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Most business owners
find that
selling their business is one of
the most important events in their life, both professionally and
personally. Handled properly, it can be very rewarding. Handled
poorly, it can become a perilous chore especially if employees,
customers, vendors, and competition learn the business is for sale.
Selling a pharmacy is a complicated process that involves many
difficult decisions. For most owners the pharmacy is their biggest
personal asset. It is difficult being impartial after years of work
growing the business. Some of the issues are:
How do I find a suitable and qualified buyer for my
pharmacy?
How long does it take to complete the transaction?
How do I keep the process my pharmacy confidential?
How will I document the transfer of my pharmacy to a
new owner?
How will a buyer value my drug store?
Tough questions because each one impacts a subset of issues that
require close attention.
Washburn & Associates maintains its own database of pharmacy buyers.
We rely heavily on our research capabilities to aggressively market
pharmacies and drug stores discreetly both locally and nationally.
It is important to note that each sale is handled on a personal
basis. Our approach to in-depth buyer interviews insures that we
only bring you qualified buyers.
The Process
1. A buyer, which has been pre-qualified by Washburn and Associates,
requests our services in finding an appropriate store in a
designated area to purchase.
2. We, at Washburn & Associates, use our talents to conduct an
"Acquisition Search", which will lead to matching the buyer with an
appropriate seller.
3. Initial interviews will determine if the location meets the
pharmacy buyer's criteria.
4. A price range is provided to determine if it meets the
seller's expectations.
5. An acquisition analysis, or what we call a "Detailed Analysis" is
completed. This allows Washburn & Associates to evaluate assets,
inventory, financial trends, local demographics, strengths and
weaknesses of the business, short and long range potential, etc.
6. Site surveys of the store and the local area are discretely
conducted.
7. The pharmacy buyer is provided an "Executive Summary" to allow
them an opportunity to determine if the location and aspects of the
business will complement the pharmacy buyer's goals.
8. If the pharmacy buyer decides to move forward, a "Letter of
Interest" is negotiated; this sets forth the terms and conditions of
the sale to be agreed upon, before the "Purchase & Sale Agreement"
is prepared.
9. A Purchase & Sale Agreement will be signed stating the agreed
upon terms of the sale price, employment contracts, non-compete
clauses, lease assumption, termination, etc.
10. All closing documents will have been pre-approved prior to
closing. An inventory count is taken the day of closing, at this
time the price is adjusted to reflect inventory changes and clear
all liens against the business. Remaining funds are then transferred
to the
pharmacy seller and the seller pays
Washburn & Associates.
Contact Washburn &
Associates for more information regarding
selling a pharmacy.
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