Multiples and regional groups with between two and 40 premises, rarely look at businesses with turnovers of less than .
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In recent years, larger businesses have become available to first-time buyers due to the support offered by wholesalers. |
Reach an agreement over the treatment of such items and ensure that the stocktaker in charge is notified on the day. |
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. 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. |
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. Assuming you have chosen your geographical area, you will need to consider the various types of business on offer. |
| 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. |
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. There may be potential to obtain additional dispensing from nursing homes, or by offering a collection and delivery service. |
By reorganising or refitting the premises it might be possible to attract more OTC sales. Offer and legal process Your solicitor will perform the local searches after your offer is accepted but, before you make the offer, ask the vendor if there is anything that might affect the future trading of the business, such as relocation of another pharmacy, a new or moving health centre or doctor's surgery. |
300,000 and . Also in this group will fall pharmacies adjacent to or within a health centre. |
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. Assuming you have chosen your geographical area, you will need to consider the various types of business on offer. |
| Business plan No matter from whom you will be borrowing, a proper presentation of your business plan will make your task much easier. 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. |
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. |
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. |
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. Do not underestimate the potential liabilities you will inherit. |
300,000 and .
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| 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. |
pharmacysales. Do not automatically be put off a business which appears to be under-performing. |
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. |
600,000 available to first- and second-time buyers. The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. |
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. |
| 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. Those in suburbia are usually less attractive to multiples because of their secondary positions and, therefore, offer good value opportunities to independents. |
500,000 to be acquired by a first-time buyer. |
When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. |
Agenda for 2003 The Pharmaceutical Journal Vol 270 No 7246 p578-580 26 April 2003 This article Reprint Photocopy PDF * 130K Features Buying a pharmacy: A guide for the first-time buyer By Nick Holland-Brown, FCIS, FCMI Buying and managing their own pharmacy business is something that recently qualified pharmacists sometimes aspire to, but knowing where to start is often a problem. This will ensure you get relevant advice and will probably save you money on legal fees. |
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. |
| The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. 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. |
Do not underestimate the potential liabilities you will inherit. When both parties have agreed the terms, exchange of contracts is usually followed immediately by simultaneous completion. |
The best of these are usually close to a doctor's surgery and also have a thriving OTC trade. |
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. |
Pick ones that cover the geographical area in which you are interested (some operate nationally) and telephone them for a chat. |
| Here again the vendor's agent will be pleased to advise you on the procedures. |
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. |
If you are unfamiliar with employment legislation, you will be well advised to consult a specialist employment lawyer. Choose carefully, ensuring that you find one with experience of commercial transactions and preferably conversant with the sale and purchase of pharmacies. |
Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
Multiples and regional groups with between two and 40 premises, rarely look at businesses with turnovers of less than . |