Buying or selling a pharmacy can be complicated for a host of reasons. Whether you are considering buying, selling or opening a new pharmacy, a multitude of factors come into play, from business formation to licensing, from regulatory approvals to compliance with Pharmacy Benefits Managers (PBMs). The best way to manage these and other complexities is by enlisting the services of an experienced pharmacy transaction attorney.
The Law Offices of Robert Purzak is dedicated to helping our clients navigate the contemporary pharmacy landscape. Our office advises community, specialty and compounding pharmacies, on a wide range of matters, including:
- Business Formation — Preparing and filing business formation documents, negotiating and drafting shareholder agreements, and operating agreements
- Licensing/permits — Assist with obtaining required permits and licenses from state pharmacy boards and federal agencies, such as the Drug Enforcement Agency (DEA) New York State Medicaid and the Centers for Medicare/Medicaid Services (CMS)
- Pharmacy valuation and due diligence — Determine a pharmacy’s market value in collaboration with credentialed financial professionals by conducting an intensive review of documents, financial records, and other business information prior to a purchase or sale
- Pharmacy transactions — Negotiate, prepare and review offers, letters of intent, terms of sale, purchase agreements and other pertinent documents on behalf of buyers and sellers
- Employment law — Negotiating, preparing and reviewing employment agreements after a pharmacy purchase and assisting clients with developing employee policies and procedures in accordance with anti-kickback and Stark laws
- Accreditation — Assist clients with obtaining accreditation for new pharmacies and advise pharmacy owners on loss of accreditation issues
We guide our clients over the regulatory hurdles involved in buying, selling or launching a new pharmacy and provide ongoing counsel to help them achieve their business goals.
Legal Services for Pharmacy Owners
At the Law Offices of Robert Purzak, we work to ensure each phase of a pharmacy transaction is handled seamlessly and expediently. Whether your pharmacy is a startup or you are a seasoned pharmacy owner, our legal team can help you navigate and manage various issues, including:
- Establishing a New Pharmacy — Our pharmacy transaction attorneys assist with business formation and structuring with an eye toward limiting our client’s potential liabilities. We routinely help clients obtain required state permits, provide guidance during state board inspections, assist with DEA registration and Medicaid and Medicare enrollment.
- Buying a Pharmacy — Our legal team guides buyers through all stages of a pharmacy purchase. We conduct due diligence of a pharmacy’s history of legal and/or disciplinary actions to determine the potential impact on the business and the intended transaction. Our attorneys also explore options for financing and leverage our negotiating skills to make sure our clients interests are protected. We also work with new owners to prepare employment contracts with new and existing staff. Finally, we assist clients with preparing and filing change of ownership applications and other state and federal reporting requirements.
- Selling a Pharmacy — Our attorneys also advise owners throughout the sales process, working strategically to help them achieve a successful outcome. We review and prepare sales documents to make sure the terms of the agreement are fair and reasonable. Lastly, we advise clients on compliance with applicable state and DEA regulations regarding change of ownership, including inventory and transfer of controlled substances, surrender of permits and registration, transfer of records, and reporting of sale.
- Change in Location/Additional Locations — We work with pharmacy owners who are expanding an existing pharmacy or adding a new pharmacy location. Our objective is to help put in place a business structure that considers potential legal and tax liabilities as well as the owner’s business goals. We routinely conduct due diligence to prevent potential licensing issues or business interruptions and also assists clients in obtaining permits, licenses, and registrations for new locations.
- Closing a Pharmacy — At the other end of the spectrum, closing or transferring ownership of a pharmacy is a serious undertaking that must follow applicable state and federal rules — from notifying regulatory agencies of the sale to surrending permits, to notifying the public notice, to properly transferring or destroying controlled substances. Such requirements must be completed in a timely fashion to avoid an administrative action. We work with clients to make sure they adhere to all closure regulations.
The Informed Choice in Pharmacy Transactions
At the Law Offices of Robert Purzak, our practice is dedicated to helping pharmacy owners and entrepreneurs achieve their goals. Our processes are designed to help our clients engage in pharmacy transactions with confidence, with an eye toward maximizing their investment. Knowing the related legal, regulatory and financing concerns must be handled proactively, we work to ensure that any contemplated transaction is handled expediently. By working with Robert Purzak and his legal team, you can rest assured your best interests will always come first. Please contact our office today to set up a consultation.