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Bulli Pharmacy

Posted on May 17, 2016

Bulli Pharmacy Joins BLG’s Pharmacy Group and Experiences Significant Growth

“The great thing about BLG is that they know the pharmacy market well. They know how much staff you should have, how much rent you should be paying, and the sorts of things that work well across the industry. It gives you confidence to know you’re doing what you should be doing.” – Saul Duffy, Owner, Bulli Pharmacy

  • Helped Saul acquire his first pharmacy and buy and sell a second location
  • Member of BLG Pharmacy Group with supply and purchasing perks as well as industry expertise
  • Ongoing support for business/strategic planning, structuring, taxes, KPI modelling, and more

Bulli Pharmacy is a local family pharmacy that prides itself on putting customers first. They provide top-notch customer service, a friendly atmosphere, personalised care and advice for customers of all ages—and even free home delivery in the local area. As a result, the store has grown to become a trusted community-focused business.

“We serve everyone from babies to families to the elderly population,” says Saul Duffy, owner of Bulli Pharmacy. “Our main focus is providing prescriptions and information that people need in a friendly, customer-focused way. We appreciate that BLG also takes customer service extremely seriously.”

The Confidence to Buy Their First Pharmacy

In 2001, pharmacist Saul Duffy was exploring the option of buying his own pharmacy when a relative suggested reaching out to Michael Grew, a director at BLG Business Advisers. Michael’s parents were pharmacy owners and had a lot of experience in the industry.

“When we met with Michael that first day, he said, ‘Let’s go exploring and see if there are any pharmacies for sale,’” says Saul. “We’d been looking in Wollongong but hadn’t had much luck. On a whim, Michael had us go into an old pharmacy that we spotted, and asked the owner if he’d be willing to sell. As it turns out, the owner said he’d be happy to sell to us—and I bought the store with the help of BLG!”

Saul credits BLG with giving them the confidence to make that first purchase. “We bought a small pharmacy and grew it, and it was BLG that gave us the confidence to buy in at a low end,” he says. “We might have bought a big pharmacy and taken on a lot of debt, but with BLG at my side I felt I could start slow and then work to build a profitable business.”

Buying and Selling a Second Location

In addition to that first pharmacy purchase, BLG helped Saul buy and sell another pharmacy location. “We spent many years with one pharmacy, then with the help of BLG we bought a second pharmacy,” says Saul. “We brought it into a better position for growth, and sold it at a profit five years later.”

Industry Expertise

Bulli Pharmacy is a member of BLG’s Pharmacy Group, which includes access to superior pharmaceuticals supply agreements and industry-specific presentations. Saul credits BLG’s extensive expertise working with pharmacies as a huge factor in their success.

“The great thing about BLG is that they know the pharmacy market well,” Saul says. “They can compare your results to their overall industry knowledge. They know how much staff you should have and how much rent you should pay. There’s a lot of hype that organisations put out to tell you what you should be doing, and they know how to look through all that and get down to dollars and cents.”

Benefits and Results

  • Helped with the acquisition of two pharmacies and the sale of one
  • Industry knowledge creates confidence
  • Advice on multiple areas of business management, from structuring to KPIs to supplies, has created substantial growth
  • Member of BLG’s Pharmacy Group which provides special supply opportunities and industry-specific training

Conclusion

“At the end of the day, BLG wants you to do well. It’s part of their culture. They treat you like family and are committed to growing with you,” says Saul. “They’re there for the future and help know what to do to build a successful business.”

 

 

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