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Taking “You” Out of Your Business

A: Human Capital – Quality of Staff

Does your store continue to operate effectively if you are away? Notwithstanding lower volume practices, are you dependant on a single tech or pharmacist to keep your practice running smoothly? Stores with poorly trained, undelegated, and unmotivated staff could distract from the value of your pharmacy business. Talented staff forge relationships with your customers that form the basis of the value of your pharmacy business. The quality of your staff experience, expertise and bench-strength are key profit builders. Capable, well-trained, and caring employees will facilitate easier transferability to the next owner. The higher the likelihood of customer and patient retention, the lower the transfer risk, the greater the value of your pharmacy business.

B: Operating Systems and Procedures

The establishment and documentation of standard operating procedures (SOP) demonstrates that your pharmacy business can be maintained profitably after the sale and that YOU are not required for this to happen. Your SOP can include computerized and manual procedures used in the business to generate revenue. But beyond this, automated procedures show the acquirer that you are less reliant on the human element than another potential target. An alternative method to “remove yourself” from the day-to-day is to identify a key dispensary staff member who has the authority and experience to “take charge” even while you may be on shift. Note that this key staff member does not necessarily need to be a pharmacist.