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.

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.