Making the decision to sell your business is never easy, and it can be especially difficult for pharmacy owners. Family-owned pharmacies are an important part of their communities. Over the years, people come to rely on their pharmacist for trusted advice. But for one reason or another, there often comes a day when the owner says, “I need to sell my pharmacy.” Unfortunately, many pharmacies are bought out by a large pharmacy chain, and the family business is all but gone.
When the times comes to see your pharmacy, you may seek the services of an American pharmacy broker to help find a buyer for your pharmacy. Here’s a brief explanation of what a pharmacy broker does and things to consider when hiring one in the United States.
I need to sell my pharmacy. What’s next?
Finding a buyer for a pharmacy may not be easy. You may already face competition from a pharmacy chain in town, or live in a remote area where business has become scarce. If you are having difficulty finding a pharmacy buyer, or you need to sell quickly, an American pharmacy broker may be able to help.
Pharmacy brokers are in the business of helping pharmacy owners sell their business. They can help you locate a buyer for your pharmacy. However, pharmacy brokers themselves are not buyers. Pharmacy brokers simply connect you with an interested party.
Pharmacy brokers charge a commission for their services. That means they take a cut of the sale of your pharmacy. Because of this, you should only retain a pharmacy broker if you are willing to share a piece of your equity with the broker. You do not need a pharmacy broker if you can sell the business on your own.
Additionally, when you hire an American pharmacy broker, you should be prepared for the possibility of a large pharmacy chain taking over your business. When you sell to a franchise, there is no guarantee the buyer will retain your practices, policies, and employees (unless that is part of your contract.)
I need to sell my pharmacy, but I don’t want it to change. What can I do?
Just because you want to sell your pharmacy does not always mean you are ready to let it go. Many owners wish to see their business continue to play its role in the community as it always has.
In this case, you have options. You can forego an American pharmacy broker and wait to sell to the right buyer. You can also sell to a purchaser like Colony Drug, which guarantees your business will retain its name, staff, and independent management.