Perception and Reputation
As you evaluate the potential for new or returning customers, you’ll want to understand the community’s perception of the pharmacy. What is the pharmacy’s reputation? Are they known for great service? Good value? A clean and easy to navigate retail space? A well-lit and safe parking lot and entry way? Or have they been perceived as being substandard in one or more ways? Are there any concerns about safety and security in the area in general? Understanding what you may have available to leverage – or overcome – can factor into your assessment of the value and feasibility of the business.
Legal and Regulatory Compliance
Whether it is complying with HIPAA, documentation for controlled substances or meeting state licensure requirements for pharmacists and pharmacy techs, the success of this business relies on strict adherence to all the relevant rules and regulations. And there are many. As you assess a pharmacy for purchase, you’ll want to understand whether they’ve been compliant or if there are issues that could impact either your acquisition or the possibility of retaining staff.
Where to Begin
With so much information to research, compile and interpret, you need an advisory team who understand independent pharmacies and have the right expertise. This could include:
- Attorneys
- Marketing/market researchers
- Insurance agents
- Accountants/CPAs
- Loan officers/financial advisors
Putting together a team who has the experience to guide you through the intricacies of the process can help make buying your independent pharmacy a more successful venture.