Becoming an owner
Interested in becoming an owner-pharmacist? Here is some important information to help you in this endeavour.
In Quebec, only a pharmacist may be owner of a pharmacy. This exclusive right of property, enjoyed by Quebec pharmacists, involves additional responsibilities for the healthcare professional as he now becomes a business owner.
The owner-pharmacist must ensure that his business is successful. His role is to plan, organize, direct and control all resources, whether human, financial or material, so as to reach his financial and professional goals.
Here are a few aspects which should be taken into account before going into business:
- Gain further experience within a community pharmacy (pharmacy and management) before buying a pharmacy.
- If need be, take additional courses in business and human resources management.
- Build a strong business plan so as to set your goals and provide the means to achieve them.
- Avoid making quick decisions and make an objective analysis of each opportunity.
- Ask the selling pharmacist for:
- The financial statements.
- The number of prescriptions filled each year.
- Information related to the business premises (terms of the lease, maintenance costs, etc.).
- The terms of the affiliation contract.
- An inventory status.
- The type of clientele.
- Human resources, etc.
- Learn about market transactions (purchases, sales, etc.).
- Look into the history of pharmacies, their owners and learn more about the market.
- Demonstrate your interest toward various banners and chains and request information on what they might offer prospective franchisees.
- Mandate an external firm to make a product inventory (don’t forget to take into account the list of narcotics or to subtract any expired products from the total amount).
- Include a non-competition and customer retention clause in your purchase offer.
For more information, please refer to the Guide for Future AQPP Members (Available in French only).