Brooke and Luke are now Mr. & Mrs. Pharmacist. They've owned a pharmacy together for almost 10 years now and are well known in their community.

With two sporty young kids in primary school, they've got the urge to expand their business horizons while things are relatively settled on the home front. The children will need more space in a few years so ramping up Brooke and Luke's earning capacity in preparation for the costs of likely home upgrades and secondary school fees seems a good strategy.

Having established one successful pharmacy, they want to expand their business to own multiple pharmacies and as such have recently acquired another pharmacy not too far from home. Out of work hours are spent taxi-ing the kids to and from sports training and weekend games. Juggling commitments has become a part of everyday life.

To find out how the Guild Group can help Brooke and Luke at this stage in their career, use the navigation buttons on the left.

At this point you realise the importance of robust business management skills. However, expanding your pharmacy ownership to 2, 3, or even 5 pharmacies presents many new challenges. Business must become your primary focus and you can no longer be “in the dispensary” all the time.

Its easy to get distracted by the little things happening everyday and lose sight of your genuine important goals for the future. Financial planning seeks to help you utilise your income earning capacity now to manage your assets optimally for the future.

Financial planning ensures that you're not just making money but that your finances are working toward achieving you, your family's and your business', life goals.

"Planning is bringing the future into the present so that you can do something about it now".

Talk to Guild Financial Planners on developing a financial plan suited to your life goals, call on 1800 333 143.

There are some things that you don't want to think about. If you adequately prepare for them you can rest assured that whatever challenges life serves up you and your family will be ready to financially take them on.

Covering yourself to receive income protection, trauma and disablement cover and life insurance, ensures that the money will keep coming in for you and your dependants, whatever happens.

Having a written will is always important, especially so when you have children under 18 years of age or dependant children of any age. Appointing a “testamentary guardian” is crucial in ensuring that in the event of the unthinkable your children will be looked after by the right people and won't be further distressed by contesting guardians. Will kits supplied through retail outlets are not generally adequate for wealth creating business owners with more complex financial affairs.

Make sure you review your will and life insurances regularly to stay protected.

Talk to our team at Guild Lawyers about assisting you in drawing up a will, call on 1800 617 624.

Pharmacy owners usually don't focus on future cashflows because they are blinded by the profit numbers of the pharmacy. A key concept to remember is that profit does not equal cashflow.

For owners with multiple pharmacies it can be the case that, as the outgoings increase, spiralling debt and negative cashflow result. Sometimes the damage has already been caused by paying too much for a pharmacy in the first place.

To keep on top of your business's financial situation, don't just think, know, what are your real costs and what is the way forward. Set realistic budgets and forecasts and hit these targets.

Talk to Guild's business and tax advisers, Guild Accountants about developing cashflow management strategies, call on 1800 101 296.

Protect yourself against all the things that can go wrong at your pharmacy – the big and small events can be equally inconvenient and distressing. Whether it's the unthinkable like a fire or burglary; or an accidentally cracked window or leaking roof, business insurance with someone who understands your business can be a great help.

Floods, fires and other means of unexpected interruptions to your business can prove financially devastating, but unfortuantely, these things do happen. This is where business interruption cover will prove beneficial. When covering for business interruption, you need to provide accurate income and gross profit figures and allow for any anticipated growth trends. Additionally, give serious consideration to selecting an appropriate indemnity period that suits your specific circumstances – the length of time you choose could make or break your business.

Talk to Guild Insurance to find out more about covering your business in the event of interruption, call on 1800 810 213

Owning a business comes with added responsibilities. Identifying your responsibilities as an employer will help you avoid unnecessary costs and damage to your business while also demonstrating your commitment as a responsible employer to your staff. Even if you don't employ staff, you are still required to provide a safe environment for your customers under occupational health and safety laws.

Employment contracts, discrimination and harassment law, industrial relations and occupational health and safety, are just some of the areas you need to comply to ensure that you are providing a safe and fair environment for your staff and customers.

It can be difficult to ensure total understanding of your obligations under Federal and State legislation in all these areas

For assistance in preparing contracts or to obtain advice on any area concerning workplace law or dispute resolution, talk to our team at Guild Lawyers, call on 1800 617 624.

Moving the business to a new structure such as a company is a popular move because of the perceived tax advantages.

Is a company the right structure for me?

You need to keep in mind that changing to a company constitutes a conveyance and could give rise to stamp duty. Such a transaction could also give rise to capital gains tax.

With the right advice you might be able to minimise these costs.

Before you make the move you need to properly assess how a company fits into your business structure. If you do go down that path, getting the right advice to properly avoid unnecessary transition costs is vital if the move is to remain attractive.

Talk to Guild's business and tax advisers, Guild Accountants about changing your pharmacy's business structure, call on 1800 101 296

Superannuation can provide one of the most advantageous savings environments and possibly provide tax benefits, which can be particularly effective if you are in the higher tax brackets.

In certain circumstances, you can sacrifice your salary as savings into your super account before it's taxed.You can utilise a range of contribution strategies to save via your super fund and increase your wealth tax-effectively – for example, through personal and self-employed contributions, salary sacrifice, spouse contributions and co-contributions.

Talk to our team of Financial Planners regarding effective super strategies for you, call on 1800 333 143.

Don't put all your eggs in one basket. Diversification is a key part of any investment strategy. Investing in shares is one way to achieve this- but we know many professionals, like yourself, don't have the time to spend on choosing individual investments.

That's why a managed fund may be a good way to also ensure your future wealth.

Managed funds pool the money of many investors that is invested across a range of securities. A key advantage is that you have the expertise of a professional investor (fund manager) that can manage money on your behalf. Meaning you can save yourself both the time and costs associated with building a diverse investment portfolio.

GCAM, the experienced team managing the Guild Group's investment portfolio of over $220m, manage an Australian shares fund that could be an attractive investment option for you.

What makes our Australian shares fund different?

Our investment professionals focus on your after-tax wealth by gaining a deep understanding of the shares we invest in:

• We invest for the long-term
• We focus on capital preservation
• We have low portfolio turnover (we don't buy and sell everyday)

Talk to us about our Australian shares fund contact one of our representatives on
03 9810 9820 – Ask to be put through to GCAM. Or you can visit our website www.guildcapital.com.au.

Need a financial planner?

If you want to discuss whether our Australian shares fund is right for you, or if you have any other investment queries, you can talk to a Guild Financial Planner please call on 1800 333 143.

It wasn't raining when Noah built the ark, and you don't have to be retiring to prepare for succession. It pays to plan ahead. Having a formalised succession plan in place for your business is invaluable.

It can sometimes be advantageous to plan to keep your sale in-house. You can mentor your successor, leading toward a phased transition of responsibilities that will be advantageous to both parties and the business.

Talk to Guild's business and tax advisers Guild Accountants about developing a succession plan for your business, call on 1800 101 296

Talk to Guild Lawyers about how to agree and document as succession plan, 1800 617 624.

Working as a pharmacist and a business manager, can lead to long working hours and lots of tricky commitment juggling.

To alleviate some of the pressure try to delegate and broaden the roles of your employees. Seek business management advice from experts to increase your efficiency and free up some time for you.

Keep in mind that nothing is more important than your health and wellbeing. You make better decisions when you are alert and feeling good. So take holidays and get plenty of fresh air with regular exercise! Everyone needs a break.

Look into the next professional life stage on this site to see the kinds of questions that you will have to consider in due time and read the advice and services available for you.