Which Pharmacy Broker to choose

Finding the right pharmacy brokerpharmacy-brokers

Finding the right pharmacy broker is essential as they are your guiding light through the sometimes tricky process of buying or selling a pharmacy. As mentioned in previous articles, your agent is an invaluable source of help and advice at every stage, and will always act in your best interests; their interests are the same as yours – to get the best price possible, whether buying or selling, and to make the handover as quick and easy as possible.A good agent will have up to date knowledge of the market, of current valuations and of the sites they represent.

 

What type of pharmacy is for sale?

Some pharmacy brokers have more experience in dealing with multiple chains than with independents, while some have more experience in the independent end of the market. Others work across the whole spectrum. It is worth finding out from other pharmacists who they have used in the past. This can be done easily via online forums and you will often get more replies and information than you know what to do with, so be as specific as possible about your circumstances when looking for advice on line.

There are a few well-established national brokers who specialise in pharmacy sales, and they might be the right agent for you. However, if you are looking to buy or sell a small rural pharmacy it may be better to deal with a more local agent, or at least an established national company that has local branches. These types of brokers will be useful if you are looking at a move around the country, as they can often sell your pharmacy in one area and find you another in a different area, all done with local knowledge and through the same company.

 

What do I need specialised help with?

Some brokers offer extra services alongside the sales/purchasing agency. If you are looking for help with the legal side of things, or need someone who is an expert with employment law then you may find that a larger broker has these skills in-house. Other brokers may have a team of valuers at their disposal, which could save you finding an independent valuer for the business.

Again, consulting with your fellow pharmacists online will help you to choose the right broker, but be sure that the advice you get is aimed at someone in your circumstances. It is OK to ask for clarification about a recommendation, or to ensure that the reason someone has recommended a certain broker is because they are particularly suited to your needs.

 

How can I find the right broker for me?

Once you have identified the type of broker you need, compile a list of the ones you would like to work with and call each one. This first phone call will give you an idea of the level of service you can expect from the company. If you can speak directly to an agent this is a great opportunity to ask questions and see whether you are satisfied with the answers they give. If you cannot call the agents then email instead. A prompt reply indicates a high level of customer service, which is what you are looking for, at least initially.

If you are able to arrange a short visit with each company you are considering then this is a good way to determine how you will get along professionally. As your agent will be with you every step of the way it is essential that you have a good working relationship and that you have compatible working styles.

Ultimately, the decision about exactly which broker to use must be a personal one, but by using the suggestions and tips above you can be confident that your choice is the best, and most well-informed it could possibly be.