The total value of a pharmacy business is the combination of the Goodwill, Stock at valuation and the fixtures and fittings. However it is how it is interpreted into a contract that can make a difference.

There is a lot to consider about partnerships and the only way to begin a partnership understands that the partnership will end and therefore you plan for it. That sounds negative but it’s not. I’ve see great partnerships that have lasted people their whole careers and I have mediated and witnessed some disasters.

If you really think about it, not often do you get true independent advice about your business. Often the advice you do get is from your Brand or another Brand wanting to become your Brand, or your wholesaler and other suppliers that want to maintain your business. Your accountant usually has some good ideas, however they can’t be across every aspect of your business.

Just for a bit of fun after last month’s article trying to track down the landlord who was on a wine tasting tour in Tuscany, I thought we might hand out some awards. So, if ‘pharmacy’ had its ‘night of nights’ and awards were given to different aspects of your business in the eyes of current buyers, these would be the categories and the recipients of those awards.

Now I have your attention, I want to remind you that your business is your business and you need to manage it well especially though an economic downturn. Don’t let things get out of hand because before you know it, you start having to report to the bank.

I know what you mean, however when it comes time to selling the pharmacy or refinance, you need to be on good terms with your Landlord. Here is a role-play example with an ongoing percentage (%) chance of a deal being done.

Let’s start by confirming that each valuer might value your business or the business you are looking to purchase slightly differently from the next valuer. Some valuers may be asked to value pharmacies for and on behalf of a financial institution (bank). This means the bank knows the valuer and he is on the ‘panel of value’s’ for that particular bank.