Top 5 tips for pharmacy purchasers
If you want to put yourself in the strongest possible position to buy a pharmacy, follow our top 5 tips for purchasers:
- Organise your funding – If you require finance to purchase a pharmacy, contact banks or other lenders at an early stage of the process. You will be expected to provide an indication of financial support alongside any offer you wish to submit. If you are funding a purchase with cash or will be using a cash deposit, ensure proof of these funds can be made available to give the seller the comfort they require purchaser.
- Understand your requirements – Be very clear and realistic about the type and location of the business you want to buy. We often find buyers stating they will consider pharmacies anywhere in the country but when pushed actually want a business close to home.
- Keep in touch with pharmacy sales agents. Pharmacies are not always advertised on agents’ websites so make contact on a regular basis to remind them you are still seriously looking. They may have a business that is being marketed discreetly that matches your requirements.
- Get on the ladder! It is difficult to secure your perfect business especially if you are a ‘first time buyer’ so consider being more flexible with your requirements. This may mean being prepared to move house to a less competitive part of the country. You will then be in a much better position to buy your second pharmacy once you have secured your first purchase.
- Keep your information up to date. If your requirements have changed then make sure the sales agents are aware of this otherwise you might miss out. Also make sure the information you provide is as comprehensive as possible. Buyers who provide incomplete information are likely to be overlooked.