INTERESTED IN STARTING UP OR EXPANDING YOUR OWN PHARMACY?SUPPORT FOR THE START UP PHARMACIST
We also have experience in providing support services to start up pharmacists. There are many opportunities for Pharmacists to start up their own business in the current economic climate due to the reduction in rents in the past year. At O’ Connor Pyne & Co. we foster a “can do” pro-active attitude in our relationships with clients.
We have built up strong relationships with banks over the years and have an in-depth knowledge of the information and projections necessary to secure finance.
We currently have a successful client who approached us a number of years ago for advice in relation to starting up his own pharmacy business. He had identified a number of locations from which he was considering trading. We held several meetings with our client and based on information provided to us by him and on our own expertise we prepared detailed projections. We also provided support and assisted him in making the decision as to where to locate his business. The projections prepared by O’ Connor Pyne & Co. were used by our client to gain funding from the bank for his lease. Due to our experience in dealing with banks we were able to provide assistance and support in these negotiations.
Thinking of Selling or Passing on your Business?
NOW IS THE TIME TO START PLANNING IN ORDER TO ACHIEVE A TAX EFFICIENT OUTCOME!
At O’ Connor Pyne & Co. we can advise you on how you may extract up to €1.8 million from a company tax free on the private sale or transfer of a business from one generation to the next.
We have provided such services to our clients in the past and our tax strategies have been extremely successful to date.
One such client operated a pharmacy as a limited company. The pharmacy operated from a premise which was owned by the client personally and our client was looking to retire in a number of years. His daughter was a qualified pharmacist and was interested in taking over the business. We were able to provide advice regarding the organisation of our clients’ affairs whereby the business was transferred to our clients daughter, the building was also transferred into the child’s name and by using available tax shelters there was only a nominal tax liability on these transactions. In addition, €1.5 million was extracted from the company by our client completely tax free to provide for his retirement.
We provide an invaluable service to our clients assisting them in every stage of the process from attendance at bank meetings, family meetings and representing you in dealing with Revenue.
We are aware of the specific accounting and tax issues which affect pharmacies. We have experienced and qualified staff to cater for your financial needs. Our services include:
- Detailed projections to gain finance for expansion
- Cashflow projections and budgets
- Scrutiny of EPOS tills to ensure VAT is being calculated correctly
- Analysis of turnover categories, margin analysis and feedback
- Business advice and preparation of business plans
- Tax planning advice
- Partnership agreements
- Dealing with locums and their treatment within the tax system