It is evident that survival in the current turbulent times requires a great deal of vigilance on all aspects of your pharmacy business. Extra care with staff costs, greater discipline in your buying and not entertaining any unnecessary expenses are the start of keeping your pharmacy profitable. The one area that continues to be the
The PBS reforms which began in April 2012 are almost a year old. At the time there was much industry wide discussion and opinion on how they would affect Community Pharmacy. Some accounting groups argued the weighted average disclosed price (WADP) reductions would lead immediately to many pharmacy businesses failing while others modelled that initially
Have you ever thought of what would happen to your interest in your pharmacy business if you suddenly died or became permanently disabled? Have you ever wondered what would happen if either of these sudden events happened to your business partner? Could you afford to buy their interest out? Have you and your business partners
I hope the festive season was relaxing and that you are ready for a busy 2013. This year will continue to pose challenges, (as have the last few), but if these are met with a willingness for change, an eye for detail and a positive attitude – the pharmacy business will continue to provide solid
Another year is almost behind us and it has been a year of significant change for the pharmacy industry with the effects of price disclosure starting to be felt by all pharmacy owners. This year has had many owners considering their future in the pharmacy industry with many colleagues, in a similar age bracket to
Some may recall a television advertisement where a banker is at a BBQ, and the participants grow very silent when he announces what he does for a living, but there is then a collective sigh of relief when he proudly announces the bank he works for. Whilst the advertisement has provided a great deal of amusement
You probably all know a pharmacy that enjoys the significant benefits that flow from the creation or expansion of an adjoining medical practice. Despite appearances it is unlikely these “success stories” have happened by accident. To create value in this way is not difficult (and is preferable to buying it from someone else!) but it
Whenever you take out a loan, it is very important that you consider that the structure you decide best suits your individual situation and financial goals. There are many options to consider – interest only vs principal and interest, loan terms, fixed vs variable, security offered etc – it can be quite a minefield! Whilst
High purchase prices and current bank lending policies mean that often the only way a young pharmacist can gain an ownership interest in a pharmacy is by buying into a partnership or a company that operates a pharmacy. Although partnerships have long been the staple entity through which pharmacy business have been conducted, today it
Buying your first pharmacy and arranging finance is not that different to buying your first house. They are both major purchases in your life and it pays to research and plan. Surrounding yourself with professionals will stack the odds in your favour for a profitable outcome that will set you up for success.