What’s on the market?

A look at the five key steps you need to complete to find the right pharmacy to buy

By Natalie Sirianni, director, Attain Business Brokers

Finding a pharmacy to buy can be a long and tiresome part of the journey to pharmacy ownership.

According to the Attain Pharmacy Market Sentiment Survey from July 2020, the top two most challenging factors of buying a pharmacy (as ranked by pharmacy buyers) are:

1. Finding a pharmacy that meets my criteria; and
2. Getting access to pharmacies for sale.

So, in today’s article, I thought I would give 5 steps that can assist in your search to buy a pharmacy. While not all steps may apply or be possible for you, the more you do, the better luck you will have in finding that dream pharmacy!

1. Network, network, network
   While in times of COVID-19, when most (if not all) conferences are postponed or cancelled, this can be difficult. However, networking is one of the greatest ways to get access to pharmacy opportunities. We are lucky in pharmacy that there are (usually) so many conferences to attend. When attending conferences use them as opportunities to network with as many pharmacy owners and other industry participants as possible. Always spread the word that you are looking to buy and opportunities will come your way.
2. Go to the best sources of advice
   This website is used by a large number of pharmacy business brokers throughout Australia to list the pharmacies they have for sale and has a wide-range of businesses for sale. It is like the realestate.com.au for pharmacy businesses. Make sure you become a member (which is free to do) and you can change the settings once logged in so that you will get alerts when pharmacies are listed that are in the locations you are after.
3. Contact all the business brokers
   Make sure you contact all of the business brokers (including me!) that sell pharmacies in the state where you are looking to buy a pharmacy. That way you can get on all of their databases and get alerts for new businesses as they come to market. Ensure that you advise each broker what location, price range and any other criteria that you are looking for.
4. Speak to your pharmacy colleagues
   Pharmacy is a very close community and often you will hear of opportunities through other pharmacists. Speak to your colleagues and your current employer (if you are a first-time buyer and if it is appropriate). Let people know that you’re interested in buying a pharmacy. They can then keep you informed of any opportunities that they hear about.
5. Contact Accountants, Wholesalers & Other Advisors
   There are a number of accountants, finance brokers and other advisors that specialise in pharmacy. Reach out to the ones that you know to let them know that you are looking to buy and the criteria you are searching for. Also, speak to wholesalers and other industry participants as they also hear about opportunities. That way they can keep you informed when opportunities arise.

I wish you all the best on your journey to pharmacy ownership! While the process can be long, it generally has a great outcome at the end and leads to great success!

If you would like to learn more about buying a pharmacy, the 2020 Pharmacy Ownership Ready Conference has been moved online due to COVID-19. The online videos are a fabulous resource for all first-time pharmacy buyers and cover all of the key steps in buying a pharmacy. The videos will be released during October 2020.

For further details, and to register, go here 

Please feel free to contact me on 1300 ATTAIN (288 246) if you have any questions about the pharmacy market or would like to register your details as a pharmacy buyer.