Looks aren't everything...but they sure can help sell your pharmacy

If you are selling your pharmacy business and want to maximize its value on the market, appearances matter. A store that is neat, organized and clean tells prospective buyers not only that they will have to spend less time getting it in working order, but also that you, the seller, have cared for your facilities, kept them in tip-top shape, and put the effort into not leaving a messy headache for the next owner. During negotiations, that makes you appear more trustworthy, and that’s important. Because, besides money, trust is the currency of a successful business sale transaction.

There are exceptions – some buyers care only about the financial numbers – but in most cases, a pharmacy with good "facility decorum" will command a higher price than one with dirty windows, disorganized merchandise, slovenly staff and other signs of disrepair and neglect. In general, buyers place a premium on a pharmacy whose facilities are in top-notch condition.

The good news is that cleaning and organizing your store are among the simplest and most cost-efficient ways to enhance its market value. And it can bring the extra benefit of providing a better shopping experience for your customers and a better work environment for your staff.

Here are a few areas we often see where a little bit of spit-and-polish can go a long way:

Cleanliness is next to godliness.
Especially in a healthcare setting, people pay attention to cleanliness. By the end of every workday and before the start of a new one, your pharmacy should be spotless. Floors need to be clean and in good condition. Don’t forget about shelves and other mid-level spaces – dust can really pile up, especially in low-traffic areas. Check your waiting room while you’re at it – are the seats clean and in good repair? Finally, look up. Is the ceiling dirty or discoloured? Are dangling cobwebs congregating in the corners? If so, get them out. You are trying to sell a pharmacy, not a crypt.

Let there be lighting.
Darkened spaces and burnt-out bulbs never put your pharmacy in its best light (pun intended). If a bulb is out, replace it. Healthcare settings are meant to be light and bright – and dare we say, clinical. Check for chronically gloomy spots throughout the store and install better lighting where you can. It can be well worth the cost of a little electrical work.

Clear the windows.

In our experience, pharmacist-owners and their staff frequently neglect window areas. But clean panes of glass and tidy, uncluttered windowsills, providing a clear view into and out of the store, can make a dramatically positive first impression.

Paint it over.
A fresh coat of paint is like a pharmacy facelift – and for a few bucks, you can cover over a multitude of sins. Customers will appreciate it, and so will prospective buyers.

De-clutter.
“A place for everything, and everything in its place” should be deeply encoded into your managerial memory banks. Look for clutter in front-of-store and aisle areas, where stuff can tend to pile up and get in the way of efficient store operations.

Check the merchandise.
A product that hasn’t sold for a while can end up as an eyesore – its packaging frayed from getting pushed out of the way so often, labelling faded from light exposure, a coating of dust and debris from just being in one place for so long. Remove shelf-worn items before you open your store to a potential buyer. As well, make sure merchandise is displayed effectively, especially at end-aisles and points of purchase where customers’ eyes are naturally drawn. Speaking of the eye, are similar products lined up at the same level or at least in the same section? And are there any big holes in your shelf displays that make it look like you can’t properly stock your store? If there are, fill them.

Dress it up.
Presentable, professional-looking staff can go a long way towards making a good first impression and retaining customers. They should wear uniforms, and those uniforms should always be clean and in good repair. Name tags should be both present and prominently displayed. And they need to tell customers (and prospective buyers) more than the employee’s name – they should also give a meaningful description of what the person actually does.

Those are just a few of the ways pharmacist-owners can make their store more attractive to customers and more valuable to potential buyers. And these strategies don’t generally require more than a little bit of money and modicum of extra effort.

Here’s another important point: as with most strategies for enhancing pharmacy value, improving facility decorum is much easier if you start well before you plan to sell and make it part of your business’s everyday routine. Creating a clean, well-organized and inviting pharmacy does not have to be a daunting task – if you commit to making it a healthy habit.