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) This leaves a band of turnover between . |
Ascertain when the rent reviews take place and, if a review is imminent, try to find out, by talking to neighbouring shop owners and local estate agents, what the new rent is likely to be. 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. |
These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . |
Several types of pharmacy fall within this group with plenty of choice of urban and suburban locations. |
| 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. |
(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. 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. |
Our website ( www. Alternatively another look at the classified section of The Journal may be helpful.
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There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. Choose carefully, ensuring that you find one with experience of commercial transactions and preferably conversant with the sale and purchase of pharmacies. |
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. |
| It is important that they have a local knowledge of your particular area and that you can strike up a good working relationship with them. |
Ascertain when the rent reviews take place and, if a review is imminent, try to find out, by talking to neighbouring shop owners and local estate agents, what the new rent is likely to be. |
Assuming you have chosen your geographical area, you will need to consider the various types of business on offer.) This leaves a band of turnover between . |
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 ). There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive. |
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.
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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 ). |
When you are ready, make your offer (subject to contract) through the agent acting for the vendor. 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. |
When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. 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. |
It could be possible to stay open while the doctor's surgery remains open or to stay open at lunch time. 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. |
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. |
| There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. |
A prospective purchaser should consider whether the shop could benefit from longer opening hours. As the Office of Fair Trading has made us all too aware, nothing is guaranteed for ever. |
300,000 sell, although at Orridge we do occasionally manage to find a buyer.) This leaves a band of turnover between . |
) This leaves a band of turnover between . 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. |
300,000 and . Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
| 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. 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. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. |
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. |
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. |
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. Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. |
| Agenda for 2003 The Pharmaceutical Journal Vol 270 No 7246 p578-580 26 April 2003 This article Reprint Photocopy PDF * 130K Features Buying a pharmacy: A guide for the first-time buyer By Nick Holland-Brown, FCIS, FCMI Buying and managing their own pharmacy business is something that recently qualified pharmacists sometimes aspire to, but knowing where to start is often a problem. 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. |
Alternatively another look at the classified section of The Journal may be helpful. You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
300,000 sell, although at Orridge we do occasionally manage to find a buyer. |
This will ensure you get relevant advice and will probably save you money on legal fees. |
Pick ones that cover the geographical area in which you are interested (some operate nationally) and telephone them for a chat. |