Goodwill Loans for Pharmacists
Releasing the value in your practice
As a pharmacist with a retail chemist shop, your business probably generates a great deal of wealth. But it can be difficult to access the wealth you create
A chemist's shop on the high street can create a great deal of wealth. However, tax rules and the need to maintain your working capital mean you can’t access the wealth you have created without causing problems for yourself or your business.
But there is a way to enjoy the results of your hard work, and that solution is a Goodwill Loan or Cash Out. It can help you enjoy the wealth you create in your chemist shop and pharmacy, but leave the funds in your business bank account untouched.
What is a pharmacy Goodwill Loan?
A Goodwill or Capital Withdrawal Loan allows certain professionals in the medical sector, including pharmacy owners, to access the value in their business without actually withdrawing funds from it.
It works by letting you use the goodwill already built up in your chemist shop as the security for a loan, and which you can use for a wide range of purposes and repay at a particularly attractive rate. A Goodwill Loan can provide you with a sum comparable to annual turnover, and is typically between £50,000 and £500,000, with repayment terms of up to 15 years.
REAL EXAMPLES OF WHAT WE CAN DO
Help a pharmacist arrange a Goodwill Loan to fund his children’s education
Find a lender to provide a Goodwill Loan to let a pharmacist open a second branch
Arrange a Goodwill Loan to allow a pharmacist to buy a holiday cottage
Find funding to allow a pharmacy professional to buy an investment property in central London
What can your pharmacy business do with a Goodwill Loan?
You can use your Goodwill Loan for business or even personal purposes. There are a few limits on what you can do with your loan - you can’t use it to pay off your mortgage on your main home - but otherwise, you can use the funds in almost any way that you wish, including:
- Buying property in the UK overseas for investment
- Buying a second home
- Paying for education
- Buying another business
- Buying a second shop to expand your existing pharmacy operation
- To support retirement planning or investments
“I wanted to buy a holiday home - as an investment and something to enjoy. I couldn’t take the money out of the business for the deposit, even though it was there, without running into problems with tax and cash flow. But a talk with the pharmacy funding professional at Rangewell showed me that a Goodwill Loan was not only possible but it would make very good sense.
I bought a cottage in Devon - and Rangewell helped with the mortgage too.”
To find out more about a Goodwill Loan for your pharmacy practice. Call and talk to our physiotherapy business experts.
Other funding solutions for pharmacists include:
- Asset Finance
- Hire Purchase
- Vehicle finance
- Commercial Mortgages
- Secured and Unsecured lending
- Merchant Cash Advance
- Working Capital Finance
- Revolving Credit Facilities
- Invoice Finance
- Merchant Cash Advance
Helping you build your profits
Cash never leaves your businessA Goodwill Loan means you can unlock funding whilst leaving your business finances completely unaffected.
Versatile funding for any purposeA Goodwill Loan can be used for most purposes, with some exceptions, from investment or buying property or simply for leisure.
No need for additional securityGoodwill Loans are secured on the future performance of your pharmacy practice - which means there is no need to put your own assets or possessions at risk.
Competitive rate fundingGoodwill Loans represent a very cost-effective way to borrow, as repayment rates can be very competitive.
Some providers will accept early repaymentSome Goodwill Loan providers will accept early repayments, reducing the total cost of your borrowing - and helping your loan to pay for itself.
Helping to avoid tax implicationsYour Goodwill Loan will let you benefit from the value built up in your pharmacy practice, with no tax implications for you or your business.
Download Rangewell’s free and detailed guide to Finance for Pharmacists
What types of finance are there - which do you need?
Why not all providers are equal - finding the one that’s right for you
How we can provide an additional income stream
The downsides to finance - and how to avoid them
Do I need to use a lender who is authorised and regulated by the financial conduct authority?
What different finance packages are available for cash flow, a pharmacy purchase or partner buy-in/out?
How to arrange finance - what paperwork do you need?
Do lenders look at pharmacies' finances when making a lending decision?
Key terms explained
Find out your finance options for all your needs
Getting the right funding arrangement is essentialThere are many forms of business finance available. Getting the most appropriate type for the business needs of your pharmacy is essential to avoid excessive costs
Your key equipment could be at riskIf you are unable to keep up repayments on a hire purchase or lease agreement, the equipment your practice depends on could be could be at risk.
Long-term financial commitmentsYou may not be able to pull out of a finance arrangement once set up.
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