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
NAVIGATING THE PROCEDURAL REQUIREMENTS UNDER THE FAIR WORK ACT AND THE HEALTH SERVICES MODERN AWARD Terminating an employee can be a difficult and often emotional part of operating a business. The stress of termination can be compounded by the prescriptive procedural requirements around termination of employment contained in the Fair Work Act 2009 (Cth) (Act)
AND THE CONSEQUENCES OF FAILING TO TAKE CARE OF EMPLOYEES’ SAFETY AND WELLBEING Employers are ordinarily aware that sexual harassment in the workplace is against the law. However, recent case law has displaced previous assumptions about the kind of awards that can be made against an employer or employee that commits, or is involved in
On 12 March 2014 there was a significant update made to Australian Privacy and Information Laws, marking a significant change in the way Australian businesses deal with customer data. These include: the Australian Privacy Principles, new investigation and increased enforcement powers of the Commissioner, and penalties up to $1.7 M for non-compliance.
Purchasing or selling a pharmacy is usually an exciting time, but it can also be a frustrating period if you don’t have service providers with knowledge of the pharmacy industry driving the transaction. In a transaction context, solicitors predominantly add value by negotiating contractual terms that provide certainty for their clients. A purchaser needs certainty
Buying a pharmacy is a big investment, so you would of course undertake due diligence before making such a substantial commitment. But what should you check? Do you simply have your accountant check the books of the business and your lawyer check the terms of the lease and the bona fides of the vendor? What
The Fair Work Amendment Bill 2013 which was passed on 27 June 2013 has the effect of extending existing family friendly measures (‘the Amendments’) under Fair Work Act 2009 (‘the Act’). Pharmacy businesses should take particular note of these changes given that a significant proportion of a pharmacy’s employees will have or be expecting to
On 25 January 2013 the Full Court of the Federal Court handed down its final decision in the case of ACE Insurance Ltd v Trifunovski [2013] FCAC 3 (‘ACE Insurance’). Upholding the first instance decision that five persons who had been classified as contractors were in fact employees at common law. ACE
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
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