When purchasing a pharmacy, the buyer must consider several key aspects before making the final decision on the value that the business presents to them. Understanding these aspects and incorporating them into the purchase decision is fundamental to the long term viability of the pharmacy, especially in the current business environment.
Possibly most important, is understand your own skill set – where can you add value to this business, are you deficient in any key skills that this business requires? The competitive environment in pharmacy is intense and understanding how the pharmacy is currently affected and how it will be in the future is crucial to your business decision.
The lease presents security but also a threat if the parameters are incorrect. Is there enough tenure, is the rent too high, are the increases unsustainable and importantly does the landlord understand that the pharmacy environment has changed?
In the investigation of the business you must be able to identify where you can achieve your future growth. With dispensaries under constant barrage, pharmacy services and the retail component of the business are keys to your growth. Customer numbers are vital for retail growth –shopping centres with the rent right may be the answer?
by Peter Marshall, Managing Director Pharmacy Solutions Australia