What does your Succession Plan look like?
What is a Succession Plan?
A succession plan is a blueprint for exiting your business and it is not just a retirement plan. A well-managed plan ensures that when you part with the business you get back your initial investment and are adequately compensated for the years of hard work you have put into its growth.
A plan covers fundamentals, including details such as when you will exit the business; who you sell to, and whether you sell all of the business at once, or gradually over time via a specific niche strategy. The plan also should consider potential tax and legal implications of your exit strategy as well as financial planning. Do you need to de-brand yourself to effectively sell your pharmacy?
Start thinking about your long-term ownership goals early. Ask yourself what timeframe you are working towards and what your lifestyle goals are. For example, do you want to retire completely at a certain age, or do you want to sell and continue working in the pharmacy full or part-time or not at all? How much do you want to earn from the sale of your business, and is this going to be used to fund your retirement?
This area of your plan does not have to be static. The first step is to sit with our consultant to begin the process and plan. There are numerous options to consider here, such as who the new owner might be. There are 3 types of buyers and our consultant can help you differentiate and plan, as well as make recommendations.
At Pharmacy Ownership we can help with the plan and represent you in the business transaction and transition so that your legacy and post sale experience is complete.
Pharmacy Ownership can bring you the value and expertise provided by and Powered by uniPHARM.
For more information visit www.pharmacyownership.ca.