Licenses and contracts when selling a pharmacy.
Congratulations you found a buyer, they have financing and have agreed on a price. That part is hard but now you have to begin paperwork. In an asset sale you will need to transfer your licenses and 3rd party contracts so the new owner can take over.
This is easier said than done. First the laws and regulations vary from federal to state and from state to state. In addition itâ€™s probably been years since you actually looked at all the contracts and licenses you have. There is probably a company like Relay Health, Humana, state Medicaid, business licenses, board licenses and on and on.
So how do you handle this? To do it correctly we suggest calling each company, the board, etc and have them take you through the process and direct you to the correct forms (this also notifies them of the pending sale, which in some states is required). Once you have the forms take your time, one mistake can delay the process for weeks. Once submitted follow up regularly to make sure the process is moving along. Lastly if you are trying to speed the process up you may want to consider a power of attorney to allow the buyer to bill with your contracts/licenses while this process is completed.
That is all there really is to it but youâ€™re dealing with so many forms and companies donâ€™t feel overwhelmed because it is complicated.