Entries by admin123

6 Steps to Selling Your Pharmacy

Most business owners only sell a pharmacy once in their lifetime. The sales process is complicated and can take a lot of time. Understanding how to prepare for your business sale and make your organization more attractive to potential buyers are crucial for success. While it’s best to work with a business advisor, like COLONY […]

Why Selling Your Pharmacy without Colony RX is a Bad Plan

Smart Pharmacy Owners Call Colony RX The largest, most famous, and most powerful celebrities and corporations in the world rely on  professional advisors for their important business transactions: Tom Cruise is arguably the most bankable movie star in the world. However, Cruise does not call movie studio executives and they do not call him. All of Cruise’s business […]

How We “Invent” a Pharmacy Buyer

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 […]

When should you tell your staff that you are selling your pharmacy?

Many pharmacy owners have worked with their staff for years and are uncomfortable keeping secrets from them. However, it is always recommended that you operate the pharmacy with an “ordinary course” mindset until the sale is final, or until the very last possible moment. In any case, we will let you know when the right time is. Knowledge […]

How to Minimize Stress When Selling Your Pharmacy

How to Minimize Stress When Selling Your Pharmacy It’s easy to get excited when you’ve decided to sell and you start to see dollar signs. But selling your company can be one of the most stressful things you can do. An experienced advisor like COLONY RX can help alleviate stress. The reality, however, is that some owners cycle through many […]

How Pharmacy Employees Steal (and what to do about it)

How Pharmacy Employees Steal (and what to do about it) U.S. retail workers are No. 1…in employee theft. A Statistic Brain report states that 75% of employees have stolen least once from their employer. What is more, employee theft continues to cause more losses than shoplifting. WHAT CAN PHARMACY OWNERS DO TO PREVENT THEFT? There are plenty of […]

The Importance of Timing When Selling Your Pharmacy

The Importance of Timing When Selling Your Business Adopted from an article by Brett Cenkus (https://cenkuslaw.com/). “I’d say that, to be a good deal maker, you have to have 3 basic characteristics – timing, timing, and timing.” – Richard Armitage,  Actor The Importance of Timing the Sale of Your Business  A lot of the mergers […]

Why To Sell Your Pharmacy After Your Best Year Ever

Why To Sell Your Pharmacy After Your Best Year Ever Business owners come to me to sell their pharmacies. I’m a pharmacy buy/sell advisor, so owners ask about the exits I help other pharmacy owners achieve and ask me about how to achieve their own. Most of these owners I can help; they have a transferable business producing significant […]

What Pharmacy Owners Should Know About Commercial Leases

What Business Owners Should Know About Commercial Leases   Most pharmacy buyers are first time buyers, and there’s a lot to learn about running a business. The fundamental rule of business is to make more than you spend, and the largest fixed cost of many businesses is often the rent. Most first time buyers have never […]

How to Sell a Pharmacy to a Family Member

How to Sell a Pharmacy to a Family Member   Colony RX has counselled countless pharmacy owners about selling their pharmacies to family members (or managers). We are often brought in to negotiate these agreements. Building Your Succession Plan It is very rare to pass down a pharmacy as a gift (where there is no compensation). This may […]

When To Sell Your Pharmacy – Timing is Everything

When To Sell Your Pharmacy As in most things in life, the decision of when to sell your business should be based mainly on how you want to spend your time going forward. Typically, we find that serious sellers have been thinking about selling for a year or more, although there are situations where an […]

What Sellers Really Want When Selling Their Pharmacies

Deciding to sell your pharmacy? We understand… We understand that deciding to sell your pharmacy is one of the most difficult decisions that a pharmacy owner will make. Many owners, like our family members, bought or started their stores decades ago, and some have been in the family for generations. We understand the emotional connection […]

A Review of the Emotional Journey of Selling Your Pharmacy

The sale of a business is more than just about dollars and cents. It’s also about changes to your life, including changes that impact your coworkers that may have been a significant part of your personal and professional life for many years. What you may be feeling It’s difficult to predict the range of emotions […]

What Price Per Script Is Fair for my Business?

The price per script metric, (also known as the cost per script metric) and its close cousin, the percent of revenue, are metrics sometimes used when valuing a pharmacy. The price per script, or any metric, will vary considerably based on how much a buyer expects to earn from your business after purchasing it. Here is an […]

DIR Fees May Violate Federal Law and Guidance

The PBM industry’s imposition of unreasonable DIR Fees is another example of a policy implemented to increase PBM profits at the expense of the Medicare program, patients, and Pharmacy Providers. These DIR Fees—particularly those based on provider performance—find absolutely no basis in Medicare regulation or law and may actually violate Federal law and guidance. See […]

Secrets When Selling a Pharmacy

Competitor Calling (including chains) If your most fierce competitor wants to buy your store, it may be a blessing or may be a curse. It really depends on your past relationship with that person. Don’t necessarily run away. Consult with the experts at COLONY RX to chart your path forward with this potential opportunity (or […]

Selling Your Pharmacy vs Having Someone Run It?

As an owner, you either have to be all in our all out. Rather than sell their pharmacy, one option pharmacy owners consider is to hire someone to run their business, such as a trusted staff member, while they go to the beach. They figure they will make more money in the long-term having somebody […]

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. […]

Why Pharmacy Owners Sell Their Pharmacies

By Colony RX At Colony RX, we speak to pharmacy owners daily who are considering the sale of their pharmacies. We understand that selling a pharmacy can be a very emotional demanding experience. Most pharmacy owners are absorbed by their business for hours a day, sometimes over a period of decades, and sometimes over multiple […]

Lessons Learned From Buying and Selling Pharmacies

By Colony RX When selling your pharmacy, it pays to learn from others who have completed transactions. As pharmacy buyers, we have earned scars from broken deals, learned many humbling and expensive lessons, and spent hours doing our best to structure the perfect win-win arrangement with sellers. Even now, I learn something new or experience […]

Should You Sell Your Pharmacy?

By Colony RX Is now a good time to sell your pharmacy? Ultimately, each person is different and only you can answer this question for yourself.  Here are a few points to consider: Market conditions Factors such as interest rates, the availability of credit and the tax regime are outside your control. However, these are […]

“How Much is My Pharmacy Worth?”

By Colony RX If you are selling your pharmacy, the value of your pharmacy will be based mainly on its profitability TO THE BUYER after the sale. If a buyer will operate the business, the key figure that will be looked at is the pharmacy’s EBIDA, which means Earnings Before Interest, Tax, Depreciation and Amortization. […]

Legal Issues When Selling A Pharmacy

By Colony RX  There a few legal issues that need to be considered by pharmacy owners when selling their pharmacies. Finding the Right Lawyer Candidly, the most important issue is finding a responsive lawyer. In my opinion, being responsive is the most important aspect in a lawyer. It is more important than being experienced because […]

Managing Employees in a Pharmacy Sale

By Colony RX Dealing with employees when you are selling your pharmacy does not need to be stressful or contentious. At Colony RX, we understand that this is often one of the most sensitive issue for the seller, and we handle it with the utmost care. One reason that this is so sensitive for pharmacy […]

Four Considerations for Timing Your Pharmacy Sale

By Colony RX For most pharmacy owners, selling your pharmacy will be a defining moment in your life. Whether it’s a family-owned pharmacy that has been passed down from generation to generation, or a company that you started, the process of selling your pharmacy can be an emotional rollercoaster riddled with unforeseen pitfalls — after all, […]

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 […]

Inside the Pharmacy Sale Process

By Colony RX What does a pharmacy purchase look like, from start to finish? In this post, I will describe the primary steps in selling and buying a pharmacy. Step I: Sourcing Before a buyer ever talks to a seller, before a deal even gets off the ground, the buyer and seller need to find each […]

The 20 Key Sections In a Pharmacy Purchase Agreement

By Colony RX When you sell a pharmacy, the buyer and seller will execute a comprehensive asset purchase agreement (“APA”) which is negotiated between them. Generally speaking, the purpose of the asset purchase agreement is to document what is being purchased, what is being paid, and clarify who is responsible for what both before and […]