There are three primary options for a pharmacy exit strategy.  They are sell to an insider, sell to an outsider or liquidate.  Each one of these options has its positives and pitfalls.  An insider could be family members in the business, a junior pharmacist or another employee/employees.  An outsider could be another independent pharmacist, family members not in the business, a chain store pharmacist looking for independent direction, a conglomerate of pharmacies/pharmacists or a chain store

Positives of Selling to an Insider:

1. Continuity of customer service can be controlled

2. The buyer understands the pharmacy 

3. The seller can determine if he or she shares the same ideals and values of the buyer

4. There may be numerous options for succession and financing

5. The credibility and customer loyalty can be more easily transferred

Pitfalls of Selling to an Insider:

1. Owner financing for buyout is likely only option

2. The buyer typically has a lack of experience in the process

3. There may be no clear cut ties from pharmacy for the seller

4. Customers may view senior pharmacist as decision maker

5. There may unclear rules and accountability issues

Positive of Selling to an Outsider:

1. There can be a clear cut transition

2. The buyer typically will have stronger financials

3. There may be better financing options available for the buyer

4. The roles of the seller and buyer can be more clearly defined. 

Pitfalls of Selling ot an Outsider:

1. Continuity of customer service may be hard to maintain

2. The seller and buyer may not share the same ideals and values

3. Outsiders are typically harder to locate

4. The buyer may be unclear of existing processes

5. The seller may not have any control of staffing changes

6. The credibility and customer loyalty may not be transferred to the buyer 

The third and least effective option is liquidation.   In a liquidation you may only get pennies on the dollar for the assets of you pharmacy so this typically is the last option explored.

Remember: It is never too soon to start thinking about and planning for your pharmacy exit strategy.