Apr 2024
23 Apr
How technology can improve your pharmacy’s efficiency—and make your life easier
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.
16 Apr
An epidemic of job burnout for pharmacist-owners
Job burnout impacts not just the pharmacists and their enjoyment of work, but also everyone in their circle—staff, family and customers.
Feb 2024
20 Feb
How to 'right-staff' your pharmacy
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.
Jan 2024
16 Jan
12 business resolutions for pharmacist-owners in 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.
09 Jan
The great annual debate: RRSPs vs TFSAs?
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.
Nov 2023
28 Nov
Year-end tax-loss selling 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.
14 Nov
Selling your pharmacy? Win the mental game first
Many pharmacist-owners sell their companies and then find something in their lives is missing.
Oct 2023
31 Oct
From pharmacy owner to investor – the mindset change you need post-exit
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.
Sep 2023
28 Sep
Someone wants to buy your pharmacy. Now what?
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.
26 Sep
5 key steps to sell your pharmacy
Selling a pharmacy can be a complicated, even daunting process.
Aug 2023
08 Aug
Using life insurance in your pharmacy estate planning
Life insurance is often used as a solution to problems and needs identified in the estate planning process.
July 2023
04 Jul
The pharmacy sale cycle: strategic wealth planning for pharmacist-owners
Selling a pharmacy business is usually the biggest liquidity event of a pharmacist-owner’s life.
June 2023
27 Jun
Looks aren't everything...but they sure can help sell your pharmacy
If you are selling your pharmacy business and want to maximize its value on the market, appearances matter.
13 Jun
Accounting mistakes to fix now: a primer for your pharmacy
The good news is that most, if not all, of these mistakes are easily avoidable or – if you are currently making them – fixable.
May 2023
16 May
Accounting mistakes, Part 4: Accounting gaffes round-up – the final five
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.
09 May
How to account for commercial terms payments – the right way
Solid accounting practices are fundamental to enhancing and preserving the value of your pharmacy business.
Apr 2023
25 Apr
Why exit planning is essential for your pharmacy
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.
11 Apr
Watch your assets when selling your pharmacy
Good accounting matters a lot when you’re thinking of selling your pharmacy business.
Mar 2023
28 Mar
Pharmacy U presenters Mike Jaczko & Max Beairsto: The right way to think about your pharmacy’s lifecycle
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.
Feb 2023
14 Feb
Accounting mistakes, Part 2: Benchmarking your pharmacy’s wages and departments
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?
Jan 2023
31 Jan
Pharmacy U presenters Mike Jaczko & Max Beairsto: Fix these accounting mistakes in 2023, Part 1: Inventory
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.
17 Jan
Pharmacy U presenters Mike Jaczko & Max Beairsto on...benchmarking your dispensary
We have been helping pharmacist-owners sell their businesses for decades now, and we have often been surprised that the one part of their operations to which they are closest – the dispensary – is also one to which they pay the least attention in ter
Dec 2022
13 Dec
It's cleanup time for your investments - NEW FOR 2022
After a tumultuous 2022 investment year underscores the need to clean up your investment pantry for tax-loss selling purposes.
06 Dec
To sell your pharmacy the right way, confront your fears
When the day comes to start thinking about selling their business, a pharmacist-owner usually hopes that the transaction will be their big step towards realizing dreams of financial and personal independence.
Nov 2022
29 Nov
Exit planning: the basics for pharmacists
Most pharmacist-owners are more concerned with running their businesses than with planning how to get out of them. Yet inevitably, the day will come when you realize it is time to turn the equity in your pharmacy into capital.
Oct 2022
25 Oct
Rates, risks and your pharmacy’s value: Part 2
Obviously, rising interest rates are a challenge for any business owner, and to pharmacist-owners who have been preparing to sell, the new rate environment might seem like very bad news.
18 Oct
Rates, risks and your pharmacy’s value: Part 1
Would-be pharmacist-owners are finding that the days of cheap borrowing costs are waning. So, are existing pharmacist-owners in the process of refinancing as the terms on their mortgages come due?
Sep 2022
27 Sep
Choosing your pharmacy's financial advisor
As with accounting and legal resources, planning to sell your pharmacy provides an opportunity to re-evaluate your financial advice and confirm that you have the right advisor.
20 Sep
Time to meet your pharmacy transition accountants
We would suggest that planning for selling your business is a good opportunity to review your current accountant, their experience and their abilities.
13 Sep
How to choose your transition lawyer
Selling your pharmacy is not just a financial transaction, but a legal one, and it behooves you to consult a lawyer early in the process.
06 Sep
How to pick your pharmacy transition team’s lead advisor
If you are planning to exit your pharmacy business, you need a good team of advisors on your side.
Aug 2022
30 Aug
Assembling your pharmacy transition team
All babies are beautiful – to their parents. It can be the same with a business.
July 2022
12 Jul
Benchmarking your pharmacy's inventory turnover
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.
June 2022
28 Jun
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.
07 Jun
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.
May 2022
31 May
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.
24 May
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.
17 May
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?
10 May
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.
03 May
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.
Apr 2022
26 Apr
Is your pharmacy a top performer? It's time to see how you measure up
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.
Jan 2022
18 Jan
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.
11 Jan
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.
04 Jan
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.
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