- 8/31/2022
All babies are beautiful – to their parents. It can be the same with a business. After spending years, even decades, building their pharmacy, surviving through the hard times and celebrating the good, many owners have a difficult time seeing their “baby” for what it truly is.
- 7/13/2022
Let’s face it: inventory can be a pain to manage. But handling inventory effectively is vital to the success of any retail operation. Doing it right means achieving a delicate balance.
- 6/29/2022
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!
- 6/8/2022
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.
- 6/1/2022
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.
- 5/25/2022
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.
- 5/18/2022
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?
- 5/11/2022
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.
- 5/4/2022
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.
- 4/27/2022
As Peter Drucker famously said, "If you can't measure it, you can't manage it." When it comes to measuring performance, pharmacist-owners often operate in a business vacuum. They might talk to a neighbouring business, a fellow pharmacist in the next community, or an entrepreneur friend (but probably not a pharmacist-owner).
- 1/19/2022
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.
- 1/12/2022
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.
