Putting the right people together to achieve pharmacy business success.
Are you a pharmacy owner looking for a partner? Or are you a pharmacist searching for that next step in your career?
Becoming an owner of a pharmacy is the dream of many young pharmacists. Whilst some may go in and buy a pharmacy outright, more often than not, many don’t necessarily have the financial backing at this stage of their careers to make this level of investment. Plus, for inexperienced pharmacists it can be a risky move without a mentor. The most common entry point at this stage for pharmacists is as a junior partner.
There are many successful pharmacy owners that are looking for the next generation of pharmacists wanting to become a partner in the business. The reasons for this can quite varied.
They need help in managing the business - For some they need help in managing a growing business, to free up the owners time to grow the business in new areas.
Succession – for others they are looking to hand over the business in a gradual and structured format to a new owner. Often, they still want to retain an interest in the business but want to reduce their working hours and phase out gradually. At some stage the new owner will take over the business.
Growth Opportunities – For others, they may want to buy a second or third pharmacy and need junior partners to help them manage the existing pharmacies, and even the new pharmacy businesses.
Are you an existing owner or a junior partner? Click to learn more
What are the benefits?
Over the years we have seen many pharmacy owners struggle to find the right partner, have legal fees rise through the roof and in the end suffer the consequences of not setting up their succession correctly at the beginning. We can offer a fixed fee program which integrates the entire process:
Discovery and Opportunity Preparation: including valuations, listing preparations, review and guidance.
Talent Identification & Trial: where both involved parties will undergo professional and psychoanalytic testing to determine the right partner. This stage will also set out the future succession program details.
Partnership Agreement: Preparation of contract of sale, lease agreement, employment contract and all relevant documentation.
Settlement Process: Coordination of settlement including staff interviews, stock take and finalising any needed adjustments.
Ongoing Support: We are able to offer additional tax, bookkeeping, consulting and marketing support.
The benefit of having a third party manage the process means a professional and effective partnership transaction. This process will be documented and support will be available as the partnership progresses. This could mean a succession program which allows the partner to slowly buy complete rights to the pharmacy, allowing the original owner to retire. This program is designed to fit into the lifestyle and career you choose.
Peak Strategies have been working in the community pharmacy industry for over 20 years.