The Pharmacy Ownership Podcast

The show for the pharmacist with an entrepreneurial mindset.

Your Hosts

Ollin Sykes

Ollin Sykes

CPA, CITP, CMA®

Advisor and speaker on pharmacy transitions, including pure start-ups
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Scotty Sykes

Scotty Sykes

CPA, CFP®

Advisor and speaker on complex pharmacy accounting and tax matters
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YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC45NDk1REZENzhEMzU5MDQz #localpharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting Buying a Pharmacy? Schedule an Appointment with our transition specialist: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ The NCPA Pharmacy Ownership Workshop provides valuable insights for both new and existing pharmacy owners. But what does ownership look like in 2025 and what are some of the major, and expensive mistakes owners can avoid? In this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CMA, CITP, and Austin Murray discuss insights from a recent pharmacy ownership workshop, focusing on the importance of avoiding costly mistakes in pharmacy transactions and the need for strategic planning in pharmacy startups. Tune in to learn more about: - Mistakes made in the early stages and the long-term financial impacts. - Lease agreements and how to avoid burning through working capital. - Securing financing with cash flow forecasting. - And more! 🕰️Time Stamps 🕰️: 00:00 – 00:31 - Today’s Topic: Avoiding Expensive Mistakes 00:32 – 5:06 - Pharmacy Ownership Workshop + Ownership in 2025 5:07 – 7:51 - Expensive Leasing Mistakes + The Importance of Working Capital 7:52 - 9:40 - Revenue Planning and Cash Flow Forecasting 9:41 - 11:39 - Cashflow Forecasting Tools and Worksheets 11:40 - 12:06 - SBA Updates at a Glance Stay up to date on new episodes by liking and subscribing! Check out all our social media: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Ollin Sykes, CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ More resources about this topic: Resource - Pharmacy Startup Costs: Financing: https://www.sykes-cpa.com/pharmacy-start-up-costs-financing/ Resource - Pharmacy Startup Costs: Leases/Facility Planning: https://www.sykes-cpa.com/pharmacy-start-up-costs-leases-facility-planning/
The Pharmacy Ownership Podcast | Episode 9 | Avoiding Expensive Mistakes
May 30, 2025 11:00 am
#localpharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting Buying a Pharmacy? Schedule an Appointment with our transition specialist: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ The NCPA Pharmacy Ownership Workshop provides valuable insights for both new and existing pharmacy owners. But what does ownership look like in 2025 and what are some of the major, and expensive mistakes owners can avoid? In this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CMA, CITP, and Austin Murray discuss insights from a recent pharmacy ownership workshop, focusing on the importance of avoiding costly mistakes in pharmacy transactions and the need for strategic planning in pharmacy startups. Tune in to learn more about: - Mistakes made in the early stages and the long-term financial impacts. - Lease agreements and how to avoid burning through working capital. - Securing financing with cash flow forecasting. - And more! 🕰️Time Stamps 🕰️: 00:00 – 00:31 - Today’s Topic: Avoiding Expensive Mistakes 00:32 – 5:06 - Pharmacy Ownership Workshop + Ownership in 2025 5:07 – 7:51 - Expensive Leasing Mistakes + The Importance of Working Capital 7:52 - 9:40 - Revenue Planning and Cash Flow Forecasting 9:41 - 11:39 - Cashflow Forecasting Tools and Worksheets 11:40 - 12:06 - SBA Updates at a Glance Stay up to date on new episodes by liking and subscribing! Check out all our social media: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Ollin Sykes, CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ More resources about this topic: Resource - Pharmacy Startup Costs: Financing: https://www.sykes-cpa.com/pharmacy-start-up-costs-financing/ Resource - Pharmacy Startup Costs: Leases/Facility Planning: https://www.sykes-cpa.com/pharmacy-start-up-costs-leases-facility-planning/ 12:07
The Pharmacy Ownership Podcast | Episode 9 | Avoiding Expensive Mistakes
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC45NDk1REZENzhEMzU5MDQz
#localpharmacy #buyingapharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting #accounting Buying a Pharmacy? Schedule an Appointment with our transition specialist: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ Inventory can make or break the value of a pharmacy - especially during a sale. But how do you ensure you’re handling it the right way? In this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CMA, CITP, and Austin Murray break down the complexities of pharmacy inventory valuation and how it impacts transactions from both the buyer and seller perspectives. Tune in to learn more about: - Why seasonal and expired items could hurt your bottom line - How pre-sale inventory management can boost cash flow - The differences between script and OTC inventory - Why accurate dating and pricing matter - And more! 🕰️Time Stamps 🕰️: 00:00 – 00:25 - Today’s Topic: Inventory and Your Valuation 00:26 – 1:55 - Inventory Overview and Classifications 1:56 – 3:34 - Inventory Dating and Pre-sale Inventory Management 3:35 – 5:30 - Determining Value and Inventory Turns 5:31 – 6:11 - Negotiating Prices 6:12 – 6:29 - Key Takeaways Stay up to date on new episodes by liking and subscribing! Check out all our social media: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Ollin Sykes, CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ More resources about this topic: Podcast - What to Look for When Buying a Pharmacy: https://www.sykes-cpa.com/the-pharmacy-ownership-podcast-due-diligence-what-to-look-for-when-buying-a-pharmacy/ Podcast - Improving Cash Flow with Inventory Management: https://www.sykes-cpa.com/improving-cash-flow-with-inventory-management/ 6:30
The Pharmacy Ownership Podcast | Episode 8 | Inventory and Your Valuation
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC5DQUNERDQ2NkIzRUQxNTY1
#localpharmacy #buyingapharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting #accounting Looking at buying a pharmacy? Schedule a meeting with us: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ The most important step you can take when buying a pharmacy is performing the right due diligence, but what should you be looking for? In this episode of The Pharmacy Ownership Podcast, Scotty Sykes, CPA, CFP®, and Ollin Sykes, CPA, CITP, CMA share critical insights into the due diligence process when purchasing a pharmacy. Tune in to learn more: - Why financial statements often don’t match tax returns - Importance of reviewing third-party receivables, inventory, and leases - Accurate due diligence and its impact pharmacy valuation and negotiations 🕰️ Time Stamps 🕰️: 00:00 - 0:22 - Intro, Top Due Diligence Item to Look For When Buying a Pharmacy 0:23 - 1:57 - Accounting File, Tax Returns, and Financial Statements That Don't Match 1:58 - 2:42 - Common Issues We See When Performing Due Diligence 2:43 - 3:03 - The Importance of Analyzing the Full Accounting File 3:04 - 3:50 - Working With Brokers 3:51 - 5:35 - Due Diligence, Proper Accounting Files, and Bank Lending 5:36 - 6:29 - Due Diligence and Its Impact Pharmacy Valuation and Negotiations Did you like this episode of The Pharmacy Ownership Podcast? Stay up to date on new episodes by liking and subscribing! Click here for the transcript: https://www.sykes-cpa.com/the-pharmacy-ownership-podcast-due-diligence-what-to-look-for-when-buying-a-pharmacy/ Stay connected with us: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Ollin Sykes , CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA More resources on this topic: Podcast: What is Due Diligence - https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast-what-is-due-diligence/ Blog: The Importance of Due Diligence When Buying a Pharmacy - https://www.sykes-cpa.com/the-importance-of-due-diligence-when-buying-a-pharmacy/ Podcast: How to Buy a Pharmacy - https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast-buying-a-pharmacy/ 6:30
The Pharmacy Ownership Podcast | Episode 7 | Due Diligence: What to Look for When Buying a Pharmacy
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC41MzJCQjBCNDIyRkJDN0VD
#localpharmacy #sellingapharmacy #pharmacypodcast #pharmacy #independentpharmacy Think you're ready to sell your pharmacy? Schedule a meeting with us: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ If you're a multi-location pharmacy owner, you’re going to want to tune in to this episode of the Pharmacy Ownership Podcast! In this episode Scotty Sykes, CPA, CFP® and Ollin Sykes, CPA, CITP, CMA tackle a common yet complex issue: selling a single pharmacy location from a multi-store entity. With real-world examples, Scotty and Ollin walk you through: - The crucial steps of spinning off one location - Importance of proper accounting practices, like using class codes for profit and loss statements and balance sheets - Common pitfalls pharmacy owners face when they haven’t prepared for such a transaction - Key advice for owners looking to avoid financing roadblocks and ensure a smooth sale. Read and follow along with this episode here: https://www.sykes-cpa.com/the-multi-store-owners-guide-to-selling-a-pharmacy-from-sykes-cpa/ 🕰️Time Stamps 🕰️: 00:00 – 0:43 - Intro, Multi Store Ownership, Single store Selling 0:44 – 2:51 - Crucial Steps of Spinning Off One Location 2:52 – 4:21 - Importance of Proper Accounting Practices 4:22 – 5:03 - How This Affects Your Valuation and Potential Lending 5:04 – 6:50 - Other Considerations and Key Advice 6:51 – 7:01 - Outro Did you like this episode of The Entrepreneurial Pharmacy Podcast? Stay up to date on new episodes by liking and subscribing! Interested in learning more about the podcast team and their experience? Click here: https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast/ Want to stay connected? Check out all our social media: Sykes & Company P.A.: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ CPA’s: Ollin Sykes , CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA 7:01
The Pharmacy Ownership Podcast | Episode 6 | The Multi Store Owners Guide to Selling Your Pharmacy
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC4xMkVGQjNCMUM1N0RFNEUx
One of the most common questions we get from pharmacy owners looking to buy or sell a pharmacy is “what’s the pharmacy worth?” In this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CITP, CMA and Scotty Sykes, CPA, CFP discuss assessing the worth of your pharmacy, maximizing the value of your pharmacy, maximizing cash flow, and more! Did you like this episode? Stay up to date on new episodes by liking and subscribing! Click here to learn more about our podcast team and previous episodes. Want to read and follow along with this episode? Click below for the transcript: https://www.sykes-cpa.com/whats-your-pharmacy-worth/ Want to stay connected with us on social media: Time Stamps 🕰️: 00:00 – 00:16 – Intro 00:17 – 00:25 - Today’s Topic: Knowing How Much Your Pharmacy is Worth 00:26 – 1:01 - Maximizing The Value of Your Pharmacy 1:02 – 4:18 - Maximizing Cash Flow (EBITDA) 4:19 – 5:26 - Working with Negative Cash Flow 5:27 – 6:18 - Key Takeaways 6:19 – 6:30 - Outro Did you like this episode? We share insights for Independent Pharmacy Owners every other Thursday. Stay up to date on new episodes by liking and subscribing! Click here to learn more about our podcast team and previous episodes. https://www.sykes-cpa.com/media-resources/the-bottom-line-pharmacy-podcast/ Want to read and follow along with this episode? Click below for the transcript: (insert transcript link) Want to stay connected? Check out all of our social media: Sykes & Company P.A.: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Spotify: https://open.spotify.com/show/1VStwVBZ5Y7OIy2REiJPFV?si=f3a722236c2f4ced Apple Podcasts: https://podcasts.apple.com/us/podcast/the-bottom-line-pharmacy-podcast-sykes-company-p-a/id1641766864 CPA’s: Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA Ollin Sykes – CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ More resources about this topic: Podcast – Preparing to Sell Your Pharmacy: https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast-preparing-to-sell-your-pharmacy/ Blog – Do These 2 Things Before Selling Your Pharmacy: https://www.sykes-cpa.com/do-these-two-things-before-selling-a-pharmacy/ Service – Buying and Selling Advisory: https://www.sykes-cpa.com/selecting-advisory-services-for-selling-a-pharmacy-business/ Service – Rx Assessment: https://www.sykes-cpa.com/rx-assessment-service/ 6:31
The Pharmacy Ownership Podcast | Episode 5 | What’s The Pharmacy Worth
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC4wOTA3OTZBNzVEMTUzOTMy
Before selling your pharmacy, it’s important that you have sound financials, but what other steps need to be taken? In this episode of The Pharmacy Ownership Podcast, we dive deep into what you need to consider when selling your pharmacy. We talk about what pharmacy lending banks are looking for, cash vs. accrual accounting, perpetual inventory, and more! Time Stamps 🕰️: 00:00 – 00:11 – Intro 00:12 – 00:29 - Today's Topic: Selling Your Pharmacy 00:30 – 1:48 - Get Your Financials in Order 1:49 – 2:08 - What is Accrual Accounting 2:09 – 3:08 - Why These Items are Important 3:09 – 5:30 - Maximizing EBITDA and the Value of Your Pharmacy 5:31 – 5:38 - Outro Did you like this episode of The Entrepreneurial Pharmacy Podcast? Stay up to date on new episodes by liking and subscribing! Interested in learning more about the podcast team and their experience? Click here: https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast/ Want to stay connected? Check out all our social media: Sykes & Company P.A.: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ CPA’s: Ollin Sykes , CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA More resources on this topic: Blog – Do These Two Things Before Selling Your Pharmacy: https://www.sykes-cpa.com/do-these-two-things-before-selling-a-pharmacy/ Blog – Selecting Advisory Services for Selling a Pharmacy Business: https://www.sykes-cpa.com/selecting-advisory-services-for-selling-a-pharmacy-business/ Blog – Roadblocks to Selling Your or Buying a Pharmacy: https://www.sykes-cpa.com/roadblocks-to-selling-or-buying-a-pharmacy/ Video – The Entrepreneurial Pharmacy Podcast: Are You Ready to Sell Your Pharmacy - https://www.youtube.com/watch?v=jf8P2YE5Z9o 5:38
The Pharmacy Ownership Podcast | Episode 4 | Preparing To Sell Your Pharmacy
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC41MjE1MkI0OTQ2QzJGNzNG
Before buying a pharmacy, it’s important that you do your due diligence. But what does due diligence look like? On this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CMA, CITP and Scotty Sykes, CPA, CFP discuss everything about Due Diligence. We share the different types of due diligence, why it’s important to do your due diligence, what information you need to look for, and more! Time Stamps 🕰️: 00:00 – 00:21 – Intro 00:22 – 00:31 - Today's Topic: Due Diligence 00:32 – 1:18 - What Is Due Diligence? 1:19 – 1:40 - Why is Due Diligence Important? 1:41 – 3:47 - What Does Due Diligence Look Like? 3:48 – 4:42 - Other Types of Due Diligence 4:43 – 6:09 - Legal Due diligence 6:10 – 7:00 - Why It’s Important to Work with a Specialist 7:01 – 7:10 – Thanks for Listening! Did you like this episode? Stay up to date on new episodes by liking and subscribing! Interested in learning more about the podcast team and their experience? Click here: https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast/ Want to stay connected? Check out all our social media: Sykes & Company P.A.: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ CPA’s: Ollin Sykes , CPA, CITP, CMA LinkedIn: https://www.linkedin.com/in/ollinsykes/ Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA More resources about this topic: Blog – The Importance of Due Diligence When Buying a Pharmacy: https://www.sykes-cpa.com/the-importance-of-due-diligence-when-buying-a-pharmacy/ Blog – The Pharmacy Buyers Guide to a Common Stock Purchase: https://www.sykes-cpa.com/the-pharmacy-buyers-guide-buying-a-pharmacy-in-a-stock-purchase/ Blog – The Step-by-Step Process to Buying a Pharmacy: https://www.sykes-cpa.com/buying-a-pharmacy-your-step-by-step-process/ 7:11
The Pharmacy Ownership Podcast | Episode 3 | What is Due Diligence
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC4wMTcyMDhGQUE4NTIzM0Y5
Are you interested in buying a pharmacy but aren't sure how or where to even start? Often, we get approached by entrepreneurs looking at buying a pharmacy but aren’t sure what kind of pharmacy they are buying and what the difference between an asset purchase and a common stock purchase is. In this episode of The Pharmacy Ownership Podcast, Ollin Sykes, CPA, CITP, CMA and Scotty Sykes, CPA, CFP bring you 40 years of pharmacy CPA insights that dive deep into how to buy a pharmacy, some things you need to consider before buying, whether you should do an asset purchase or a common stock purchase, and more! Time Stamps 🕰️: 00:00 – 00:13 – Intro 00:14 – 00:22 - Today’s Topic: How to Buy a Pharmacy 00:23 – 1:47 - Step One: Know What You’re Buying 1:48 – 4:41 - Common Stock vs. Asset Purchase 4:42 – 4:52 - Summary: Know What You’re Buying 4:53 – 4:58 - Outro Did you like this episode? Click below to learn more about our podcast team and previous episodes. https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast/ Want to read and follow along with this episode? Click below for the transcript: https://www.sykes-cpa.com/the-entrepreneurial-pharmacy-podcast-buying-a-pharmacy/ Want to stay connected? Check out all of our social media: Sykes & Company P.A.: Facebook: https://www.facebook.com/sykesandco Twitter: https://twitter.com/OllinSykes LinkedIn: https://www.linkedin.com/company/sykes-&-company-p-a-?trk=tyah Instagram: https://www.instagram.com/sykescpa/ Spotify: https://open.spotify.com/show/1VStwVBZ5Y7OIy2REiJPFV?si=f3a722236c2f4ced Apple Podcasts: https://podcasts.apple.com/us/podcast/the-bottom-line-pharmacy-podcast-sykes-company-p-a/id1641766864 CPA’s: Scotty Sykes – CPA, CFP LinkedIn: https://www.linkedin.com/in/scottysykes/ Scotty Sykes – CPA, CFP Twitter: https://twitter.com/ScottySykesCPA Ollin Sykes - CPA, CMA, CITP LinkedIn: https://www.linkedin.com/in/ollinsykes/ More resources about this topic: Playlist – Buying a Pharmacy Collection: https://www.youtube.com/playlist?list=PLbdUM3PBAwLs8-R2ZUxG2gGs34Fd5AEHi Video Blog – Buying a Pharmacy in a Stock Purchase: https://www.sykes-cpa.com/the-pharmacy-buyers-guide-buying-a-pharmacy-in-a-stock-purchase/ Video Blog – Buying a Pharmacy: Your Step-by-Step Process: https://www.sykes-cpa.com/buying-a-pharmacy-your-step-by-step-process/ Video Blog – The Importance of Due Diligence When Buying a Pharmacy: https://www.sykes-cpa.com/the-importance-of-due-diligence-when-buying-a-pharmacy/ Video Blog – Questions to Ask When Buying a Pharmacy: https://www.sykes-cpa.com/questions-to-ask-when-buying-a-pharmacy/ Service – Buying or Selling a Pharmacy: https://www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ 4:58
The Pharmacy Ownership Podcast | Episode 2 | How to Buy a Pharmacy
YouTube Video UExiZFVNM1BCQXdMdkF4dWFSeXI5NFdIdEpnTlJCVHdQNC4yODlGNEE0NkRGMEEzMEQy
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Schedule a complimentary call with one of our pharmacy CPA advisors, or jump right in and asses your growth potential with our Rx Assessment.

CONTACT USGET AN Rx ASSESSMENT