The Pharmacy Partnership
October 14, 2013
MANY pharmacies are bought
in partnership, costs are split, the
workload is shared and different
skill sets can be combined to
maximise productivity and
success.
Nevertheless there can
be pitfalls and they can be
devastating.
A business partnership is like a
marriage-you are in it for good
times and bad, the now and the
unforeseen.
So, no matter how confident
you are in your partner you
cannot afford not to have a legal
Partnership Agreement.
It can be a simple document
that works like a rule-book for
your pharmacy business.
It should lay down rules for
wage increases, new partners,
financial evaluation, succession
planning, buy/sell requirements,
distribution of profits, partner
duties and responsibilities.
I have seen the upset caused
when one partner becomes
sick, dies, divorces or simply
doesn’t live up to their side of the
bargain!
Without a formal agreement
the fall-out can be catastrophic
and even lead to the eventual
sale of the pharmacy, let alone
the emotional cost.
So please, if you take away
one thing from my advice,
let it be that you draw up a
formal partnership agreement
BEFORE setting out on your
business journey – it will help to
ensure a long a fruitful working
relationship.
This
week’s contributor
is Paul Rowe,
Managing
Director of The
Business Squad.
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