Now that you have a clearly defined goal, and you are sure that it is Time to Sell, Your Pharmacy, are you prepared to sell?
What can I do to improve my pharmacy’s marketability?1. Curb Appeal,a. Just like in real estate, “if I was looking to buy a pharmacy, would I buy this pharmacy. b. Pictures will often be used to profile your pharmacy, and pictures hide a lot. However the worst thing is to have someone see great pictures and be enthused, then see the pharmacy and it is disheveled, unorganized and cluttered. That is a sure way of negotiating your price down and getting less than you deserve. c. Does your pharmacy look clean and is your equipment in good working order. 2. You can’t sell what you can’t show. Financials, can you easily produce your financial reports? b. Are they in good order?c. Are your price updates currentd. Are your invoices from vendors organized and retrievable
3. Inventorya. When was the last time you did and inventoryb. Is your inventory clean or filled with outdated or unsalable merchandise.
4. Leasea. Is you lease transferableb. Is your lease attractive to a buyer or will a buyer have to worry about moving in a few yearsc. Can you negotiate extensions
Last notes, it is always better to sell a pharmacy when it is on the upswing rather then losing business. Make sure that once you consider that “It is Time to Sell” your pharmacy that is when you should continue your growth plans, and increase your marketing. Wouldn’t you want to buy a pharmacy that showed future promise?
By: Dean A. Pedalino R.Ph. Hcc Pharmacy Business Solutions
Be Sure Not to Miss Our Next article:“ Build or Buy” The good, the bad and how to determine what is right for you.