The completion of a succession plan rests firmly with the seller’s ability and willingness to introduce a partner and the buyer’s ability to enter ownership in a profitable business with empathy for the seller and patience for implementing change. Matching the expectations of both the buyer and seller in a succession transaction can be tricky.
I have recently been involved in a number of lease negotiations involving shopping centre landlords and I have noticed a significant change in the way that these landlords are now conducting negotiations with their pharmacy tenants.
Converging influences arrived in 2011 to create the “Perfect Storm” in the pharmacy industry with dire consequences for a number of pharmacy owners. For the first time in our experience there are a relatively large number of pharmacies currently in the hands of administrators. Every day it seems another story of a pharmacy in difficultly
Employers should be aware that unfair dismissal applications are able to be commenced more easily under the Fair Work Act 2009 (Cth) (‘the Act’). The 100 employee exception under the WorkChoices regime was abolished when the unfair dismissal provisions of the Act came into operation on 1 July 2009.
The release this week of the much anticipated changes to the Pharmacy Location Rules has ended speculation circulating in the marketplace that long re-locations would go. To utilise the existing long distance relocation rules (rule 106), pharmacists will require a leasing commitment on a premises arranged prior to 18th October 2011 and need to complete
Pharmacy Solutions is currently engaged in selling about 30% more pharmacies than we would normally anticipate at this time of the year. We believe this increase is due to the culmination of a number of factors, including; the slowdown in business sales in the previous 18 months now catching up, the poor economic environment and
Over the last few years Ferrier Hodgson has been engaged by a number of financiers and pharmacists to conduct business reviews, provide business health checks and make recommendations on the options available to them, when their relationship is no longer in the “honeymoon phase”.
The value of your Pharmacy whether selling the entirety, selling a share or re-financing is a critical element of any deal with the financial institution that you or a potential purchaser of your business uses. With a tightening in lending that we have all noted over the last year or so there has come with
On 4 April 2011, amendments were made to the Retail Shop Leases Act 1994 (“Act”) that can greatly benefit Retail Shop Lease holders when they renew their lease or enter into a new lease. Section 36A(2) was inserted into the Act and makes “ratchet clauses” in a Retail Shop Leases void.
It is always important to consider your lease well in advance of any plans to sell your pharmacy. With a lease in place that suits the needs of the purchaser you can expect to maximise the price that is achievable for your pharmacy.