In this episode of the Calm the Pharm podcast, host Sarah Stoddart discusses a critical concern for pharmacy owners: what happens when a landlord sells the property where the pharmacy operates. Many businesses lease their premises, and when ownership changes hands, it can cause anxiety for tenants about the implications for their leases and relationships with new landlords.

To safeguard their pharmacies amidst such transitions, Sarah recommends several strategies.

Ultimately, Sarah encourages pharmacy owners to take proactive steps in understanding and strengthening their leasing agreements to ensure stability, even in the face of property ownership changes. The episode wraps up with an invitation for listener feedback and encourages subscriptions to the podcast for ongoing legal insights specific to pharmacy businesses.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart discusses the critical aspects of subleasing for pharmacy owners in Australia. She emphasises that most pharmacy businesses operate under a lease agreement, typically with a third-party landlord or through ownership via structures like self-managed superannuation funds. The focus here is on understanding the complexities and legalities of subleasing to a third party tenant.

The podcast underscores the importance of a legal and structured approach to subleasing in the pharmacy business. Owners need to ensure compliance with their head lease, prepare the necessary documentation, and understand the implications of subleasing agreements thoroughly.

By providing these insights, the episode aims to empower pharmacy business owners to navigate the complexities of subleasing confidently and legally.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the "Calm the Pharm" podcast, the focus is on the Pharmacy Industry Award, which governs the employment conditions for many working in the community pharmacy sector. Understanding this award is crucial for pharmacy business owners and managers, as it lays out key employment obligations. The episode summarizes six essential aspects of the award.

1. Exclusions from the Award

2. Minimum Wage Requirements

3. Individual Flexibility Arrangements (IFAs)

4. Annual Leave Loading

5. Rostering Guidelines

6. Superannuation Obligations

The discussion emphasises the complexities of managing employment obligations and the potential consequences of non-compliance, including financial penalties and damage to employer-employee relationships. Employers are encouraged to seek legal advice for better navigation and management of their obligations under the Pharmacy Industry Award.

The podcast concludes with an invitation for listeners to reach out with any questions they may have regarding the award or related topics.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart discusses the critical distinctions between partnership and shareholding structures for pharmacy businesses. Building on last week’s focus on company structures, she clarifies common misconceptions regarding these ownership models and emphasises the importance of structured legal agreements.

A partnership involves two or more individuals or companies collaborating for a shared business goal. The partners own the business jointly, with shared profits, liabilities, and management according to their partnership agreement—though this agreement is not legally mandatory, it is highly recommended to avoid misunderstandings. Partners, regardless of their share percentage, hold unlimited liability for the business’s debts, meaning their personal assets may be at risk in case of financial issues.

In contrast, a shareholding arrangement revolves around individuals owning shares in a company, where the company itself holds assets and operates the business. Shareholders benefit from the company’s operations and usually have limited liability, meaning they are only accountable for the amount they’ve invested in shares. Therefore, their personal assets are typically protected from the company's obligations.

Sarah outlines three key differences between the two structures:

1. Exposure to Liability

2. Profit Sharing and Distribution

3. Ease of Continuity and Transferability

Understanding these differences is vital for pharmacy owners as they assess their business structures and make informed decisions. By grasping the nuances of partnership versus shareholding arrangements, business owners can effectively safeguard their financial interests and ensure smoother operations.

The episode concludes with Sarah encouraging listeners to carefully consider their ownership structure and its implications, with a reminder to tune in for the next episode focused on further practical advice for pharmacy business operations.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart discusses the critical decision of selecting the right business structure for pharmacists venturing into pharmacy ownership. She emphasises the importance of making this decision carefully as it can significantly impact taxation, personal liability, funding options, and the future sale of the business.

Stoddart outlines three primary business structures: sole trader, partnership, and company. Each structure has its advantages and trade-offs.

Key considerations for pharmacy owners include:

- Ownership Rules: Understanding state-specific legislation governing pharmacy ownership.

- Share Structure: Determining the distribution and rights associated with shares, especially important in pharmacy businesses due to regulatory constraints.

- Directors' Duties: Knowing the legal responsibilities, including care, diligence, and conflicts of interest.

- Exit Strategies: Planning for the future sale or transfer of the business, which is crucial for multi-shareholder companies and should be outlined in a shareholder's agreement.

- Financial Planning: Consulting accountants on profit distribution, salaries, and dividends, ensuring clarity on financial matters.

- Seeking Professional Assistance: Engaging a lawyer for legal setup and compliance, and possibly a business advisor to align structures with growth objectives.

In conclusion, Sarah states that selecting an appropriate structure can provide protection, flexibility, and credibility for pharmacy owners, laying a solid foundation for their business journey. She encourages entrepreneurs to seek the necessary support as they start their pharmacy ventures.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart addresses the concept of walk-in, walk-out contracts within the context of business transactions. She distinguishes between two main types of contracts: walk-in, walk-out contracts and other business sale agreements which typically involve additional elements like stock, adjustments, and employee entitlements.

Sarah emphasises the need for buyers to understand the implications of a walk-in, walk-out contract fully. Any ambiguity could lead to disputes or misaligned expectations after the transaction has taken place. Clear communication and proper review of the contract are essential to ensure that the intention is accurately reflected.

In summary, a walk-in, walk-out contract means what you see is what you get - the purchase price covers everything and nothing more. For those considering entering such an agreement, it’s vital to determine the purchase price accurately, make sure all intentions are documented in the contract, and agree on the terms beforehand to avoid misunderstandings later on. Keeping these factors in check will enable pharmacy business owners to navigate these transactions with confidence.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart discusses the legal intricacies surrounding business names in Australia, focusing on registration, trading requirements, and the processes involved when selling or buying a business.

The episode emphasises the importance of understanding and managing business names correctly, outlining responsibilities for both sellers and buyers, while highlighting the need for proper procedures during the transfer of ownership. This knowledge aims to empower pharmacy owners to navigate the legal landscape confidently.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, host Sarah Stoddart delves into the changes regarding ministerial discretion for pharmacy business applications, emphasising the importance of understanding the application process and recent legislative updates.

Ministerial discretion allows pharmacy businesses to request approval to supply pharmaceutical benefits from specific premises, particularly when the Australian Community Pharmacy Authority (ACPA) has denied the application. Before submitting a ministerial discretion request, an applicant must first go through the ACPA process, which reviews the application against the pharmacy location rules.

Significant changes have recently streamlined the ministerial discretion process. Previously, applicants faced a lengthy six-month timeline, including a two-stage decision process with the Minister, but this has now been condensed into a single four-month decision period. This change reduces the total time from about nine or ten months to potentially eight months. Moreover, applicants are now restricted to submitting one request for ministerial discretion per 12-month period.

In summary, the podcast emphasises the necessity for pharmacy businesses to understand the intricate landscape of ministerial discretion. With recent changes shortening the decision timeline and limiting the frequency of requests, thorough preparation and strategic planning are more critical than ever for successful applications. Sarah encourages pharmacy owners to reach out for assistance when navigating these complex processes to improve their likelihood of obtaining approvals.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode of the Calm the Pharm podcast, hosted by Sarah Stoddart, the focus is on the critical aspects of expanding and contracting pharmacy premises, with a particular emphasis on the increasing trend of expansions in the pharmacy industry. With the movement towards a full scope of practice, many pharmacies are looking to increase their space to incorporate facilities such as consultation rooms, enhancing the services they can provide to the community.

A key point discussed in the episode is the necessity of lodging an application to the Department of Health and Aged Care under Rule 121 of the Pharmacy Location Rules whenever a pharmacy is expanding or contracting its premises. The podcast outlines several requirements under these rules. Additionally, the episode emphasises the importance of notifying state regulators about the expansion, as their requirements can differ significantly from one state to another.

Sarah urges pharmacy owners contemplating an expansion to seek legal advice and to ensure they submit the necessary application under Rule 121. The excitement of expanding should be balanced with compliance, as overlooking regulatory requirements can lead to significant setbacks down the line. The episode serves as a reminder to approach pharmacy expansions thoughtfully, prioritising legal advice alongside design and logistics.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/

In this episode, host Sarah Stoddart continues her two-part series on Privacy Act obligations, focusing on practical steps that pharmacy owners can take to ensure compliance and mitigate risks. Building on the previously discussed legislation and pitfalls, Sarah introduces a five-step health check designed to help pharmacies manage their data collection and protection practices effectively.

Throughout the episode, Sarah addresses common myths regarding privacy compliance. She challenges assumptions, such as the belief that staff are automatically knowledgeable about regulations or that having a privacy policy is sufficient without regular reviews. She also stresses that compliance is not exclusive to larger pharmacies; all businesses must adhere to updated privacy legislation.

The episode concludes with a call to action: pharmacies must review their privacy policies, data collection practices, and how they handle patient information. Sarah reassures listeners that protecting patient data is not only a legal obligation but also essential for building trust and safeguarding their business’s reputation. Taking proactive steps now can significantly reduce risks associated with privacy breaches.

Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. 

In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. 

Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.

www.vitalitylawaustralia.com

Instagram: @vitalitylawaustralia

Facebook: Vitality Law Australia

LinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/