It is always difficult in times of uncertainty, with volumes of negative news and headlines, not to question how things impact your business. However, as a Pharmacy owner you’re not alone, particularly when it comes to keeping your pharmacy financially healthy.
The unprecedented collapse of world financial markets along with the destruction of a lot of personal wealth certainly took the wind out of the sails of many in 2008! Continual stories of pending doom and gloom paint a less than positive picture for 2009. What do I think? I am taking a positive view and
2009 has started with disturbing news of higher unemployment, brought on by the turbulence in the financial markets and downturns in sectors like tourism, construction, and the motor trade. The good news for the pharmacy sector is that consumers will still need to meet their health needs. Also, reduced interest rates will provide opportunities for
Australian workers are entitled to receive statement of earnings for each pay period in the form of a payslip. A payslip provides employees with a convenient summary of earnings for each pay period and can also detail information such as leave and Rostered Day Off entitlements. Payroll administration including the production of payslips, is a
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