Congratulations! You have finally decided to take the plunge into entrepreneurship and purchase your first pharmacy. You might be wondering where to start. Or how to begin?
Here is a checklist to help you be a savvy and educated buyer in this exciting industry!
Educate Yourself on the Industry
Now is the time to learn about all of the options that are available to you and the different types of pharmacy businesses that are thriving in this market.
Perhaps, you want to be full retail? Maybe Clinical? Or even compounding? Remember, this is your future business that you will be tied to. You want to pick the option that best suits you and your skillset!
Know the Law
Once you narrow down your pharmacy business niche it’s time to familiarize yourself with law and regulations specific to the pharmacy you would like purchase in your province. The more research you do by understanding the license and regulatory requirements sets you up for a successful transaction.
Securing Financing
Most new buyers that come to the market will need additional financing to purchase their pharmacy. Take the time to seek out lenders and investors before placing an offer on your pharmacy.
Consult with a Lawyer and Accountant
Lawyers and accountants are key players in purchasing your first pharmacy business. But only some have specialized in understanding taxes or papering the sale process. They have bank of knowledge that you can tap into before making any big decisions and committing to a contractual agreement.
Work with an Experienced Transaction Advisor
An experienced transaction advisor can save you time and headaches when searching for the right pharmacy that works for you. It is by reaching out for assistance that they can provide you with more listings to choose from, advise on the negotiation tactics, and tap into their connections into the industry to help close the deal.
Make Your Dream a Reality
Just by educating yourself and working with the right people will make your dream of pharmacy ownership a reality! This simple checklist is only the beginning and helps you get past the starting line on becoming a pharmacy owner. The more you empower yourself with a business mindset, the faster it will lead to you becoming your own boss.