A list of the U.S. Pharmacy Boards and Pharmacy Associations is below the content on this page regarding the process of selling a pharmacy.
Selling Your Pharmacy Can Be a Difficult Decision
Most business owners find that selling their business is one of the
most important events in their life, both professionally and personally.
Handled properly, it can be very rewarding. Handled poorly, it can become a
perilous chore especially if employees, customers, vendors, and competition
learn the business is for sale.
Selling a pharmacy is a
complicated process that involves many difficult decisions. For most owners the
pharmacy is their biggest personal asset. It is difficult being impartial after
years of work growing the business. Some of the issues are:
How do I find a suitable
and qualified buyer for my pharmacy?
How long does it take to complete the
transaction?How do I keep the process my pharmacy confidential?
How will I document the transfer of my pharmacy to a new owner?
How will a buyer value my drug store?
Tough questions because each one
impacts a subset of issues that require close attention.
The Process
1. A buyer, which has been
pre-qualified by Washburn and Associates, requests our services in finding an
appropriate store in a designated area to purchase.
2. We, at Washburn & Associates, use our talents to conduct an
"Acquisition Search", which will lead to matching the buyer with an
appropriate seller.
3. Initial interviews will determine if the location meets the pharmacy
buyer's criteria.
4. A price range is provided to determine if it meets the seller's expectations.
5. An acquisition analysis, or what we call a "Detailed
Analysis" is completed. This allows Washburn & Associates to evaluate
assets, inventory, financial trends, local demographics, strengths and
weaknesses of the business, short and long range potential, etc.
6. Site surveys of the store and the local area are discretely
conducted.
7. The pharmacy buyer is provided an "Executive Summary" to
allow them an opportunity to determine if the location and aspects of the
business will complement the pharmacy buyer's goals.
8. If the pharmacy buyer decides to move forward, a "Letter of
Interest" is negotiated; this sets forth the terms and conditions of the
sale to be agreed upon, before the "Purchase & Sale Agreement" is
prepared.
9. A Purchase & Sale Agreement will be signed stating the agreed
upon terms of the sale price, employment contracts, non-compete clauses, lease
assumption, termination, etc.
10. According to Board of Pharmacy regulations public notice must be
provided. Some states require a two week, while other states require four
weeks. The regulations should be verified with Board of Pharmacy in the state
where the pharmacy is being sold.
11. All closing documents will have been pre-approved prior to closing.
An inventory count is taken the day of closing, at this time the price is
adjusted to reflect inventory changes and clear all liens against the business.
Remaining funds are then transferred to the pharmacy seller.
When a pharmacy owner is
considering selling it is advisable to receive expert guidance. Visit www.pharmacyvaluations.com or
contact us today.
Learn more about pharmacy and drug acquisitions, finance, and business valuations by following us on:
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Boards of Pharmacy and Pharmacy Associations
| Alaska Pharmacists Association | 203 W 15th Ave #100 | Anchorage | AK | 99501 |
| Alabama Board of Pharmacy | 10 Inverness Center, Ste 110 | Birmingham | AL | 35242 |
| Alabama Pharmacy Association | 1211 Carmichael Way | Montgomery | AL | 36106 |
| Alabama Retail Association | 7265 Halcyon Summit Dr | Montgomery | AL | 36117 |
| Arkansas Grocers & Retail Merchants Assoc | 1123 S University Ave, #718 | Little Rock | AR | 72204 |
| Arkansas Pharmacists Association | 417 South Victory Street | Little Rock | AR | 72201 |
| Arkansas State Board of Pharmacy | 101 E. Capitol, Ste 218 | Little Rock | AR | 72201 |
| Arizona Pharmacy Alliance | 1845 East Southern Avenue | Tempe | AZ | 85282 |
| Arizona Pharmacy Association | 1845 E. Southern Avenue | Tempe | AZ | 85282 |
| Arizona Retailers Association | 224 W 2nd St | Mesa | AZ | 85282 |
| Arizona State Board of Pharmacy | 4425 W. Olive Ave., Ste 140 | Glendale | AZ | 85302 |
| California Pharmacists Association | 4030 Lennane Drive | Sacramento | CA | 95834 |
| California Retailers Association | 980 Ninth St, #2100 | Sacramento | CA | 95814 |
| Colorado Board of Pharmacy | 1560 Broadway, Ste 1310 | Denver | CO | 80202 |
| Colorado Pharmacists Society | 6825 E. Tennessee Ave. #440 | Denver | CO | 80224 |
| Colorado Retail Council | 1580 Lincoln St, #1125 | Denver | CO | 80202 |
| Connecticut Assoc of Community Pharmacies | 195 Farmington Ave, #200 | Farmington | CT | 06032 |
| Connecticut Pharmacists Association | 35 Cold Springs Road, Ste 121 | Rocky Hill | CT | 06067 |
| American Pharmacists Association | 2215 Constitution Avenue, NW | Washington | DC | 20037 |
| American Pharmacists Association (APHA) | 1100 15th St NW, #400 | Washington | DC | 20005 |
| Personal Care Products Council | 1101 17th St NW, #300 | Washington | DC | 20036 |
| Pharmaceutical Care Management Assoc. | 601 Pennsylvania Ave SW, #740 | Washington | DC | 20004 |
| The Greater Washington Board of Trade | 1725 I St NW, #200 | Washington | DC | 20036 |
| Delaware Board of Pharmacy | 861 Silver Lake Blvd., Ste 203 | Dover | DE | 19904 |
| Delaware Community Pharmacy Council | 1201 N Orange St, #200 | Wilmington | DE | 19801 |
| Delaware Pharmacists Society | PO Box 454 | Smyrna | DE | 19977 |
| Florida Pharmacy Association | 610 N Adams St | Tallahassee | FL | 32301 |
| Florida Retail Federation | 227 S Adams | Tallahassee | FL | 32301 |
| PharmView | 610 North Adams Street | Tallahassee | FL | 32301 |
| Georgia Pharmacy Association | 50 Lenox Point, NE | Atlanta | GA | 30324 |
| Georgia State Board of Pharmacy | 237 Coliseum Drive | Macon | GA | 31217 |
| Hawaii Pharmacists Association | PO Box 1198 | Honolulu | HI | 96807 |
| Retail Merchants of Hawaii | 1240 Ala Moana Blvd, #215 | Honolulu | HI | 96814 |
| Iowa Board of Pharmacy | 400 Southwest 8th Street, Ste E | Des Moines | IA | 50309 |
| Iowa Pharmacy Association | 8515 Douglas Avenue, Ste 16 | Des Moines | IA | 50322 |
| Iowa Retail Federation | 10555 New York Ave, #102 | Urbandale | IA | 50322 |
| Idaho Retailers Association | 1109 Main St, #331 | Boise | ID | 83702 |
| Idaho State Pharmacy Association | PO Box 191345 | Boise | ID | 83719 |
| Assoc Of Women Pharmacists | 1000 E 53rd St | Chicago | IL | 60615 |
| Illinois Pharmacists Association | 204 W. Cook Street | Springfield | IL | 62704 |
| Illinois Retail Merchants Association | 19 S LaSalle St, #300 | Chicago | IL | 60603 |
| Independent Cosmetic Manufacturers & Dist. | 1220 W Northwest Hwy | Palatine | IL | 60067 |
| Pharacist Assoc Of Shelby Cnty | 207 S Pine St | Shelbyville | IL | 62565 |
| Indiana Pharmacists Alliance | 729 N. Pennslyvania Street | Indianapolis | IN | 46204 |
| National Prescription Assoc | 914 W Main St | New Albany | IN | 47150 |
| Kansa Retail Council | 835 SW Topeka Blvd | Topeka | KS | 66612 |
| Kansas Pharmacists Association | 1020 SW Fairlawn Rd. | Topeka | KS | 66604 |
| Kentucky Board of Pharmacy | 23 Millcreek Park | Frankfort | KY | 40601 |
| Kentucky Pharmacists Association | 1228 U.S. 127 South | Frankfort | KY | 40601 |
| Kentucky Retail Federation, Inc | 512 Capitol Ave | Frankfort | KY | 40601 |
| Louisiana Pharmacists Association | 450 Laurel St, #1400 | Baton Rouge | LA | 70801 |
| Louisiana Retailers Association | 846 Main St | Baton Rouge | LA | 70802 |
| Board of Registration in Pharmacy | 239 Causeway Street, Ste, 200 | Boston | MA | 02114 |
| Massachusetts Chain Pharmacy Council | 148 State St, #1100 | Boston | MA | 02109 |
| Massachusetts Pharmacists Association | 500 West Cummings Park, Ste 3475 | Woburn | MA | 01801 |
| Maryland Pharmacists Association | 650 W. Lombard Street | Baltimore | MD | 21201 |
| Washington D.C. Pharmaceutical Association | 908 Caddington Avenue | Silver Spring | MD | 20901 |
| Maine Pharmacy Assoication | 127 Pleasant Hill Rd | Scarborough | ME | 04074 |
| Chain Drug Marketing Association (CDMA) | PO Box 995 | Novi | MI | 48376 |
| Michagan Retailers Association | 603 S Washington Ave | Lansing | MI | 48933 |
| Michigan Pharmacists Association | 815 N Washington Ave. | Lansing | MI | 48906 |
| Arkansas State Board Of Pharma | 101 E Capitol | Hackensack | MN | 56452 |
| Minnesota Board of Pharmacy | 2829 University Ave SE Room # 530 | Minneapolis | MN | 55414 |
| Minnesota Pharmacists Association | 1935 W. Cty Rd. B-2, Ste 165 | Roseville | MN | 55113 |
| Missouri Pharmacists Association | 211 East Capitol | Jefferson City | MO | 65101 |
| Missouri Retailers Association | PO Box 1336 | Jefferson City | MO | 65102 |
| Mississippi Pharmacists Association | 341 Edgewood Terrace Dr | Jackson | MS | 39206 |
| Montana Board of Pharmacy | PO Box 200513 | Helena | MT | 59620 |
| Montana Pharmacy Association | 34 W. 6th St., 2E | Helena | MT | 59601 |
| Montana Retail Association | 1645 Parkhill Dr, #6 | Billings | MT | 59102 |
| North Carolina Association of Pharmacists | 109 Church Street | Chapel Hill | NC | 27516 |
| North Carolina Board of Pharmacy | 6015 Farrington Road, Ste 201 | Chapel Hill | NC | 27517 |
| North Carolina Retail Merchants Assoc. | 601 St Marys St | Raleigh | NC | 27605 |
| One Source of NC, LLC | 2841 Plaza Place, Ste 110 | Raleigh | NC | 27612 |
| North Dakota Board of Pharmacy | PO Box 1354 | Bismarck | ND | 58502 |
| North Dakota Pharmacists Association | 1661 Capitol Way, Ste 102 | Bismarck | ND | 58501 |
| North Dakota Retail Association | 1025 N 3rd St | Bismarck | ND | 58502 |
| Nebraska Pharmacists Association | 6221 S 58th St, #A | Lincoln | NE | 68516 |
| Nebraska Retail Federation | 1610 S 70th St, #101 | Lincoln | NE | 68506 |
| New Hampshire Assoc. of Chain Drug Stores | 136 N Main St | Concord | NH | 03301 |
| New Jersey Council of Chain Drug Stores | 332 W State St | Trenton | NJ | 08618 |
| New Jersey Pharmacists Association | 760 Alexander Road, CN1 | Princeton | NJ | 08543 |
| New Mexico Pharmaceutical Association | 4800 Zuni, SE | Albuquerque | NM | 87108 |
| New Mexico Pharmacists Association | 2716 San Pedro NE, #C | Albuquerque | NM | 87110 |
| New Mexico Retail Association | 2403 San Mateo Blvd NE, #W25 | Albuquerque | NM | 87110 |
| Nevada Pharmacist Association | PO Box 35668 | Las Vegas | NV | 89133 |
| Nevada Pharmacy Alliance | 5740 S. Eastern, Ste 24C | Las Vegas | NV | 89119 |
| Retail Association of Nevada | 410 S Minnesota St | Carson City | NV | 89703 |
| Chain Pharmacy Assoc. of NY State | One Commerce Plaza, #402 | Albany | NY | 12210 |
| Pharmacists Society of the State of NY | 210 Washington Ave Suite 101 | Albany | NY | 12203 |
| Ohio Council of Retail Merchants | 50 W Broad St, #2020 | Columbus | OH | 43215 |
| Ohio Pharmacists Association | 2155 Riverside Drive | Columbus | OH | 43221 |
| Oklahoma Pharmacists Association | 45 NE 52nd St | Oklahoma City | OK | 75154 |
| Oklahoma State Board of Pharmacy | 4545 Lincoln Boulevard, Ste 112 | Oklahoma City | OK | 73105 |
| Oregon Board of Pharmacy | 800 NE Oregon St., Ste 425 | Portland | OR | 97232 |
| Oregon State Pharmacy Association | 29702 SW Town Center Loop, #B | Wilsonville | OR | 97070 |
| Assoc Prescription Services In | 502 Elmwood Ave | Sharon Hill | PA | 19079 |
| Pennsylvania Association of Chain Drug Stores | 224 Pine St, #300 | Harrisburg | PA | 17101 |
| Pennsylvania Pharmacists Association | 508 North 3rd Street | Harrisburg | PA | 17101 |
| Colegio De Farmaceuticos De Puerto Rico | PO Box 360206 | San Juan | PR | 00963 |
| Rhode Island Pharmacists Association | 1643 Warwick Avenue, PMB 113 | Warwick | RI | 02889 |
| South Carolina Chain Drug Committee | 1122 Lady St | Columbia | SC | 29201 |
| South Carolina Pharmacy Association | 1350 Browning Rd. | Columbia | SC | 29210 |
| South Dakota Board of Pharmacy | 4305 S. Louise Ave, Ste 104 | Sioux Falls | SD | 57106 |
| South Dakota Pharmacists Association | PO BOX 518 | Pierre | SD | 57501 |
| South Dakota Retailers Association | 320 E Capitol Ave | Pierre | SD | 57501 |
| Tennesse Pharmacy Association | 1000 Reddoch Cv | Memphis | TN | 38119 |
| Tennessee Pharmacists Association | 500 Church Street, Ste 650 | Nashville | TN | 37219 |
| Cement Chemists Society | 3914 Randall Ln | Carrollton | TX | 75007 |
| Ind Pharm Assoc | 3334 Broadway Blvd | Garland | TX | 75043 |
| Texas Federation of Drug Stores | 54 W 12th St | Austin | TX | 78701 |
| Texas Pharmacy Association | 1624 Anderson Ln | Austin | TX | 78752 |
| Texas State Board of Pharmacy | William P. Hobby Building, Ste 3-600 | Austin | TX | 78701 |
| Utah Food Industry Association | 1578 W 1700 South, #100 | Salt Lake City | UT | 84104 |
| Utah Pharmaceutical Association | 1125 S Blackhawk Blvd | Mount Pleasant | UT | 84647 |
| Utah Pharmacists Association | 1850 South Columbia Lane | Orem | UT | 84097 |
| American Association of Colleges of Pharmacy | 1426 Prince St. | Alexandria | VA | 22314 |
| American Assoc. of Pharmaceutical Scientists | -- | Arlington | VA | 22201 |
| American Society of Consultant Pharmacists | 1321 Duke Street | Alexandria | VA | 22314 |
| Healthcare Distribution Management Assoc. | 901 N Glege Rod, #100 | Arlington | VA | 22203 |
| NACDS Foundation | 413 N. Lee Street | Alexandria | VA | 22314 |
| National Community Pharmacists Assoc. | 100 Daningerfield Rd | Alexandria | VA | 22314 |
| Virginia Board of Pharmacy | 6603 West Broad St., 5th Fl. | Richmond | VA | 23230 |
| Virginia Pharmacists Association | 2530 Professional Road | Richmond | VA | 23235 |
| Vermont Association of Chain Drug Stores | 39 Court St | Montpelier | VT | 05601 |
| Vermont Pharmacists Assoc | 3209 Quechee West Htfd Rd | White River Junction | VT | 05001 |
| Vermont Pharmacists Association | PO Box 790 | Richmond | VT | 05477 |
| Washington Board of Pharmacy | PO Box 47865 | Olympia | WA | 98504 |
| Washington Retail Association | 618 S Quince St, #A | Olympia | WA | 98507 |
| Washington State Pharmacy Association | 1501 Taylor Ave. S.W. | Renton | WA | 98055 |
| Pharmacy Society of Wisconsin | 701 Heartland Trail | Madison | WI | 53717 |
| Professional Pharmacy Assoc | 105 N Western Ave | Waupaca | WI | 54981 |
| Professional Pharmacy Associat | 105 N Western Ave | Waupaca | WI | 54981 |
| Wisconsin Dept of Regulations & Licensing | PO Box 8935 | Madison | WI | 53708 |
| Wisconsin Merchants Federation | 1 E Main St, #305 | Madison | WI | 53703 |
| West Virginia Pharmacists Association | 201642 Kanawha Blvd | Charleston | WV | 25311 |
| Wyoming Hospitality and Retail Network | 1825 Carey Ave | Cheyenne | WY | 82003 |
| Wyoming Pharmacists Association | PO Box 366 | Cheyenne | WY | 82003 |
| Wyoming Pharmacy Assoc | 1022 Ponderosa CT | Powell | WY | 82435 |
| Wyoming State Board of Pharmacy | 632 South David Street | Casper | WY | 82601 |
| Wyomng Pharmacist Assoc | PO Box 541 | Powell | WY | 82435 |
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