Posts tagged Letter of Intent
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FAIRFIELD COUNTY

A long-established full line pharmacy and gift shop located in one of Fairfield’s County’s most upscale and affluent communities. This store serves a trading area of more than 10,000 people with the average family income exceeding $200,000 annually. There is NO competition in the immediate area, the nearest pharmacies (primarily chains and supermarket pharmacies) are located in other villages more than five miles away. FYE 12/31/18 showed reported sales of $3.76MM, stable trends over the past three years.. 87%+ Rx sales, full store margins of 24%. The store is currently filling 41,000++ Rxs annually, 4% cash, the balance traditional Managed Care plans.  It is open from 8-6 M-F, 8-5 Saturday, 9:30-1:00 Sunday. 62 hours weekly. It occupies a 2,500 sq. ft. space which includes 600 sq. ft. of storage.  Current rent is $8,900.00 monthly including taxes and CAM. There are two five-year options remaining on the lease commencing 1/1/2020. The required payroll includes 1 FT Phcst, 1 PT Phcst, 1 FT tech, 1 PT tech, front store manager, 1 FT clerk. All existing personnel are experienced and knowledgeable about the customers and the local market. There is some financing available for a creditworthy and qualified buyer with a reasonable equity contribution. This is an opportunity for a young pharmacist, a first-time buyer, to purchase a long-established and highly profitable pharmacy in a pleasant, upscale suburban environment. This store has ample opportunity to grow, explore new niches and specialty opportunities, under new and motivated management. The current owner is NOT a pharmacist.  This is a great town and the store is well located, has an excellent reputation for customer service, no local competition whatsoever. 

 If interested in this listing, please contact Jack Collins.

LISTING: NY-5

BROOKLYN

A newly established independent pharmacy (opened in 2015) located in a middle-class Brooklyn neighborhood, at the northern end of Sunset Park. The store is right across the street from a large metropolitan hospital, close to all major highways and transportation hubs. A brand-new buildout, well-merchandised, limited competition in the neighborhood, only one other independent and a Duane Reade store. Reported volume of $1MM in 2018, 95% Rx sales, full store margins of 35%++. January 2019 Rx revenues reached $100,000.00.  The store filled 17,000++ Rxs in 2018, including some local senior home scripts and hospital Rxs. Rx margins are very high due to certain “specialty” dispensing activities. The store is open from 9-7 Monday through Friday, closed Saturdays and Sundays. 50 hours weekly. It occupies an 800 sq. ft. retail space and has 1,200 sq. ft. of basement storage as well. It is subleasing from the adjoining tenant. Lease runs through 2024, current rent is $4,921 monthly including tenant’s share of taxes and CAM, plus utilities. The required payroll includes 1 FT Phcst (the current owners are absentee, SP is an employee pharmacist), 1 FT tech, 2 PT clerks. All existing personnel are experienced and knowledgeable about the customers and the local market. This is an opportunity for a young pharmacist, a first-time buyer, to purchase a relatively new store in a well-established, rapidly gentrifying Brooklyn neighborhood.  This store has ample opportunity to grow, explore new niches and specialty opportunities, under new and motivated hands-on management. Current owners, an out of town investment group, are currently focused on other projects (they bought the store from the original owner in 2017) and have decided to sell and move on. This is an excellent area and an excellent location. The cost of entry is the same or less than that of opening a new store and the business is already generating $1MM in sales. If you were perhaps contemplating a start-up of some kind, this is a far better opportunity.

 If interested in this listing, please contact Jack Collins.

NortheastBHLetter of Intent
LISTING: NY-4

LONG ISLAND - SUFFOLK COUNTY

A well-established (more than 30 years in this location, 15 under current ownership) full line pharmacy and gift shop located in a pleasant, upper middle-class Western Suffolk city. The median family income is more than twice that of the average NY State family.  Located less than forty miles from Manhattan, away from the downtown commercial area, this store serves a trading area with a population of more than 20,000 people, has limited local independent competition, mostly large chains and supermarket pharmacies that do not provide the services required by the customers who reside in this area. FYE 12/31/17 reported sales were $2.53MM, up 10% from 2016. Will report 2.6MM++ in 2018 based on interim financial statements. 85%++ Rx sales, full store margins of 20%++, strong front-end sales due to gift department, nutritionals, sundries. The store is currently filling 28,000++ Rxs annually, includes some non-sterile compounding. Rx sales are 10% cash, the balance Managed Care. It is open from 9-8 M-F, 9-5 Saturday, 9-2 Sunday. 68 hours weekly. The store occupies a 3,200 sq. ft. space which includes 400 sq. ft. of storage. There is a new, five-year lease in place, runs to 2023. Landlord is open to extend the lease for a new owner. Current base rent is $7,152 monthly, plus CAM and taxes. The required payroll includes 1 FT Phcst (currently the owner shares these duties with another pharmacist), 1 PT Phcst,1 PT tech, front end manager/clerk, 1 FT clerk, driver.   All existing personnel are experienced and knowledgeable about the customers and the local market. This is an opportunity for a young pharmacist, a first-time buyer, to purchase a well- established and profitable store in a pleasant and conveniently located suburban environment. Limited competition and a population of upscale consumers make this an ideal opportunity for someone who values and understands this type of environment. There are many physicians and clinics in this market as well as a large local community hospital, ample opportunity to expand professional services and capitalize on specialty pharmacy opportunities. The store needs young, hands on, motivated management to market services to the local medical community. There is a large medical building (no pharmacy in it) directly next door to the pharmacy.

If interested in this listing, please contact Tony DeNicola