| It could be possible to stay open while the doctor's surgery remains open or to stay open at lunch time. If there are clauses in the lease with onerous repair covenants you would be well advised to have a professional survey carried out to ensure you are not taking on any unforeseen liabilities. |
In recent years, larger businesses have become available to first-time buyers due to the support offered by wholesalers. |
Do not automatically be put off a business which appears to be under-performing. 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, larger businesses have become available to first-time buyers due to the support offered by wholesalers. Do not automatically be put off a business which appears to be under-performing. |
The number of pharmacies that agents can advertise is limited by the size of their advertisements, so browse through the websites, where you will find brief details of all of the businesses they have to sell, with the exception of those where advertising is restricted by the vendor.pharmacysales.
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| Assess your staffing requirements for when you have acquired the business, being aware that under the provisions of the Transfer of Undertakings (Protection of Employment) Regulations 1981 (TUPE), you will be taking over the existing employees, complete with all of their employment rights, including redundancy pay, sick pay, holiday pay, notice rights, etc. |
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. |
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. Essential small pharmacies In order to qualify as an essential small pharmacy (ESP), a pharmacy must be at least one kilometre from the nearest pharmacy with a National Health Service contract, so they tend to be in rural locations or residential areas. |
You will need details of the past performance of the business (which should be available from the vendor's agent), together with profit and cash flow forecasts. |
These are normally highly attractive to purchasers because they will dispense upwards of 5,000 prescription items per month and are often sold to those with one or two local pharmacies or, if large enough, to multiples. This is not compulsory but it shows good faith on your part, which could help to fend off any late offers in excess of yours. |
| If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. Stocktaking Book a reputable firm of stocktakers to act for you in the transfer stock valuation and go through their documentation thoroughly; it should explain precisely the method they will adopt. |
pharmacysales. Do not automatically be put off a business which appears to be under-performing. |
Multiples and regional groups with between two and 40 premises, rarely look at businesses with turnovers of less than . Property When you have found your preferred pharmacy there is a lot of research that needs to be done before you reach the offer stage and here you may need to consult professional advisers. |
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. When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. |
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. |
| Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. Also in this group will fall pharmacies adjacent to or within a health centre. |
The multiple of true profit has, as expected, dropped slightly in the last quarter of 2002 and the first quarter of 2003 but, conversely, price as a percentage of turnover has increased slightly. |
These are normally highly attractive to purchasers because they will dispense upwards of 5,000 prescription items per month and are often sold to those with one or two local pharmacies or, if large enough, to multiples. If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. |
pharmacysales. These are normally highly attractive to purchasers because they will dispense upwards of 5,000 prescription items per month and are often sold to those with one or two local pharmacies or, if large enough, to multiples. |
A prospective purchaser should consider whether the shop could benefit from longer opening hours. |
| 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. ESPs have not been popular with purchasers, but they should definitely be considered by first-time buyers on the grounds that they tend to be cheap to buy, offer a secure, if not enormous, NHS income, are capable of providing a good overall income and are frequently situated in pleasant surroundings. |
ESPs have not been popular with purchasers, but they should definitely be considered by first-time buyers on the grounds that they tend to be cheap to buy, offer a secure, if not enormous, NHS income, are capable of providing a good overall income and are frequently situated in pleasant surroundings. When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion.
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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 ). 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. |
Turnover Having arrived at your budget figure the next decision is what to buy. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. True value The true value of a business was referred to above. |
| Business plan No matter from whom you will be borrowing, a proper presentation of your business plan will make your task much easier. Different agents and finance houses have different ways of arriving at this figure, which is linked to the return on investment, but they invariably end up close to each other's valuations. |
You will need details of the past performance of the business (which should be available from the vendor's agent), together with profit and cash flow forecasts. When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
If there are clauses in the lease with onerous repair covenants you would be well advised to have a professional survey carried out to ensure you are not taking on any unforeseen liabilities. |
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. Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. |
| It may be possible to secure the business for less than the asking price, but if there is plenty of interest it may be necessary to offer 10 per cent or more above the advertised price. |
Turnover Having arrived at your budget figure the next decision is what to buy. When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
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. |
net ) has, on average, details of about 100 pharmacies currently on the market, for example. Here again the vendor's agent will be pleased to advise you on the procedures. |
Buying a pharmacy will be the largest and most complicated transaction in which a prospective purchaser will ever have been involved Plenty of good advice is available at all stages of the transaction — especially in connection with finding and financing the business and completing the legal formalities. If you have no experience in producing these, consider employing an accountant who has; money well spent here will give your case a much better chance of success. |