Whether you are buying your first pharmacy or about to sell up and retire, here are a few key tips which will help manage the sale process and minimise everyone’s stress levels.
If you are buying:
- Understand your financial position, how much you can borrow, who will lend you the money and how much you can afford to repay.
- Don’t overlook the costs of buying – such as legal fees, accountant’s fees, bank funding and valuation fees etc.
- Visit the pharmacy you are hoping to acquire so that you can see the location, proximity of competitors and doctors’ surgeries. Check out if anything is happening in the locality which could affect the business in future.
If you are selling:
- You cannot sell your pharmacy for the best price unless you know what it is worth. Having an up to date valuation will help you to understand the value of your business and whether or not the decision to sell is the right one for you.
- Make sure all your financial information is up to date, including your accounts. Lack of information will result in poor offers for your pharmacy.
- If premises are leased the lease needs to be renewable and transferable. You will also usually need a minimum 10 year term left on your lease.
Most importantly appoint good specialist pharmacy advisers to help you through the process.