| These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of .) This leaves a band of turnover between . |
Pick ones that cover the geographical area in which you are interested (some operate nationally) and telephone them for a chat. If you are in doubt, a reputable agent will value a private business for you for a modest fee and could save you several thousands of pounds and a lot of wasted time. |
| It is likely that buying a pharmacy will be the largest and most complicated transaction in which a prospective purchaser will ever have been involved, so choosing one's advisers carefully is essential. You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
By reorganising or refitting the premises it might be possible to attract more OTC sales. |
| Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. Once your offer is accepted you may be asked to lodge a returnable deposit with the vendor's solicitor, which he will hold as stakeholder acting between the parties. |
These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . |
| 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. 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. |
Assuming you have chosen your geographical area, you will need to consider the various types of business on offer. 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.
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These schemes are offered by the major wholesalers, but do not forget to talk to the local independent wholesalers as well because they may be just as keen to do business with you. You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
| 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. |
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. 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. |