Retired X-Wing Fighter, Force User, Lawyer, and Pharmacist Darshan Kulkarni strikes back to the Gavel & Pestle Podcast Universe to share his advice for selling your pharmacy business. ---May the Force be with You!
- Consider a self audit
- Consider a data room
- Have a HIPAA agreement in place
- Have clear financial data available for viewing for at least 3-5 years
- Make sure employment agreements for all key employees are done
- Be open to owner financing
- But have clear deliverables and
- A very clear exit strategy - how do you get your money if he doesnt pay?
- Looking at appropriate valuation
- There are quick and dirty strategies
- 3x Gross sales
- Online calculators
- Ask others what they have paid for similar sales
- Consider an actual valuator
- Is there any present or threatened litigation?
- Are there any pending or expected audits?
During the Sell
- Have a clear timeline, but an ultra aggressive timeline will doom your relationship from the start
- How will the money be paid?
- How much immediately
- How much after a certain period of time (e.g. costs come through, reimbursement comes through etc)
- What kind of promises do they expect? E.g. Business continues same way
After the Sell
- How long and for how many hours do you need to work with/for them?
- Fraud can come back to be highly problematic
- Lack of Rx
So how can I help?
Direct download: 3_Tips_for_Selling_a_Pharmacy.mp3
-- posted at: 12:44pm EDT