Tips for pharmacists to lend money to your kids the right way
Many pharmacy owners have the means and the desire to loan money to their children for a variety of good reasons. This post considers some of the pitfalls you may wish to consider. We encourage you, as pharmacy owners, to speak with your accountant and estate lawyer before loaning money to your children. You’ll be glad you did!
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More Blog Posts in This Series
11/5/2024
5 year-end tax tips for pharmacists
Every investor likely has specific circumstances and situations that may limit utilization of some of these year-end tax tips. It’s best to check with your accountant first before making any tax-related changes. You have plenty of time before the year end to take action, so get cracking…unless you actually enjoy paying taxes!
7/23/2024
6 accounting issues pharmacist-owners face when selling
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
When selling a pharmacy, every team needs a quarterback
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.
