Over the past few months, I have been getting requests from pharmacists that want to sell their pharmacies. Now pharmacists sell their pharmacies for various reasons starting from travelling out of the country to family issues to loss of interest in the practice to change of profession and usually low patronage.
So, if you want to sell your pharmacy, there are certain things you need to know so as to enable you derive maximum benefit from the pharmacy.
- YOU CAN SELL YOUR PHARMACY – The mistake that most pharmacists make is to shutdown their pharmacy business when they want to leave it. You need to understand that you can sell that pharmacy that has been given you some headaches rather than just walk away from it. Because you are having headache with your pharmacy does not mean that another pharmacist does not have the paracetamol to cure the pharmacy headache.
- MAINTAIN AND UPGRADE IT WHEN YOU ARE READY TO SELL – If you want to sell your pharmacy, one of the most important things to do is to upgrade its look. A lot of pharmacists that are unable to sell their pharmacies dont understand that its because of its dilapidated look. Just like when you want to sell a car you need to give it some good body reworks to make it look more attractive to potential buyers, you need to upgrade the look of your pharmacy if you want to sell your pharmacy and attract good buyers.
- THINK WITH YOUR HEAD NOT YOUR HEART – Most pharmacists that want to sell their pharmacy place such a huge value on it that at the end of the day, no one ends up buying it. You need to know that you want to sell and dont get any sentimental feelings about what you feel the place should be worth. This is where I usually come in for most of my clients. I help them clear the emotional clouds that make them think their premises is worth so much that they wait for months with getting any serious offer.
- USE A BROKER – Its a lot easier to sell your pharmacy faster if you work with a broker who will help you market it better and help you also get a good deal from the bargain. Though you may pay him some commission but the benefit far outweighs the risk. For instance, a broker can get you very high end or retail chain pharmacy owners to bid for your place. There was a pharmacy I brokered the sales late last year and the companies that bid for the place included Healthplus, Medplus, Vatican etc. These are buyers you might not be able to get on your own. I also advise using brokers because you might end up selling to friends who not only will pay you less than a fair value but will also pay you in bits and pieces.
- WALK AWAY AFTER THE SALES – A lot of pharmacists that sell their pharmacy start to get jealous when they have sold and suddenly start to see the pharmacy they sold doing very well. Once you have sold, you have sold. If want to offer any support to the buyers do but don’t go around looking longingly at the pharmacy you sold.
- HAVE A CLEAR AGREEMENT – This is the most important part. You must be clear and state clearly to the buyer what you are selling. What I found a lot of times is that after the payment, the buyer assumes that certain items were part of what she paid for while the seller assumes that those items where not part of the deal.
- CALL ME ON 080236221671 if you want to sell your pharmacy or buy a pharmacy