What are the program benefits for aspiring pharmacy owners?
As a pharmacist looking at taking the leap to pharmacy ownership it can be dauting. It is a big step and comes with a lot of unknowns. Our job is to take some of that unknown away. This program is designed to help junior partners find the perfect partnership match with a pharmacy owner who aligns with their career goals and can act as a mentor.
This program is set up into stages which allows flexibility and guidance. As part of the program junior partners will be offered access to expert legal, financial and pharmacy industry advice.
What are the Program Objectives?
We have put this program together to achieve a number of goals;
Help pharmacy owners find and attract the most talented pharmacists to recruit as future partners.
Assist pharmacists who are keen on pharmacy ownership to find the right partnership opportunity.
Put together a structured business succession program that works for the existing owner and the junior partner and documents the key future buy-in/sell-out timing points, succession issues and partnership arrangements.
Manage all aspects of the sale including, but not limited to the sale agreement, partnership agreement, succession agreement, valuations and appraisals, finance and legal/tax structuring and various registrations and approvals.
To ensure both the owners and junior partners will have their own advisors and representatives, we have teamed up with AP Group to ensure both the pharmacy owners, and the incoming junior partners have their own separate advisors. This is important to ensure each party gets their own independent advice and counsel.
What is the process?
Position and situation analysis – submission of resumes, finance assessment, location preferences, psychometric analysis, buy-in process education, introduction to key advisors (bank, finance broker, lawyer)
Opportunity Assessment – finance assessment, SWOT analysis of opportunities, preliminary succession discussions
Trial Period – employment contract
Sale Agreement – set up legal structures, contract of sale, bank valuation, due diligence, partnership agreement, succession agreement
Settlement - Assignment of lease, Pharmacy Board and Dept. of Health applications, stock take, post settlement adjustments.
Peak Strategies will also look after the Junior Partners ongoing annual tax, compliance obligations and tax planning. Plus, we offer a mentoring and development program to help develop the junior partners into successful business owners.
