Buying and Selling Pharmacies

Buying Or Selling A Pharmacy? Boesen & Snow Law Has Been There

Starting a new business or selling a commercial property you own can both present tremendous opportunities. However, these transactions can be more complex than you may initially expect, especially in a heavily regulated industry. Pharmacy law is inherently complex in various ways, and if you plan on buying or selling a pharmacy, it is vital to have legal counsel you can trust on your side.

When it comes to purchasing and selling pharmacies, you will need advice on the issues involving pharmacy rules and regulations. In addition to understanding the basics of ownership or transferal. You should consult an attorney who is experienced with business and pharmacy law.

The lawyers at Boesen & Snow Law help clients deal with the complexities of buying or selling a pharmacy. They will help you deal with the disposition of inventory and controlled substances, patient records and applications. They will thoroughly guide you through each step of your process. These transactions are very complex in many ways, so it’s important that you reach out to an attorney you can trust once you make the decision to buy or sell a pharmacy in the state.

Buying or Selling A Pharmacy

You Must Follow The Legal Process And Comply To State And Federal Rules And Regulations

You must ensure that your license is valid and current. If you have decided to purchase a pharmacy, you should consult a lawyer to assist you in the research and acquisition. A few questions that an attorney will find the answers to are:

What are the financial details of the pharmacy?
Who are the staff members and what is the culture?
Are other facilities included with the purchase?
Does a landlord own the property? If so, what happens to a lease if the landlord decides to sell or demolish the property?
Are you purchasing from its legal owner or a partner?
Do you want to make sure business operations continue and are not interrupted during the process?

The lawyers at Boesen & Snow Law have helped many pharmacists file ownership applications through the state board. It is vital to conduct research before any paperwork is filed or signed.

Filing The Necessary Paperwork

Once you have decided to purchase or sell a pharmacy, you will have to finalize your decision with a few contracts. The experienced lawyers at Boesen & Snow Law are familiar with the legal and necessary paperwork that needs to be signed and filed. They will help you with the design and creation of the contracts.

Benefits of Legal Counsel When Buying or Selling a Pharmacy

If you plan to purchase or sell a pharmacy, the process is likely to be challenging in several ways. The pharmacy sector is heavily regulated at the federal level, and there are various legal issues you must address with the state Board of Pharmacy. Attempting to navigate these issues without legal counsel on your side would be very difficult and unlikely to yield positive results.

When you choose Boesen & Snow Law to represent you in your efforts to buy or sell a pharmacy,, you will have dedicated legal representatives ready to provide ongoing support through all phases of your proceedings. You can rely on our team for various legal services, including:

Regulatory compliance. Perhaps the most important aspect of buying or selling a pharmacy is ensuring that you comply with all applicable state and federal regulations. Any mistakes when it comes to regulatory compliance are likely to have significant impacts on your ability to open your business or close a sale.
Licensing. You must have appropriate licenses, or provide sufficient notice, issued by the applicable state Boards of Pharmacy as well as federal agencies such as the DEA before you can begin operating, and every member of a pharmacy’s team is required to have the applicable license. Your attorney can guide you through application and renewal processes efficiently and answer any questions you may have about your licensing requirements. Boesen & Snow also offers a comprehensive licensing, accreditation, and insurance qualification credentialing service to its health care clients.
Property law. If you are purchasing or leasing commercial property or selling or leasing a commercial property you own, you must comply with all applicable federal and state laws to successfully complete the transaction. Your attorney can provide valuable oversight for these proceedings so the purchase or sale can proceed as planned.
Contract drafting and review. Opening any business is likely to require a substantial number of contracts. It is vital for every contract to be written so that it is legally binding for all signing parties. Whether you need to draft new contracts, amend existing contracts, or explore your options for legal recourse if you believe another party has violated their contract with you, you need legal counsel you can trust.
General oversight. You may not have the legal experience necessary to identify potential issues with an impending purchase or sale. If you plan on buying or selling a pharmacy, an experienced pharmacy law attorney can help identify any potential challenges or opportunities you face with the intended transaction.

These are just a few examples of the valuable legal services provided by the team at Boesen & Snow Law. Ultimately, buying or selling a pharmacy is a very complex business transaction with many moving parts, and legal counsel you can trust can be an invaluable asset for ensuring that your purchase or sale accomplishes your intended goals.

During your initial consultation with our team, we can review your plans for the purchase or sale of the pharmacy, identify any legal requirements you must meet to proceed with the transaction, and help you prepare to finalize the deal. Our firm excels at resolving complex pharmacy law cases and ensuring our clients maintain regulatory compliance, so reach out to our team as soon as possible to secure the legal representation you need for buying or selling a pharmacy.

FAQs

Q: How Profitable Is Owning a Pharmacy?

A: The profitability of any pharmacy hinges on multiple factors, and the local community is one of the most important of these factors. On average, pharmacies across the United States report profit margins of about 22%. These margins vary from year to year in many ways, responding to market fluctuations, new information about commonly prescribed drugs, and changes in local communities. Depending on the product mix, margins can be as low as 3-8% for name brand and specialty drugs. Boesen & Snow’s owners used to operate pharmacies and can help you with your business plan and operations to maximize revenue in a manner compliant with legal requirements and insurance carrier/PBM requirements.

Q: How Do You Calculate the Value of a Pharmacy?

A: Determining the value of your pharmacy requires an assessment of your product volume, inventory, and number of prescriptions managed by your pharmacy. Any business owner must carefully weigh their operating costs, such as the cost of maintaining their commercial property, paying staff, and ensuring a consistent stream of inventory. Over time, business owners will need to adjust various aspects of their business to maintain solid profit margins. Boesen & Snow can help you find a reputable business valuation provider.

Q: Why Do I Need a Lawyer for Contract Drafting and Review?

A: Buying or selling a pharmacy is likely to require multiple contracts, including leasing agreements, commercial real estate purchase agreements, vendor agreements, employee agreements, transitional services agreement, management services agreements, and more. It is vital for any business owner to have reliable legal counsel on their side for drafting and review of their contracts so they do not make any critical errors that could jeopardize their operations and leave them vulnerable to contract disputes.

Q: What License Do I Need to Purchase a Pharmacy?

A: Every pharmacy is subject to the regulations enforced by the states’ Boards of Pharmacy and other federal agencies (for example, the DEA). Every member of a pharmacy’s staff, from trainees and technicians to pharmacists, may be required to have the appropriate licenses. Your attorney can help determine which licenses you must purchase for a pharmacy and open for business. Each type of license has renewal fees that must be paid for each renewal.

Q: How Much Will It Cost to Hire an Attorney for Buying or Selling a Pharmacy?

A: Every attorney has a different billing policy, with most charging their clients’ hourly rates. When your chosen attorney has an hourly billing policy, they will track the time spent working on your case and regularly bill you throughout your proceedings with them. Some attorneys are willing to charge flat fees for specific legal services. Always verify a potential attorney’s billing practices before signing a contract for their representation. Be wary of firms that are willing to charge a flat rate. Once that firm has spent the hours equivalent to that rate, they may slow down and not be incentivized to aggressively get you to close.

Allow the attorneys at Boesen & Snow Law to thoroughly examine your situation and plan for the future of your pharmacy business before finalizing any agreements.

Contact their Scottsdale, Arizona office today by calling (602) 900-8562. You can also schedule a consultation by email.