What are the benefits of the program?
As many owners may be aware, the journey to find the right partner is not always easy. Often it can take a lot longer and costs a lot more money than expected. And at the end of it all, are you confident it will work out?
At Peak Strategies, we are passionate about helping pharmacists and pharmacy owners achieve their dreams. The objective of the Pharmacy Ownership and Partnership Program is to help pharmacy owners find the right junior partner to help grow the business, and to help pharmacists find the ideal pharmacy partnership opportunity, with the right mentor.
This is why we have developed a fixed fee succession program. This program has been developed alongside current pharmacy owners to address their most common issues. We found there was a need for two different programs, one for pharmacy owners who already have a potential junior partner internally. And a pathway for owners who are unable to find a potential junior partner and are looking to outsource.
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.
PROGRAM BREAKDOWN
DISCOVERY & OPPORTUNITY PREPARATION:
Site visits, business discovery, listing preparation, indicative business valuation appraisal.
TALENT IDENTIFICATION & TRIAL PERIOD:
Targeting of high potential junior partner prospects, presentation of candidates to pharmacy owner, employment contract and trial period.
This phase can be adjusted as necessary where the junior partner is known to the senior partner and/or the pharmacy
PARTNERSHIP AGREEMENT:
Succession plan including percentage sell down and future stages, contract of sale, partnership agreement
SETTLEMENT PROCESS:
Assignment of lease, Pharmacy Board and Dept. of Health applications, stock take, post settlement adjustments.
