On 12 March 2014 there was a significant update made to Australian Privacy and Information Laws, marking a significant change in the way Australian businesses deal with customer data. These include: the Australian Privacy Principles, new investigation and increased enforcement powers of the Commissioner, and penalties up to $1.7 M for non-compliance.
You have successfully operated your pharmacy for many years and it is time to sell – maybe to retire or look at other business opportunities. Many issues would be on your mind like finding the right buyer and receiving a top price for your business.
With the climate of change you’re experiencing in your industry, have you considered if you and your team are prepared as best you can be? Your team could include your bank, accountants, suppliers and anyone else who has an active interest and investment in your business. Your continued success during this period of change could
Accurate financial reports are necessary when selling a pharmacy. However, accurate and timely financial information should be front and centre of your mind all the time. Tracking retail financial data enables pharmacy owners and managers to make decisions and control the performance of the business. In other words, make it ready for sale if that
Once again, APP has come and gone for another year. It was exciting to experience the optimism from most of the delegates, despite some corners of the market pushing the doom and gloom barrow. Particularly exciting was business owners accepting change and finding constructive and innovative ways to adapt their businesses.
Purchasing or selling a pharmacy is usually an exciting time, but it can also be a frustrating period if you don’t have service providers with knowledge of the pharmacy industry driving the transaction. In a transaction context, solicitors predominantly add value by negotiating contractual terms that provide certainty for their clients. A purchaser needs certainty
This is a question to which you must understand the answer. With continuing volatile trading conditions, managing cash flow in the pharmacy is vital because external factors often restrict cash when it is most needed. The enormity of the 1 December 2013 price reductions on molecules in the dispensary were not felt until it came
The importance of margin in the retail area of pharmacy is often dismissed/ignored on the basis that the total store has remained profitable. Over the last decade there has been a proliferation of community pharmacies discounting retail products in the pursuit of customer growth.
Some business owners believe if they are profitable they are on the road to riches. Unfortunately I have witnessed good profitable companies fail too often. The majority of these failures are due to either not understanding how their business decisions have impacted their cashflows or alternatively how to effectively manage their cashflow cycle.
Buying a pharmacy is a big investment, so you would of course undertake due diligence before making such a substantial commitment. But what should you check? Do you simply have your accountant check the books of the business and your lawyer check the terms of the lease and the bona fides of the vendor? What