The Pharmacists First Guardian

Developing a Clear-Cut Exit Strategy

Posted by Benjamin Coakley on Wed, Sep 13, 2017 @ 09:30 AM

What's your plan.jpeg

Once you reach a certain point in your life, you start looking ahead and thinking about life after pharmacy. For business owners, it becomes a bigger challenge because it’s not just about you, but making sure you leave your company in a good place; both financially and from a management/new ownership standpoint.

In most cases, business owners who don’t have a clear cut exit strategy leave the business with only a 30% chance of survival. If the business is on the 3rd generation of owners, that drops to a meager average of a 4% survival rate.

The main point to remember is; you are not alone. With Waypoint Pharmacist Advisors, we can help you think everything through, compare your options, and set up a clearly defined exit strategy before selling. Additionally, we can help manage your finances after the sale – making your life less stressful before, during, and after the transition.

When working with pharmacy owners who are ready to start their life after pharmacy, we are typically asked questions similar to the following:

  • How do I get my money out of the business?
  • How much money can I get?
  • Are my finances in order?

Unfortunately, there are no cookie-cutter solutions to help you with the transition, and those solutions can vary based on whether you plan to name a successor, sell to a new owner or a competitor, or liquidate. The good news is, we have developed an Exit Strategy blueprint, designed to help  you determine the options and making sure you get the pieces in place -  so, you are prepared. 

Regardless of what direction you go, it’s best to start planning now. The more time you have to prepare the more time you have to do it right, and maximize your returns. Take the stress out of planning your exit strategy, and set up an appointment with a Waypoint Advisor today!

Click here to get started with our Exiting Scorecard: http://www.waypointus.com/exiting-scorecard or contact a Waypoint Advisor by clicking the button below.

 

Contact A Waypoint Advisor To Devleop My Exit Strategy Blueprint

 

Tags: community pharmacist, pharmacy exit strategy, community pharmacist independence, community pharmacy exit strategies, exit planning