Rewind 140 years or so to find that in 1863 the world’s first commercial franchise was granted by Singer Sewing Machine Company, which allowed franchise owners to sell products using the Singer name. Although franchising subsequently expanded into the automobile and fuel industries in the USA, it wasn’t until the late 1960s that the seeds
Small business operators will be burdened with additional administrative challenges if not prepared for the new Quarterly Superannuation Guarantee which takes effect on 1 July 2003, cautioned Scott Doyle, Managing Director of ADP Employer Services. The new legislation requires as a minimum, quarterly payment of employee superannuation as well as written notification to each employee
With almost all sales of businesses, a vendor will endeavour to present the business in the most positive manner and as a consequence, will make certain representations in order to encourage a purchaser’s interest. These representations may be oral or may be supported by written material such as financial statements and records and made by
If a buyer enters your pharmacy and asks whether you are interested in selling, what then?
It is common to see in almost all contracts for pharmacy business sales a clause making the sale conditional upon a satisfactory financial due diligence exercise being carried out by the purchaser’s accountant. As a consequence, prospective pharmacist vendors focus on ensuring that the appropriate accountancy work is organised in readiness for the purchaser’s financial
It is now a standard occurrence when joining a large banner group that pharmacists are being asked to sign formal ‘member agreements’ which are not only lengthy and complex documents, but are legally binding upon the pharmacist. Despite this, many pharmacists are signing these member agreements without turning their minds to whether their business interests
As with most business sales, the giving of restraints of trade by a vendor pharmacist is an important aspect of transferring the business goodwill to the purchaser. However, many would be surprised to know that a restraint of trade is on its face, contrary to public policy and as a result is legally unenforceable, unless
A will is only part of Estate Planning. One wants to organise their affairs in a way to minimise cost, tax and stamp duties so as to maximise the Estate. As assets may be held in various entities, one must consider what will happen to these assets and entities when one dies. Circumstances may also
Numerous pharmacists are asking questions relating to the relocation rules or new number approvals for pharmacy. These queries have increased considerably in the past 12 months as sale prices for pharmacies have continued to remain high and pharmacists are looking at other ways to enter into the market. The third Community Pharmacy Agreement as highlighted
The term benchmarking has been heard a great deal in business circles in recent years, but it’s not some fancy new process. Benchmarking is simply the process of measuring yourself against others to identify how you can improve your performance. Large successful organisations have been benchmarking their businesses for years to improve results.