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Reasons for selling a pharmacy building
There are many reasons behind a chemist’s decision to sell their pharmacy. These include retirement, health issues, relocation, financial struggles, and lack of interest.
- Retirement: When pharmacists approach their retirement age, they often opt to sell their businesses. This can provide a profitable exit strategy and a way to enjoy the fruits of their labour.
- Health issues: When health complications prevent pharmacists from performing their duties, selling the pharmacy might be the best option. Despite being a challenging decision, it can ensure the continuous operation of the pharmacy and the provision of necessary care to patients.
- Relocation: Pharmacists planning to move to a different location might decide to sell their existing pharmacy. The reasons for relocation can vary from job changes and family circumstances to a simple wish for a change of scenery.
- Financial struggles: If the pharmacy faces financial difficulties, the owner might sell it to avoid bankruptcy. Although this is a hard choice, it might be the only way to rescue the business and safeguard the employees’ jobs.
- Loss of interest: A chemist might sell their pharmacy if they lose interest in running it. This could be due to increasing job demands or a desire to explore other interests.
Other reasons could prompt the sale of a pharmacy such as:
- Capitalising on a lucrative market: If pharmacies are fetching high prices, owners might decide to sell to a competitor in order to maximise profits, although this is an unlikely scenario because many supermarkets have their own pharmacies with a captive audience.
- Expansion into other business areas: Pharmacists with other business interests might choose to sell their pharmacy to concentrate on those.
- Avoidance of burnout: Owning a pharmacy can be extremely demanding, and some pharmacists might sell their businesses to avoid exhaustion.
- Improvement of work-life balance: The time-intensive nature of owning a pharmacy can often disrupt the work-life balance. Selling the business can help restore this balance.
Regardless of your reasons, selling a pharmacy is a significant decision; we can enable you to make it happen.
What’s the value of your pharmacy building?
The first thing you’ll want to know is how much your pharmacy building is worth. This isn’t just about the bricks and mortar. You need to think about:
- The location
- The condition of the building
- Any special features or equipment
- The current market conditions
Getting a professional valuation is a good idea. They’ll look at all these factors and give you a realistic price.
Are you selling the business too?
This is a big question. Are you selling just the building, or the pharmacy business as well? If you’re selling both, you might get a better price. But it also means more paperwork and legal stuff to sort out.
What about your staff?
If you’re selling the business along with the building, you need to think about your staff. There are laws about transferring employees when a business is sold. You’ll need to let them know what’s happening and what it means for them.
How will you handle the sale?
You’ve got a few options here:
- Sell it yourself
- Use an estate agent
- Go through a specialist pharmacy broker
Each has its pros and cons. Selling it yourself might save you money, but it’s a lot of work. An estate agent knows the property market, but might not understand the specifics of selling a pharmacy. A specialist broker knows the pharmacy business inside out, but might be more expensive.
What about the NHS contract?
If you’re selling the business too, the NHS contract is a big deal. The buyer will need to apply to transfer it. This can take time, so you need to factor it into your plans.
Do I need to tell my patients?
You don’t have to tell your patients right away. But if the sale goes through, the new owners will need to let patients know about the change of ownership.
What about the legalities?
Selling a pharmacy building involves a lot of legal stuff. You’ll need a good solicitor who knows about pharmacy sales. They’ll help you with:
- The sale contract
- Transferring the lease (if you don’t own the building)
- Dealing with any planning permission issues
How long does it take to sell a pharmacy?
It can take anywhere from a few months to a year or more. It depends on lots of factors, like finding a buyer, sorting out the legalities, and transferring the NHS contract.
What about taxes?
Selling a pharmacy building can have big tax implications. You might have to pay capital gains tax on the sale. It’s worth talking to an accountant about this early on.
Can I sell my pharmacy to a chain?
Yes, you can. Big pharmacy chains are often looking to buy independent pharmacies. But remember, they’ll be looking for a good deal, so be prepared to negotiate.
What about confidentiality?
You might not want everyone to know you’re selling up. A good broker or agent can help keep things under wraps until you’re ready to go public.Here’s a quick comparison of your selling options:
| Option | Pros | Cons |
|---|---|---|
| Sell yourself | No fees, full control | Time-consuming, might miss potential buyers |
| Estate agent | Property expertise, wide network | Might not understand pharmacy specifics |
| Specialist broker | Pharmacy expertise, targeted buyers | Can be more expensive |
Remember, selling a pharmacy building is a big step. Take your time, get good advice, and make sure you’re making the right decision for you, your staff, and your patients.
Why Sell Your Pharmacy To Us?
If you are looking to sell your Chemist shops, selling it to genuine commercial property buyers, such as us, makes a lot of sense:
- We are true cash buyers and are happy to provide proof of funds.
- There are no commercial estate agents involved.
- We will make you a quick offer in 48 hours.
- We will buy any chemist shop in any condition.
- We cover all rural and urban areas in England & Wales.
- We will pay £1,500 towards your legal fees.
Have You Considered Selling Your Pharmacy & Renting It Back?
You have a couple of options if you own a trading chemist or a building that used to run as a pharmacy.
You can sell the shop for cash, continue to trade, perhaps by promoting one of your staff as a manager, and rent back the premises at an affordable rent. This option releases the equity tied up and allows you to re-invest in another business.
Do you own a building that houses a pharmacy? Perhaps the pharmacy has shut down, leaving you with an unoccupied unit to manage. Or maybe you’re looking to free up capital in the property. Regardless of your reasons for selling, we’re prepared to buy the building from you.
Next Steps
If you’re considering selling your pharmacy, our team has vast knowledge and experience in purchasing commercial properties throughout the UK, regardless of size, age, or condition.
Get in touch with us today to get your free offer.
Sell with certainty & speed
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
