Independent Pharmacy Acquisition & SBA Underwriting Model — Script Mix, PBM Reimbursement, DSCR

Description
Most brokers price an independent pharmacy as a percentage of annual sales (15-25%). But a pharmacy's revenue is a poisoned number: a brand prescription bills about eleven times a generic and earns about one-twelfth of the margin rate. In this model, brand drugs are 57.6% of the sales and only 9.9% of the gross profit. The asking price is a percentage of the first number; the SBA loan is repaid out of the second. This model underwrites the purchase, not a startup. It builds gross profit from the script level up: generic-vs-brand dispensing mix, gross margin per script, front-end, compounding and clinical revenue, then a PBM effective-rate and DIR reconciliation to land on net gross profit. From there it derives SDE, adds back the owner and the market cost of a pharmacist-in-charge, and runs an SBA 7(a) capital stack with a DSCR gate. The signature output is three DSCRs, because a pharmacist is a legal precondition, not a management choice: naive (2.23x), owner-operator (1.46x) and absentee (1.05x, which fails). It shows the industry-convention price against the cash-flow price, quantifies the overpay avoided ($260,840), and proves the same rule misprices in both directions across the three profiles. Inventory at cost sits outside the price; working capital funds the PBM payment gap. A documented down-case combining reimbursement compression and network exclusion drives the DSCR to 0.76x. Excel and Google Sheets compatible, no macros: 11 tabs, 129 QA checks across three engines, two logic proofs, and no IRR (deliberate for a single deal). Includes a full PDF guide with sources and a README. Educational planning tool, not financial, legal or medical advice.