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Buying a Pharmacy? Don’t Fumble the Football During the Transition

Buying a pharmacy is exciting, sometimes too exciting.

Most owners, both first time and multi, want to jump in and make the changes they know need done. This urge to implement change is understandable. Most businesses being sold need work as they have typically been operated by the same ownership for many years and as such may need new services, new staff, less staff, a remodel, new marketing, new software etc.

However, we would caution you in the first 3-6 months to not do anything. When you buy a pharmacy you are really purchasing goodwill the business has built up and your number one goal in the first 3-6 months should be to keep that goodwill. Big changes such as a remodel, changing or reducing staff or a new pharmacy system will cause poor customer experiences in a time when big changes are already occurring. As such make sure customers see that the business will continue servicing them well by allowing the business to operate as it has for many years. You purchased the business because it had something good so let that part shine. Once you have established that the quality will continue and have observed what changes should be prioritized, then start making those changes the business needs for its future success.



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