Posted on: 29 November 2017
Whether you are interested in switching careers, are retiring from a career that included owning a pharmacy, or have a financial or business emergency that makes selling your best option, selling your pharmacy can feel like a daunting ordeal. Knowing what to expect and the savviest ways to approach your pharmacy sale will help make the entire process easier. Just follow these tips to maximize your profits and minimize your stress when selling a pharmacy:
Work with a Pharmacy Broker
Pharmacy brokers offer several benefits to pharmacy owners considering selling. Pharmacy brokers have access to a large network of potential buyers, who have already been vetted and approved for financing. This saves you the significant time and headache of scouting and then vetting your own buyer.
The pharmacy broker will handle all of the most time-consuming aspects of selling your pharmacy so that you can continue to run it in the meantime with minimal disruption. They do all of this while maintaining confidentiality, so you don't have to worry about anyone learning your pharmacy is for sale until you are ready.
Get All Your Ducks in a Row
Ideally, you won't be rushing a last minute sale, and will instead have time to get everything in order before you ever list your pharmacy for sale. You should consult with both your business attorney and your accountant before listing your pharmacy. All of your financial paperwork should be in order so that you can easily demonstrate the profitability of your pharmacy to prospective buyers. Many pharmacy owners also work with their attorney to create a contract detailing the process of retaining their current staff under new ownership.
Request a Valuation
Before listing your pharmacy for sale, it's a good idea to have your pharmacy broker perform a thorough valuation of your pharmacy. They will look at comparable pharmacy sales in your area, the profitability of your pharmacy, and its overall appeal to buyers before giving you an accurate quote for how much you can anticipate selling for.
If the valuation they give you is lower than you were hoping for, they may be able to make recommendations for increasing the valuation. These suggestions may include making cosmetic and landscaping improvements to your pharmacy property, as well as choosing a different time of year for selling.
By working with an experienced pharmacy broker and following these tips, you will ensure the pharmacy selling process goes as smoothly as possible. Contact a company like Schectman Pharmacy Brokers for more information and assistance.Share