A Lasting Legacy of Care
Communities have grown to depend on the individualized care that independent pharmacies offer. AmerisourceBergen is committed to preserving this legacy for future generations of pharmacists.
Mission Viejo, California. The city where John Bruce, founder of Cal-Med Pharmacy, decided to open his business many years ago. As a community pharmacist, John was committed to providing quality care to his patients. However, after three decades of service and retirement on the horizon, John was faced with an uncertain future for his independent pharmacy. What would happen to his business after he was no longer a part of it?
This question is one many community pharmacists are facing. Reasons for selling vary by pharmacy owner, including retirement and financial instability. However, the unifying factor is the desire to keep their independent pharmacies independent. The tireless work and effort put into building a business is difficult to forfeit. More importantly, in selling, pharmacists risk leaving behind the communities that have become dependent on them.
Independent pharmacies provide irreplaceable care that communities have grown to depend on.
Fortunately, there is an eager new generation of community pharmacists ready and willing to take the reins. Brian Nightengale, President of Good Neighbor Pharmacy explains: “There is a pretty large population of pharmacists who are nearing retirement age, and there is a growing interest among the younger demographic in pharmacy ownership. As a result, there is going to be a big opportunity for a lot of transitions over the next 5 to 10 years.”
This emerging group of pharmacists creates the potential for a lasting legacy of care. Instead of selling their assets or shutting their doors, community pharmacists looking to exit their business have the opportunity to transition to a new independent owner with shared goals. Since this is no easy task, expert assistance and knowledge can make all the difference.
“Going it alone is a challenge, because it is an emotional decision. Once the decision to sell is made, you want it to happen fast. Oftentimes, however, owners are not ready for that because they haven’t optimized the financials of their business to get the best price,” says Nightengale.
For Sellers
Business coaches assist in determining pharmacy worth and provide advice to improve operations and increase value. Additionally, they can connect to buyers with similar goals at no cost, allowing pharmacists to transition their business confidentially, with zero doubts or loose ends.
For Buyers
Expert advisors equipped with data-driven insights provide the best knowledge on vetted, dependable businesses without broker fees. After acquisition, buyers are connected with a dedicated business coach for continued support to ensure the pharmacy's success.
"You need data. You need expertise. You need confidentiality. And, you need a trusted partner to do that."
Brian Nightengale, President, Good Neighbor Pharmacy
John Bruce of Cal-Med Pharmacy further explains: “From getting your medical license transferred to getting your NCPDP number to getting registered with the DEA, the process is way beyond what you think it is, and you have to have somebody that's been through it to make it go seamlessly.”
This expertise provides comprehensive guidance and hands-on assistance to pharmacy owners, pharmacists and business professionals who need help selling their business or who have recently acquired a pharmacy.
“The biggest thing I was concerned about was what happened if something failed—on my part or the buyer's part or the lender's part. There are so many things that could go wrong,” says Bruce. “No matter how well prepared you are, and how good everything seems to be going, there's always a bump in the road. And my pharmacy acquisition advisor was able to smooth out those bumps to make sure the deal kept going.”
Good Neighbor Pharmacy and AmerisourceBergen are dedicated to keeping independent pharmacies in the continuum of community care. In helping pharmacists pass down their business and mission to new owners, Pharmacy Ownership Services protects the long legacy of independent pharmacies, and sets the stage for an even healthier future.
