| Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. |
net ) has, on average, details of about 100 pharmacies currently on the market, for example. They must also have a low level of dispensing. |
| 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. 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 ). |
A prospective purchaser should consider whether the shop could benefit from longer opening hours. |
| When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. The main reason for these changes appears to be because true profits have increased over the period. |
600,000 available to first- and second-time buyers. There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service.
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| They must also have a low level of dispensing. |
You will probably be taking an assignment of a lease and will therefore need references for the landlord. 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. |
| 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. |
Business plan No matter from whom you will be borrowing, a proper presentation of your business plan will make your task much easier. These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . |
| 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. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. |
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.
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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. |
| Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. 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. |
Some vendors restrict their agent from advertising their pharmacy details, so the only way you will obtain information about these businesses is to speak to the agent. |
| Finding and financing are separate operations, but the choice of business is clearly restricted by the availability of funds, so it is important to know at an early stage how much capital is available and how much loan, or other finance, can be raised. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. 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. |
| When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
Pick ones that cover the geographical area in which you are interested (some operate nationally) and telephone them for a chat. |