The passing of the New South Wales Government budget has removed stamp duty on business transfers from 1 July 2016. It is therefore timely for every pharmacy owner (whether in NSW or another State) to understand the current structure the pharmacy is operating within and whether a change can yield a better result. It is
Beginning in November 2016, provisions in the Competition and Consumer Act 2010 (Cth) originally designed to protect consumers from unfair terms in standard form contracts will be extended to contracts where at least one party is a small business. The passage of the new laws has important ramifications for parties on both sides of standard
Annette Ivory-Barker, Director, Pitcher Pharmacy Change management is not always easy but the many benefits of the “External Management Accounting” (EMA) program definitely makes it worthwhile. We recognise that to be competitive in today’s environment, you need to look beyond normal bookkeeping and towards active financial management which addresses the key issues in your business
Whether you are business broker, real estate agent, professional advisor, purchaser or seller of a business or property, often the key terms of the proposed acquisition are negotiated and in turn agreed by exchange of emails between the relevant parties (before a formal contract is executed). Many people assume an exchange of emails cannot amount
1. Introduction Inevitably a core decision for any pharmacy business is where it decides to trade from. When choosing to lease premises the terms of your lease can be critical to the success of your business. In many cases a pharmacist will sell or acquire a pharmacy business with an existing lease, which brings with
Pharmacies may have experienced super profits and a significant increase in turnover in the past few years due to the demand of baby formula and other health products in China. Fuelled by domestic safety scandals and an increasingly affluent and rapidly growing middle class, Chinese demand for international brands offering trusted reputations and quality products
The last few months have seen improved cashflow in the pharmacy as a result of the improved remuneration in the dispensary - thanks to the higher dispense fees including the AHI fee. The effect of price reductions flowing through manufacturers and wholesalers will continue to have downward pressure on trade terms in the latter half
A restraint of trade is a mechanism used by purchasers of businesses to protect the value of their newly acquired business (specifically, the goodwill created in that business by the vendor) against improper competition. Whilst existing pharmacies are protected to a degree from new pharmacies opening, or competing pharmacies moving within a defined radius of
The 6th Agreement has yielded a reasonable result for pharmacy in a financial sense. While there remains some downside risk around loss of trading terms, the floor in the GP$ per script will land at a higher level than previously contemplated. Together with the changes to the dispensing income, the additional service income will be welcomed not
Like most pharmacy owners, a great deal of your wealth is held within your business. This is necessary for most business owners as the business builds and there are debts to repay. Acknowledging of course the low interest rate environment we are in that will assist many small business owners and the recent budget announcement,