The significance of this figure is that while you may put a premium value on working in a Cornish fishing village, the banks will probably not and will consequently lend a percentage of the true value, not your perceived value. Similarly, you need to check whether another agent has a client who has insisted on offering his business at an inflated price.
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Security can take the form of mortgageable assets, including any freehold property you acquire with the business, but nowadays about 90 per cent of first-time buyers use a wholesaler to act as guarantor under one of their loan guarantee schemes (see p581 ). |
In order to complete as swiftly as possible after your offer is accepted, you will need to have chosen a solicitor to act on your behalf. Choose carefully, ensuring that you find one with experience of commercial transactions and preferably conversant with the sale and purchase of pharmacies. |
In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
| 500,000 to be acquired by a first-time buyer. |
300,000 sell, although at Orridge we do occasionally manage to find a buyer. |
There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. |
One hundred businesses is a small sample but, taken as a percentage of all trading pharmacies, it is nevertheless a significant percentage of those that changed hands during the period. |
| These schemes are offered by the major wholesalers, but do not forget to talk to the local independent wholesalers as well because they may be just as keen to do business with you.700,000 and, the larger the turnover, the greater the competition and the more likely for a premium price to be achieved. |
Assuming you have chosen your geographical area, you will need to consider the various types of business on offer. |
Indeed, if there is any shortage of activity, it is becoming apparent that it is due to the shortage of new businesses coming on the market and not, as might be expected, due to the lack of buyers wishing to commit to acquisitions. |
300,000 sell, although at Orridge we do occasionally manage to find a buyer. The relationship between dispensing and over-the-counter turnover is an important one to understand because it not only determines the profit margins that the business will make but, particularly with small businesses, has a bearing on its future security. |
| Except in special circumstances, for example, where a pharmacy is an essential small pharmacy (see below), few pharmacies with a turnover below . |
For example, you may be tempted to buy one of the pharmacies offered for sale privately, but unless you seek independent advice you will not know whether it is correctly valued. Offer and legal process Your solicitor will perform the local searches after your offer is accepted but, before you make the offer, ask the vendor if there is anything that might affect the future trading of the business, such as relocation of another pharmacy, a new or moving health centre or doctor's surgery. |
There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive. |
The relationship between dispensing and over-the-counter turnover is an important one to understand because it not only determines the profit margins that the business will make but, particularly with small businesses, has a bearing on its future security. From a total of 100 sales effected by Orridge Business Sales Ltd in 2002 and, so far in 2003, prices seem to be holding up remarkably well. |
| On dispensing you can expect to make a gross margin of between 18 per cent and 22 per cent, whereas OTC sales will give you in the region of 30 per cent to 35 per cent, so a good mix will provide a sensible margin and the security of NHS dispensing. |
True value The true value of a business was referred to above. There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive. |
Choose carefully, ensuring that you find one with experience of commercial transactions and preferably conversant with the sale and purchase of pharmacies. |
600,000 available to first- and second-time buyers. If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. |
Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. Finally, make sure you are present during the stocktake so that you can agree with the vendor how to treat any problem stock that the stocktakers identify.
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A quick look at the classified advertisement section of The Pharmaceutical Journal will identify a selection of agents of all sizes and in various locations. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
300,000 sell, although at Orridge we do occasionally manage to find a buyer. |
| (Such pharmacies are potentially unsaleable unless they can obtain consent for a relocation or a competitor is prepared to buy the business and close it down. Although the first three months of 2003 have probably been the most uncertain I have known in my 35 years at Orridge, it is interesting to look at the statistics for that period and compare them with 2002 and prior years, remembering that in 2002 we were all aware of the impending OFT report. |
Also in this group will fall pharmacies adjacent to or within a health centre. Well before the stocktake date, take a detailed look at all of the stock in the shop and bring to the attention of the vendor areas where you are concerned, for example, overstocking of products you would not expect to sell quickly. |
Your agent should be pleased to explain the basic principles of pharmacy valuation. |
If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. Apart from the usual chores of notifying the utility companies and dealing with VAT registration, you must give proper notice to the Royal Pharmaceutical Society and the local health authority. |