WHY USE A PHARMACY CONSULTANT?
Pharmacy consultants/brokers, as well as pharmacy merger and acquisition specialists, bring the buyers and sellers of pharmacies together. Pharmacy owners do not have the time or knowledge to recognize and understand the complexities of selling their business.
If you’re selling, you should understand that the consultant/broker is looking for information to help you come up with a fair price for your pharmacy and to understand what your expectations are. As a seller, a consultant can help streamline everything from pricing your pharmacy to marketing to the right buyer or seeking another synergistic pharmacy owner.
The Sales Process
During the process, the Seller’s job is to do what s/he does best, which is to run daily operations to continue to maximize profits. A consultant’s job is to skillfully market your pharmacy, locate, screen and educate the buyer, negotiate the sale – and to promote confidence during a stressful ownership transition. To reduce some of the uncertainty of the selling process, a good consultant/broker will do all the required groundwork to organize the financial profile of the business with the reports given to them by the seller.
Fair market value
If you’re selling or buying you want a broker who has a strong knowledge of current market conditions and competent valuation of your business. The broker can best give you an idea of what the market is currently paying for comparable business and where needed arrange for a formal business appraisal. A broker should be able to explain the different methodologies as to how businesses are valued in the current marketplace.
Selling your pharmacy is, many times, more emotionally charged than selling a home. Knowing this, you will benefit greatly from a go-between who can handle all aspects of the transaction while keeping each party cool. A consultant can speak more candidly to each party involved in the transaction than you could manage on your own.
Strict confidentiality, as well as establishing the right price, is crucial to the success of any transaction –
As a good consultant, must be discrete about the sale of your pharmacy. Employees may get nervous if they learn that their place of work is for sale. Suppliers and creditors may also want to stop doing business with you if word gets out that you are selling. What would your completion say?
StillwellRx requires the buyer to execute several documents, such as:
- Non-Disclosure statement – outlining his/her responsibilities in having access to any confidential information
- Buyer Profile, stating background, experience and how it may relate to this situation
- Personal Financial statement, stating up front if buyer is capable of not only producing the required cash or down payment but also his/her ability to produce efficient working capital to sustain current operations.
Marketing Your Pharmacy
Our data base of qualified buyers is vast with many connections to Private Equity firms as well. We are also well established in the marketplace and often receive referrals from other professionals such as: lawyers, CPA’S, lenders, other consultants.
Financing & Professional Advisors
An experienced consultant will know how best to structure each transaction and also the most efficient way to acquire any necessary financing. With our experience and connections through the years StillwellRx can recommend a great team of professionals ready and willing to assist in the due diligence and legal process to eliminate any potential risks to you.