In this episode of the EVCOR Advisor Podcast, host Max Beairsto delves into the critical yet often overlooked topic of impaired assets within the pharmacy industry. This episode is a must-listen for pharmacy owners looking to maintain their business value and profitability. Max breaks down what impaired assets are and explains their impact on a pharmacy's valuation and overall financial health. The discussion includes common sources of impairment such as inventory inaccuracies, mismanaged accounts receivable/payable, and issues with fixed assets and goodwill. Max shares practical advice and real-world examples to help pharmacy owners navigate these challenges effectively, ensuring a more accurate financial representation and future success. Tune in to gain valuable insights and strategies for better business decision-making.

00:00 Introduction to EVCOR Advisor Podcast

01:40 Understanding Impaired Assets

04:38 Inventory Impairment

13:46 Accounts Receivable and Payable

17:30 Fixed Assets and Goodwill Impairments

19:50 Why Impaired Assets Matter for Buyers and Sellers

21:56 Practical Steps to Safeguard Your Business

27:29 Conclusion and Resources

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto

Purchase Your Copy of Buy It Smart: https://a.co/d/iNcXH1Q

Join host Max Beairsto on the EVCOR Advisor Podcast as he explores the latest trends and dynamics in the pharmacy sector. Discover why buying a pharmacy could still be a lucrative investment despite decreasing gross margin percentages. Understand the impact of rising interest rates on pharmacy valuations, and learn about innovative financing strategies like vendor financing, equity rollovers, and minority partnerships. Max also shares insights on the importance of proper guidance, the decline in formal business education, and the high demand for pharmacies, particularly in rural areas. Don’t miss this episode packed with invaluable tips for navigating the ever-evolving pharmacy market.

00:00 Introduction to the EVCOR Advisor Podcast

00:06 Current Trends in the Pharmacy Sector

00:33 Gross Margin Dynamics in Independent Pharmacies

01:11 Impact of Pharmacist Wages and Availability

02:13 Interest Rates and Market Dynamics

03:49 Alternative Financing Methods in Pharmacy Acquisitions

06:30 The Importance of Business Education for Pharmacy Buyers

07:41 Opportunities in Rural Pharmacy Markets

08:22 Conclusion and Upcoming Episodes

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto

Purchase Your Copy of Buy It Smart: https://a.co/d/iNcXH1Q

In this episode of EVCOR Advisor, host Max Beairsto delves into crucial accounting practices for pharmacy owners, especially when preparing to sell their business. Highlighting the importance of meticulous financial records, Max consults with Lorraine Myers, a Senior Valuation Consultant, who outlines six key areas: accounting procedures, bank reconciliations, accounts receivable/payable, commercial terms, inventory, and capital assets versus expenses. Tune in to learn how good accounting can significantly impact your business's health and sale value, and get practical advice on maintaining accurate and detailed records.

00:00 Introduction to the EVCOR Advisor

00:12 The Importance of Accounting in Pharmacy Ownership

00:43 Challenges in Pharmacy Accounting

01:09 Key Areas of Focus in Accounting Practices

02:29 Expert Insights from Lorraine Myers

02:46 Detailed Breakdown of Accounting Areas

06:40 Conclusion and Final Thoughts

07:47 Closing Remarks and Contact Information

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto

Purchase Your Copy of Buy It Smart: https://a.co/d/iNcXH1Q

In this episode of the EVCOR Advisor Podcast, host Max Beairsto dives into the essential steps pharmacy owners must take to successfully sell their business. Max emphasizes the importance of not running your pharmacy on autopilot, especially in the final years before selling. Using his passion for aviation as an analogy, he highlights the need for hard work, commitment, and a strategic growth plan to attract the right buyer at the best price. Tune in to learn how to stick the landing and make your pharmacy sale a triumph.

00:00 Introduction: Selling Your Pharmacy

00:15 The Importance of Preparation

00:56 Autopilot Analogy: Lessons from Aviation

02:43 The Dangers of Complacency

04:43 Strategies for Growth and Profitability

06:20 Staffing and Efficiency

08:26 Conclusion: Full Throttle Exit

08:44 Outro: Stay Proactive

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto

Purchase Your Copy of Buy It Smart: https://a.co/d/iNcXH1Q

Join Max Beristo on the EVCOR Advisor Podcast as he delves into crucial strategies for pharmacy owners looking to sell their business. Discover the importance of viewing your pharmacy through an investor's lens, focusing on attributes such as positive return, manageable risk, and stable profitability. Learn about improving liquidity and ensuring the availability of accurate financial information to make your pharmacy a great investment opportunity. Tune in for expert advice on making informed decisions, proper business valuation, and preparing for unexpected events in the sale process.

00:00 Introduction to Selling Your Pharmacy

00:24 Thinking Like an Investor

01:46 Key Attributes of a Good Investment

02:30 Maximizing Your Pharmacy's Liquidity

04:06 Preparing for the Unexpected

04:35 Importance of Accurate Information

06:06 Common Financial Mistakes

08:24 Conclusion and Final Advice

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto

Purchase Your Copy of Buy It Smart: https://a.co/d/iNcXH1Q

Max Beairsto is a seasoned expert with over 28 years in business valuations and this show is designed to help pharmacy owners and prospective buyers navigate the complexities of buying, building, preparing, and selling pharmacies.

Listen in for insights from Beairsto's book "Buy It Smart, The Ultimate Guide to Buying a Pharmacy", as well as interviews with industry leaders. Gain the tools and knowledge needed to maximize your return on investment and make informed, profitable decisions.

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00:00 Introduction to EVCOR Advisor

00:16 Meet Max Beairsto

00:27 What to Expect in Each Episode

00:47 Empowering Your Pharmacy Journey

01:08 Subscribe for Success

Connect with Max Beairsto:

Web Site: Evcor.com

LinkedIn: @EVCOR & @MaxBeairsto