What do you need to consider when buying an independent pharmacy?
Whether buying your first business or tenth, acquiring an independent pharmacy presents unique challenges. Similar to any retail business, you’ll be performing your due diligence evaluating:
- Location: What’s the neighborhood like demographically? What kind of walk-by or drive-in traffic might you expect? What type of competition are you up against?
- Property: Is the building owned or leased? What repairs or renovations will be needed? Can it support the business needs you envision?
- Inventory: What OTC, DME, beauty, giftware, or other categories of inventory are currently sold? What is included as part of the sale?
- Staff: What are the current staffing levels and related costs? Who are the current team members? What are their skills? Who is essential?
- Financial viability: Is the business worth the price?
But when you buy an independent pharmacy, there are more dimensions to understand about each of these elements. They involve additional evaluation, regulation, legal, and financial guidance to determine what may or may not be a good buy for you. Below is a guide to some things to consider as you make your plans. Read More >>