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Pharmacy

Guild Accountants have worked with many pharmacists to help them navigate through the business of pharmacy. Here are just some of the ways that our expert knowledge of the pharmacy industry has helped create some success stories.


Owning my own Pharmacy

I had managed pharmacies for many years but had never been a pharmacy owner. I was familiar with dealing with suppliers, customers and staff but dealing with the bank was a new ball game for me.

Before purchasing my pharmacy I had done all the normal things – had the contract reviewed, had a valuation performed and had my finance approved. Read the rest of this entry »

I had owned my pharmacy for a number of years and was starting to think about retirement. I had no idea at the time how much my business was worth or how much money I needed to retire. I had always focused on superannuation and therefore knew that there would be some funds available for retirement – but the big question was – would this be enough.

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My business really suffered when the GFC hit. I had just completed a refit and the GFC knocked customers confidence around.  Turnover slowed and with a high level  of debt, cashflow became tight.  To survive I started deferring payment of my ATO liabilities and in the space of 12 months I accumulated debts with the ATO of $400,000 which included $100,000 in interest as their rate has been over 10% while banks are at 50 year low!

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I approached Guild Accountants when I realised the size of my business and increasing investment in the pharmacy market was beyond my existing accountant. At our first meeting they showed me how I could restructure my business and personal affairs to save $40,000 per year in tax and strengthen my asset protection position without incurring transaction taxes. Their knowledge the pharmacy and tax legislation enabled me to take advantage of recent legislation That is what can cause some confusion for people when they first start playing online slots. changes– my old accountant had never approached these subjects with me!

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I already owned a good sized and well located pharmacy that was trading profitably.  However I didn’t have any available equity in my business to fund future growth and acquisitions. When the opportunity presented itself to me to buy into a greenfield site I was concerned I didn’t have enough security for the banks to lend me the funds for the acquisition.

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