Pharmacies For Sale in Michigan

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MI-1. Western Michigan - A long-established (70 years in the same location) full line pharmacy and general store located in a pleasant resort and vacation area in Western Michigan, 30 miles east of Lake Michigan, 70 miles north of Grand Rapids. There is no competition of any kind within twenty miles of this store. The trading area contains a population of over 10,000 people and this grows substantially during holiday and vacation periods, both summer and winter. Current sales volume is close to $3MM annually, 50% Rx sales and 50% front end. Full store margins of 23% due to high margin front end sales of seasonal and recreational merchandise. Long lease available at very modest rent, possible real estate investment for a qualified buyer. The store is open six days a week, 51 hours in total, occupies a 5,000 sq. ft. space with an additional 3,500 sq. ft. of storage space. There is financing available for a qualified buyer.

MI-2. Western Michigan - A long-established (50 years at this location) full line pharmacy located in a pleasant small town in Western Michigan. The only pharmacy in town, nearest competition (chains only) located 9 miles away. Reported sales for FY2009 (ending 1/31/2009) were $2.4MM, 88%+ Rx sales, full store margins of 18%++. The store is currently filling 32,600 Rxs annually. This includes serving 100 patients in adult foster care homes and senior housing in a local community 8 miles west of the store. The pharmacy area is glass enclosed to allow closure of pharmacy while the remainder of store can stay open. The store is open M-F 9am to 6pm, Saturday 9am - 3pm and is closed on Sundays. It occupies a 10,000 sq. ft. space including 1,000 sq. ft. of storage. There is a long lease available at reasonable rent with the possibility of a real estate investment for an interested buyer, since the store owner owns the building as well. The store is staffed with 1 FT pharmacist, 1 PT pharmacist, 2 technicians and 3 clerks. This is an opportunity for a young pharmacist to buy into a long-established pharmacy in a pleasant small town marketplace. There are some specialty opportunities in this market that can provide significant additional sales and profits with the proper marketing efforts.

MI-3. Central/Eastern Michigan - A well-established two store group (full line stores) located in two small towns on the eastern side of the state, 175 miles north of Detroit. The stores are 28 miles apart, each is the only pharmacy in town, with the nearest competition more than 15 miles away in both locations. Total trading area population exceeds 40,000 people. 2008 reported sales of $5.2MM, 2009 sales projected at $4.7MM, based on first six months' performance this year. 90%++ Rx sales, full store margins of 20%++. Ready to retire owner is spending limited time at the stores at this moment. Store hours are 9-6 M-F, 9-3 Saturdays, no nights, Sundays or holidays, 51 hours per week. Total Rx count exceeds 85,000 annually. The stores are both free standing, one 6,000 sq. ft., the other 3,000 sq. ft. The seller owns both buildings, will either rent them on a long term lease at very reasonable rates or sell them if a buyer is interested in a real estate investment as well. The business is very reasonably priced as the owner is highly motivated to sell and retire. There is some seller financing available for a qualified and creditworthy buyer who will make a reasonable down payment. These stores can provide a reasonable living for a new owner while paying down debt, can commence to recapture market share with the right person in charge. There are no doubt specialty opportunities in this market that can provide significant additional sales and profits with the proper marketing efforts.

MI-5. Eastern Michigan - A long established (70 years in the same location) full line pharmacy located in an upscale suburb of Detroit, 35 miles north of the city along Lake St. Clair. The only independent in this upper income marketplace (median family income is 40% higher than MI median), a town with a population of almost 10,000 people. The store is located on a highly visible corner in the downtown area, close to the lake front. It occupies a 1,600 sq. ft. space which can be leased on favorable terms or the building can be purchased from the current owner, who is also the owner of the pharmacy. Current sales are just short of $2MM annually, 18%++ gross profit, strong net after all expenses due to low operating overhead. The store is currently filling 29,000 prescriptions per year, 6% cash, limited to no Medicaid, the balance traditional managed care. It is open from 9 to 6 Monday, Wednesday and Saturday, 9-8 Tuesday, Thursday and Friday, closed Sundays and all holidays. There is financing available for a creditworthy and qualified buyer with a reasonable equity contribution. This is an opportunity for a first time buyer to buy into a growth situation in a pleasant small town marketplace. This store can provide a reasonable living for an enthusiastic and motivated owner while paying down debt, will commence to grow with the right person in charge. There are no doubt specialty opportunities in this market (such as compounding, certain closed door opportunities) that can provide significant additional sales and profits.

MI-9.

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