THIS week's contributor is Jack Brown, Partner and NSW Sales Manager at Australian Pharmacy Group - Getting the Right People in Your Corner: Buying a pharmacy will be one of the biggest financial decisions you make this year, and possibly in your life. So, it's wise to surround yourself with a team of advisors that are industry specialists.
This seems like an obvious statement, however, all too often we're involved in transactions where the purchaser's third party advisors are not pharmacy specialists and consequently do not have the necessary expertise to properly advise their client.
There are three main advisors that are particularly important to a pharmacy transaction:
Accountant
Using a specialist pharmacy accountant to review the financials will assist in identifying future growth opportunities as well as areas of potential concern. It's important that your accountant understands current pharmacy trends and can apply accurate benchmarks to KPI's.
Solicitor
Pharmacy sale contracts are unique. There are numerous speciality clauses that are required and several pharmacy applications must be submitted as part of the ownership transfer. Incorrectly prepared contracts and/or applications regularly cause significant delays.
Finance broker
Dealing with the banks has becoming increasingly challenging in recent years. Using a speciality pharmacy finance broker enables you to achieve the best possible loan terms for your situation.
The above article was sent to subscribers in Pharmacy Daily's issue from 06 Jan 20
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