| net ) has, on average, details of about 100 pharmacies currently on the market, for example.500,000 to be acquired by a first-time buyer. |
) This leaves a band of turnover between . When you are ready, make your offer (subject to contract) through the agent acting for the vendor. |
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. As the Office of Fair Trading has made us all too aware, nothing is guaranteed for ever. |
A prospective purchaser should consider whether the shop could benefit from longer opening hours. 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. |
| You will probably be taking an assignment of a lease and will therefore need references for the landlord. 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. |
When you are ready, make your offer (subject to contract) through the agent acting for the vendor. In recent years it has become commonplace for the purchaser's solicitor to set the ball rolling by drafting the sale and purchase agreement. |
Sales agency A first-time buyer would be well advised to make contact with an established and reputable specialist pharmacy sales agency. 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. |
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. |
| The main reason for these changes appears to be because true profits have increased over the period. |
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 ). Here again the vendor's agent will be pleased to advise you on the procedures. |
Except in special circumstances, for example, where a pharmacy is an essential small pharmacy (see below), few pharmacies with a turnover below . The relationship between dispensing and over-the-counter turnover is an important one to understand because it not only determines the profit margins that the business will make but, particularly with small businesses, has a bearing on its future security. |
Several types of pharmacy fall within this group with plenty of choice of urban and suburban locations. |
| Once your offer is accepted you may be asked to lodge a returnable deposit with the vendor's solicitor, which he will hold as stakeholder acting between the parties. The main reason for these changes appears to be because true profits have increased over the period. |
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. If you are unfamiliar with employment legislation, you will be well advised to consult a specialist employment lawyer. |
In recent years, larger businesses have become available to first-time buyers due to the support offered by wholesalers. These businesses are often easier to finance than smaller ones and it is not unknown for businesses with annual turnover in excess of . |
300,000 sell, although at Orridge we do occasionally manage to find a buyer. Profit margins To understand the different profit margins you will encounter during your search, it is essential to consider the turnover split.
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| 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. 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. |
These schemes are offered by the major wholesalers, but do not forget to talk to the local independent wholesalers as well because they may be just as keen to do business with you.
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The significance of this figure is that while you may put a premium value on working in a Cornish fishing village, the banks will probably not and will consequently lend a percentage of the true value, not your perceived value. Similarly, you need to check whether another agent has a client who has insisted on offering his business at an inflated price. |
True value The true value of a business was referred to above. |
| pharmacysales. |
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. Try to ascertain how much interest in the business there is in order to help you pitch your offer at the correct level. |
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. |
700,000 and, the larger the turnover, the greater the competition and the more likely for a premium price to be achieved. Do not underestimate the potential liabilities you will inherit. |