I know I know, something about being a marathon not a sprint is the oldest most over used term in business. The reality is, buying a pharmacy does takes time and if you really think hard about acquiring a pharmacy, this will be very evident.
Whether it is your first pharmacy or your tenth choosing the right acquisition could lead to more personal and financial success than you have ever imagined, but it could also bankrupt you, cause health problems due to stress and ruin relationships. Remember this is a big deal, your house probably cost you between $100,000 and $300,000. A new pharmacy will most likely cost more than $1,000,000 – like owning 4 to 10 houses.
This is a huge decision. Buying a business requires a lot of very specific elements to line up perfectly. Including the right down payment size (If you only have $100,000 in cash that is all you have and it limits your options.), right geography (How far away from your current residency are you willing to go?), right mix of business (If you have no LTC experience, a LTC pharmacy may not be right for you.), a seller that will help you transition and a pharmacy that is profitable with growth potential.
Additionally, the business is a project (i.e. the inside has to be remodeled, branding needs updated, technology needs updated) and do you have time to deal with that? Or, are there financial fixes like payroll being too high. What is the staffing situation and can you keep everyone or is everyone willing to stay on? Will a bank finance the project? How is this acquisition going to affect your family life and or current operation?
Finding the right pharmacy for your individual needs is difficult and takes time. With some planning and strategy you can find the right business for you and the best part is at the end of that long race there is a huge reward both personally and financially!
