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Consultancy for pharmacy owners

Consultancy for pharmacy owners in Ireland, for opening, buying and selling

Starting, buying or selling a community pharmacy involves a lot more than the accounts. We help with the business decisions and the paperwork around them, and we will tell you plainly when a deal does not stack up.

Book a free consultation +353 85 147 7625

Open a pharmacyPlan the costs, the PSI registration and the cash you will need before you sign anything.

Buy a pharmacyTest the accounts, the income mix and the price before you commit.

Sell or hand overGet the business and the tax ready for a clean exit.

Before you open

The start-up checklist for a new pharmacy

START-UP CHECKLIST

New community pharmacy

1Business plan and fundingFirst

2PSI registration of the businessRequired

3Superintendent pharmacist namedRequired

4HSE contract for public schemesIf dispensing for HSE

5Stock, systems and staffBefore opening

PSI registrationA retail pharmacy business must be registered with the Pharmaceutical Society of Ireland, and the premises must meet its standards.

A named superintendent pharmacistThey must be a registered pharmacist. Each pharmacy also needs a supervising pharmacist in charge of day-to-day operations.

An HSE contractTo dispense under HSE schemes such as the GMS you need a contract with the HSE. Payments then come through the PCRS.

Open ownershipYou do not have to be a pharmacist to own a pharmacy in Ireland.

Rules and processes change, so we always check the current PSI and HSE position with you before you commit to a date.

Buying

What we check before you buy a pharmacy

1Accounts

Trading history

Several years of accounts, so you see trends and not just the best year.

2Income

The income mix

How much comes from HSE schemes, private prescriptions, services and the shop floor.

3Premises

Lease and location

Rent, length of lease and what happens at renewal.

4People

Staff and the transfer

Employees usually transfer with the business under transfer of undertakings rules, so their terms carry across.

5Price

Valuation

Goodwill is usually the biggest cost. We test the price against real profit, not the headline figure.

6Finance

Funding

A business plan and forecasts lenders expect, built before you make an offer.

Income

Where a pharmacy’s income comes from

HSE schemes

GMS (medical card)Drugs Payment SchemeLong Term Illness schemePaid through the PCRS

Private

Private prescriptionsOver-the-counter medicinesFront shop

Services

VaccinationsConsultationsOther paid pharmacy services

Buyers and lenders look closely at this split, and a pharmacy’s mix of VAT rates means your till and stock records need to be set up correctly from day one.

Big decisions

Four questions most pharmacy owners face

Open new or buy existing?The core choice for a new owner.

Buy: patients and history

Open: fresh start, more risk

Company or personal ownership?Affects liability and tax.

Company: 12.5% on trading profit

Personal: simpler, taxed as income

Go alone or take a partner?Capital and control.

Alone: full control

Partner: shared capital and risk

Selling: what drives the tax?Plan this before you sell.

How the sale is structured

Reliefs, if you qualify

On a sale, reliefs such as Revised Entrepreneur Relief or Retirement Relief may reduce capital gains tax. Conditions apply, so we check your eligibility early.

Plain English

Pharmacy terms, explained

PSIThe Pharmaceutical Society of Ireland, which registers pharmacists and pharmacies.

PCRSThe HSE’s Primary Care Reimbursement Service, which pays for pharmacy services under public schemes.

GMSGeneral Medical Services: the scheme for medical card holders.

DPSDrugs Payment Scheme: limits what a household pays for approved medicines each month.

Superintendent pharmacistThe registered pharmacist responsible for the pharmacy business’s operation.

Supervising pharmacistThe pharmacist in charge of a pharmacy’s day-to-day running.

Quick answers

Questions pharmacy owners ask us

Short, plain answers to what people ask us most.

Do I have to be a pharmacist to own a pharmacy in Ireland?

No. Ownership is open, but the business must be registered with the PSI and have a superintendent pharmacist, who must be a registered pharmacist.

What should I check before buying a pharmacy?

Several years of accounts, the split between HSE schemes, private prescriptions and retail, the lease, your staff position and the value of the stock. We go through each with you before you commit.

Do I need an HSE contract?

To dispense under HSE schemes such as the GMS, yes: you need a contract with the HSE, and payments come through the PCRS. We help you plan the timing so it fits your opening or purchase date.

Should I run my pharmacy through a company?

Many owners do, for liability and tax planning reasons. It depends on profit and how much you need to draw, so we compare the options using your own figures.

Can you help me get finance?

We prepare the business plan and forecasts lenders expect and help you present them. The lending decision always rests with the lender.

Keep reading

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ADVICE

Planning your next move in pharmacy?

Tell us what you are considering and we will give you a straight, practical view of the numbers.

Book a free consultation +353 85 147 7625

Whether you are opening, buying or selling
The location and size of the pharmacy
Your timeline
How you plan to fund it

Key dates

VAT3 return due the 19th (23rd on ROS)

PAYE, PRSI and USC due the 14th (23rd on ROS)

Form 11 and preliminary tax due 31 October (later on ROS)

Company CT1 due the 23rd of the ninth month after year end

Records must be kept for six years