Set Goals

Step-by-Step Guide

Set Goals

Establish a Timeline

Identify Advisors

Organize your Finances

Calculate Pharmacy Value

Prepare For Transfer

What are your goals for the future of your pharmacy?

Is keeping the pharmacy operating as an independently owned business important to you? Would selling to an individual pharmacist meet your goals? How do you feel about having your pharmacy become part of a regional chain? How do you feel about selling to a national chain?

The question of how you want to be involved with your pharmacy after the sale is also extremely important. Before you begin negotiating with a new owner, you should know if you want to work part-time to help with the transition and maintain some income and benefits, or if you want to hand over the keys and begin working on your golf game immediately.

There are important financial considerations in your ongoing involvement with the pharmacy. If you sell the pharmacy for a lump sum, there are tax implications — as opposed to gradually transferring ownership of the pharmacy. You should discuss these implications with your accountant and attorney.

Deciding on your long-term involvement with the pharmacy will influence the type of new owner you are looking for. If you want a junior partner, you will need to understand not only how to go about finding that junior partner, but also what type of ownership transfer methods there are and their tax implications. Making sure that you are working with accountants and attorneys who are familiar with these types of sales is critical. You also might want to consider working with a company that specializes in pharmacy sales.