Selling a pharmacy | Going to market
14 September 2020
Going to market when selling your pharmacy
You’ve made the decision to sell your pharmacy and you have appointed your sales agent.
Between you all the background information that will be needed by any prospective purchaser to assess your business has been prepared and stored in the sales agents data-room.
At Pharmacy Seekers we prepare a draft Sales Information Memorandum (IM)that sums up all the necessary information to attract a buyer. Headline financials, summary staffing details, description of how the business is run and what growth opportunities would be possible for new owners, a breakdown of the NHS income streams, OTC Sales and details of local competitors and GP surgeries.
This will include the location if not a confidential sale, if confidential a high level summary document is prepared to give enough information to enable a buyer to sign a Non Disclosure agreement (NDA) before receiving the full Sales IM.
Only when you are happy with the format is the Sales IM finalised and ready for distribution.
Now your chosen Sales Agent can market the pharmacy to prospective buyers via a mix of their database of known active buyers and potential first time buyers, their website, Social Media forums and crucially the local contacts that your agent will have with existing pharmacy groups and investors who wish to grow their pharmacy businesses.
Your sales agent needs the experience and skill sets to be able to show off your pharmacy in its best light but also be honest and realistic with prospective buyers.
Understanding what the prospective buyer wants to do with the business and the finance they have available is key to progressing the sales process.
Your sales agent needs to understand your business as well as you do to be able to attract the best possible offers, so the decades of experience in the pharmacy sector that the directors of Pharmacy Seekers have can directly benefit you.
Going to market is an exciting and sometimes stressful time for you as the pharmacy owner but your sales agent can smooth the process and work with you to achieve the best possible offers in a reasonable timeframe.
Work with the pharmacy specialists
All of this may seem like a lot of work but Pharmacy Seekers can assist you with many of these tasks. You will want the best price for your pharmacy and preparation is the key to promoting and subsequently selling your pharmacy.