Create a Suitable Due Diligence/Business Plan and Budget
As with any large financial decision you will make, it is extremely important that you work out your budget. You should look at your overall financial position, before you start seeking finance and this means:
- Establishing a suitable due diligence/business plan;
- Establishing a suitable budget, whereby you prepare a list of all your assets as well as your expenses and out-goings. You can do this by using a Budget Planner calculator; and
- Calculating how much you may be able to borrow by using a Borrowing Power calculator.
Arrange for Pre-Approved Pharmacy Loan
You should arrange for pre-approved pharmacy loan as it will give you the peace of mind knowing that:
- You will have the upper hand when negotiating the sale price of the pharmacy practice with the vendor, real estate agent, etc.
- You will have a clear picture of what the affordability and borrowing limits are;
- Your loan request has already been pre-approved by the lender/credit provider; and
- You will know the conditions of your pre-approval.