Why should owners use a broker when selling their pharmacy?
Many so-called brokers and consultants are not legally licensed to sell a pharmacy. This can result in a deal not closing or possible legal ramifications, which could be disastrous for your pharmacy business. With Pharmacy Consulting Broker Services, you will be working directly with Dan Lannon, who is our President and CEO and is a fully licensed and insured business broker, registered pharmacist and pharmacy industry specialist, legally licensed to sell a business. Dan has experience selling retail, compounding, specialty and long-term care pharmacies to all buyer types. Dan has brokered pharmacy deals nationwide and has personally sold and closed on over 200 pharmacies in 42 states and counting. His combination of knowledge and experience is unmatched in the pharmacy mergers and acquisitions industry.
My Duty is to You
One of the most common questions I get is “why do I need a broker when selling my store?” My fiduciary duty is to you. I’m a licensed and insured broker and I only represent one, either buyer or seller. If I’m representing the seller, it’s only the seller. I’m not an intermediary, I work just for you.
Working with Wholesalers to Sell Your Pharmacy
Wholesalers will offer to sell your store. They say they have “all these buyers,” but their interest is their own. They’re not going to bring in a buyer that doesn’t buy from them. If that buyer happens to be from another wholesaler who would pay more, why wouldn’t you want your business presented to that buyer? A specific example is when I sold a store where a wholesaler did an evaluation and got them a “top price” from one of their clients. The seller wasn’t sure about it. I ended up running it through my process and getting the seller $300,000 more than the “top price” offered through their wholesaler’s buyer.
Selling a Pharmacy to a Chain
As far as chains, people say, “well, I’m already talking to a chain, I don’t really need a broker.” I’ve jumped into the process with chains, bringing in multiple other chains and other independents. I increased their price over $500,000.
Selling a Pharmacy on Your Own
Regarding selling your pharmacy on your own, some people like to do that. They have a manager or an employee that wants to buy it and figure, “why do I need a broker?” One instance that comes to mind is a pharmacy owner had a manager and they had agreed on a price and then he called me because he wasn’t sure it was a fair market price, or the highest price he could get. By running my process and me bringing his buyer through my process, we ended up raising the price by $400,000. He still bought it, but by bringing other buyers, it raised the price and he paid market rate. If you wouldn’t sell your $300,000 house without a realtor, why would you sell a $2 million business without a qualified business broker?
What Sets Me Apart from Other Brokers
Not all brokers are the same. I’m a licensed and insured business broker. I’m also a registered pharmacist and former store owner. I have been in your shoes. We use current and best practices in the brokerage industry. We’re linked to multiple websites and over 100 business journals with nationwide marketing and a very confidential process.
Give me a call and we can discuss how we can best suit your needs for selling your pharmacy.
