Are you ready for your pharmacy business exit?

Exiting your business is not unlike having a pilot jump out of an aircraft mid-flight. To say the least, it’s going to give everyone involved a bit of anxiety. However, if you as captain of your business, put in a few longer days in the final stretch to ensure that your crew, passengers, and incoming pilots are prepared for your leap, turbulence will be minimized.

The Mayans predicted the World would end in 2012. Doesn’t that feel like it was just yesterday? And during the pandemic doesn't it feel like maybe the Mayans were onto something?

If you wanted to eject out of your business today with minimal anxiety and maximum return, you would have had to start your calendar back when the Mayan one stopped. The point is, the years fly by quickly so don’t be caught unprepared.

But why, you ask would it possibly take 4 to 6 years to sell a business? Sure, you could put it on the market today and have a lineup of potential buyers and your business could sell in 3 to 6 months. When monetary outputs exceed inputs during retirement and millions are at stake, an effective strategic plan is necessary. And akin to a business plan, it takes a bit of time to plot, and execute for it to properly come to fruition.

To start, there are some key questions you need to ask yourself as you trtansition your pharmacy business and career to your next stage in life:

• What are the major aspects in your pharmacy business plan and how do you tailor your personalized workback schedule?
• How do you set up a process to make your transition as smooth as possible?
• What does the due diligence process entail?
• Who should be included on your team when you embark on the process of selling your business?

Throughout the transition process, you need to be aware of potential deal killers, and learn how to avoid a catastrophic crash of your future transaction. Most importantly however, you need to be ready to maximize your return in preparation for your jump to the next phase of your (post-pharmacy) life.

We'll be coming back to these themes in future columns.

Read how you can take a lifecycle planning approach to your pharmacy business.