We have sold our own pharmacies twice and have helped others with over 100 transactions. Below are 5 things we have learned that will help you as a seller prepare to sell and ultimately make more money:
- Increase Sales and Prescription Count
Buyers, whether they are chains or individuals investors, like to see an increasing script count and sales revenue. Do whatever you can to increase these numbers.
- Net Income on your Tax Return Matters
We all want to pay less taxes but all the tax moves can be hard to explain and buyers want to see profits. The higher the profit the more someone will offer. Ideally, you will want to show 3 years of consistent profitable returns.
- Make your Business Presentable
If you were going to sell your house you would stage it, paint it, declutter it. Do the same for your pharmacy, the less someone feels they have to do the more they are willing to pay. Like selling a home, make it as “move in” ready as possible.
- Update your Website
If you do not have a website, spend a couple thousand dollars to develop a professional, polished site. The first thing people do is google your business when they find out it is for sale. If you have an outdated site, it sends the wrong message as a first impression. There are a number website development services that can deliver you a nice site quickly and inexpensively.
- Gather Documents
You will need to provide a lot of documents, licenses, corporation docs, corporation minutes, insurance policies, policies and procedures manuals and more. Get organized, it will make your business more presentable and desirable plus take some of the stress off of you while you are in the middle of the sale process.