Questionnaire – Is it Time to Consider Selling Your Pharmacy?

The following is a list of questions for you to ponder that might help clarify your thoughts as to whether you should consider selling your business

Is your interest in the business waning for any of the following reasons?

  • Personal burnout?  Boredom?  Fatigue? On a daily basis, do you enjoy the functions you perform?
  • Are you still using the talents that helped you succeed in business?  Or… Have you replaced your strengths with support staff, and now have to function in your areas of greater weakness?
  • Do you have to do the things you like least?

Are you keeping pace with the competition?  Are you losing ground?

  • When was the last time you “scouted” the competition?
  • Do you have the energy and enthusiasm to remain competitive?
  • Are you investing in new technologies and equipment to enable growth?
  • Have you developed an aversion to risk?
  • Are you open to new ideas?

Have you identified successors for the business when you leave it for one reason or another?

  • If you have second-generation family members, do they have the entrepreneurial spirit and interest necessary for success?
  • If they don’t have the required competencies, are you setting them up for failure?
  • Would leaving an inheritance rather than a business be a better decision?

Is the company your primary personal asset?

  • How risky is the business climate?
  • What if something happens to you?  Will your primary asset retain its value in your absence?
  • Does it make sense to diversify your assets?

Is the company struggling financially?

  • Are you being adequately compensated for your time and efforts?
  • Do you have the energy and enthusiasm to recommit and restructure to improve the prospects of the firm, or are you hoping for a comeback without changes?
  • Are you willing to risk the investment of the additional funds necessary to achieve a turnaround?

Is the company doing exceptionally well?

  • Did you know that the best time to sell is after achieving outstanding results?
  • If you have come off a great year, in this economic environment, can you be sure it will be repeated?

Most importantly, from a personal enjoyment standpoint, is time passing you by?

  • Is it time to spend more time on personal pleasures – family time, entertainment, vacations, hobbies, travel, etc.?
  • Would reducing your daily level of stress be appealing?
  • With more time for relaxation and exercise, would your health improve?

Spend some introspective time considering the answers to these questions and it may help you decide if you should consider selling your business in the short-term.  Regardless of your short-term decision, make the commitment to plan for the longer-term sale of your business so you can maximize its value when the timing is right.

Another Favorite Famous Quote
“You are now at a crossroads. This is your opportunity to
make the most important decision you will ever make.
Forget your past. Who are you now? Who have you
decided you really are now? Don’t think about who
you have been. Who are you now? Who have
you decided to become? Make this decision
consciously. Make it carefully. Make
it powerfully.”  
Anthony Robbins