For pharmacists, often their first entry point into business ownership is buying into a partnership. For most it’s the pharmacy they are currently working for. It’s the start of a very exciting phase of a pharmacist’s career, being a business owner. Like most other professionals it’s the logical next step in a career after you have reached the ranks of manager. It also comes along at a time in which you have had very little knowledge or education about business matters.
It is vital at this stage you start getting together your A team. This being your lawyer, your accountant and your bank manager/finance broker, who are going to help you through this process, and who are all pharmacy specialists. They are there to guide you, hold your hand and take you through the process of buying into a pharmacy business.
There are many things a first time buyer needs to know about before they head down this path. Our team at Peak deals extensively with first time pharmacy buyers and there are often lots of questions and some degree of uncertainty from first time buyers. To get you started I have listed below the top 6 issues you need to know about before buying into a pharmacy business. These are the most common discussion points we have with first time buyers.
Of course, there are many others. I have written several blogs on this topic so please join our Peak Pharmacy Hub below where you can access these blogs. Also check out our podcast Speaking Pharmacy. We have a few episodes that you may find relevant.