So you want to be a business owner and you’ve decided you want to run your own pharmacy.
Do you know what’s on the market?
Who to contact?
And how do you assess business value?
What do you do?
It is a daunting task to buy a pharmacy and the end outcome is ultimately a meeting of the minds between buyers and sellers. As a buyer, you look towards the future and the changes you can make; the exciting prospects that await. For a seller, they are often selling to fund retirement and they often have an emotional attachment to the business. Whilst you both want to achieve a business sale, you both perceive a different end outcome.
When buying any business you are essentially buying the future prospects of the current income stream. You need to be aware of what makes that particular business achieve the results it does. You need to consider whether the income stream is dictated by the location, the staff or the owner and what likelihood there is of the income continuing upon your commencement of ownership. The transferability is the key to business value.
But how do you assess the overall business against the price being asked? Is this the proposed return suitable consistent with the market? How do you assess value?
With experience across all areas of pharmacy, Pharmacy Consulting have answers to all your queries and are well placed to provide the right advice to transition you into pharmacy ownership.
Call our office on +44 (0) 1252 302 342 to discuss with one of our consultants how we can help.