Read This Before You Decide to Sell Your Pharmacy

 Posted on August 29, 2018 in PBM Pharmacy Audits

Being a pharmacy owner can be a rewarding and profitable career. However, all careers must come to an end, and at some point, you will likely wish to sell your pharmacy. Pharmacy owners decide to sell for many reasons. The technology is ever-changing, and margins seem to become thinner with each year. However, the most common reason for the sale of a pharmacy is that the owner seeks to retire.

It is estimated that two-thirds of pharmacy owners are at or nearing retirement age. In the coming years, many pharmacies will experience a change in ownership. If you are looking to sell your pharmacy, there are a host of steps you can take to ease the process and to get top dollar for your business.

The selling process -- planning and executing the sale -- can take two to three years. In fact, many of the most successful sellers begin planning the sale when the pharmacy is bought. However, if you have a shorter timeline, many successful sales are prepared for in less time.

The initial step in building an exit strategy is ascertaining the business value of the pharmacy. Considerations include pharmacy sales, location, assets, and debts.

The next step is to define why you want to sell. Your reasons for selling will have a direct bearing on your timeline and your flexibility on the terms of the sale.

After that, you will want to look for ways to improve the financial outlook of the pharmacy. Similar to how a homeowner may make repairs ahead of listing a house, a pharmacy owner can typically make some alterations that will increase the value of the business to others. Doing this type of legwork yourself can pay dividends.

An Illinois Pharmacy Sale Lawyer Can Help

The Law Offices of Joseph J. Bogdan, Inc. represent buyers and sellers of pharmacies. By retaining our attorney, you will have someone on your side who can anticipate the difficulties you may face. It is important to keep in mind that a pharmacy sale can bring up issues relating not only to the sale of a business but also issues relating to the regulatory approval process.

Our attorney is uniquely qualified to represent you during a pharmacy sale. He is both a licensed attorney and a registered pharmacist. If you are considering becoming a party to the sale of a pharmacy, contact a knowledgeable Illinois pharmacy sale attorney at 630-310-1267.

Source:

http://www.drugtopics.com/thoughtspot/tips-selling-or-buying-your-pharmacy