How to Sell Your Pharmacy
The first choice is whether or not to consult a pharmacy broker. While it is possible to sell your pharmacy on your own, with guidance from plenty of websites, it is not recommended. The negotiation involved is not something the average independent pharmacy owner deals with often, usually only twice in life, when buying and selling their own pharmacy. Most independent pharmacists are emotionally connected to their pharmacy, which has provided so well for them over the years. Likewise, most buyers have emotional connections to their money as they want to invest it in the best way possible. This combination can cause one or both parties to become unreasonable if there aren't clear directives from experts.
When choosing a broker, choose a specialist. Only someone with lots of experience in buying and selling pharmacies can help you avoid the pitfalls specific to this industry.
Selling your pharmacy involves two steps:
- Prepare the business for sale. The earlier you start with this (2-3 years in advance is best), the more you can maximize the value of your pharmacy, by altering some of the basic business fundamentals. Keep it confidential as you don't want your regular clients to panic and take their business elsewhere.
- Find a buyer and sell. This involves marketing and negotiation skills and lots of rules and regulations, but don't underestimate your own input. Even the best specialist broker doesn't know your business as well as you.
Why Aventine Group?
Aventine Group offers complete confidentiality and transparent integrity. We have been on both sides ourselves and know from personal experience what it takes to buy and sell your own pharmacy. This is why things like attorney contract review are a standard part of our fee schedule.
After two decades in the industry and hundreds of pharmacy sales, we have our own statistical database of the pharmacies and retail sales locations. This puts us in another bracket than a generic business broker whose standard approach and general industry metrics are bound to produce a valuation that is less accurate.
At Aventine Group, we can handle sales on very short timelines if necessary. If time is flexible, our experience in owning pharmacies can prove invaluable to you in the preparation stage. Let us do a business review for you to assess your pharmacy's strengths and weaknesses. There might be some strategic areas or legislative work that we can do for you to increase the business value. For example, if your pharmacy is in your own name, this could lead to a reduced sales price because the goodwill is linked to that name more than to that business.
Use our know-how to create templates for every facet of your business. If not yet in place, defining and standardizing processes makes the eventual handover go much smoother. In practice, this simply means write down what you order from where and what process you use to re-order, for example. Things you do automatically, but just never thought about having to explainto someone else. We can mentor you through improving these processes to streamline operations, thereby increasing your profits and eventual sales price.
There are many different options when selling your pharmacy, including business asset sales, file sales and creating junior partnership programs. Your personal advisor at Aventine Group can take you through the options and help you select the (combination) option which best match your needs. We maintain a list of qualified buyers who appreciate the detailed documentation and background information which we prepare on your pharmacy as it saves them and you time and money.
Aventine Group offers you a full service, as necessary. Not only do we provide a complete package of sales support, we also offer professional consulting to help you optimize your business at every phase, every step of the way. With us, it does not end when we help buyers become independent pharmacy owners. That's when the real work starts. When you eventually sell your pharmacy, we pride ourselves on the Aventine Result: satisfied (ex-) owners who received the best price on excellent terms for their pharmacy. We ensure that the business you worked so hard to build will continue to provide superb signature service to your community.