| 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. This is not compulsory but it shows good faith on your part, which could help to fend off any late offers in excess of yours. |
From a total of 100 sales effected by Orridge Business Sales Ltd in 2002 and, so far in 2003, prices seem to be holding up remarkably well. |
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 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. Here again the vendor's agent will be pleased to advise you on the procedures.
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The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. |
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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| 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. |
If you are unfamiliar with employment legislation, you will be well advised to consult a specialist employment lawyer. |
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. |
| 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 ). |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. Your solicitor should warn you about all of these potential problems but, in practice, you may need to prompt him or her. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. |
| 700,000 and, the larger the turnover, the greater the competition and the more likely for a premium price to be achieved. |
You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
Our special feature this month looks at the practical, financial and legal aspects of buying a pharmacy business Mr Holland-Brown is Chairman of Orridge Business Sales Limited Although there is risk inherent in buying a pharmacy, it can be minimised by taking appropriate advice and doing plenty of research before making a final decision on what to buy. |