By Brad MacLiver
Authorship and profile at Google
With the current market conditions many NV pharmacy owners are experiencing lower profit margins and have considered selling. A pharmacy industry roll-up inNevada
Estate Planning is a topic many people, in all industries, shy away from. For the pharmacy owner who works 6 days a week, takes very few vacations, fills scripts all day, then mops the floor and does the books at night, there usually isn’t much time to consider additional things such as estate planning. However, knowing that there will eventually be a transfer of the business, it is important for the pharmacy owner to consider a proper succession plan for the pharmacy business.
Developing a plan to transfer the business will be time consuming, but done correctly will allow the business to be successfully transferred in an acceptable manner. An estate plan for aNevada
Estate planning enables a pharmacy owner to anticipate and plan for the transfer of the drug store. The plan will be formatted in a way that attempts to eliminate uncertainties, assist the transfer by trimming expenses, and reduce taxes.
Trusts, Wills, Living Wills, Power of Attorney, Medical Power of Attorney, Business Valuations, Life Insurance, Charitable Remainder Trusts, Buy-Sell Agreements, and other legal documents may become involved during the process. The variety of aspects to estate planning are there to provide the pharmacy owners inNevada
It is essential that when non-family members exist as partners in a drug store business, the estate planning incorporate a Buy-Sell Agreement. The buy-sell agreement governs the transfer of the pharmacy business between its partners. The agreement may also called a business will or a partner buyout agreement. In order to protect the owner's family in the event of a partner’s death, the buy-sell agreement is often funded with a life insurance policy.
Setting up a buy-sell agreement, planning an estate, and transferring of the Nevada pharmacy should involve a pharmacy business valuation completed by a third party that has expertise in the pharmacy industry, handles a large number of pharmacy business valuations every year, and has recent, up-to-date industry data as a basis for the conclusions. Utilizing simple accounting formulas or multipliers with valuators inexperienced in NV pharmacy does not provide an accurate business valuation.
Most pharmacy owners spend a major part of their life building the business. The efforts should not disappear because the pharmacy owner refuses to accept their mortality and plan accordingly. The only pharmacist in some small pharmacies is the owner. If the scripts can’t be filled by a licensed pharmacist then by law the customer files must be transferred to another pharmacy. Due to this, aNevada
Tips:
1. When the family drug store is the sole means of income for several family members it becomes even more crucial to have a succession plan in place.
2. To avoid disputes, estate plans should be developed with clear directives.
3. Minimizing tax liabilities is a major objective for most completing an estate plan, therefore expert tax advice should be sought.
4. Many on-line documents and books are available that provide advice and documents for developing an estate plan. When going the self-help route, it is advisable to have a paid expert review the completed documentation to ensure that it can be legally complied with when the time comes.
5. While developing the estate plan it is essential to talk with children and other family members of the NV pharmacy owner especially if there are some family that work in the business and others that don’t.
Authorship and profile at Google
With the current market conditions many NV pharmacy owners are experiencing lower profit margins and have considered selling. A pharmacy industry roll-up in
Estate Planning is a topic many people, in all industries, shy away from. For the pharmacy owner who works 6 days a week, takes very few vacations, fills scripts all day, then mops the floor and does the books at night, there usually isn’t much time to consider additional things such as estate planning. However, knowing that there will eventually be a transfer of the business, it is important for the pharmacy owner to consider a proper succession plan for the pharmacy business.
Developing a plan to transfer the business will be time consuming, but done correctly will allow the business to be successfully transferred in an acceptable manner. An estate plan for a
Estate planning enables a pharmacy owner to anticipate and plan for the transfer of the drug store. The plan will be formatted in a way that attempts to eliminate uncertainties, assist the transfer by trimming expenses, and reduce taxes.
Trusts, Wills, Living Wills, Power of Attorney, Medical Power of Attorney, Business Valuations, Life Insurance, Charitable Remainder Trusts, Buy-Sell Agreements, and other legal documents may become involved during the process. The variety of aspects to estate planning are there to provide the pharmacy owners in
It is essential that when non-family members exist as partners in a drug store business, the estate planning incorporate a Buy-Sell Agreement. The buy-sell agreement governs the transfer of the pharmacy business between its partners. The agreement may also called a business will or a partner buyout agreement. In order to protect the owner's family in the event of a partner’s death, the buy-sell agreement is often funded with a life insurance policy.
Setting up a buy-sell agreement, planning an estate, and transferring of the Nevada pharmacy should involve a pharmacy business valuation completed by a third party that has expertise in the pharmacy industry, handles a large number of pharmacy business valuations every year, and has recent, up-to-date industry data as a basis for the conclusions. Utilizing simple accounting formulas or multipliers with valuators inexperienced in NV pharmacy does not provide an accurate business valuation.
Most pharmacy owners spend a major part of their life building the business. The efforts should not disappear because the pharmacy owner refuses to accept their mortality and plan accordingly. The only pharmacist in some small pharmacies is the owner. If the scripts can’t be filled by a licensed pharmacist then by law the customer files must be transferred to another pharmacy. Due to this, a
Tips:
1. When the family drug store is the sole means of income for several family members it becomes even more crucial to have a succession plan in place.
2. To avoid disputes, estate plans should be developed with clear directives.
3. Minimizing tax liabilities is a major objective for most completing an estate plan, therefore expert tax advice should be sought.
4. Many on-line documents and books are available that provide advice and documents for developing an estate plan. When going the self-help route, it is advisable to have a paid expert review the completed documentation to ensure that it can be legally complied with when the time comes.
5. While developing the estate plan it is essential to talk with children and other family members of the NV pharmacy owner especially if there are some family that work in the business and others that don’t.
