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/