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If you are considering selling a pharmacy, it is never too soon to start. As soon as you begin the process, you will be able to ensure that you get the best possible price for it. You will also be able to ensure that the brand that you built will continue to be fully committed to your customers. Then, you can be proud of what you left behind for your community.
Staying Involved
You will need to decide whether you will still be involved with your pharmacy after the transfer. You may have employees who you have grown close to and who you would like to be able to continue working for your pharmacy.
Protecting Your Legacy
You will want to make sure that the ownership transfer occurs in a manner that ensures that the new owner will succeed. The business will be associated with your legacy, so you will want it to continue to succeed. If the buyer does not have the funds to purchase your entire business, you may want help with securing financing that can be used to assist the buyer and ensure that your pharmacy ends up in the right hands.
Tax Implications
Make sure to understand the tax implications of selling a pharmacy. Get in contact with an accountant who is experienced with the sale of businesses. To solve this problem, it is necessary to reserve liquid funds that come from the sale of the business that can be used to pay for any taxes that are owed.
Vetoing Additional Stores
Consult with your attorney regarding whether you have the power to veto the purchasing of additional pharmacies until you are paid off. This can help protect you from the risk of the buyer not having the funds to pay you off if the investment in the multiple pharmacies becomes a failure.
Working With The New Owner
The best individual to sell your pharmacy to is someone who you already know and who works in your pharmacy. This individual will understand how your pharmacy has been run and will know the clients. If you intend to work for the pharmacy after it has been sold, make sure to have a contract worked out that determines the terms of your employment so that you can know if these terms are favorable. This will help you determine what you will do with yourself after you have sold your business.
Companies like Schectman Pharmacy Brokers can help you with your sale.
Share28 June 2017
