West Marin Pharmacy, once poised for a sale in October, remains on the market as the search for a buyer continues.
A potential deal with Novato pharmacist Alan Chan collapsed due to financing complications, said Zsuzsanna Biran, the pharmacy’s owner. During escrow, it emerged that the pharmacy’s net working capital was $150,000 less than expected, including a $50,000 shortfall in the projected $200,000 inventory valuation, discrepancies that ultimately forced Mr. Chan to back out of the purchase.
“If the deal had closed sooner, it would have gone through,” Ms. Biran said. Over the past year, anticipating the sale, she scaled back her financial investments in the business, but she has since replenished inventory in preparation for a new buyer.
Now, she is exploring a new plan: selling the business to Marco Martinez, a longtime pharmacy technician and Point Reyes Station resident who has been with the business for 11 years.
A significant hurdle remains, however—a $500,000 loan from the Small Business Administration that Ms. Biran took out during the Covid-19 pandemic. While she’s explored the possibility of Mr. Martinez assuming the loan, Ms. Biran said she was informed that such a transfer would be complex and arduous.
If transferring the loan isn’t feasible, she hopes to raise funds locally to clear the debt with the S.B.A., paving the way for Mr. Martinez to take ownership of the pharmacy, the county’s last independent drugstore.
In recent years, Ms. Biran—who purchased the pharmacy with her husband, Jason Yoon, in 2007—has faced increasing regulatory scrutiny, including accusations of violating procedural regulations. As part of a recent settlement with the California State Board of Pharmacy for noncompliance during a probationary period, Ms. Biran agreed to sell the business by next October.
Adding to her urgency, Mr. Yoon has relocated to Guadalajara to launch a wearable medical device company, and Ms. Biran is itching to retire and join him. Over the past year, she has moved seven times, avoiding long-term leases in anticipation of leaving the area—a departure that hinges on finding a buyer that sticks.