| These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
) This leaves a band of turnover between . |
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. 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. |
| 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. The agent will be able to advise you of potential sources of finance and how much you are likely to be able to borrow. |
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. |
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. |
| This will ensure you get relevant advice and will probably save you money on legal fees. |
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.
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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. |
| 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. |
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. 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. |
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. Do not underestimate the potential liabilities you will inherit. |
| 300,000 and . |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. 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. |
(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. When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. |
| (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.) This leaves a band of turnover between . |
600,000 available to first- and second-time buyers. It could be possible to stay open while the doctor's surgery remains open or to stay open at lunch time. |
The main reason for these changes appears to be because true profits have increased over the period. |
Those in suburbia are usually less attractive to multiples because of their secondary positions and, therefore, offer good value opportunities to independents. 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.
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As the Office of Fair Trading has made us all too aware, nothing is guaranteed for ever. |
When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. |
| These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . Your solicitor should warn you about all of these potential problems but, in practice, you may need to prompt him or her. |
Choose carefully, ensuring that you find one with experience of commercial transactions and preferably conversant with the sale and purchase of pharmacies. |
There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive. |
| 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.300,000 and . |
) This leaves a band of turnover between . |