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MI-2


letter-of-intentSouth-Central Michigan
- A long-established (43 years in this location, 23 under current ownership) full line pharmacy located in a pleasant middle-class suburb in Ingham County. Located just 20 miles east of Lansing, 75 miles west of Detroit, this store serves a trading area of more than 5,000 people, has no local independent competition, only one supermarket pharmacy that does not provide the services that the consumers in this market require. FYE 12/31/16 showed reported sales of $2.93MM, stable trends over the past three years. 95% Rx sales, full store margins of 20%. The store is currently filling 37,500++ Rxs annually, 4% cash, the balance traditional Managed Care plans. It is open from 9-6:30 Monday - Friday, 9-3 Saturday, closed Sundays and holidays. 53 hours weekly. The store occupies a 3,500 sq. ft. space which includes 500 sq. ft. of storage. There is a new, long lease available for a new owner with a starting base rent of $2,000.00 per month. The required payroll includes 1 FT Pharmacist, 1 PT Pharmacist, 1 FT tech, 2 FT clerks, driver/stockperson, PT bookkeeper. 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 store in a pleasant suburban environment. This store has ample opportunity to grow, explore new niches and specialty opportunities, under new and motivated management. It is currently owned by an absentee owner, needs hands on management to grow the business. This is a lovely town and the store is well located, has an excellent reputation for customer service.

If interested in this listing, please email Tom Cook.

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