Buying and Selling Guide

There comes a time when a landlord and owner of a pharmacy needs to know the ins and outs of rent and leasing. Our guest today is no stranger to our podcast, and we are thrilled to have him here to provide us with advice, tips, and knowledge. We all know how daunting it can be when it comes to finding employment, but today we will be talking with Phil Chapman, Director/Founder of Lease 1, Australia’s only national Retail Shop Lease consultancy that provides a tenant-only representation service, who will share some tips and tricks for new pharmacy landlord and those who are thinking of selling, important resources for owners, and how COVID-19 has impacted landlords with rent and leasing.

If you are a landlord, looking to purchasing a pharmacy, or wanting to expand your knowledge on rent and leasing, you can find out more information at www.lease1.com.au

Buying a pharmacy can be one of the biggest investments a pharmacist can make during their career. In our current economic climate, it’s never been more important for prospective buyers to take careful, considered steps when preparing to purchase.

Whilst we know that pharmacists are outstanding clinical professionals, this doesn’t always translate into business expertise, and the long road to pharmacy ownership can seem quite daunting for many prospective owners! Fortunately, the Guild is committed to supporting new owners of community pharmacy, and partners with the industry experts to deliver the latest information and advice.

Today we welcome back one of these experts, Natalie Sirianni, Director of Attain Pharmacy Brokerage, to help guide us on the pathway to community pharmacy ownership. A pharmacy business expert, Natalie provides aspiring owners with the highest level of service and support during the buying process.

The Pharmacy Guild of Australia is committed to ensuring that potential pharmacy owners are supported throughout their pharmacy ownership journey. The Buying and Selling Guide, available to both members and non-members, provides insightful advice on all aspects of establishing and running a pharmacy business. Developed in collaboration with industry experts and advisors, the guide outlines a seven-step process that includes valuable information on finding the right pharmacy, key financial decisions, management skills and more! Visit guild.org.au and search ‘buying and selling guide’.

GuildEd produces educational resources to assist current and prospective pharmacy owners buy, develop, and run their business. These include business planning modules, short courses on purchase processes and transition of ownership, and webinar presentations by industry experts outlining the pharmacy business landscape. Visit guilded.guild.org.au to find out more!

With the events transpiring throughout 2020, community pharmacies have certainly had their focus squarely fixed on maintaining exceptional patient care and community support. In light of this, it can be easy to forget about some of the vital components that underpin an effective retail business. A strong lease agreement can have an enormous impact on your business performance and it’s vital that pharmacy owners understand how to negotiate on, manage, and build a healthy lease portfolio.

Today, we are joined by Phil Chapman, a retail leasing expert, and a returning guest to the podcast, to discuss the importance of your lease contract, how to negotiate a better agreement with your landlord, the impacts of the pandemic on the leasing market, and some of the trends community pharmacy needs to be aware of moving forward.

The Pharmacy Guild of Australia provides a number of resources available to member pharmacy owners to assist them in managing their lease arrangements. Visit guild.org.au for further information.

The Pharmacy Rental Report is a useful member tool and reference that supports pharmacy owners in their future rental negotiations. Visit guild.org.au and search ‘rental report’ for more information.

Keep on top of updates and information with the Workplace Relations blog, available through the Workplace Relations member resources area.