I’ve decided I want to buy a pharmacy, what’s next?

Natalie Sirianni

Buying a pharmacy can be very exciting, but can also be an intimidating task! There are so many steps that need to be taken in order to buy a pharmacy, but often there is limited information available about the process and how to do go about it.

A pharmacy purchase will most likely be one of the largest investment decisions you make throughout your career and will hopefully lead to a successful career and wealth creation for you and your family, so it’s important that you get it right!

The first step of the process is deciding if buying a pharmacy is right for you. While this seems quite basic and logical, there are a lot of factors to consider, which we will cover in another blog! Once you have decided that you want to buy a pharmacy, the next steps are:

1. Determine Your Objectives & Desired Outcome
Be clear on what you want to achieve and how you want to achieve it. Have a set strategy for how you will and that dream pharmacy and ensure you stick to the plan.

2. Mobilise Your Team
There are many experts in the pharmacy industry that can provide you with valuable and critical advice to achieve a successful pharmacy purchase. These will include pharmacy valuers, bankers, finance brokers, solicitors and accountants as well as your colleagues, pharmacist mentors and current pharmacy owners. It’s critical that you use trusted and independent advisers who know pharmacy.

3. Research The Market & Understand Pharmacy Values
Ensure you understand how pharmacies are valued, the current state of the market, factors influencing the market and general economic indicators and trends. It is critical that you and your advisers understand the market so you can make informed decisions.

4. Determine What You Can Afford
When looking for pharmacies to buy, first and foremost, consider your affordability. Assess your available capital, current lending rates and speak to your local pharmacy banking specialist or finance broker to help you assess your affordability.

5. Get Your Finance Ready
Once you’ve assessed your affordability, start to get your finance ready. This not only shows your readiness to the business brokers and vendors you are dealing with but also helps the deal progress much quicker from offer acceptance through to settlement.

6. Find a Business
Once you have completed all of this preparation, it’s time to find that dream pharmacy! Speak to all of the pharmacy business brokers about available opportunities and advise them of what you are looking for. Also refer to other resources such as www.Practice4Sale.com.au.

If you have any questions about the process of buying a pharmacy or the pharmacy market in general, contact me on 1300 ATTAIN (288 246). I wish you the best of luck and look forward to working with you to find a pharmacy that suits!

If you would like to learn more, the Medici Capital & Attain Pharmacy Ownership Ready Conference is being held in Melbourne in May and is a must attend event for any prospective pharmacy owner. The conference will include a range of sessions on how to buy a good pharmacy at a great price, understanding financial statements, valuation principles, legal factors, partnerships and much much more! 

Further information under the 'Events' tab - here