The pharmacy industry has been faced with a wide variety of challenges over the past few years, and as a result we are seeing a lot of change take place across the industry. Intense competition and limited supply of pharmacies means that the road to pharmacy ownership is now tougher than ever. So, the question
Your commercial lease is one of the most important business contracts you’ll ever sign. Unless you own the site, if you don’t have a lease you don’t have a pharmacy. It’s more important than a sale contract because, once you’ve paid for the pharmacy, the lease is the necessary contract which creates the value -
Given the significant sale prices being achieved for pharmacy businesses and the increasing complexity associated with being a proprietor of a retail business, where should a pharmacist start if considering to buy a pharmacy outright or in partnership with another pharmacist? Key Points Below are some key points for a buyer to consider in order
As we near the end of 2021, we look back at what has been an interesting and challenging year for some in the pharmacy industry. Pharmacy owners have been faced with a wide variety of challenges over the course of 2021 and we have seen a lot of change take place in the industry. Now
A pharmacist looking to sell or buy a pharmacy business is commonly asked to sign a heads of agreement as a pre-cursor to signing a formal contract of sale of business. A heads of agreement document is an example of a "preliminary agreement", which may also be described by many other names including a "letter
Understanding how banks think and behave - and what they look at in a business - is essential for pharmacy owners, says Sigma Financial Services. Proper financing, and an understanding of how banks think and behave, is essential to the survival of your pharmacy business. It is during the good times that you build your
For most small retail businesses, wages represent a significant outgoing. In pharmacy, they represent the largest controllable cost. Good people come at a cost but they, along with the owner, represent the goodwill of the business on a daily basis. The ability to retain good staff is a key success factor in any business. (This
The Covid-19 pandemic will have a direct and lasting impact on businesses of all sizes. While the full effects of the pandemic are yet to be seen, the uncertainty of shifting restrictions and snap lockdowns, are resulting in an incredibly challenging time for small business owners, including pharmacy owners. Over the past few months, we
It is surprising how often I come across a situation where a pharmacy business has obviously grown over time and operates from 2 adjoining premises which have been linked by the pharmacist creating a large hole in (or indeed removing) the dividing wall. For a prospective pharmacy buyer looking at buying a pharmacy business operating
Our long experience tells us that there are five fundamentals that can go wrong in a pharmacy business. One of those is motivation and remuneration of staff - but there is another aspect of the staffing equation: productivity. Any form of retail is a 'people' business, and this is more so in pharmacy where purchasers