It’s hard to know where to turn to when looking to purchase a pharmacy, but Natalie Sirianni has some tips to help aid the search
Buying a pharmacy can be an exciting time, but more often than not it can take a long time, which requires patience and persistence from the buyer. The reason that it can take a long time usually relates to the time taken to find the ‘right’ business to buy.
Unlike property sales where the owner of the property is wanting to get as much exposure as possible to sell their house or building, pharmacy owners are generally reluctant for people to know their pharmacy is for sale due to confidentiality.
Where property sellers often pay tens of thousands of dollars to get maximum exposure, business brokers (for all types of businesses, not just pharmacy) are instructed to ensure that the confidentiality is upheld and only genuine buyers find out about their sale.
The reason behind this is very important as business owners do not want their employees, competitors and sometimes colleagues to know of the sale, which is very important for business continuity.
As such, it can often be difficult to find the right business!
Here are my top 5 resources for where to find a business to buy:
- Pharmacy Business Brokers
We are very lucky that in pharmacy that we have brokers that specialise in pharmacy business sales. As a buyer, you should contact all of the pharmacy business brokers that work in your state and register your interest in buying a pharmacy. That way, they can keep you posted of new pharmacy listings as they come through. And remember, the more information that you are able to give the brokers about the type of business you are looking for and your readiness to purchase, the better it will be for you.
- Your Employer
It is likely as a buyer that you are currently working at a (or a few) pharmacies. If appropriate for your circumstances and relationship with your current employer, it may be beneficial to let them know that you would like to buy a pharmacy in the future. This may open the door to a partnership with your current owner, or they may keep you informed of other pharmacies that that hear of that are for sale. We see this a great source for a number of young buyers.
- Your Accountant
This works particularly well if you have an accountant who specialises in pharmacy. Often accountants will hear of pharmacies for sale and if they know that you’re looking, they can keep you posted of opportunities as they arise. They can also help you get prepared for process of buying and give tips from an accounting point of view.
- Your Colleagues
As a pharmacist you are very lucky to be part of an industry that is very supportive and fosters some great mentorships. If you are looking to buy, get the word out among your colleagues and friends in the pharmacy world. They are then likely to keep you posted of new opportunities as they arise.
This is essentially like the ‘realestate.com.au’ of the pharmacy business sales market. A number of pharmacy business brokers from throughout Australia list businesses on the website. This is a great first point of call for anyone looking to buy a pharmacy.
As mentioned earlier, finding that ‘right’ pharmacy can take some time. But the more proactive you are about the process, the quicker it is likely to be!
Natalie Sirianni, Medici Capital
If you have any questions about the process of buying a pharmacy or the pharmacy market in general, contact me on 1300 ATTAIN (288 246). I wish you the best of luck on your journey to pharmacy ownership and look forward to working with you to find a pharmacy that suits!