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Why Make A Plan?
An introduction to planning your sale.
No doubt you’ve heard of an independent pharmacy owner colleague who, all of a sudden, sold his or her pharmacy. Neither you nor anyone else knew the owner was looking to sell the business.
Chances are that it was a “fire sale” — the owner hadn’t done any succession planning and wasn’t prepared when something forced him to sell. He hadn’t planned on having a heart attack, he hadn’t planned on a chain moving into town, he hadn’t planned on the largest employer in town mandating mail order.
Chances also are good that he wasn’t happy about the impending sale. Even if the owner received top dollar from a chain, he was heartsick to see his life’s work being sold for the script and long-time employees facing a new boss or unemployment.
When it comes to planning for the future of your pharmacy, selling is only half of the process. The other, perhaps more important half is planning for the sale. Learn why it makes sense to plan long before you sell.