May 21, 2021
Selling a pharmacy can be tough, especially if you have a passion for pharmacy and have invested so much of your money, time, and effort into making it the success you envisioned when you started. This kind of investment may have taken place over years or generations, giving you an emotional connection that you don’t want to let go.
So, why do owners do it? Why do owners put up their pharmacy for sale in Toronto and other cities/rural areas across Canada? There are many reasons why ranging from money to burnout to moving on to a bigger opportunity. Here are a few.
Running a pharmacy will have mental and physical impacts, especially if you’ve been doing it for a long time, and it may lead you to say enough is enough – especially during a global pandemic! Some owners put up their drugstore for sale because that physical and mental wear-and-tear has reached its peak.
The sincere love for the business may still be there, but when it all starts to take its toll, it’s a sign that a sale may be imminent. Your priorities may have changed, and you want to spend more time with family and friends. This is one of the more common reasons pharmacy owners sell; it’s just time.
Significant changes at home and the resulting mental or physical toll are also reasons why there are pharmacies for sale in Ontario and across Canada. When an illness strikes, owners need to be prepared to not leave heavy burdens on family or loved ones. Similarly, if your spouse or family member is sick, and you need to be at home to care for them, you may lose all interest in keeping the business and put up your drugstore for sale.
Alternatively, if you and your spouse have divorced but were co-owners of the pharmacy, a sale might be necessitated due to the pending divorce settlement.
Fatigue and burnout are also common reasons why owners put up a pharmacy for sale in Toronto and other cities/rural areas across Canada.
As mentioned, managing an independent pharmacy can be stressful and, at some point, the strain becomes too much to bear. Furthermore, excess strain and stress may cause an owner to lose interest in running the pharmacy’s day-to-day operations. It’s better to sell if that passion is gone rather than take time off and leave the business in the hands of staff, a risky proposition that can hurt productivity and operations.
Sometimes, an owner will see an opportunity to capitalize and sell when the business is doing well. This is a wise approach as you’ll want to move on when the company has value rather than watch its trajectory dip, whether due to the market or increased competition. Selling high is advisable and a good way to make a profit on a business that’s provided well for you.
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