| 300,000 sell, although at Orridge we do occasionally manage to find a buyer. |
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 . |
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. Finally, make sure you are present during the stocktake so that you can agree with the vendor how to treat any problem stock that the stocktakers identify. |
| This will ensure you get relevant advice and will probably save you money on legal fees. |
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. |
Turnover Having arrived at your budget figure the next decision is what to buy. You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
| There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive. It could be possible to stay open while the doctor's surgery remains open or to stay open at lunch time. |
Your agent should know of several that have dealt with previous sales and purchases in an efficient manner and the right choice will help ensure a fast and smooth transaction. |
600,000 available to first- and second-time buyers. |
| The agent will be able to advise you of potential sources of finance and how much you are likely to be able to borrow. This will ensure you get relevant advice and will probably save you money on legal fees. |
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.pharmacysales. |
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. There are exceptions to every rule and it may be that a poorly performing business is simply not being competitive.
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| 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. Several types of pharmacy fall within this group with plenty of choice of urban and suburban locations. |
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. The main reason for these changes appears to be because true profits have increased over the period. |
Your agent should be pleased to explain the basic principles of pharmacy valuation.
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