Colony created the “invent a pharmacy buyer” program for situations where we are not able to find a traditional buyer for a store.
Here is how program works:
We find a pharmacist who has a desire to own and operate a pharmacy, has the right attitude, but doesn’t necessarily have the knowledge or resources to close and move forward. Usually this is a recent grad, or even someone soon to graduate. We then turn this pharmacist into a pharmacy owner/operator. Here is how we do this:
First, we win or lose this process by finding the right person. Sometimes the owner knows the right person. However, when this isn’t the case, we will retain a professional recruiter who knows how to find and vet these applicants. It can sometimes take a few months to find the right RPH, which is why hiring a professional makes sense.
Who is the right person?
- A pharmacist.
- Willing to settle in the community where the store is located.
- Has a goal, interest and desire to own their own store.
- Is prepared to learn the skills necessary to operate their own business and can be coached.
- Who has self-confidence that when a problem comes up, they will research the answer.
- May need some help organizing the process and completing the steps, which we will provide along with the old owner.
We do have a plan B for this, which is to find a foreign pharmacist and sell them the business as part of an E2 visa process.
Second, we work with the seller to help line up every aspect of the sale and transition for the buyer, and all but hand it to them on a silver platter.
Third, we arrange all financing. If a buyer has decent (not necessarily excellent) credit, we will find a way to make it work. We have relationships with multiple lenders.
Fourth, we provide access to the resources a buyer needs to run the store.
When the process works, it is usually a result of us finding the right person at the start and guiding them competently. When the process doesn’t work, the opposite is the case – we bet on the wrong racehorse (meaning we didn’t find the right candidate). This is why candidate selection is the deciding factor in the success or failure of this option.