Recently there have been some significant changes to the world we live in. Australia has been losing in the cricket, Collingwood has been winning football finals and NSW is no longer run by a Labour Government. It seems, to quote the Greek philosopher Heraclitus, that the only constant is change. Heraclitus’ musings extend to the
Are you a young pharmacist who is working as a managing pharmacist in a large pharmacy and wondering how and when will you ever be able to afford to buy an interest in such a pharmacy, given the constant increase in pharmacy prices? Have you been fortunate enough to receive an offer from the owner
Part VII of the National Health Act 1953 (Cth) regulates the operation of the Commonwealth Pharmaceutical Benefits Scheme (PBS) by, in part, controlling the number and distribution of pharmacies approved to supply subsidised medicines under that Scheme. To this end it creates a process for decision making (based on a set of strict pharmacy location
When I recently raised this question with a colleague, he initially looked at me strangely and wondered whether I had “lost my marbles”. I re-assured him that I was fine and that my question was indeed a serious one. At that point we discussed my question at length and somewhat surprisingly to my colleague, he
Whenever speaking to a pharmacist who is either already in, or about to join, a pharmacy partnership, I always ask whether they have thought about their business succession strategy. For the reader who is in a pharmacy partnership, a key question to consider is “what is going to happen if you die at your dispensary”.
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
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
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
As with most business sales, the giving of restraints of trade by a vendor pharmacist is an important aspect of transferring the business goodwill to the purchaser. However, many would be surprised to know that a restraint of trade is on its face, contrary to public policy and as a result is legally unenforceable, unless