Selling Your Pharmacy Business - Do You Have an Exit Strategy?

As an owner of a pharmacy or a pharmacy related business, do you have an exit strategy in place? Many pharmacy owners love what they do and passionately work everyday to help their patients and run their businesses successfully. Yet as an owner of a company we strongly urge you to plan ahead and consider developing an exit strategy for your pharmacy or enterprise.In a previous article we discussed the proper way to shut down or close your pharmacy, but why let it get to the point where that is necessary? In the latest news we see many examples of pharmacy businesses being sold and acquired by larger firms.- CVS Caremark has recently agreed to purchase Navarro Discount Pharmacy headquartered in Miami. Navarro Discount Pharmacy had grown to become the largest Hispanic owned pharmacy chain in the nation. The purchase covers all of Navarro's thirty-three drugstores, plus Navarro Health Services (a specialty pharmacy dealing with medications for complex and chronic diseases).- MedPro Rx was recently acquired by Flint's Diplomat Pharmacy to expand Diplomat's presence in the Southern USA region. MedPro Rx, based in North Carolina, is a specialty pharmacy that focuses on specialty infusion therapies (primarily hemophilia and immune globulin).A successful exit strategy takes considerable planning. The fact is that the sooner you start planning your exit strategy, the more rewarding your eventual exiting will be! Many owners realize that the planning and execution of an exit strategy is similar to the process involved in creating their original business plan. Here are just a few of the steps that may be involved and questions to consider regarding creating an exit strategy:- How do I go about getting a business valuation as to my companies' worth?- Do I need to utilize a business broker?- Should I consider creating an independent board to help analyze options?- Do I need to upgrade financial reporting systems and controls to make my business more attractive to a buyer?- Which type of exit strategy should I even consider? Examples include an IPO, a merger, a strategic acquisition, management buyouts, and direct sale to a competitor.If you are considering selling your pharmacy business in the future or just simply want to prepare and explore your options, we strongly urge you to get in touch with us today for a free consultation. We offer you the support of an experienced staff who have been through the process many times and know the business inside and out! With over 25 years experience, Healthcare Consultants Pharmacy Staffing can help you. We have helped hundreds of business owners (pharmacists and non-pharmacists) get prepared with exploring their exit strategy options. Contact us on line or call us today for a Free Consultation at 800-642-1652 to discuss how we can help you.Bob Miller7/26/2014