Congrats, you have worked the past 25 years building a successful pharmacy business and now someone has purchased it. You have the money to retire. So what will this be like?
Here are 4 things to consider as you plan to sell:
- You will probably be asked to help after the sale. Whether you sell to an individual, another independent or a chain they will probably want you to work after the sale. What these buyers are buying is goodwill and the number one way to retain goodwill is keeping you the owner on board for a period of time, this may be 6 weeks or it may be a year depending on the situation.
- Patients are going to miss you – patients like coming to see you. They will say things like the pharmacy just isn’t the same as it was when you were there. Do not take this in the wrong way, it doesn’t mean they are receiving bad service it just means that they miss you as their pharmacist.
- The new owner will do things differently and that is okay. The new owner is not you – they will do things differently and have to in order to survive for the next 20 years. Think back to when you first owned the business, how many changes did you make in the first 5 years, they are doing the same. Be there advisor and help them do this.
- What are you going to do with all that time? Make sure you have a plan, for the past 25 years you have probably woke up every day, went to the pharmacy and when you didn’t physically go you were probably thinking about it.
Have a plan as this is a big change. What are you going to do with the time – golf, travel, volunteer, etc.? Schedule these now, enjoy doing as many hobbies a