Selling your pharmacy? Seek advice and get your business in good order

If you are looking to sell your pharmacy business it is important to plan an exit and sale strategy early on in the process, to maximise the goodwill in the business. Early consultation with professional advisers is necessary to ensure that you obtain maximum profit from the sale.

Getting things in order

It is essential to get your business in order before putting it on the market. Although high premiums have been paid in recent years for pharmacy goodwill, these are only achievable for efficient businesses with great potential.

Location is always going to be important since any prospective buyer will be interested in the customer base, the local competition and proximity to other health care services.

However, the premises themselves will also need to be scrutinised, not only as to the adequacy of the facilities, including consulting rooms, but also as to the security of the tenure (ie, the length and terms of lease) if the premises are leasehold.

Furthermore, the reliability and effectiveness of employees (including locums) takes on a whole new significance when it comes to selling your business.

Opportunities posed by the new pharmacy contract including the availability or possibility for additional or repeat revenue for advanced and enhanced services will be reviewed closely. You should also expect your books and records to be crawled over with a fine toothcomb.

Seeking advice

It is important to select professional advisers with care. Your protection as a seller is in having the transaction dealt with professionally and diligently by experienced advisers who will structure the deal appropriately, ensuring that its maximum value is reached.

Dealing with due diligence enquiries followed by a lengthy contract with numerous warranties about the business can be a daunting process for the most experienced pharmacist which is why it is essential that the right advisers are on board.