THIS week's contributor is Peter Marshall, Managing Director - Pharmacy Solutions Australia - Buying the right Pharmacy: Whether buying your first pharmacy or your fifth, your thought process should be similar - does this business suit my skill set and where can I add value? Does the pharmacy you wish to purchase give you scope to utilise your skills?
I have sold the same pharmacy within 2 years on many occasions because the purchaser either didn't understand what they were best at (or enjoyed most) about retail pharmacy, or they settled for a pharmacy because they felt some sort of external pressure to buy it.
Medical centre pharmacies do not suit all personalities, pharmacies with a heavy retail focus likewise do not lend themselves to everyone. If you are buying a business that needs to be relocated, doctors co-located or poor lease to be re-negotiated -- these can be difficult to achieve and not everyone has the necessary acumen.
I would suggest that to truly understand where you or your company's skills lie, you should seek an opinion from a trusted business advisor or mentor. Having people around you that have industry experience and are trusted is a massive step in the right direction for any business professional, no matter how small or large.
The above article was sent to subscribers in Pharmacy Daily's issue from 17 Dec 18
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