Whether you are planning to retire or move onto other ventures, there’s plenty to think about when exiting a business. As a pharmacy, with regulatory and healthcare considerations, there’s often more planning involved in the transaction. As accountants and advisors to the pharmacy sector, with decades of experience under our collective belts, this article shares some key considerations for pharmacy owners in exiting their business.

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Last week, Elena Krotiris, one of our Directors here at Holman Hodge, attended Adelaide Fashion Week, taking the opportunity to enjoy the incredible talent we have in Adelaide while also supporting several clients featured in the festival. With significant experience and strong connections in the fashion, retail, and luxury markets, today’s update highlights her relationship driven approach which supports creative clients in aligning business structure, passion, and practicality for success.

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On the 3rd of June 2024, it was announced that the Australian Government and the Pharmacy Guild of Australia had finalised the 8th Community Pharmacy Agreement (8CPA) and a Strategic Agreement on Pharmacist Professional Practice. As part of the 8CPA, the Government has committed an additional $3b over the term of the Agreement, to support the National Medicines Policy 2022 goals.

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Buying a pharmacy for the first time is a significant milestone for any professional pharmacist, fraught with a new set of challenges and considerations that you would not have encountered before. There’s a big difference between working in a pharmacy as a pharmacist, and then taking the leap into ownership. We’ve talked about pharmacy valuation and partnerships before, so this time, we’ll look at those issues that are specific to first time pharmacy owners.

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As we approach the end of the financial year it’s a good time to start thinking about what you could do to minimise your tax liability.

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