The Accelerated Ownership Program
Introduction
HIP introduced the Accelerated Ownership Program in 2004 as a way to help non-owner pharmacists who wanted to be a part of HIP find a suitable pharmacy to buy.
Simon Reinhard and Sal Torrisi (now owners of multiple HIP pharmacies) were the first members of the then pilot Accelerated Ownership Program.
Before HIP set up the program we were often approached by pharmacists wanting to own but our advice had always been ‘come back to us when you have a pharmacy’. The Program enables HIP to help prospective members source a pharmacy and also help you avoid the pitfalls along the way. Assistance is given in finding and negotiating the purchase as well as on the finance side. It is important to note that HIP introduces prospective buyers and sellers from within the HIP network and does not act as a broker or agent.
How It Works
Before joining the Program you pay a fully refundable $1,000 deposit - we then ask you to read through our Franchise Agreement and do your homework on HIP to make sure that we are the right group for you. Once you have made this decision you are a member of the Accelerated Ownership Program and we work closely with you to source a pharmacy to buy that will suit you and the HIP model. You are committing to join your new pharmacy to the HIP group when you join the AOP, but you can leave at any time*, in which case we simply refund your deposit.
* except where you have commenced the acquisition process on a specific pharmacy
Frequently Asked Questions
How long does it take to find a suitable pharmacy?
This obviously depends on a number of factors. When you join the Program we ask you to complete a questionnaire where you let us know which geographic area/s you are interested in and whether you would be willing to own the business as a partner or would prefer to be the sole owner. Generally speaking the more flexible you are as to location and partnership options the quicker we are likely to be able to find a suitable pharmacy for you.
What are the criteria you apply in determining if a pharmacy is suitable to HIP?
The HIP model is one which is flexible to suit a wide range of pharmacies, both in terms of location and turnover range. As a general rule we recommend against very small pharmacies, and large pharmacies located in major shopping centres. Many other factors also determine our recommendations such as proximity to GP surgeries or medical centres and location and types of competing pharmacies.
What if I find a pharmacy and bring it to you?
Through our extensive links in the industry we are often able to find out about a pharmacy that may be for sale ahead of the usual channels. However we do not find out about every single pharmacy that comes up for sale. If you do find a pharmacy yourself we are happy to look at it with you - in strict confidence - to see if it would suit the HIP model. If we determine that it does, we then help you through the acquisition process in the normal way. If we decide it is not suitable, and you are still interested in acquiring it, you are welcome to withdraw from the Program and buy it yourself.
