5 Questions to Ask When Buying a Pharmacy

If you're a pharmacist who's interested in purchasing a pharmacy of your own, it can seem like a simple undertaking. However, being a business owner in addition to handling all the pharmacist duties can present challenges; to succeed, you'll have to ask this series of questions before buying a place.

What Kind of Qualifications Do You Have?

In addition to your education credentials, you've got to draw on other skillsets to run an entire pharmacy. Do you have any business training or marketing training, for example? Have you worked in a retail job for a period of time? Being honest about your current ability to manage such a business and admitting your shortcomings will help you hire managers and professionals with strengths in areas where you are weak.

What Kind of Pharmacy Do You Want?

The options for purchase include large corporations with franchises and independent pharmacies. You might want the support that a large corporation offers, but you might not have as much freedom as you would in an independent location. You might want to explore both choices to see which suits you best.

Is There a Lease on the Building?

While you might purchase a pharmacy business, don't assume that the building is included in the sale. The current pharmacy owner might have a lease on the building that you will take over, while another seller might own the building outright. While either of these setups can be acceptable, a sale involving a leased building can be more complicated because it will also involve the building owner.

What Extras are Included?

Once you've decided on a particular type of pharmacy and are looking at individual properties, get some idea of what equipment and extras are included. For example, there might be health-related equipment on site such as blood pressure monitors for all customers to use; you've got to know whether you'll inherit that in the sale or have to arrange for your own pieces.

Are There Employee Contracts?

Any existing pharmacy will have employees already. You might ask to learn a bit about those working there, in particular whether any of them have contracts that must be honored. If so, you'll need to personally examine those contracts to see if the terms make sense for the kind of business you'd like to run.

With these questions, you're better prepared for pharmacy ownership. For more help, you can work with pharmacy brokers through companies like Schectman Pharmacy Brokers who can help you find pharmacies and walk you through the entire sale.