Buying or Selling a Pharmacy:- We assist with both asset sales and share sales, helping you determine the best option based on your financial and tax considerations. Our team works closely with accountants and tax advisors to minimize tax implications and maximize the financial benefits of your transaction.Our team of dedicated pharmacy lawyers have years of experience in providing legal services to pharmacists, pharmacy owners, and buying groups across Ontario. Whether you are buying or selling a pharmacy, forming a partnership, or negotiating a lease or banner agreement, we are here to protect your interests and streamline the process.

Key Legal Services for Pharmacy Transactions

1. Pharmacy Incorporation:- If you are forming a Pharmacy Professional Corporation, our team ensures all legal structures are properly set up to protect your business interests and comply with regulatory requirements.

2. Dealing with the Ontario College of Pharmacists:- Compliance with the Ontario College of Pharmacists is crucial when operating a pharmacy. We provide guidance on legal requirements and help resolve any compliance issues that arise during transactions.

3. Lease & Banner Agreement Negotiations:- Whether your pharmacy is located in a leased space or operates under a banner agreement, we help negotiate favourable terms that protect your business and ensure long-term success.

4.Pharmacy Partnership Agreements:- If you are forming a business partnership with another pharmacy or healthcare provider, we draft comprehensive partnership agreements to define roles, responsibilities, profit-sharing, and exit strategies, ensuring alignment and protection for all parties involved.

Key Considerations When Buying or Selling a Pharmacy

Due Diligence: It is crucial to conduct thorough due diligence when buying a pharmacy to assess financial performance, regulatory compliance, and operational efficiency. Sellers need to ensure all documentation is in order to facilitate a smooth transaction.

Asset vs. Share Sale: The sale of a pharmacy can be structured as either an asset sale or a share sale, each with different tax implications. Early planning can help sellers qualify for the Lifetime Capital Gains Exemption, providing significant tax savings.

Restrictive Covenants: When buying a pharmacy, it is crucial to ensure that adequate restrictions are placed on the seller to protect the buyer’s interest. Restrictive Covenants limit the seller’s ability to compete and solicit buyer’s new customers and employees. Restrictive Covenant agreements will often have a designated time-period and will specify the distance.

Financing: Whether buying or selling, financing is often a critical part of the process. We support our clients as they negotiate advantageous loan terms and navigate the challenges of obtaining funding.

Why Choose Prudent Law?

At Prudent Law, we have a proven track record of successfully assisting pharmacists and pharmacy groups with complex transactions. Our expertise ensures that every detail is covered, from negotiating deals and managing tax implications to ensuring compliance with industry regulations.

How We Can Help

Full-service legal support for buying and selling pharmacies
Assistance with pharmacy partnership agreements, lease negotiations, and employment contracts
Guidance on structuring sales to maximize financial benefits and minimize taxes
Support with regulatory compliance and navigating the Ontario College of Pharmacists
Expertise in financing negotiations and securing favourable terms

Contact Prudent Law Today

If you are planning to buy or sell a pharmacy in Ontario, Prudent Law is here to help. Our experienced team will guide you through every step of the transaction, making sure your company is successful and that your interests are safeguarded.