Independent Pharmacy News

The Pharmacy category is for all Pharmacy related posts.

Independent Pharmacy – North Carolina

By |January 25th, 2012|

Vip, RPh
North Carolina

Wow!! What a bank!!! I have a new found respect for specialty banks like Live Oak Bank, as I don’t know of any bank that has a pharmacist on staff who has as much knowledge of independent retail pharmacy as Ed Webman. He understood our deadlines and our needs.
Unlike the usual large corporate banks, we got to know all of the individuals who worked on our loan. Thank you to Brian, Chad, and especially Sarah, for leading us through all of the paperwork that was needed with a SBA loan.

Pharmacy – Minnesota

By |January 25th, 2012|

Jay, RPh

Ed is as I expected him to be: Focused on the task but able to put people at ease and keep everything in perspective. I enjoyed our conversation and said that I would recommend the entire group of people that I have dealt with at Live Oak Bank to anyone in my position. You have done everything that you said you would. I couldn’t ask for anything else. Thanks for all of your hard work. I appreciate it very much.

Independent Pharmacy Refinance – Georgia

By |January 25th, 2012|

Jeff and Tricia, RPh

We had a fantastic experience with Live Oak Bank in obtaining financing for our pharmacy. Jeff and I were looking to refinance some business debt and met Live Oak Bank at a pharmacy conference. We were intrigued by the financing opportunities available to us after talking with them. They guided us through all the intricacies of the Small Business Administration (SBA) and showed us the benefits to using that type of debt. We got to a closing date in less than 30 days, but then they offered us a new idea after getting to know us and our situation. Live Oak Bank showed us that we would actually save money each month by owning the building that our pharmacy occupies rather than renting each month! We were in a fortunate position to make that purchase and Live Oak was there to see it all through. They got us closed before the end of the year [...]

Pharmacy – Maine

By |December 18th, 2011|

Prince, RPh

Live Oak has a pharmacist who has been in the business working for them who knows details about pharmacy. So, he knew what he was looking for, where to get it, how to get it and when he got all of the information, it wasn’t difficult to make the decision.

Keri and Justin, RPh – Montana

By |December 1st, 2011|

Independent Pharmacy Testimonial

Pharmacy owners, Keri & Justin, RPh share their experience about working with the Live Oak Bank team.

Vipul, RPh – North Carolina

By |October 26th, 2011|

Pharmacy Testimonial

Vipul, RPh shares experience about working with Ed Webman, RPh of Live Oak Bank, and Live Oak Bank’s personal approach to lending. 

Prince, RPh – Maine

By |October 26th, 2011|

Independent Pharmacy Testimonial

Prince, RPh shares his experience about the ease of working with Live Oak Bank, who understands the industry.

One Destination, Two Roads to Pharmacy Ownership

By |October 1st, 2011|

Start a new pharmacy or buy a ‘used’ one? It’s more challenging than picking a car—even one you’ve always wanted.

You know you want a Ford Mustang, and that’s a given (or maybe a Corvette, a Porsche, or BMW). But do you buy an older, classic model or go with the very latest? Either way, you want it.

It’s the million dollar question for budding pharmacy owner: Do I buy an existing pharmacy, or do I start my own from scratch? Compelling arguments exist for both options. If you start from scratch, you do not incur a $1 million or more debt obligation. If you buy an existing pharmacy, you have stable operating income on day one to support your debt obligation. From the bank’s perspective, it is a relatively easy decision as historical repayment ability evidenced by an established pharmacy is much easier to finance than a start up operation where repayment is based on projections. It is a very daunting decision, [...]

NCPA Announces Partnership with Live Oak Bank

By |October 25th, 2010|

October 25, 2010 - The National Community Pharmacists Association (NCPA) is partnering with Live Oak Bank to facilitate the purchasing of independent community pharmacies, an agreement announced during NCPA’s 112th Annual Convention and Trade Exposition. Prospective owners will be able to more easily apply for the large lump sum payments to make these purchases like publicly-traded chain pharmacies (CVS, Caremark, Walgreens, etc.), which have used their considerable resources to purchase many independent community pharmacies.

Traditionally, lending institutions treat community pharmacies like any other small business and offer financial terms that can be a non-starter for prospective owners. By contrast, Live Oak Bank is a lender that recognizes the pharmacist’s earning power and the value of resalable inventory and prescription files.

The award criteria included commitment to community service, recruiting new members, promoting independent community pharmacy, and advocating legislative action. The selection process was difficult with so many chapters distinguishing themselves.

“Independent community pharmacies focus on patient care and a wide-array of services that their competitors cannot replicate, [...]