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/
Recent amendments to the Privacy Act require pharmacies to be more vigilant with patient data. Even a brief 10-second phone call, confirming Mrs Jones' date of birth or prescription details, can lead to a breach of privacy laws. In this episode, Sarah outlines the key changes to the legislation, which can be summarised into three categories: increased awareness and enforcement, tighter rules, and heightened risks.
The changes to the Privacy Act represent significant challenges but also present an opportunity for pharmacies to bolster their privacy practices. Taking steps now can help prevent costly penalties and maintain your pharmacy’s reputation.
As a first step, it’s essential to review and update your privacy policy. Also consider whether you've updated your practices since the introduction of new technologies, such as e-scripts, SMS reminders and artificial intelligence. After all, an outdated policy is as good as having no policy at all!
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 discusses current challenges faced by pharmacists dealing with regulatory matters during pharmacy business transactions. She emphasises the importance of compliance and consistency in document submissions to federal and state regulators, which has become increasingly difficult due to heightened scrutiny and additional documentation requirements.
She also speaks to the importance of ensuring that trust deeds associated with pharmacy ownership comply with state regulations since what is acceptable in one state may not be in another. Engaging advisors knowledgeable about pharmacy-specific regulations is crucial to navigating this complex landscape.
Throughout the podcast, Sarah encourages pharmacy owners to work closely with their advisors, respond promptly to requests for documentation, and set realistic expectations regarding the timeline of applications.
In conclusion, while the regulatory environment for pharmacy ownership transactions is increasingly challenging, proactive communication with legal advisors and meticulous attention to detail in documentation can help mitigate issues. Sarah’s key takeaway is the necessity for pharmacists to remain vigilant and informed, as regulatory processes are becoming more complicated rather than simpler, leading to delays and added costs. She invites listeners with questions to reach out, emphasising her commitment to supporting pharmacy owners during these challenging transitions.
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 podcast, host Sarah Stoddart discusses the critical legal considerations involved in pharmacy business transactions, especially around contracts. She emphasises the significance of thoroughly reviewing contracts before signing, as many buyers and sellers often rush into agreements without a clear understanding of the implications. Sarah outlines three main areas that can significantly impact the success of a pharmacy transaction:
1. Customer Accounts and Loyalty Programs
2. Employee Interviews and Retention
3. Nursing Home Contracts
Stoddart warns that while buyers often focus on major aspects like purchase price and lease terms, the nuanced details surrounding customer relationships, staff retention, and contracts with third parties are equally crucial for a successful transaction. She strongly advocates for seeking quality legal and accounting advice to avoid pitfalls associated with poorly drafted agreements. A thorough and well-considered contract provides both parties with confidence and can streamline the transaction process, potentially reducing costs as well.
In summary, careful attention to the often-overlooked elements of pharmacy transactions, along with comprehensive legal guidance, can help pharmacy owners navigate their sales and purchases effectively and avoid common headaches down the line.
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 delves into the intricacies of lease assignment during the sale of a pharmacy business.
Two critical documents in the assignment process are the sale contract and the existing lease. The sale contract will indicate the buyer’s preference for the lease assignment and any potential amendments. Meanwhile, the lease will contain a clause stipulating the conditions under which the landlord's consent to the assignment can be obtained, often requiring the seller to seek consent a certain number of days before the assignment is to occur.
Typically, landlords cannot unreasonably withhold consent for lease assignments, but they may impose conditions, such as requiring information about the incoming tenant's financial standing and business experience.
The podcast emphasises the need for meticulous adherence to the necessary legal steps involved in lease assignment transactions, encouraging sellers to work closely with their lawyers throughout the process. Ultimately, executing a transparent and compliant assignment will facilitate a smoother transition of the pharmacy business.
Through this detailed exploration of lease assignments, the podcast aims to equip businessowners with the legal knowledge required to navigate this critical aspect of selling their business efficiently and effectively.
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 delves into lease agreements, specifically exploring landlords' rights to increase rent and strategies for business owners to navigate potential unfair increases. Given the current cost of living crisis, understanding lease obligations has become increasingly vital for business owners.
The foundational step in addressing any lease-related concerns is to locate your signed lease agreement. It's essential to ensure that you have the correct version - the signed copy or the final agreement version. If you’re unable to find it, consulting a lawyer for assistance in retrieving it is recommended.
Your lease document typically outlines the term and initial rent amount, along with provisions detailing how rent increases are handled over time. Under most leases, landlords can implement rent increases as stipulated, and failure to execute this on the scheduled date does not waive that right. This means if a landlord neglects to apply a rent increase at the anniversary date of the lease, they can still enforce it later.
As leases often include options for renewal at specific intervals (like every three to ten years), it's crucial to understand how rent will be determined upon exercising these options. In many cases, the new rent is assessed based on the current market value, which may require negotiation between tenant and landlord or involve a third-party valuation - a process that can be lengthy and costly. Preemptively negotiating the lease terms can provide leverage when it comes time for rent reviews or lease expirations. The podcast emphasises the importance of careful negotiation when entering a lease, as agreements reached can significantly impact future costs and your operational stability.
In conclusion, while landlords do have the right to increase rent according to the terms of the lease, it is crucial for tenants to be well-informed of their rights and actively prepare for negotiations, especially as leases expire. Keeping solid legal advice on hand will empower business owners to take appropriate steps against arbitrary rent increases.
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 discusses the critical aspects of personal guarantees.
Providing a personal guarantee is a significant financial decision that demands careful consideration of one’s financial responsibilities and risks. The implications of signing a guarantee can extend well beyond the immediate financial landscape; therefore, thorough evaluation and proactive management are paramount for anyone considering this commitment.
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 delves into the critical subject of employee entitlements in the context of buying or selling a business, focusing particularly on the adjustments that need to be made during settlement. Employee entitlements often create confusion for both buyers and sellers, but understanding them is vital for a smooth transaction.
Sarah begins by emphasising the importance of employees to a business' operation, noting that when a business is sold, buyers typically opt to retain some or all of the employees to ensure continuity.
A crucial aspect of this process involves the entitlements employees have accumulated,
This episode offers valuable insights into the complexities surrounding employee entitlements during business transactions. Buyers and sellers must carefully navigate adjustments related to accrued leave. Understanding these factors ensures both parties approach the settlement process with clarity and reduces the potential for misunderstandings.
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 provides an insightful overview of the regulatory landscape for pharmacy businesses in Australia, emphasising the distinctions between federal and state requirements. Acknowledging the complexity and heavy regulation of pharmacies, Stoddart begins by addressing the critical classification of pharmacies into approved and unapproved categories.
Throughout the episode, Stoddart underscores the importance of being organised and proactive in managing pharmacy compliance with both federal and state regulations.
The discussion highlights the multifaceted nature of pharmacy operations and the necessity for pharmacy owners to stay informed about the regulatory environment to successfully navigate its complexities. Through careful documentation and adherence to required processes, pharmacy businesses can operate confidently within the legal frameworks governing them.
Listeners are encouraged to provide feedback and share topics they are interested in for future discussions, continuing the podcast’s mission of providing practical legal tips and insights for pharmacy professionals.
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 delves into leasing, specifically focusing on the critical process of exercising options on leases for pharmacy businesses. Recognising that many clients are often confused about their lease options, Sarah emphasises the importance of understanding both the existence and the timing of option periods.
Sarah provides a clear set of action items for tenants to properly navigate their lease options:
1. Review Your Lease: Identify if you have an option period available.
2. Determine Key Dates: Work out the exact window of time you have to exercise your option.
3. Understand Rent Provisions: Review how the rent will change if you exercise your option.
4. Follow Proper Notice Protocol: Ensure that any notice you submit is done in strict accordance with the lease terms.
This concise focus on leasing options and their implications is intended to empower pharmacy owners to navigate their leasing arrangements with confidence, reducing the risk of legal complications down the line.
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 discusses the critical importance of stepping outside your pharmacy business to foster personal and professional growth. Broadcasted from a unique "red carpet campout" with fellow business leaders near Brisbane, Sarah emphasises the need for business owners to break free from the daily grind and routine, allowing time to reflect and innovate.
The core message revolves around the idea that constant busywork does not equate to productivity. Instead, stepping away from the daily hustle - whether through short breaks or time off - can lead to profound benefits for both personal well-being and business development. Sarah encourages listeners to think about what they can stop doing and what they can create or improve, highlighting the value of micro moments for reflection and creativity.
She notes that while pharmacists and healthcare providers often find it more challenging to step outside their businesses due to their retail and clinical obligations, there are still opportunities to find peace and inspiration. Sarah suggests incorporating nature into daily routines, whether through physical exposure to the outdoors during breaks or by bringing elements of nature into the workspace.
The episode highlights scientifically backed benefits of connecting with nature, such as relaxation and improved idea generation. Even small actions - like taking phone calls while walking or enjoying lunch outside - can refresh the mind and body.
In summary, the overall aim of the episode is to inspire pharmacy owners to intentionally find ways to step outside their business, both literally and metaphorically, for enhanced creativity and well-being.
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 explores the concept of service delivery through her experiences during a trip to Japan. She emphasises the importance of not just the transaction itself, but also how that transaction is presented and delivered to the customer. Drawing on her observations, Sarah provides insights that can help pharmacy businesses enhance their customer interactions.
Sarah begins by highlighting that service delivery involves more than just handing over a purchased item. In her encounters in Japan, she observed that retailers treat each transaction with great care and respect. This attitude transforms a simple exchange into a memorable experience for customers. Key to this approach is the way items are handled during the sale process, reinforcing a sense of value in the transaction.
One particular experience at a shop called Strawberry Mania stood out to her. After ordering a piece of strawberry sponge cake, Sarah expected a straightforward transaction. To her surprise, the presentation and care taken with the packaging were exceptional. This experience prompted Sarah to reflect on how similar principles can apply to pharmacy businesses. She suggests that pharmacy owners assess their own service delivery processes. Are they simply sliding prescriptions across the counter, or could they incorporate thoughtful touches to enhance the overall customer experience?
The podcast episode serves as a reminder that excellent service delivery isn’t necessarily about spending more money, but rather about investing time and thought into how customer interactions are managed. By adding a touch of care, pharmacies can create a more positive and memorable experience for their customers, ultimately strengthening their business relationships and brand reputation.
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 Farm podcast, host Sarah Stoddart, fresh from a five-week trip to Japan, shares insights from her travels that translate into practical lessons for the pharmacy business. The core theme of this episode revolves around the importance of focusing on expertise to stand out in a competitive environment, drawing parallels between Japanese businesses and pharmacy practices.
Sarah begins by expressing her joy and excitement about experiencing Japanese culture, particularly highlighting the country's safety, cleanliness, and values such as respect and organisation. She transitions into discussing one key observation: the success of shops in Japan that specialise in one product. For instance, restaurants dedicated exclusively to dishes like tonkatsu (pork cutlets), demonstrate a clear and singular focus. Customers often face long waits to enjoy these specialised meals, underscoring the demand created by quality and expertise in a specific area.
This leads Sarah to reflect on the pharmacy business landscape in Australia. While pharmacies must offer a variety of products and services, she encourages owners to identify and promote a particular area of expertise—a "pork cutlet" of sorts. This could be knowledge in areas like wound care, weight loss, or diabetes management. The idea is to differentiate oneself from other pharmacies in the vicinity by demonstrating what they are particularly good at and how that message reaches customers.
By narrowing down expertise and marketing it well, pharmacies can create their unique identity, similar to how successful Japanese businesses operate. Overall, this episode is a blend of personal experience and professional commentary, urging pharmacy owners to redefine what makes them unique in a crowded marketplace.
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/