THE EMOTIONAL ROLLER COASTER OF BUYING INTO A PHARMACY PARTNERSHIP
You can have the best advisors (accountants, lawyers, financiers etc) within your A team and they will be extremely supportive. However, more times than not, it is your support network (significant other and family) that will be there in the good times but also the dark times. Don’t forget they are usually the reason you are considering this journey and they should be involved in this journey of pharmacy partnership at every stage.
What Is The Best Legal Structure For Your Pharmacy Partnership?
When two or more people are coming together to buy a pharmacy, we have a bit more freedom of choice about what legal entity we choose. However, if a partner is being admitted into an existing pharmacy business, the incoming partner is restricted to the legal entity the current owner has. Meaning the incoming partner is either buying shares in the company, units in a unit trust, or is in partnership with the other owner. However, it is important that we carefully consider some critical issues.
Considerations for Pharmacy Owners Bringing in a Junior Partner
Considering pharmacy partnership? With careful thought, bringing in a junior business partner is an exciting time for everyone. It is a great honour to be able to mentor and guide a pharmacist making their first entry into business ownership. The focus of course must be on business success and protecting the business.
Key Issues For Incoming Partners To Consider
The most common entry point for pharmacists into the world of pharmacy business ownership is via a partnership interest. It is an exciting time, but a very nervous time. One where you often have little knowledge about what you need to do, what’s involved, and what advice you need. Having the right team around at this point is vital.