Should a Pharmacy Broker be Hired When Buying a Nevada Pharmacy
Should a Pharmacy Broker be Hired When Buying a Nevada Pharmacy
Many pharmacy buyers are experts behind the counter, but many who have never bought a Nevada pharmacy in the past, don't have the complete understanding of all the variables including State and Federal Regulations, negotiating the best price, structuring the deal, and the best options for financing the acquisition. These are skills that many pharmacy buyers believe they possess, but pharmacy buyers need to recognize how many times they have actually purchased a pharmacy compared to a pharmacy industry expert.
Knowledge is power and using a pharmacy broker with extensive know how in valuing and transferring Nevada pharmacies will save a pharmacy buyer considerable time and headaches resulting in a more cost efficient transaction. The cost of acquisition must be considered in the analysis of Return on Investment (ROI). If the acquisition will benefit the buyer, then any additional time spent with a stagnant transaction will be benefits lost.
Transactions are definitely time consuming. When handling a transaction yourself, how many additional hours will you need to work to complete the pharmacy acquisition and then still not be certain if all the details were done correctly?
Just finding the appropriate pharmacy to buy can be an expensive, laborious, and time consuming process. If the pharmacy's numbers appear to provide the ROI the pharmacy buyer requires, is the pharmacy seller both cooperative with the buyer and knowledgeable about the transaction process?
Pharmacy sellers in Nevada, their attorneys, their CPAs, and even their families may slow down the acquisition process. When going through the many steps of the acquisition process, buyers should understand this and obtain the credentials that the various parties involved would like to see.
After the buyer's preliminary requirements have been met by the Nevada pharmacy, the next step is a current market pharmacy business valuation, which must be based on sound financial and market analysis as opposed to a simple accounting or multiple formula. It must be completed to verify the Nevada pharmacy's current market value. Pharmacy sellers in today's market will usually ask for a higher acquisition price for family-owned pharmacies, a price higher than what the current market is willing to pay. A certified valuation performed by a third party who has extensive experience in the Nevada pharmacy business can help guide the buyer and seller through the negotiation process.
Buying a pharmacy business is quite different from buying a used car, and there are several steps to take. Pharmacy buyers that do not get the benefit of discussing the Nevada pharmacy's acquisition with sellers who will move ahead with providing all necessary documentation and financial statements lose valuable time in their acquisition search. The seller and buyer must work together and put forth collective effort in the pursuit and closing of the pharmacy acquisition because a substantial amount of cash and time will be invested by the time all aspects of the acquisition have been taken care of and the transaction is closed.
When inexperienced parties undergo the acquisition process, the full experience can be draining, full of headaches and worries. A smoother and more confident process can be accomplished when a pharmacy industry expert is involved in the transaction. A pharmacy broker will take steps to pre-qualify the buyer. This allows the seller in Nevada the knowledge they are working with a real buyer and not a tire kicker.
If the buyer will need financing to complete the deal they will find many banks will not finance a pharmacy acquisition. A broker working exclusively in the pharmacy industry will have sources of funding who understand the industry and will fund pharmacy acquisitions.
In pharmacy mergers and acquisitions it is important to understand confidentiality, and how the perceived changes may affect employees and customers. A broker acting as the middle man between the buyer and seller can assist the confidentiality of the transaction.
There are many things to consider when purchasing a Nevada pharmacy. Using a pharmacy business broker who specializes in the pharmacy industry will benefit both parties involved in the buying and selling of a pharmacy.
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