As a podcasting 1st, the Pharmacy Podcast Show was launched in 2009 and has transformed into the Pharmacy Podcast Network with over 67,000+ listeners and subscribers and is the largest network of podcasts in the U. S. Healthcare System dedicated to the pharmacy industry. Our 25+ podcast co-hosts are some of the most brilliant minds in Pharmacy with 17 different podcast channels about Independent Community, Compounding, Long-term Care, Specialty, Hospital Systems, and Small Chain Pharmacy Businesses.

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! 

Preparation

  1. Consider a self audit
  2. Consider a data room
  3. Have a HIPAA agreement in place
  4. Have clear financial data available for viewing for at least 3-5 years
  5. Make sure employment agreements for all key employees are done
  6. Be open to owner financing
    1. But have clear deliverables and
    2. A very clear exit strategy - how do you get your money if he doesnt pay?
  7. Looking at appropriate valuation
    1. There are quick and dirty strategies
      1. 3x Gross sales
    2. Online calculators
    3. Ask others what they have paid for similar sales
    4. Consider an actual valuator
  8. Is there any present or threatened litigation?
  9. Are there any pending or expected audits?

During the Sell

  1. Have a clear timeline, but an ultra aggressive timeline will doom your relationship from the start
  2. How will the money be paid?
    1. How much immediately
    2. How much after a certain period of time (e.g. costs come through, reimbursement comes through etc)
  3. What kind of promises do they expect? E.g. Business continues same way

After the Sell

  1. How long and for how many hours do you need to work with/for them?
  2. Fraud can come back to be highly problematic
    1. Kickbacks
    2. Billing
    3. Lack of Rx

So how can I help?

Darshan@conformlaw.com 

Direct download: 3_Tips_for_Selling_a_Pharmacy.mp3
Category:Pharmacy -- posted at: 12:44pm EST
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