| (Such pharmacies are potentially unsaleable unless they can obtain consent for a relocation or a competitor is prepared to buy the business and close it down. Here again the vendor's agent will be pleased to advise you on the procedures. |
As a rule of thumb, clearing banks will probably lend in the region of 80 per cent of the true value of a business and possibly also the value of the stock, provided you have security. 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. |
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. |
As a rule of thumb, clearing banks will probably lend in the region of 80 per cent of the true value of a business and possibly also the value of the stock, provided you have security. |
| 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. |
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. |
It could be possible to stay open while the doctor's surgery remains open or to stay open at lunch time. |
These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . The trend we found particularly interesting is that after a small drop in the number of pharmacies being sold over the whole period, compared with previous years, the number of sales currently in solicitors' hands and due to complete in the second quarter of 2003 is the highest of the last six quarters. |
| 600,000 available to first- and second-time buyers. ESPs have not been popular with purchasers, but they should definitely be considered by first-time buyers on the grounds that they tend to be cheap to buy, offer a secure, if not enormous, NHS income, are capable of providing a good overall income and are frequently situated in pleasant surroundings. |
The trend we found particularly interesting is that after a small drop in the number of pharmacies being sold over the whole period, compared with previous years, the number of sales currently in solicitors' hands and due to complete in the second quarter of 2003 is the highest of the last six quarters. |
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. |
There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. Well before the stocktake date, take a detailed look at all of the stock in the shop and bring to the attention of the vendor areas where you are concerned, for example, overstocking of products you would not expect to sell quickly. |
| Although the first three months of 2003 have probably been the most uncertain I have known in my 35 years at Orridge, it is interesting to look at the statistics for that period and compare them with 2002 and prior years, remembering that in 2002 we were all aware of the impending OFT report. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. By reorganising or refitting the premises it might be possible to attract more OTC sales. |
The best definition of the true value of any business is what it will fetch on the open market, but in the context of obtaining finance it means the value according to an accepted formula within the pharmacy profession. |
If you are unfamiliar with employment legislation, you will be well advised to consult a specialist employment lawyer. In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
| They must also have a low level of dispensing. If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. |
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. 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. |
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.
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Changing circumstances and the effect of the Office of Fair Trading report One of the biggest potential problems you could face is changing circumstances that would affect future trading. |
| Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
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. A prospective purchaser should consider whether the shop could benefit from longer opening hours. |
Your solicitor should warn you about all of these potential problems but, in practice, you may need to prompt him or her. 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. |
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. This will ensure you get relevant advice and will probably save you money on legal fees. |
| Profit margins To understand the different profit margins you will encounter during your search, it is essential to consider the turnover split. |
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. Well before the stocktake date, take a detailed look at all of the stock in the shop and bring to the attention of the vendor areas where you are concerned, for example, overstocking of products you would not expect to sell quickly. |
As a rule of thumb, clearing banks will probably lend in the region of 80 per cent of the true value of a business and possibly also the value of the stock, provided you have security.500,000 to be acquired by a first-time buyer. |
Our website ( www. 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. |
| Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
Pick ones that cover the geographical area in which you are interested (some operate nationally) and telephone them for a chat. |
Similarly, you need to check whether another agent has a client who has insisted on offering his business at an inflated price. |
pharmacysales. Different agents and finance houses have different ways of arriving at this figure, which is linked to the return on investment, but they invariably end up close to each other's valuations. |
| In recent years, larger businesses have become available to first-time buyers due to the support offered by wholesalers. 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. |
pharmacysales. These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . |
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. |
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. 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. |