During the sale process it is recommended that vendors maintain a high level of confidentiality around the sale of their pharmacy. Some of the reasons for this are as follows:
It is fundamental to not disclose information about the sale of the pharmacy to your staff, pharmacy representatives, wholesaler representatives, friends or customers. The sales process often takes several months from the time you decide to place your pharmacy on the market to the date that the final contracts are signed, and settlement has occurred. During this time it is important to have a “business as usual” approach to managing your business so that your business is in the best possible shape when the time comes to hand over.
Staff and other community members should be notified after the contracts have been signed and between two weeks to a month prior to settlement (Check the notice period your staff require). The new owners will need to meet and interview the staff, this meeting is at the vendor’s expense. We will notify you of the specific dates that this will occur. However, this will transpire during your business hours, at your cost.
The wholesalers will be aware of the impending sale of your pharmacy two to four weeks prior to the finalisation of the sale as the purchaser will need to open a new wholesaler account. Wholesalers who are not aware of the impending sale should be informed once the contracts have been signed.