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Selling your pharmacy | Your essential roadmap

03 April 2020

Retirement, scaling down, just had enough… Whatever the reason you’re selling your pharmacy it’s a complex and lengthy process but vitally important you get it right to maximise your reward for your hard work.

When considering to sell your pharmacy there is an amount of work to do prior to any engagement of professional advisors other than your accountant.

You want potential buyers to see your pharmacy in its best light, both from a visual perspective and a financial one.

Having the right advisors by your side throughout this complex process will undoubtedly help the process to run smoothly.

It is helpful if you can coincide your sale post completion of your annual accounts, if this is not possible then part year accounts should be prepared with your forecasts for the annual totals.

Your paperwork should be organised so FP34 statements are readily available dating back some 12 months along with the last 3 years accounts.

Staffing details should be prepared, they can be anonymised at this stage but should include roles, hourly rates, hours and qualifications.

Your lease (if not freehold) should be available.

Your pharmacy itself should be presented in the best possible way. It may be worth investing in some maintenance if necessary as this will pay back in the sale price. Check for failed lighting units. Sometimes asking a family member or friend to give you some critical feedback on the visual aspects of your pharmacy can be useful.

Consultation Rooms and stairways/corridors should be free from any stock.

Your road map to selling your pharmacy

Whether this is the first time you have sold a pharmacy or you have had experience in the past, our road map is a useful guide to the step by step process of selling a pharmacy, the key people and organisations involved and the order in which everything should happen.

Starting with data collection and the appointment of a professional team, moving on to pharmacy preparation and the legal process and beyond, our road map will help you to understand the whole journey, essential if you are to make the right decisions as you proceed.

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Pharmacy Seekers  – Experienced pharmacy professionals to support your pharmacy purchase

To help you succeed at each step of the road map our team at Pharmacy Seekers have unparalleled experience over decades, working in operational, financial, developmental and leadership roles within the pharmacy profession.

 

If you need some informal advice now about selling your pharmacy contact steve@pharmacyseekers.com or chris@pharmacyseekers.com