Staying out of Trouble During a Pharmacy Sale
During the sale of an independent pharmacy, the seller and buyer can find themselves in very different positions—each with their own trouble spots. In this video, Ollin talks about what each side of the sale is focused on. You’ll learn about the …
When a Pharmacy Sale is a Bad Idea
Sykes & Company PA is involved in many pharmacy transitions, in this video Ollin Sykes talks about problems and trouble issues going into transactions. He explains why it’s dangerous to fall in love with a particular pharmacy and why transactions need to …
The Dangers of Using Your Bank Account As Your Accounting System
In the past, independent pharmacy owners may have used their bank balance to tell them the health of their pharmacy. In this video, Scotty Sykes explains why this is not an effective way to manage your pharmacy accounting—especially given today’s tight margins. …
Pharmacy accounting—best business structures update
Looking back over 2016, Ollin Sykes talks about the current best business structure for pharmacy owners seeing to buy or startup an independent pharmacy. He talks about the benefits of LLCs and the various tax options—including what you do NOT want to …
Managing Payroll Costs in Your Independent Pharmacy
Your payroll percentage is a crucial component of your pharmacy’s bottom line net income. In this video, Scotty Sykes of Sykes & Company, P.A., talks about how to get your payroll cost in line with industry standards and best practices. He looks …
Gross Margin Expansion Ideas Updated
What’s the single most important aspect of operating your pharmacy profitably in 2016 and beyond? In this video, Ollin Sykes adds to his popular “Gross Margin Expansion Ideas” video (https://youtu.be/7j_mD0dJ1Do) with a new tip that’s crucial in a world of shrinking pharmacy …
Key Considerations Before Starting up a Pharmacy
If you want to own a pharmacy and haven’t found one to buy, what research will help you know where to start up a new pharmacy? Ollin Sykes answers this question and talks about common mistakes he’s seen with startup pharmacies. From …
How Do Changes from Brand to Generic Affect My Pharmacy
In this video Ollin Sykes talks about where independent pharmacies should be in terms of generic pricing gross margins and percentage of generic fills. He gives an example of how a change in price from brand to generic fits into the larger …
When to Sell a Pharmacy
In this video, Ollin Sykes of Sykes & Company P.A. talks about how to set up the sale of your pharmacy to meet your goals. He discusses not only when to sell, but how to prepare and how to sell. You’ll find …
Roadblocks to selling or buying a pharmacy
Even with a motivated seller and buyer, a pharmacy sale can lag because of specific tax and accounting issues. In this video, Ollin Sykes talks about cases he’s seen where the buyer or seller hit a significant roadblock. He also details what …
