“Partway through the sale of our pharmacy, I said to Stewart, partly in jest, that it was “easier to run a pharmacy than sell a pharmacy”. The only reason I was able to partially joke about it was due to the support Stewart gave throughout the selling period.
There is no doubting that deciding to sell a pharmacy, especially one that you have spent almost your whole working life (41 years) in, is a significant one. Stewart, to his credit, allowed us the time we needed to come to that conclusion (with a few subtle and sensible prompts).
Once you have decided to sell, the potentially hard work begins. Assembling the information that Stewart needed to prepare a comprehensive Pharmacy Profile is first, and Stewart made that as painless as possible by maximising his input and sensitively coaxing the rest out of us. Of course, it should also be noted that he knew and drew out the information needed to make the Pharmacy Profile as effective as possible.
The next step, the marketing of the pharmacy is obviously of paramount importance to any seller, and here Stewart's brokerage really came to the fore for us, with his network of potential buyers meaning that he was marketing our pharmacy to a wide range of potential buyers.
As a result, we had an (according to Stewart) record number of potential purchasers, with over 70 signing the Confidentiality Deed, and an active bidding cycle that resulted in us accepting an offer above Stewart's and our valuations.
It sounds easy to say, but it was due, we believe, to hard work and thorough preparation from Stewart.
And then, once you have accepted an offer, there is then the work needed to satisfy the purchasers Due Diligence requirements. Stewart's own quote is that “getting the purchasers signature is only 30% of the work, the other 70% is getting from signing to settlement!” Again, you have to provide a lot of information, but Stewart was as supportive as possible, and acted as an always available go-between.
The other point that becomes important at this stage is that Stewart, as well as his own expertise, also has connections, for example he recommends options for a Lawyer to draw up contracts on your behalf (and you would be crazy not to follow them).
I know there are a number of pharmacy brokers, and we really didn’t know a lot about any of them, so we sought some advice from other pharmacists, Stewart came well recommended and we can only add our recommendation. He was truly an honest broker, and was sensitive to and adjusted well to meet our needs.
As we move into retirement, we acknowledge that Stewart played a major role in setting us up to enjoy that. We are very happy to highly recommend him to anyone seeking a pharmacy broker.”
"Stewart Grigg’s genuine, thorough, and superbly effective approach to pharmacy brokering has made my relationship with him during the process of selling my business a greatly valued one. Not only have I appreciated his commitment, his knowledge and his availability at all stages of the sale, I have also found him to be open, highly approachable and an excellent source of support. His services have rendered a potentially draining and dragged-out process both timely and positive. I see him as the primary cause for the smooth and rewarding sale I have enjoyed and do not hesitate to recommend him.
It is highly relevant to note that my first experience of Stewart Grigg was as a potential purchaser. Two years prior to selling my business, my brother and I looked at a number of pharmacies on the market. The businesses presented for sale by Stewart Grigg stood out immediately for having the best pharmacy profile and this presentation was backed up by fast and detailed responses from Stewart himself. Any questions we had regarding the pharmacies were quickly answered and the detail provided was always suited to our needs. Without doubt, Stewart’s services were head and shoulders above any of the other brokers we dealt with.
In the sale of my own business, Stewart’s capacity to sustain open, cooperative and, whenever needed, insistent communication with myself, the purchaser, the banks, and the solicitors on both sides, marked him as an expert in his field. His approach is grounded on an unwavering focus and dedication in relation to the goals at hand. I have experienced what it is like to undertake these negotiations without the assistance of a broker and do not hesitate to say that Stewart’s services were the best investment I could have made. In 1995, what I thought would be the simple process of buying half of the business I was working in from my employer and partner-to-be, at a price already agreed on, turned into a 12-month ordeal involving entirely unnecessary complications. In 2006, when I bought out the other half of the business, the delays were again considerable, frustratingly unnecessary and, of course, costly. When I became interested in selling the business, Stewart was available with advice for avoiding such complications from the outset and remained committed to minimising delays and misunderstandings throughout.
I have worked as my local community’s pharmacist, in a single-pharmacy town, for over twenty years. Serving this community has meant, and still means, a great deal to me, and it was a bonus to find that the meaning my work has for me was never dismissed by Stewart. He recognised the relation my decision to sell had to the industry at the time and at no stage undermined or failed to be sensitive to the values I hold as a pharmacist. The transaction of selling a business is financial and Stewart’s business knowledge is impeccable, yet I also felt an acknowledgement from Stewart that the sale was part of my life story and accordingly, for me, no small thing. The success of the transition I was undertaking was of interest to Stewart and I thank him for this. Stewart’s professionalism is underscored by compassion as well as determination and this combination is certainly part of what makes him exceptional in his chosen vocation.
I am pleased to recommend Stewart and will return to him if ever I am again in the market."
"Having now transacted FIVE pharmacies with Stewart Grigg of Blink Pharmacy Brokers, I can say with confidence I know his character and his approach extremely well. Put simply, Stew is a gentleman. He is everything you want and need in a pharmacy broker, and having seen the process as a buyer and a seller, I cannot recommend the firm enough. Blink is intentionally, not accidentally, boutique. The firm wants to be known for its premium service, nimble approach, professionalism and integrity. The firm's service fees are extremely competitive, but more importantly, justified as the value delivered goes beyond the cost incurred.
I stand by my above compliments and have offered that Stew passes my personal mobile number to any pharmacy proprietor looking to transact a pharmacy business and would like to seek any advice or a recommendation.
Keep doing exactly what you are doing Stew. Thank you for the pleasant past dealings, and I look forward to working with you again in the upcoming future."
"My relationship with Stewart began over 6 years ago when he would call in to the pharmacy three or four times a year and kept me informed with what was happening in the market regarding pharmacy sales and acquisitions. We would often discuss capitalisation rates, prices, demand and any factors (such as PBS reforms and price disclosure) impacting the pharmacy market at the time. Stewart established and maintained the relationship over many years with no return and was more than happy to share his expertise and experience for my benefit, assisting me with both my business and future.
When it came to the point of sale, Stewart had many meaningful discussions with myself and my business partners assisting not only in the decision making process, but also the organisation and time frames surrounding the sale and what could be expected, including the potential hurdles that may need to be overcome.
Stewart commenced Blink’s four week marketing campaign early in the year and, in confidence, informed his national database of buyers. Given we were selling two businesses at the same time and the high acquisition price, we were pleased and surprised that over 50 parties signed the Confidentiality Deed and viewed Blink’s Pharmacy Profile Package. The Pharmacy Profile Package did indeed, as Stewart communicated, present our businesses in “the best possible light” making us feel that the buyers and their advisors could be confident when making their offers.
Stewart’s communication during the marketing campaign and beyond was fantastic. We had a real sense of how the campaign was running. Not only did we receive emails twice weekly with feedback from each buyer, they were accompanied by phone calls to discuss the finer points that mattered. I felt the relationship between Stewart and I was analogous to a doctor and patient relationship – it was the keystone of care, the medium through which data was gathered, plans and strategies were made, compliance was accomplished with communication and support central to each step.
The process of dealing with the purchase was relatively smooth but not without its hurdles. These were immediately overcome and were dealt with effectively. Stewart worked closely with both our accountant and lawyer and was also the conduit with the landlord and landlord’s lawyer. Stewart’s broader connections and business experience beyond the pharmacy industry certainly assisted the ease of the transaction. The sale was completed, post settlement was suitably smooth and any small issues were resolved quickly.
Settlement occurred some months ago now however Stewart and I still speak and catch up regularly. This has confirmed for me that he was the right person for the job. Stewart has a genuine care for the people he works with and is interested in their lives and future beyond pharmacy.
I wish him well in the future and highly recommend his services."
"When I first met Stewart Grigg I was looking to purchase my second pharmacy. Firstly, I was very impressed with the detail and professionalism of the pharmacy profiles he had presented me with. He was also always available to answer any questions I had, regardless of how trivial they were, in a timely manner with great detail and evidence to back them up. During the period when the offers were made, Stewart had always kept me informed with the Vendor’s feedback and updated me constantly, so I knew where I stood with my offer.
What also set Stewart apart from other pharmacy brokers I dealt with was that he was in constant contact with me as a potential purchaser. As I was working five days a week in my pharmacy and also had a four year old boy to look after, I really did not have a lot of spare time to chase brokers to find out which pharmacies they had for sale. With Stewart, as soon as he had a pharmacy listed, I would get a summary of it in my inbox. I would never miss out on an opportunity.
In the sale of my own business, I felt the comfort and confidence knowing of Stewart’s ability to keep open communication between the purchaser, the accountants, the solicitors and myself. Given my pharmacy was right next door to a Chemist Warehouse, it represented a difficult task to achieve a great result. Stewart had tackled it with the utmost focus and dedication. He had the ability to convince potential purchasers the benefits of owning a pharmacy like mine and alleviated their worries. Because of his professional approach, I was able to obtain a great result with the price above my expectations.
During the settlement period, it was not without its complications. Stewart had worked closely with me, my accountant and my solicitors, so any issues or potential problems were dealt with immediately and effectively. Stewart’s exceptional ability to resolve all the issues was the main reason we were able to achieve a successful settlement in a timely manner.
As a purchaser and a vendor, I would highly recommend Stewart above all other pharmacy brokers. Not only would he always strive to achieve the best result, he is also someone who you could trust and rely on when you need advice. When the situation arises for me to purchase or sell another pharmacy, I will not hesitate to call upon Stewart’s services again.
A final note, thanks to Stewart, I am now a proud owner of two great pharmacies in Port Melbourne, and I am able to consolidate my finances as a result of successfully selling my other pharmacy in Cheltenham. I cannot be happier and it is an absolute credit to Stewart."
"It has been two months now since I sold my rural pharmacy business in Tasmania and my wife and I still pinch ourselves as to how smoothly the past six months have gone. The absolute success that we have achieved during this time is due to Stewart Grigg. We feel we have been lucky to have been able to have Stewart as our broker as he found us at the crossroads of our business lives. Hopefully the readers of this letter will take the luck out of their search and choose Stewart as their broker in their next pharmacy venture.
There is a great deal of evidence to support my recommendation of Stewart. Our sale evolved from an approach of a potential buyer through Stewart. We discussed the possibility of selling, the process, timing and my future. Stewart was very considerate of my thoughts and feelings on the sale of my pharmacy of 27 years. He also had a great understanding of what that time meant to me and the sensitivities of selling our business. There was no pressure and Stewart answered all of our questions and gave us the time and information to make an informed decision. I also did my own research to ensure I was talking to the right person at this stage. Everyone I spoke to in the industry assured me Stewart was the right broker for my business.
The decision was made to “test the market” after a valuation had been done. (I had several valuations and Stewart’s was spot on). Stewart set out the path that we would follow and he predicted each turn and had the strategies in place to deal with all situations. His expertise in this field and his experience allowed him to explain all aspects that goes with the sale of a pharmacy.
I must note at this time that we successfully sold the pharmacy business and the premises which was essential to our outcome. Stewart’s knowledge includes a great understanding of the sale of Real Estate and he was able to achieve a smooth sale resulting in a satisfied purchaser and a very impressed vendor.
Stewart prepared a comprehensive Pharmacy Profile Package which was marketed to his large database of potential purchasers. His four week advertising campaign resulted in more than 30 parties signing Confidentiality Deeds and viewing the Profile.
At the end of 4 weeks, we had signed the Purchase of Business Offer (POBO) and started the process of due diligence and engaging lawyers. Stewart’s knowledge at this point was critical and he recommended a very experienced team to see the sale through. His ability to successfully liaise with all parties involved in the sale was the reason that our sale proceeded smoothly. Stewart’s professionalism was evident from the onset and all the hurdles were dealt with promptly. We were able to contact Stewart at any time with a quick resolution or an understanding explanation.
As my life enters a new phase, Stewart remains in contact, genuinely taking an interest in my future. I will always remain grateful to Stewart for his efforts in achieving the sale of our business and would highly recommend him to anyone who is seeking a broker."
With the sale well and truly behind us now, we wanted to take the opportunity to express our gratitude and appreciation for all your efforts regarding the sale.
We simply can’t thank you enough for your assistance in the sale of our pharmacy. It has been extremely difficult for us to find the words to express our feedback to you, especially when you were charged with the enormous task of achieving an outstanding result for us in what we thought was a difficult market and a challenging time for the pharmacy industry.
Can we just start by saying that we were totally impressed at the manner in which you approached the sale from the outset right through to what was a successful conclusion. At all times we felt a degree of confidence and comfort knowing that you were working for us because of your integrity, professionalism and determination. The other great and obvious attribute in you was your phenomenal attention to detail which in my view makes you a cut above the rest.
We are still amazed and will always remember how particular you were in your approach to everything during the entire campaign and how you kept us fully informed throughout the sale and minimised the hassle and stress from the whole complicated process. Sometimes it felt like a successful settlement may never come but no matter how difficult the circumstances were during the sale your approach in resolving all the issues was exceptional. It’s also quite rewarding to see all that hard work and effort that was invested prior to and during the campaign paid off in achieving our goal. We can say unequivocally having dealt with other agents and brokers from pharmacy and other industries you have certainly stood out as a professional in your field and it was an absolute pleasure to deal with you.
Also on a personal note Stewart, we consider ourselves very fortunate to have met a broker of your caliber but more importantly a decent person who strived to achieve the best result for us rather than a quick commission for yourself. The way in which you conducted yourself on a professional and personal front was exceptional and additionally, the communication between us was fantastic. We couldn’t be happier with the result and it’s an absolute credit to you.
Having had the opportunity to get to know you and work with you over a long period of time, there is absolutely no doubt in my mind that you were the very best person to handle our sale. As you know, we put all our trust in you and you didn’t let us down. We can’t ask for more than that and you certainly won’t be forgotten by us. Make no mistake, if the situation ever arose for us to buy or sell another pharmacy we would want nothing more but to have privilege and pleasure of calling upon you to do what you do best and it goes without saying that we would not hesitate to recommend you to anyone who may require your services in the future.
In concluding Stewart, can we say thank you again very much for the outstanding achievement and the professional manner in which you conducted yourself at Blink Pharmacy Brokers. We wish you and your family all the very best. Eternally grateful."
"After owning Auburn Pharmacy for 13 years, I decided it was time to devote more time to my family and therefore chose to list my business. From the outset it was imperative that I “dotted the i’s and crossed the t’s” when it came to choosing the right broker to facilitate this process. Key factors such as a realistic price appraisal, confidentiality, reasonable terms and conditions, integrity, professionalism and empathy were of paramount importance. After meeting with various brokers, the person who made the greatest impression on me and met these criteria was Stewart Grigg. I am glad to say that in hindsight my decision was vindicated.
Selling a pharmacy business can be a very lengthy and stressful experience. It requires the co operation of many entities to ensure that settlement takes place. Stewart was the central link and was more than capable of consolidating all the intricate parts of the puzzle that constitute the back and forth of negotiating processes. This allowed me to focus more on my day to day work rather than trying to tie up all the loose ends. His communication was accurate, structured and geared towards a favourable outcome.
I was very satisfied with the price I received (which was higher than I expected), as well as the knowledge that the small business I devoted so much of my time to continues to thrive in the face of intense industry competition. Overall there were one or two of the usual hiccups – negotiations with solicitors/landlords – but in the main the whole sales process was an “orchestra” that had a very capable “conductor” in Stewart Grigg. As such I have no hesitation in recommending him as an ideal hard working broker for your business, and of course wish you every success with your sale and future."
"After more than 30 years of owning and operating my Pharmacy in Chadstone, my wife and I decided to retire to spend more time with our family, especially our new grandson.
Stewart had popped in to see me occasionally in the past to see how we were feeling about selling, and this time we decided it was “time”.
So in April 2013, Stewart gathered extensive marketing information about the pharmacy. He then presented a proposal to us and made it available across his Australia-wide database of potential buyers. We were astonished at how quickly a list of offers was put before us. Stewart kept us updated daily. There were at least 4 offers that met our expectations.
We decided to accept the highest offer, but only after considering the calibre of the new young pharmacist who had made it. We wanted to be sure that he would continue to provide the high level of service to our valued customers, many of whom had been with us for over 30 years.
The formal “Purchase of Business Offer” was signed in May and, after we had provided a large number of documents to verify our figures and goodwill, settled fully in September. Stewart was instrumental in professionally conveying all the necessary information between both parties and liaising with accountants, landlord and solicitors. He kept us updated regularly as to the progress.
Settlement occurred without a hitch and we are now enjoying a well earned rest with time to be with our grandson and travel a little.
We were very satisfied with Stewart’s professional attention to detail and he gave us some good advice when needed. He dealt with us and all parties with great respect and politeness.
We are very pleased to recommend him to any prospective seller."
"About 12 months ago after having owned my two Pharmacies for 24 years, I decided to put them on the market with the express view to acquiring a more balanced personal and family life. I approached Stewart Grigg, a person I had known for many years within the Pharmacy Industry from being my Sigma/Arrow rep to currently running his own brokerage business in the sale and purchase of pharmacies.
I had touched base with him and a number of other brokers approximately three years earlier when my accountant suggested to me to put out my feelers to see what interest there was within the industry for pharmacy sales as we were aware a large discount pharmacy was opening soon in Gisborne. After limited enquiries, I decided to withdraw my businesses from the market, however Stewart was the only broker who touched base with me every three months to keep me abreast of current market situations.
I had no hesitation in listing my pharmacies with Stewart, as I knew his vast knowledge and networking from within the industry would expose me to the best possible outcome. Stewart was absolutely wonderful. He guided me through the various planning stages that were required for the sale of the businesses and worked with both my wife, myself and my staff with professionalism an understanding.
In no time at all, the offers started coming in and through negotiation we were quickly able to accept an offer that met our purchase price. I can honestly say that Stewart did the majority of work that was required whilst I was able to continue working my businesses without interruption.
I sincerely thank Stewart for his efforts and am proud to say that I was his first client in what I believe will be a very successful business venture for him. "