Covid 19 - How the pandemic is affecting pharmacy sales
04 May 2020
We live in extraordinary times that none of us could ever have imagined.
Despite some what we would call “positive spin or just plain guff” from other sales agents lets be realistic, the current Coronavirus pandemic is having an effect on the pharmacy sales market.
Not on prices but on the sales process itself.
So how can Pharmacy Seekers help you?
Sellers
Owners who want to sell do not have the time to collate all the information they need to prepare for a sale due to working every possible hour keeping their pharmacy operating and supporting their pharmacy teams.
Pharmacy Seekers can work with your accountant and lawyers to collate a lot of the information for you and ensure that your pharmacy is ready for sale and marketed to the correct segment of buyers to avoid you wasting any time with speculative approaches.
We are experts at project managing your sale and aim to minimise any work you need to do yourself to progress the sale to completion.
Zoom / Facetime/ Skype and other video conferencing methods have proved to be a vital lifeline for keeping families in touch and the same applies to meetings and pharmacy tours with potential buyers that can be remotely conducted.
Lawyers who are experts in the sector are still working albeit everything is that bit slower due to home working and limited office access. The same thing applies to accountants and any other professional experts you may need.
Pharmacy Seekers have a panel of experts in the community pharmacy sector who we know are committed and knowledgeable in our niche business sector.
NHS England have now stopped processing any new Change of Ownership (COO) applications for an indefinite period. This stops any Asset Sales from completing for the moment.
Share Sales of a company can still proceed as COO is not required for Share Sales.
Pharmacy Seekers have the expertise to work around the COO problems on Asset Sales by encouraging lawyers and funders to consider a Management Agreement route right from the start of any transaction.
Buyers
Buyers are also working hard in pharmacies but they are still looking at interesting businesses to acquire. Their entrepreneurial enthusiasm for the sector is still undimmed. They face the same issues as sellers with lawyers and accountants. Pharmacy Seekers remain committed to providing expert assistance to buyers whether you are a first time buyer looking to navigate the process for the first time or an experienced operator looking for that gem of an opportunity to put your mark on.
Banks are working but slowly due to home working, lack of staff and being overwhelmed by the government backed business loans scheme.
Our colleagues in PS Finance have great relations with senior personnel in all the major lenders and the directors of Pharmacy Seekers know who in the banking sector at a local level is doing everything in their power to complete deals.
So pharmacy sales are harder to complete in the present difficult situation we all find ourselves in, but with expert help from our directors and consultants;
Sales are still happening, Buyers are still interested but the complex process of arranging the sale and finding a buyer for a community pharmacy requires expert, realistic advice.
Speak to the pharmacy sales experts Pharmacy Seekers.