- Thread starter M0823MIKE
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buying a business in the D.R.
Seems to be very competitive business and location is very important.
i've noticed that a few farmacias do very well and others have few clients. It would be tough to go against one that has built up a loyal client base.
Foreigners should keep in mind that usually the best way to make a million dollars here is to come with 2 million.
i've noticed that a few farmacias do very well and others have few clients. It would be tough to go against one that has built up a loyal client base.
Foreigners should keep in mind that usually the best way to make a million dollars here is to come with 2 million.
yes, location, location, location... I am a pharmacist and owned ap harmacy for many yeasr in the states. I have been here for about 7 years now and have become fairly familiar with the business model here. So far the hardest thing for me is the lack of dependable (dare I say audited) financial information. My gut tells me that just the presence of an actual pharmacist who has a detailed knowledge of medicine and is fluent in spanish will bring people to my business- I could be wrong too. The other perplexing point is how to evaluate the worth of the business. is it net profit or net sales multiplied by x years or some other formula?
FYI: You do not have to have a licensed pharmist on premises (sp?), only to sign off on it!!
Not the easiest ob businesses to get into now that Farmax is a going concern...I woujld steer away unless yhou are in a remote location.
HB,,sho know Jack about pharmacies but does know this place!!!!!!!!!!!!!!
Not the easiest ob businesses to get into now that Farmax is a going concern...I woujld steer away unless yhou are in a remote location.
HB,,sho know Jack about pharmacies but does know this place!!!!!!!!!!!!!!
- i'd count the number of people that go into the store per hour for a few different times during the week and extrpolate to determine foot traffic.
- then you might be able to find a friendly person who owns another pharmacy to determine the estimated profit
- i'd consider what strategic benefits does the pharmacy have outside your knowledge that protects it from competitors. why will people go to it, which protects it from other competition/ gives you an unfair advantage as the owner
- then you might be able to find a friendly person who owns another pharmacy to determine the estimated profit
- i'd consider what strategic benefits does the pharmacy have outside your knowledge that protects it from competitors. why will people go to it, which protects it from other competition/ gives you an unfair advantage as the owner
Yes, my Dominican sister-in-law is a pharmacist, she 'leases' her license to a pharmacy in Santo Domingo. They pay her a monthly fee in return.
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On the topic of location and unaudited financials...
One of my new friends is a pharmacist, and her family has run the joint for 20 years. her brother and her both studied the same and will take over dad's shop when he retires.
She always complains that business is malo and difficult, pero, they bought the building (5 stories) that the farmacia is retailing out of, they bought the apartment building next door (and live on one of the floors) , and the new commercial building being built behind the farmacia they now own too.
They're in a prime location in a not so prime neighbourhood. Just observing the way business is done there though, it seems their secret to success is: high foot traffic + selling drugs one pill at a time at high margin + 20 years of patience.
One of my new friends is a pharmacist, and her family has run the joint for 20 years. her brother and her both studied the same and will take over dad's shop when he retires.
She always complains that business is malo and difficult, pero, they bought the building (5 stories) that the farmacia is retailing out of, they bought the apartment building next door (and live on one of the floors) , and the new commercial building being built behind the farmacia they now own too.
They're in a prime location in a not so prime neighbourhood. Just observing the way business is done there though, it seems their secret to success is: high foot traffic + selling drugs one pill at a time at high margin + 20 years of patience.
Thanks for the info. I was wondering if it would be possible for me to talk to these people to get 1st hand information. Please send me a p.m.. Thanx!
Good luck. From what I've seen finding a successful Dominican willing to talk about his business model is like winning the lottery. Maybe the problem is I didn't offer them money or other favors, like tickets to Disney or the Masters.
Good luck. From what I've seen finding a successful Dominican willing to talk about his business model is like winning the lottery. Maybe the problem is I didn't offer them money or other favors, like tickets to Disney or the Masters.
This is not Dominican specific; I do not know of too many businessmen anywhere in the world willing to give away their secret recipe's for success. Would you?
Chip-you've been holding out on me.Good luck. From what I've seen finding a successful Dominican willing to talk about his business model is like winning the lottery. Maybe the problem is I didn't offer them money or other favors, like tickets to Disney or the Masters.
I coulda gotten tickets to the Masters from you????:surprised
I have lived and worked here for more than 10 years and even now I find myself occasionally cheated, stolen from or otherwise taken advantage of.
Do not even think of buying a business here if you have not lived here for a few years, and have worked in this business.
This is one of the most corrupt countries in the world and usually Europeans and Noth Americans are no match to the ingenuity with which you will be separated from your money. Even the health professions have mafia style arrangements where a foreign health professional cannot get a liciense here but can work under the protection of a well connected local health professional for slave wages.
Be careful because you are going to most likely loose your shirt.
Do not even think of buying a business here if you have not lived here for a few years, and have worked in this business.
This is one of the most corrupt countries in the world and usually Europeans and Noth Americans are no match to the ingenuity with which you will be separated from your money. Even the health professions have mafia style arrangements where a foreign health professional cannot get a liciense here but can work under the protection of a well connected local health professional for slave wages.
Be careful because you are going to most likely loose your shirt.
I am not looking for any secret recipies just information on standard industry practices, margins, customs, requirements licenses etc...
I have been here for 7 (lucky!) years now. I have been in and out of pharmacies about 2 times a week. I am a pharmacist and owned a business for 25 years in the U.S. I totally agree with your comments and am constantly amazed at the ingenuity displayed by some people here to, as you say, seperate you from your money. I actually find it quite entertaining sometimes and often play along until the very end when I say "I am really sorry you can't afford to buy rice today to feed your family. Let me go to the store and buy you a bag of rice" at which point you can see the disappointment on their face because they really wanted cash to buy liquor, or numbers, or to gamble with! Of course the people who are sincere I always accomodate. The beautiful thing about a pharamacy here is you don't even need a pharmacist present- just a copy of a license. Also don't even think about loaning anyone money unless you get something of equal or greater value as collateral. Better to just not lend money. -"yo no soy prestamista". Thanks for the advice
QUOTE=thomasj;854616]I have lived and worked here for more than 10 years and even now I find myself occasionally cheated, stolen from or otherwise taken advantage of.
Do not even think of buying a business here if you have not lived here for a few years, and have worked in this business.
This is one of the most corrupt countries in the world and usually Europeans and Noth Americans are no match to the ingenuity with which you will be separated from your money. Even the health professions have mafia style arrangements where a foreign health professional cannot get a liciense here but can work under the protection of a well connected local health professional for slave wages.
Be careful because you are going to most likely loose your shirt.[/QUOTE]
QUOTE=thomasj;854616]I have lived and worked here for more than 10 years and even now I find myself occasionally cheated, stolen from or otherwise taken advantage of.
Do not even think of buying a business here if you have not lived here for a few years, and have worked in this business.
This is one of the most corrupt countries in the world and usually Europeans and Noth Americans are no match to the ingenuity with which you will be separated from your money. Even the health professions have mafia style arrangements where a foreign health professional cannot get a liciense here but can work under the protection of a well connected local health professional for slave wages.
Be careful because you are going to most likely loose your shirt.[/QUOTE]
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