Mike Jaczko - Max Bearisto
ARTICLES BY THIS AUTHOR
- 6/28/2022
Watch your automatic renewal contracts!
Pharmacy owners invariably enter into a variety of agreements as part of the normal course of business. Unfortunately, we see many owners who have not read their contracts before they sign them. This is always a bad idea because what you don’t know can hurt you! - 6/7/2022
Buying real estate – how to give money to your children
With interest rates rising, the housing market seems to be in a state of flux. The direction of housing prices – up, down or sideways – is a hot topic of conversation around dinner tables and office watercoolers, which is hardly surprising given how much wealth Canadians have tied up in their homes. - 5/31/2022
Benchmarking your pharmacy’s professional services performance
Effective benchmarking is an essential step towards boosting your pharmacy’s performance, and professional services – so often a grey area for pharmacist-owners – is a great place to start. - 5/24/2022
Thinking of buying a second pharmacy? You might want to read this first.
To successfully acquire a pharmacy, you need to collect adequate information from reputable sources, understand the regulatory environment and sources of revenue, utilize trusted professionals, and be wary of irrational enthusiasm. - 5/17/2022
What's your exit strategy? How to tell when it's time to shut your pharmacy's doors
We are often asked by our clients, “How long will it take for you to sell my pharmacy," to which they seem to expect an answer of “three to six months.” A better question is: how long will it take to plan and execute my exit correctly? - 5/10/2022
Pharmacy family feud? Having tough conversations with the ones you love
Wealth tends to sneak up on you as you pay off your first pharmacy mortgage and the surpluses start. Learning how to live with wealth is in fact, a new skill that needs to be learned, just like you learned your professional skills. It takes time, but the time is well worth it especially in family-run pharmacy operations. - 5/3/2022
Family-based pharmacies need strong financial planning
Family-owned businesses possess many strengths, such as their ability to look at the long-term development of their operation and align interests between management and owner. This is especially true of “owner-operator” structures often seen with independent pharmacy operators. - 1/18/2022
Why the Time Value of Money (TVM) should matter to you
Proper financial planning takes time and the help of a good financial planner to determine your current and long-term financial goals. First you need to understand some basic financial terms, including Time Value of Money. And to appreciate the meaning of TVM, you need to understand interest rate and discounting. - 1/11/2022
TFSAs – Important technical info
What's the difference between a survivor holder (also known as successor holder) and beneficiary? Canadian pharmacy owners and pharmacists in general should be aware of an important wrinkle associated with Tax-Free Savings Account administration. - 1/4/2022
4 strategies for pharmacy financial planning for 2022
The new year is (finally) here and that means the time is right, while 2022 is still fresh, to plan your pharmacy's financial plan for the year ahead. Here are four strategies to get you started on your annual plan. - 11/23/2021
Funding long-term care costs - the retirement issue we aren’t talking about
Over the past several years we completed a plethora of strategic wealth plans for pharmacy owners contemplating retirement. As people age, the likelihood of requiring some form of supportive care either at home or in some kind of long-term facility increases. It’s a reality that’s growing and cannot be ignored. - 11/16/2021
It's year-end tax cleanup time for your pharmacy business!
Tax-loss selling is an investment strategy that can lower your tax bill. Interested in knowing more? Does this apply to your pharmacy business? Read on.
