- 9/26/2023
Selling a pharmacy can be a complicated, even daunting process. Legalese and accounting terms can get thrown around like spaghetti in a food fight, and even the most business-savvy pharmacist-owners can sometimes feel like they are caught in a tempest over which they have little control.
- 8/8/2023
Life insurance is often used as a solution to problems and needs identified in the estate planning process. Here we three estate planning strategies pharmacy business owners should consider that include life insurance: estate preservation; estate equalization; and business succession planning.
- 7/4/2023
Selling a pharmacy business is usually the biggest liquidity event of a pharmacist-owner’s life. Yet, in our experience advising pharmacist-owners, how they will integrate the proceeds of a business sale into their long-term financial planning is often something of a grey area.
- 6/27/2023
If you are selling your pharmacy business and want to maximize its value on the market, appearances matter. A store that is neat, organized and clean tells prospective buyers not only that they will have to spend less time getting it in working order, but also that you, the seller, have cared for your facilities, kept them in tip-top shape, and put the effort into not leaving a messy headache for the next owner.
- 6/13/2023
The good news is that most, if not all, of these mistakes are easily avoidable or – if you are currently making them – fixable. Yet remember: when you are thinking of selling your pharmacy, time is not your friend when it comes to getting your books in order.
- 5/16/2023
In previous articles, we looked at a few common types of accounting errors, from improper inventory record-keeping to inappropriate accounting for capital and staff expenses. But there are many other gaffes we have seen occur during our years supporting pharmacist-owners who want to sell their businesses.
- 5/9/2023
Solid accounting practices are fundamental to enhancing and preserving the value of your pharmacy business. The converse, of course, is also true: bad accounting can undermine pharmacist-owners' ability to sell their pharmacy when, how and for how much they hope to.
- 4/25/2023
The sad fact is that many if not most pharmacist-owners do not spend enough time getting ready for what will probably the single biggest liquidity event of their lives. We understand why that is.
- 4/11/2023
Good accounting matters a lot when you’re thinking of selling your pharmacy business. Any smart potential buyer will go over your books with a fine-toothed comb, and if your accounts don’t pass the sniff test, then shoddy accounting could derail the sale of your business – and your plans for life after pharmacy ownership.
- 3/28/2023
The way you as a pharmacist-owner think about the evolution of your business can make a big difference before, during and after it comes time to sell.
- 2/14/2023
In our series of blogs about benchmarking, we’ll discuss the best ways to answer a couple of vital questions about your pharmacy business: How much should you be spending on wages? And how do you know if your pharmacy’s departments – front-of-store and dispensary – are profitable enough?
- 1/31/2023
Bad accounting practices are just, well, bad – for your business and for its value when it comes time to sell. If your books are unreliable, a potential buyer is going to look askance at your pharmacy and wonder what else is wrong.
