December 8, 2021
If you have a drugstore for sale, you may be wondering how long it might take to sell it. This is where having a pharmacy business consultant can come in handy. They will walk you through the process and set reasonable expectations regarding how long of a wait it will be. Whether they are full retail drugstores or clinic pharmacies for sale, these advisors have got you covered.
From first contact to closing, the average time to sell a drugstore is about 6 months. This can vary depending on various factors, including price, condition of the business, landlord issues, how much work you are willing to put into the business before selling it, etc.
The best way to get an idea of how long it might take to sell a pharmacy is to contact a business broker specializing in selling pharmacy businesses.
Any pharmacy business for sale is typically highly sought after, which leads to a lot of competition among prospective buyers. As a result, the bids usually come in quite efficiently. Once the offer is in hand, there are a myriad of tasks to complete to get the transaction across the finish line.
When however, your drugstore for sale has been on the market for three to six months, it may be time to rethink your expectations and approach.
While you probably won’t sell the business overnight, there are things that you can do to increase interest in your pharmacy for sale and speed up the process.
If you haven’t received an offer on your drugstore after six months with a business broker, ask them to take another look at your business package and prepare for a second marketing cycle. Often, this is all it takes before prospective buyers or their agents call asking about the status of your deal. In any case, having a business consultant on board allows you to get real-time advice about what your next steps should be, which you can then follow up on at a later time.
It is also advised that you keep in regular contact with your business broker during this time to track the progress of the sale. Once someone has expressed interest in buying your pharmacy for sale, now is not the time to lose contact or focus on other things.
You should prepare the right questions since they will determine whether you are getting a fair price for your business with your exit planning. These can include:
If you don’t like what you hear, there is no shame in going back to the drawing board.
For more help with your drugstore for sale, contact EVCOR today!