Do you need help with a business decision? Need advice on a staff related issue? Why not have a conversation with Frank Morgan? Frank won't give you the answers but will guide your thinking such that you can find them yourself. Click here to have a conversation with Frank Morgan.

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I want to buy another local pharmacy - Frank responds :: Frank Morgan : 22/4/2008 : Yesterday a 'lister put the question to Frank:

"I was wondering how best to approach a pharmacist owner to query how interested he is in selling his pharmacy."

Here's Frank's response.

I couldn’t help smiling to myself when I read your inquiry. Can I tell you a story? During our honeymoon, my wife and I visited a coastal town in NSW. She was very keen on this town and said to me ‘Wouldn’t it be great living here’? Next day with courage fuelled by thoughts of my beautiful bride, I strolled into one of the pharmacies and introduced myself to the owner who eventually said: ‘How can I help you, Frank’?

I replied: 'I would like to buy your pharmacy.'   More...

I want to buy another local pharmacy :: Frank Morgan : 21/4/2008 : Frank's latest correspondent is wondering how best to approach a local colleague with an offer he can't refuse.

"I was wondering how best to approach a pharmacist owner to query how interested he is in selling his pharmacy.

The pharmacy I am interested in is managed and the owner has 3 pharmacies spread over quite a large region. I fear that this owner may sell all pharmacies to the highest bidder soon as he is getting on and as I am partner in a pharmacy nearby I would like to expand my influence in the region."

(Watch this space - we'll publish Frank's comments tomorrow.)    More...

Expansion Plan - Frank responds :: Frank Morgan : 10/1/2008 : On Tuesday we published 'Rock Chopper's' questions to Frank.

In short, Rock Chopper has the opportunity to move to larger, higher rental premises in his shopping centre and wants Frank's thoughts on how much to spend on refits, marketing groups/business model, personnel requirements and so on.

 

Thank you “Rock chopper” for this chance to have a conversation with you about a future opportunity. As we go through the processes we may need to ask you more questions. Also I would like to have other ‘listers join the conversation and express their opinions from their experiences and the result will be much richer and more beneficial to you.    More...

Expansion Plans :: Frank Morgan : 8/1/2008 : Frank's latest correspondent, 'Rock Chopper' needs a hand in planning for a possible relocation and expansion..........

Frank, could you please go through the decision processes you would use in my situation?

The neighbourhood shopping centre I am in is expanding in a year's time with a large new Colesworth supermarket. I am in an isolated suburb of a large regional town with about a dozen other pharmacies. I have three years left on the (very low rental) lease, and am currently an independent, low volume pharmacy, 80/20 split. The area has a broad spectrum of people from housing commission to wealthy professionals, mainly mortgage belt, families and lower than usual elderly population, and doctor shortage.    More...

A staged succession - Frank responds :: Frank Morgan : 5/12/2007 :

In Part 1 of our current conversation with Frank Morgan, our correspondent described his plans for a staged sale of his business to a proposed business partner.

"I'm happily working 30 hours a week, my qualified has offered to buy in. I like and respect her, she is personable with the customers, a Good Chemist, and what's rare, understands that we're here to make a quid, her father having been a pharmacy owner. My question is how do we go about the transition?"

In Part 2, today, Frank responds......    More...

A staged succession :: Frank Morgan : 4/12/2007 :

Dear Frank,

I am 64, own a dispensary (T/O ~$1mil. GP 30-something%) and the premises (as a 12% share in the whole property in a medical centre, my value maybe $250K).

I'm happily working 30 hours a week, my qualified has offered to buy in. I like and respect her, she is personable with the customers, a Good Chemist, and what's rare, understands that we're here to make a quid, her father having been a pharmacy owner.

My question is how do we go about the transition?   More...

Buying a pharmacy :: : 15/11/2007 : Jean Low writes

"I am looking to start my own pharmacy business and I have been looking around lately. What are the things that I should take into consideration when making a decision? How can I know which is the right pharmacy to buy?"

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Well Jean, 'I want a business of my own' has been the cry of many a pharmacist over the years. Your own business offers you the opportunity to be in the driving seat and to take responsibility for your future yet, in reality, the chance to be self employed is a step that many do not take, fearing the stress, the exposure to risk and the lack of the security that comes from a regular income.

Now is the time for a little soul searching.   More...

Pharmacy ownership through a trust? :: Frank Morgan : 14/11/2007 : Here is a little 'mini' installment in our 'Conversations with Frank Morgan' series. Tomorrow we'll have part one of Jean Low's conversation with Frank about the things to look out for when buying a pharmacy.

However, today's question friom Thomas Chong is: "I would like to know your opinion on the issue of purchasing a pharmacy under a Trust structure. Is it possible under the Pharmacist Act 2004? I have had varying advice on this."   More...

Anne's Average Pharmacy - the final (?) word :: : 6/11/2007 : A few weeks back we published part one of our first 'Conversation with Frank Morgan' Anne's average pharmacy. Anne asked Frank how to go about implementing the new professional pharmacy services in her 'average' pharmacy (here).

Frank provided a brief preliminary response (here) and invited 'comments from the floor'. Sadly, on this occasion, there were none! In today's final installment Frank offers further comments and issues another challenge to 'listers to pass judgement on his advice.   More...