Is It Time To Sell Your Pharmacy
Welcome to the first Article from HCC Pharmacy Business Solutions and Pharmacy Matchmakers. Is It Time To Sell Your Pharmacy? Part 1 by Dean A. Pedalino R.Ph, C.Ph. FASCP
Selling or buying a pharmacy? The phrase “Timing is Everything” is as tried and true an aphorism as any you will ever hear.
No where is it more true than in the purchase or sale of a pharmacy.
We have all heard the stories of the Pharmacist who “Made a killing” on the sale of his pharmacy. Boy wasn’t he in the right spot at the right time!
We have also heard of the good pharmacy that just declined and they couldn’t give the pharmacy away. While we have all heard these stories and there are good examples of both, they are the exception rather than the rule.
In actuality, the majority of pharmacies that consider “Is it Time to Sell” fall somewhere in between these two examples. The good news is there are definite steps you can take to move towards having the more attractive selling pharmacy, but more importantly there are definite steps you can take to avoid being the latter.
Possibly the most important thing you can do once you determine, It is Time to Sell, is to sit down and clearly define your goal. Sure it is to sell your pharmacy, but clearly the highest bidder is not everyone’s goal. It will be different to everyone. Some examples:- I want the pharmacy to remain independent- I want the name or Legacy to carry on- My employees have been with me a long time, how do I assure they are secure- I want to pass the pharmacy on to a family member - I would consider taking on a junior partner- My clients have been loyal and helped with my success, how do I assure that any potential buyer shares my values and care for my patients
There are many things to consider and your situation will be different from anyone else’s. A good pharmacy consultant can help you with how to handle any one of these situations, but we will discuss the use of consultants in a subsequent article.
Now that you have a clearly defined goal, and you are sure that it is Time to Sell, are you prepared to sell?
Don't miss next weeks Part 2 and learn what you can do to improve your pharmacy's marketability.
Selling or buying a pharmacy? The phrase “Timing is Everything” is as tried and true an aphorism as any you will ever hear.
No where is it more true than in the purchase or sale of a pharmacy.
We have all heard the stories of the Pharmacist who “Made a killing” on the sale of his pharmacy. Boy wasn’t he in the right spot at the right time!
We have also heard of the good pharmacy that just declined and they couldn’t give the pharmacy away. While we have all heard these stories and there are good examples of both, they are the exception rather than the rule.
In actuality, the majority of pharmacies that consider “Is it Time to Sell” fall somewhere in between these two examples. The good news is there are definite steps you can take to move towards having the more attractive selling pharmacy, but more importantly there are definite steps you can take to avoid being the latter.
Possibly the most important thing you can do once you determine, It is Time to Sell, is to sit down and clearly define your goal. Sure it is to sell your pharmacy, but clearly the highest bidder is not everyone’s goal. It will be different to everyone. Some examples:- I want the pharmacy to remain independent- I want the name or Legacy to carry on- My employees have been with me a long time, how do I assure they are secure- I want to pass the pharmacy on to a family member - I would consider taking on a junior partner- My clients have been loyal and helped with my success, how do I assure that any potential buyer shares my values and care for my patients
There are many things to consider and your situation will be different from anyone else’s. A good pharmacy consultant can help you with how to handle any one of these situations, but we will discuss the use of consultants in a subsequent article.
Now that you have a clearly defined goal, and you are sure that it is Time to Sell, are you prepared to sell?
Don't miss next weeks Part 2 and learn what you can do to improve your pharmacy's marketability.
Labels: Sell Pharmacy
posted by HCC Pharmacy Solutions at
9:55 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
Links to this post:
Create a Link
<< Home