During our meetings, we delve into crucial topics such as effective structures, borrowing capacity, cash flow, tax position, and equity position. While financial statements hold the answers to these questions, the real challenge for our clients is often, "do you understand your financial statements?"
It is often said that partnerships are like marriages. When they click, they're a beautiful thing; when they don't, it can be quite a disaster. Regarding pharmacies, we've witnessed some remarkably successful partnerships that have led to significant accomplishments. On the flip side, there have been bitter and ugly "divorces." Partnerships aren't a one-size-fits-all solution. While some owners thrive working independently, others find their groove within a partnership. It's a unique dynamic that doesn't suit everyone, and it is up to each person to go through that journey to discover if they work better alone or together.
I'm sure, just like many, you've been taking a bird's-eye view of your pharmacy as a business and setting some goals to kick off the next 12 months. Reflecting on last year as an industry, it's safe to assume that one of these goals might revolve around revenue growth and a solid marketing plan, right?
It is that time, when I do another year end wrap up blog, after another amazing, interesting, challenging and perhaps pivoting year. This will one of those years that will be forever highlighted as significant shifting moment for the pharmacy industry, with several major critical issues thrust upon everyone unwillingly through the impact of 60 DD, post 60 DD, expanding scope of service and many, many other issues.
Throughout August to November, I've had the privilege of connecting with pharmacy owners all over Australia. It has been immensely rewarding and I have met so many inspiring pharmacy owners. Obviously, 60 Day Dispensing continues to dominate conversations, and particularly what owners need to be doing now and the impact on valuations. Not only are the conversations on valuation impacts, but also on the strategies that owners must be employing to reduce the impact of the hit.
