So, you’ve decided to sell your pharmacy business. After all the hard work and the long hours, it is time to capitalize on what you have built. It is an exciting time and will no doubt be a landmark moment for you, but it is important to avoid some common mistakes, otherwise, you could be leaving money on the table.
Not Setting Your Goals
The first thing you need to do is set your goals. What do you want to achieve through the sale of your business? Do you simply want the maximum amount of money you can get in order to retire? Do you want to ensure that the business continues along its current path with a buyer that has similar values to you? Are you looking to ensure that the current corporate culture is maintained? Before you even start the official process of selling, make sure that you know what you want to achieve, otherwise, you are moving along a path with no destination in mind.
Not Knowing Your Worth
It seems a simple thing, but before you sell your business, you need to know what it is worth. You need to consider recent financial statements, the state of the market, and what comparable businesses have been sold for. A full, professional business valuation can help you here – you’ll need a business valuation expert who has undertaken pharmacy valuations before and knows the intricacies of the business and the broader marketplace.
Not Finding the Right Buyer
Selling your pharmacy is not as simple as listing the business and hoping to attract some attention. You need to astutely pre-qualify the buyers to make sure that they can give you the financial package you want, and help the business to grow after you step down. Pre-qualification may seem like a quick way to rule out interested buyers, but it actually helps you to achieve your goals and tends to lead to a much smoother, quicker transaction.
Not Maintaining Operations
A common mistake in any business sale is to neglect the running of the operations while you focus too much on the sale. This can rapidly devalue your business, particularly if the sale takes a long time to finalize. Make sure to keep your operations running smoothly, as if you were not selling, and then focus on sale activity when you can.
Not Using An Experienced Professional
All of the above-mentioned common mistakes, as well as a great many others, can be avoided with one simple act: using professional mergers and acquisition consulting experts. The experts at Pinnacle Pharmacy Group are dedicated specifically to the pharmacy and digital health sectors – so we know the relevant regulations, the intricacies of the marketplace, and can provide you with the deep level of advice and assistance that you need.
