If you’re a pharmacist, you may be dreaming of one day owning your own pharmacy. You may want to have the freedom and flexibility of owning your own business or to use it as a nest egg to fund your retirement. Whatever your goal, you may have seen pharmacies being advertised for sale for well over $1 million and thought that ownership was completely out of your reach. However, there is a way to become a pharmacy owner that doesn’t require a lottery win to do so. That is to become a partner in an existing pharmacy and gradually buy out the owner.
There are a number of advantages to this strategy. The first is that it gives you the opportunity to acquire a pharmacy that may otherwise have been out of your reach. Secondly, you have the advantage of access to the current owner’s knowledge and experience of the business.
However, there are some things you need to take into account before you take the plunge.
- Can you afford it? Do you have the finances to pay for your share? There are a number of options available for you to fund your purchase and we recommend you speak to an expert to assess what will be the best option for your situation.
- Have you done your due diligence? When you buy into a pharmacy you are also taking on the existing liabilities so make sure you know exactly what you are buying in to.
- Does the pharmacy suit your future plans? Buying into an existing pharmacy means you’re stuck with the current mix of products and services for at least a few years so ensure they suit your preferred business model.
Buying a share of an existing business can be a great way to fulfil your dream of owning a pharmacy. Provided you are aware of what you are getting in to and conduct a proper due diligence, you can be enjoying the benefits of being a business owner in no time.