Pharmacy
Sometimes a deal is not meant to be. But sometimes we stand in our own way and prevent something great from happening. Here are 10 things that pharmacy owners need to be aware of when selling their stores. If you have any questions about this list, or want to suggest another one, please give us a call.
1. Don’t be emotional and have unrealistic price expectations for your business. If you are ready to sell, take the best offer you can get and move on with your life.
2. Don’t tell someone you are interested in selling your pharmacy if you are not reasonably certain that you are.
3. Don’t share confidential information about your pharmacy with a potential buyer who doesn’t send you a confidentiality certificate.
4. Don’t let your sales drop after you put your business on the market.
5. If you have something to disclose, then disclose it early.
6. Be responsive. Not returning phone calls or e-mails can make a transaction more effort than it is worth for a buyer.
7. Get as many terms upfront in a detailed Letter of Intent.
8. Don’t sign the letter of intent if you are uncomfortable with something in contains. The time to raise issues is early.
9. Set deadlines and keep them.
10. Don’t do it alone. Hire a professional and listen to what they tell you. If you have a pharmacy you are thinking about selling, call Colony RX today for a free no-obligation discussion. We will make sure you avoid the above pitfalls, and many more.