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Errors pharmacy owners are making with financial statements

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Errors pharmacy owners are making with financial statements

I am writing this blog because some valuations I have been doing lately have highlighted some flaws in the accounting process that sit in the laps of pharmacy owners. It is rare I am unable to complete a valuation (and I have come up against some complicated beasts.) In fact, up until the last couple of months, it has only happened once or twice in +20 years of doing valuations. But it has happened twice in successive months! I have been unable to complete these valuations are the enormous discrepancies in the financial statements compared to the point-of-sale data. Furthermore, I am not taking about a few $’000’s this are several $’00,000’s. Interestingly the owners couldn’t explain the difference and didn’t even know there was one. 

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Navigating Pharmacy Business Growth Post-Covid

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Navigating Pharmacy Business Growth Post-Covid

2023 financial year has got some head winds that may impact pharmacy trading performance going forward. Keep in mind here that 2022 bought many pharmacies additional revenue streams for Covid Vaccinations and RAT sales. Potentially many of those customers were new to your store and bought other things when they were there. Without as stronger need for RAT’s and Covid Vaccinations are customer numbers likely to drop off? This issue has been raised with me a few times with owners.

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Current Trends In Valuations

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Current Trends In Valuations

In previous years there have been significant challenges raised for pharmacy owners, relating to cashflow boost, Jobkeeper, rent abatements, very abnormal trading months and even individual store issues such as heavily reduced turnover and excessive turnover in some cases. Despite the issues being raised, the principals of pharmacy valuation methodology remain the same and must be consistently applied.

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Top 6 Things You Need To Know About Buying Into A Pharmacy Partnership

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Top 6 Things You Need To Know About Buying Into A Pharmacy Partnership

There are many things a first time buyer needs to know about before they head down this path. Our team at Peak deals extensively with first time pharmacy buyers and there are often lots of questions and some degree of uncertainty from first time buyers.

Pharmacy | What we have learnt from this valuation season

Pharmacy | What we have learnt from this valuation season

Since 30 June 2018 valuation activity has certainly been very high.

We have seen activity pick up strongly over the last 4 months and it is looking like it will continue. As we are in the middle of the current CPA cycle demand for pharmacies is strong, particularly in the sub $3m market. We have seen several pharmacies being sold and the numbers of buyers coming to us for guidance and assistance has also grown.

Acknowledgement of Country

Peak Strategies acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.

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