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.

How to Pay Bills – Managing Monthly Budget

Upon getting information about an upcoming school science fair and the need to consider a topic of interest, many students will typically have no idea where to get started. While the science fair is typically a common occurrence in any school at any grade level, there are different types of topics that should be taken a look at depending on the age of the student. After first taking a look at the many different categories of science projects, you will be able to locate a suitable choice of topic to take to the next level.There is a wide variety of categories that fall under the types of science projects that can be chosen for a school science fair. These include biology, chemistry, physics, microbiology, biochemistry, medicine, environmental, mathematics, engineering, and earth science. While you may not have yet learned very much in any of these categories, don’t be afraid to see what each one entails. Taking a good look at your interests will allow you to focus on the right direction to take.Many resources are also available for those who are unsure as to the topic they are wanting to use to create their science projects. If you take a look at the topics that fall under the biology category, you will likely notice that there are topics that deal with plants, animals, and humans. For those who are in 2nd grade or 3rd grade, an interesting topic may be to determine if ants are picky over what type of food they eat. While this topic might not be of interest to an 8th grader, it is certainly something in the biology category that an elementary school student would enjoy.Along with the biology category, a high school student may want to take a look at diffusion and osmosis in animal cells as this would be a more appropriate topic for the grade level. A student in 6th grade would be more advanced than an elementary school student, but not as advanced as a high school student. At this middle school grade level, a topic of how pH levels effect the lifespan of a tadpole may be of interest.Whichever resource is used to locate a topic for science projects, it is always a good idea to consider the grade level of the student prior to making a selection. It is always assumed to be best to have a project at an appropriate level in order to keep the attention of the student and provide a fun and enjoyable learning experience.

Enjoy the Snow

Remember how your parents always seemed old to you, even before they reached middle age? They could never relate to you, they could never remember what it was like to be a kid. Now, you’re an adult with children, but you’ve made a pact with yourself-no matter how old you get, you’re always going to think “young”. You’ll always be able to relate to your kids. Right?Here’s a quick test of your resolve:The weatherman just predicted freezing temperatures and heavy snow-what’s your reaction? You groaned, didn’t you? Your first thoughts were about hazardous driving conditions, shoveling snow, high heating bills, and whether or not you remembered to insulate your water pipes. Yup. You’re officially a grown-up.Now, look at your kids’ reactions. Sheer joy, at the possibility of a snow day, filled with sledding, snowmen, and snowball fights. You remember what that was like, but you can’t really relate, any more, can you? You’re thinking about the potential hazards they face-frostbite, injuries, and pneumonia.You groan, again-it’s gonna be a long week.Look, you can’t change the direction of that storm front. You’re going to be socked in. You might as well accept it and make the most of it-and remember that big snow is big fun for kids. If you’re really going to think “young”, now’s the real test.There are definite and real hazards to very cold weather, and to spending too much time in the snow. But you can prepare yourself and your kids for the outside conditions, by following a few simple guidelines.First of all, before venturing out, feed your kids a meal or a snack. The extra calories will generate extra body heat. Dress everyone in several layers of clothing, starting with long underwear, adding turtlenecks and sweaters, then coats. Avoid cotton clothing-it doesn’t warm well and it absorbs moisture. Synthetics such as Gore-Tex can actually whisk moisture away from skin. Everyone should wear mittens-they keep hands warmer than gloves-and take an extra pair, in case snow works in, underneath, freezing small hands. Of course, warm socks, boots, and hats are essential in the snow. And something many people forget-if the sun is out, wear sunscreen. Snow can reflect 85% of the sun’s UV rays, causing quick sunburns. If the snow is wet, a final, waterproof layer of clothes, even rain-gear, is recommended.If sledding is on the agenda (and if there’s a hill in sight, it definitely is), make sure that it’s done on a slope with no hazards. One slip of the rudder can send a sled into a tree. Have your kids wear their bicycle helmets while sledding-head injuries are the most common result of sledding accidents.But you can have lots of fun with your kids in the snow. It really is fun to build and clothe a snowman, and a snowball fight (play clean-no rocks), is great exercise, especially for you. As long as your kids are dressed properly, there’s no set time-limit for being out. When you get cold, it’s time to come in. If you top the day off with some hot chocolate, you might even remember what it was like to be a kid. You might even really feel young, again.