Starting or Buying a Pharmacy?
Service
Buying A Pharmacy
Buying a pharmacy can be stressful and very nerve wracking. There is so much to learn and think about from the valuation of the business, the purchase agreement and business plans to licensing, insurance contracts and wholesale agreements not to mention you are probably going to take on a loan. Let us be your partners and help you through the journey because we have been there and know how to guide you through it.
Our Deliverables
Do you know what you should pay for a pharmacy? We will assess any pharmacy being considered for purchase and provide the true value of the investment.
Are you struggling to find a pharmacy for sale? We have hundreds of industry contacts, let us help you find the right pharmacy in the right location.
We will do an extensive analysis of the target market including demographics, competition and referral sources.
What do financiers look for when making a decision on whether to approve a loan or not? We know, let us assist you with the creation of a business plan and pro forma used to gain financing from either investors or banks.
How much is required to buy a pharmacy and how do I get the money? We work with banks familiar with the pharmacy industry who are ready to invest in you.
Have you ever negotiated the purchase of a business? Chances are you have minimal experience purchasing a pharmacy so let us help you ensure you do not leave money on the table.
Gaining the required license is complicated and difficult. We have a team that will help you know what licenses are needed, submit the applications and track everything until completion. This includes DEA, state, and 3rd party billing requirements.
Cost of goods can make or break a pharmacy. We will outline the vendors available and when possible negotiate terms on your behalf.
An owner transition can be difficult. We will provide you with a marketing plan for employees, customers and the community.
Knowing the vendors who are available is half the battle. We have a list of vendors for every need including benefits, accounting, pharmacy design, technology and more. We can then make recommendations based on your needs.
This is a comprehensive online checklist outlining everything that should be completed before and after an acquisition. Our goal is two-fold, provide direction and try to limit your risk in an acquisition.
Service
Starting A Pharmacy
Starting a pharmacy is really hard but can also be one of the most rewarding things you ever do. Every step is a learning curve from finding a location, leasing a building, obtaining financing to marketing the business for launch to obtaining your PBM contracts. We will be your partner every step of the way and treat it like we were opening the pharmacy ourselves making the journey a lot less stressful and much more fun.
Our Deliverables
Want to start a pharmacy but not sure where to begin. This is a comprehensive checklist outlining what needs to be done prior to opening your doors. This checklist includes each action item, timeframes for completion, vendors and estimated costs so you do not have to do the research. Our goal is to provide you direction and ensure nothing business critical is missed. Our objective is to prevent any delays in opening, as that can be detrimental to cash flow and the overall success of the pharmacy.
What do financiers look for when making a decision on whether to approve a loan or not? We know, let us assist you with the creation of a business plan and pro forma used to gain financing from either investors or banks.
How much is needed to start a pharmacy and how do I get the money? We work with banks familiar with the pharmacy industry who are ready to invest in you.
We will complete an extensive analysis of the target market including demographics, revenue potential and competition.
Haven’t found a location or are unsure if the location you have selected is right? Using our local market analysis, realtors and experience we will provide you with data and recommendations on the viable locations for a pharmacy.
Have you ever negotiated a commercial lease? We have, let us help you obtain a lease that has terms beneficial to you not the landlord. Doing so can lead to improved cash flow and help you succeed.
Cost of goods is critical component to success in the pharmacy industry, especially with shrinking reimbursement and increasing labor costs. We will outline the vendors available and when possible negotiate terms on your behalf.
How much inventory should I have day one? We have opened many stores for ourselves and our clients and have a recommended order that will meet your customers’ needs and keep costs in line.
Do you know what pharmacy system to use for your operation? Do you know what point-of-sale system is right for you? Do you know what security is needed? We will outline the needed technology, the vendors available and the pros and cons of each.
What should my labor to revenue ratio be? How much inventory should I keep? How much should I be spending on marketing? We provide you with metrics, so you run your business the right way.
When you start planning the opening of your pharmacy you will find you need to find a lot of companies to help. What company can design my pharmacy, who provides shelving, what wholesalers are available, what are buying groups and should I use them? Who do I use for credit card processing, what about benefits/insurance and on and on. Let us make some recommendations. We have been in the industry for 70 years and we know who does what well.
Process
Our Process
After many years and guiding over 100 clients through the process of starting or buying a pharmacy, IRx has refined the process to ensure your success. Just a few highlights are listed below but we encourage you to contact us so we can explain in greater detail and answer any questions you may have.Â
- Weekly calls with IRx consultant
- Project Board – Fully customized online project board that is fully collaborative with the IRx team which monitors your progress and provides easy visibility into what is done, not done, and is being worked on.
- Attention To Detail – The Project boards for Starting or buying a pharmacy have over 200 steps with key actions, information and resources necessary to launch your pharmacy!
Key Project Milestones
Starting a Pharmacy
- Pick a Location
- Obtain Financing
- Complete Build Out
- Obtain Licensing
- Secure Insurance Contracts
- GRAND OPENING!
Buying a Pharmacy
- Pharmacy Valuation
- Letter of Intent (LOI)
- Due Diligence
- Bank Financing
- Purchase Agreement
- Closing
- TRANSITION!
Project Plan Summary
Starting a Pharmacy
Buying a Pharmacy
