Pharmacy Business Owners: When to Consider Retirement

Will the pharmacy business experience declining profits over the next few years, and if this happens will the local community pharmacy be able to stay in business?Does it seem that business profits for pharmacy owners are being attacked from every angle? Have you read the articles detailing these points:• Reimbursements for diabetic testing supplies are being reduced.• For patients who have recurring monthly prescriptions the government is nudging the public to purchase by mail-order instead of visiting their local pharmacy.• The multipliers used to calculate reimbursements for Medicaid are expected to be lower than the pharmacy owner’s actual costs.• Dispensing fees regulated by many state agencies are being reduced.• The average wholesale price (AWP) paid to drug stores is being trimmed.The federal government’s Health and Human Services (HHS) negotiates pharmacy reimbursement rates for prescription drugs plans. Many states may take longer to provide the reimbursements. Other federal and state legislation may affect both the profits and the viability of staying in business. There are also issues regarding higher personal taxes and higher capital gain taxes that need to be considered.Over a number of years many independent drug stores have already been sold. These owners are gone and they are not looking to buyout their local competition. There are fewer young people willing to take the chance of business ownership. Some pharmacies have been closed due to the fact there was not a qualified buyer in the area. National and regional drug store chains have been sold during the past few years. The consolidation of pharmacy industry is seen as an advantage for the buyer, but for the local community pharmacy owner the consolidation provides added uncertainty to their business.It is expected that in the coming years, if circumstances don’t change, that current pharmacy owners will receive considerably lower purchase prices than their associates did 10 years ago. With the average pharmacy owner closer to the age of 60 than 40, many of the current pharmacy owners will need to take a hard look at their retirement expectations.When ready for an exit strategy, what does a pharmacy owner do when there are fewer willing buyers? Who will pay them an adequate amount for a business they have spent a life time building?Pharmacy owners, who do not plan on exiting the pharmacy industry until a few more years, will waiting a year or two really put the most amount of money in the bank for the pharmacy owner’s retirement account? If the business is sold now, can the proceeds be injected into other investments that would offer a higher return? The pharmacy owner should have their accountant calculate some projections, and the pharmacy owner will need to personally keep a diligent eye on any new regulatory proposals. By not being on top of what is affecting the industry, a pharmacy business owner could see a serious impact to the person’s retirement plans.Pharmacy owners are small business people. Financially they have done well during their career, but most would not categorize themselves as wealthy. The pharmacy is probably the largest asset they will ever own so any consideration of selling the business at the right time should come with a great deal thought.In a normal flow of transferring a drug store to a new owner, the process typically takes about nine months. This is important for a business owner to understand. To deposit the largest sum of money into the bank for retirement the decision to sell the business cannot be a quick decision, nor should the business be put on auction block for a quick sale. When it is time to consider retirement the appropriate planning needs to take place.

Why Traveling Makes Us More Creative

Traveling is a wonderful hobby for millions of people across the globe. This also provides various advantages to people. Here’s why traveling is important. The ability to move around from one place to the other place is the main virtue one can ever have. All humans and animals have been secured with this ability, but humans are always a step forward. We humans being, have an extraordinary virtue of seeing, experiencing and learning from it, and this is exactly what makes our traveling more satisfying and enriching.A person who went on a long-distance journey returned home after some years. Till then, his family had either no or very little information regarding his situation and well-being. In some thrilling cases, a person would never return. In despite of all these barriers and difficulties, people traveled; not always because they needed to, but many times, also because they loved to. And why not? Traveling not only takes us to distant lands and explains us with various people, but this also removes the dullness of our lives.This is certainly very unlucky that some people feel traveling is a sheer waste of time, energy and money. Some also discovery traveling a very boring activity. However, a good majority of people across the world wish traveling, rather than staying inside the partial spaces of their homes. They love to travel to new places, meet new people, as well as see things that they would not find in their homelands. This is a very common attitude that has made tourism, one of the most money-making, commercial sectors in the world.People travel for different reasons. Some travel for work, others for fun, and some for finding mental peace. Though every person may have his/her own reason to go on a traveling, this is significant to note that traveling, in itself, has some inherent rewards. For one, for some days getting away from everyday routine is a pleasant change. This not only refreshes one’s body, but also mind and soul. Traveling to a distant place and doing fantastic things that are not thought of otherwise, can refresh a person, who then returns home, ready to take on new and more problematic challenges in life and work. This makes a person forget his worries, problems, preventions, and fears, albeit for some time. This offer him a chance to think wisely and usefully. Traveling also helps to heal; this can mend a broken heart.For many people, traveling is a way to achieve knowledge, and perhaps, a quest to find answers to their questions. For this, different people prefer to go to faraway and lonely places. For believers, this is a search for God and to gain higher knowledge; for others, this is a search for inner peace. They might or might not find what they are looking for, but such an experience certainly augments their lives.With people, with their culture, opinions and ideas also travel. When they go from one place to the other place, they are bound to meet people and share their thoughts and experiences with them. This is where the exchange of ideas takes place, and it definitely broadens a person’s outlook. This makes him/her think in a different way, from a different viewpoint. When we speak of cultural influences and exchange, food is one of the important factors. The food habits of people say a lot of things about them. It is very interesting to discover new and unknown ways and values; they really add spice to life.Traveling also makes lifelong memories. Whether a person travels solo or along with family and friends, the experience certainly gives him/her nice and thrilling stories, which he/she can share with people back home. A good long holiday with loved ones allows him/her to spend some quality time with them, which in turn, benefits to renew and restore relationships and makes very strong one-to-one and family bonds. In fact, traveling away from home and spending time with near and dear one(s) can bring the relationship an entirely new perspective and possibly, people may begin understanding each other in a good way.Addition to the above, traveling and getting away from our homes allows us to spend some time with our own selves. This makes us subtler and more tolerant towards others. This also makes it easier for us to meet and mingle with various kinds of people, and also explains us to live life to the fullest. Some of them travel from richer countries to poorer ones in pursuit of cheaper medication; some others travel from inferior countries to more developed ones to get the right medication. Medical tourism is today, one of the most essential parts of the travel and tourism sector and more than 50 countries have recognized it as a national industry.Personal health is what makes travel very important. People here, travel because they don’t have an option in most cases. One might wonder that if a person becomes medical aid only after he reaches his/her destination, what importance does traveling hold in this case? Well, traveling stimulates hope in a person. As a person travels and gets more and more faster to the destination, the hope of getting preserved and living a healthy as well as smooth life ahead goes on increasing. Thus, traveling makes a person more confident towards life. Traveling can therefore be a very enchanting and inspiring experience that may help recover the quality of your life. So, let the travel bug bite you so that you experience the excitement and the serenity of life at the same time, and arise a different person altogether.

US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.