| The agent will be able to advise you of potential sources of finance and how much you are likely to be able to borrow. In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
net ) has, on average, details of about 100 pharmacies currently on the market, for example. 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. |
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. 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. |
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. |
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. Here again the vendor's agent will be pleased to advise you on the procedures. |
| 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. |
Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
) This leaves a band of turnover between . Essential small pharmacies In order to qualify as an essential small pharmacy (ESP), a pharmacy must be at least one kilometre from the nearest pharmacy with a National Health Service contract, so they tend to be in rural locations or residential areas. |
Alternatively another look at the classified section of The Journal may be helpful. 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. |
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. A prospective purchaser should consider whether the shop could benefit from longer opening hours. |
| When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
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.
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Alternatively another look at the classified section of The Journal may be helpful. When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
Your agent should be pleased to explain the basic principles of pharmacy valuation. The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. |
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. Several types of pharmacy fall within this group with plenty of choice of urban and suburban locations. |
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. Reach an agreement over the treatment of such items and ensure that the stocktaker in charge is notified on the day.
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600,000 available to first- and second-time buyers. These are normally highly attractive to purchasers because they will dispense upwards of 5,000 prescription items per month and are often sold to those with one or two local pharmacies or, if large enough, to multiples. |
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. 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. |
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. |
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. |