Pharmacy ownership can be an attractive choice for pharmacists looking to advance both professional and financially, but it can also be daunting.
Drew Hegi, loan officer with First Financial Bank (FFB), and Bob Graul, business development officer with FFB, joined Over the Counter, the podcast from Drug Topics® to discuss first-time pharmacy ownership, transitioning into a CEO role, and more.
In the podcast episode, Hegi and Graul cover how to succeed in the endeavor of pharmacy ownership including, but not limited to, tips on:
- Choosing between starting a pharmacy or purchasing an existing one
- Finding available pharmacies to buy and what to look for in a prospective store
- Estimated costs of purchasing a pharmacy
- Identifying financing needs and options for business loans
“If you’re not financially savvy, find some partners that are that can help you appropriately value a store and then we can help,” Hegi said in the episode. “A lender that specializes in pharmacies is very valuable in terms of both gaining access to the funds that you need, but also making sure that you’re getting put in a successful situation.”
Listen to the full podcast episode here.