Buying a Pharmacy - What You Need to Know
If you are a newly licensed pharmacist and want to buy your first pharmacy, you came to the right place. If you are a licensed pharmacist working for someone else and want to buy a pharmacy, you came to the right place. If you own a pharmacy and want to buy another, or sell the one you own, you also came to the right place.
In more than 35 years in business, the business brokers with PacificBusinessAdvisors.net have represented numerous buyers and sellers of pharmacies throughout California. Our goal is to help you achieve your goal of buying or selling a pharmacy anywhere in California.
Buyers should be aware that SBA loans are available if you have good credit and a down payment of at least 20%.
A pharmacy is a highly regulated business. The California Board of Pharmacy must enforce the laws in order to protect the public and, consequently, have established strict rules for the inspection of pharmacies which can also serve as guidelines for establishing an acquisition due diligence checklist. Reviewing their inspection checklist is an excellent way for a buyer to get started.
When an inspector from the California Board of Pharmacy inspects an existing pharmacy, the following items will be on his or her checklist to review:
- All prior inspection reports
- Copies of all licenses
- Pharmacy self-assessment reports
- DEA 222 forms
- Power of attorney to execute DEA 222 forms
- Drug take-back records
- Wholesaler invoices
- Records of drug returns
- Records of destruction of drugs
- Controlled substance refill reports
- Drug expiration dates
Policies concerning:
- Quality assurance reports
- Deliveries
- Repackaging
Protocols for:
- Refusing to dispense
- Nicotine replacement
- Emergency contraception
Every pharmacy must have a licensed pharmacist in charge who is responsible for day-to-day operations. This individual is responsible for compliance with all federal and state laws and regulations concerning the practice of pharmacy. A pharmacy license may be issued to an individual or a professional corporation. Only a licensed pharmacist can own a pharmacy in California and only a licensed pharmacist can be a corporate director or officer of a pharmacy. A non-licensee may not own stock in a pharmacy.
Investors considering the acquisition of a pharmacy in California should consider joining one or more of the following pharmacy associations: (1) California Pharmacists Association (CPHA) located in Sacramento, (2) National Community Pharmacists Association (NCPA), (3) Greater Los Angeles Pharmacists Association, (4) Inland Empire Pharmacists Association, (5) Orange County Pharmacists Association, (6) Palm Springs - Coachella Pharmacists Association, (7) Pharmacist's Professional Society of the San Fernando Valley, (8) San Diego Pharmacists Association, (9) San Gabriel Valley Pharmacists Association, (10) Santa Barbara Pharmacists Association, and (11) Ventura County Pharmacists Association. All of these pharmacy associations have a website and can be helpful to anyone buying or selling a pharmacy in Southern California.
If you own a pharmacy and are considering a sale of the business, Pacific Business Advisors can provide you with a no-cost broker opinion of value. This important information may be kept confidential or shared with a potential buyer at your discretion. Whether you are a buyer or seller, our affiliate, TenantLeasingReps.com, can assist you in renegotiating the premises lease or finding you new space and a new lease.
If we can assist you, please contact us for a no-cost initial consultation.
Confidentiality is Critical in Business Sales
PacificBusinessAdvisors.net
Office: 818-991-5200
Direct: 818-991-9019