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.
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.
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:
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.
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.
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:
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.
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.
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.
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.
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.
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.
I have known Mark Boesen for a number of years. He is an excellent pharmacist and attorney. He is well prepared and fair in his fee structure. Few legal professionals understand the unique challenges facing…
Mark helped me with reporting some legal issues to my professional board, as well as handling the consent agreement discussions. He and his associates were invaluable in navigating the process, handling all the communication with…
