- 7/23/2024
There are good business reasons to adopt sound accounting practices. Detailed, exact books can help you assess your pharmacy’s financial performance and find areas of strength, weakness, opportunity and risk. They also make your life a lot easier when you have to deal with regulators, tax authorities or financial institutions. But they are absolutely essential when you want to sell your business for a good price.
- 5/28/2024
A transition quarterback is primarily an intermediary and an overseer—sort of a “white hat” for the sale project—who ensures that everyone on the team is working together, getting along, and moving in the same direction: towards a satisfactory sale of your business. Without an effective leader, the transition team experience can go wrong in a whole bunch of ways.
- 5/7/2024
It's an often-overlooked feature of high-performing workplaces, but good bosses know that fun can be a great stress reliever, team-builder and motivator. When you make your workplace more fun, you can foster higher employee engagement, which makes it easier to keep and attract staff.
- 4/23/2024
If you are still doing things the same way you were 10 or 15 years ago, chances are your dispensary is behind the times. And you might very well be making your life – and your pharmacy’s operations – more difficult than they need to be.
- 4/16/2024
Job burnout impacts not just the pharmacists and their enjoyment of work, but also everyone in their circle—staff, family and customers. It can also take a financial toll, adversely affecting their job performance and their interest in running the business.
- 2/20/2024
If your store is overstaffed, you may need to make difficult decisions like reducing staff or potentially laying off unproductive or redundant employees. Doing that can be painful, for your employees and for you. So how do you right-staff the right way?
- 1/16/2024
The new year – still fresh – presents an opportunity not only to look back at all that was accomplished over the past 12 months, but also to look ahead and set priorities for the new year. That is especially the case if you are preparing to put up your pharmacy for sale within the next five years or so, because that is how long a successful business sale transaction can take in the pharmacy industry.
- 1/9/2024
The RRSP deadline looms the end of February, and the new year brings an additional $7,000 of contribution room for Tax-Free Savings Accounts. Ideally, it would be great to maximize contributions to both RRSPs and TFSAs, but in some cases pharmacists can’t afford to do both every year.
- 11/28/2023
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. This investment strategy kicks in when you sell a stock for a capital loss, so that you can use the loss to offset realized capital gains with a view to reducing the tax you ultimately pay.
- 11/14/2023
Many pharmacist-owners sell their companies and then find something in their lives is missing. They might have dreamed of retirement for a long time as a nirvana of comfort and leisure, but the reality turns out to be something different, and disappointing. The truth is, retirement can be difficult, even if you have a tidy nest egg that will support you and your loved ones for the rest of your life.
- 10/31/2023
To protect and grow a large sum of money like the one you (hope to) receive from the sale of your pharmacy business, you need to have a completely different mindset. After you sell, you are no longer an entrepreneur or business-builder. You are an investor. And making a successful transition from owner to investor means changing the way you think about your wealth.
- 9/28/2023
Selling a pharmacy is a big life event, and it will impact your financial and emotional well-being for a long time to come. It is not a decision to be taken lightly, no matter how flattered you might be. So, if a buyer comes calling, step back and take a breath. Let the first flush of emotion pass.
