- 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.
- 1/5/2022
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.
- 11/24/2021
Over the past several years we completed a plethora of strategic wealth plans for pharmacy owners contemplating retirement. As people age, the likelihood of requiring some form of supportive care either at home or in some kind of long-term facility increases. It’s a reality that’s growing and cannot be ignored.
- 11/17/2021
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.
- 11/10/2021
The state of the union for current pharmacy owner finances, both personal and corporate, is best described as being a mix between “For Whom the Bell Tolls” and “The Sun Also Rises.”
- 11/3/2021
Given that many independent pharmacy owners are in a position to gift money to their children, the question invariably becomes: who, why, how much and when?
- 10/20/2021
When your exit plan takes a detour – look out for the 4 Ds. The long-term goal of most pharmacist-owners is retirement. It is the significant component of an exit strategy and the most common reason for selling their pharmacy. But, in the real world, events do not always follow our best-laid plans.
- 10/13/2021
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.
