Mar 2019 2 Minutes
Developing Succession Planning Strategies for your Pharmacy
Developing a list of questions to consider, as part of a succession plan review, will assist pharmacy owners in the determination of a succession planning strategy for their pharmacy.
The key questions that you might want answered are:
- What do you want to achieve from the pharmacy?
- Are you building the pharmacy for a lifetime of activity for yourself or for an exit in the near future?
- Have you identified your fears relative to succession planning?
- Have you thought about options for the existing pharmacy?
- Could a partner buy you out?
- Could you introduce a new partner into the pharmacy and then exit?
- Could you hand the pharmacy on to a family member?
- Could you appoint an external General Manager to run the business on behalf of the family, especially if you want to “skip a generation” and retain the pharmacy within the family?
- Do you think the pharmacy is “exit ready” or “succession ready” at this stage?
- What are the greatest concerns you have for the operation of the pharmacy?
- Can the pharmacy survive with less reliance on “you”?
- What could the pharmacy be worth at present, and how could you improve the value?
- What are the tax consequences of selling part or all of the business?
These are some of the questions you should be considering in detail, in planning a succession strategy.
If you would like to have a discussion relative to the development of a succession plan, please don’t hesitate to contact the Walker Wayland Health team, who have experience dealing with pharmacy businesses.