| Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. 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. |
Those in suburbia are usually less attractive to multiples because of their secondary positions and, therefore, offer good value opportunities to independents. |
| A pharmacy which qualifies for an ESP allowance will receive an additional payment over and above its other NHS remuneration and will, therefore, achieve a considerably higher gross margin on dispensing turnover. 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. |
If you are unfamiliar with employment legislation, you will be well advised to consult a specialist employment lawyer.
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| Since you are unlikely to have a track record with suppliers, you will have to rely on a bank reference and possibly character references, so strike up a good relationship with your bank as soon you can. |
Your agent should be pleased to explain the basic principles of pharmacy valuation. 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. |
| 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. |
Since you are unlikely to have a track record with suppliers, you will have to rely on a bank reference and possibly character references, so strike up a good relationship with your bank as soon you can. The main reason for these changes appears to be because true profits have increased over the period. |
| 700,000 and, the larger the turnover, the greater the competition and the more likely for a premium price to be achieved. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. As the Office of Fair Trading has made us all too aware, nothing is guaranteed for ever. |
| Business plan No matter from whom you will be borrowing, a proper presentation of your business plan will make your task much easier. |
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. Here again the vendor's agent will be pleased to advise you on the procedures. |
| Similarly, you need to check whether another agent has a client who has insisted on offering his business at an inflated price. By reorganising or refitting the premises it might be possible to attract more OTC sales. |
In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement.
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| In recent years, larger businesses have become available to first-time buyers due to the support offered by wholesalers.300,000 and . |
Do not underestimate the potential liabilities you will inherit. |
| 600,000 available to first- and second-time buyers. In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. Changing circumstances and the effect of the Office of Fair Trading report One of the biggest potential problems you could face is changing circumstances that would affect future trading. |