What makes a pharmacist want to buy his or her own pharmacy? In a word, freedom. You want to practice on your own terms, and you want to do more for the health of your patients.
If you think you are not in the position to start your own pharmacy, you are not alone! We will go through a checklist to get you prepared for your next endeavor. If you follow these tips, you put yourself in the best possible position to run your pharmacy your way, the way that will bring the best outcomes for your patients.
The first step is always the hardest. Let's look at the best way to approach buying a pharmacy the right way.
1. Have a systematic way to know which pharmacies are for sale. It is almost the opposite of buying a house. Pharmacy owners aren't putting for-sale signs in their windows or on the street in front of their store. Owners don't want their patients to know, because they might transfer out prematurely. Owners also don't want their employees to know, because they might leave. Here are some suggestions on how to get started.
Work with a third-party vendor that maintains a proprietary database of pharmacies.
Check the pharmacy sales listings on a national and state pharmacy association websites.
Hire a pharmacy broker who specializes in pharmacy transactions.
Network with your peers and let them know you're in the market.
2. Assemble a team of trusted advisors. Some suggested ones are...
A consultant who is experienced in buying and selling independent pharm