Brooke has been working at the same pharmacy for five years now. Her partner and fellow pharmacist, Luke, floated the idea of owning a pharmacy together.

She's always wanted to move into ownership but knows there are risks involved. She wants to make sure her decision is a safe one and the best for her in the long run.

It's daunting all the things she needs to consider before going ahead but if she takes the right steps now, she puts herself in good stead for the long run.

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

Up until now you've likely focused on being a pharmacist. Ownership also requires you to have a focus on business.

Do you have a clear understanding of the skills required to manage and operate the business?

Check the boxes below, if you think they apply to you:

I enjoy providing leadership to others in a work setting

I think I have good ideas about how to attract customers for the pharmacy

Dealing with staff and customers is something I enjoy

I have a good head for financial figures and I don't mind administration tasks

For any boxes you didn't check, these are skills you are going to have to work on. You don't have to work on them alone though. You can go into partnership with someone more comfortable with the areas you fall short in, or you can seek input from people with specialist skills in the relevant areas.

The decisions you make in the early stages of your career can be the most critical. Some of the early business management and structuring decisions can be the hardest to undo and may continue to affect the business and you for a long time. Bear this in mind when you're choosing the business structure for your pharmacy, negotiating and signing purchase and leasing clauses, and considering partnership arrangements.

Get expert advice and weigh up each of your decisions carefully.

Talk to Guild's business and tax advisers from Guild Accountants for advice on choosing the right business structure, call on 1800 101 296.

Talk to our team at Guild Lawyers for information on the purchase and leasing contracts and documenting partnership and ownership arrangements, call on 1800 617 624.

Partnership is an option taken up by many pharmacists. It makes sense to combine your finances, complementing skills and to split your time, but partnerships can also lead to expense and anguish for each party if not managed effectively.

That's why a carefully written partnership agreement is essential in any business partnership. Make sure you have your partnership arrangements written in contract by solicitors experienced in pharmacy.

Also bear in mind that both partners will be jointly liable with their co-partners for everything for which the partnership business becomes liable. It won't be any defence to say ‘I left it to my partner'.

Both professionally and personally it is important that there is full involvement of all partners in the pharmacy business. Communication between partners is key.

Talk to Guild Lawyers about making partnership arrangements, call on 1800 617 624

You've decided ownership is what you want and you've started to look around. Now, it's time to talk dollars.

This can be a stage that people dread. Trying to find dollars that aren't there can be tough – even more so in current times. It's important to enlist the help of commercial finance specialists who will help find the right solution for you. This involves structuring your loans so that you have a better chance of gaining approval from the banks with competitive rates.

Talk to our team at Guild Commercial Finance about finding the financing solution for you, call on 1300 638 346

Unfortunately for buyers pharmacy is a seller's market with low supply and high demand. Too often people pay more than market value and consequently find themselves bogged down in debt. Ensure you pay the right buying price by enlisting the services of experts in pharmacy valuations. Remember too, that the right price is the right price for you and your particular situation.

Enlist the help of accountants with specialised experience in pharmacy who can provide an accurate valuation of the prospective purchase and provide a financial due diligence that will give you a better idea of the pharmacy's future earnings and where its finances might be improved.

Talk to Guild's accounting team, our business and tax advisers from Guild Accountants can assist with pharmacy valuations, financial due diligence, or any other information on the pharmacy buying market.

Call on 1800 101 296 or click the button below to contact us.

There are some things 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.

Talk to our team of Life Risk Advisers about insurance to protect you and your family's financial future, call on 1800 333 143.

Retirement may seem like a long way off but choosing the right super fund and investment options now, are as important as ever. The longer the time you have money invested in super the more time you give it to grow so additional contributions into your super now will be more effective than they will be in 20 years.

When choosing an investment profile you may be best suited to a high-growth profile. Such a profile would involve higher levels of risk but enables possible higher long-term returns.

When looking for the right super fund for you, these are some of the questions you need to ask:

• Does the super fund provide a range of competitive investment portfolios to suit a variety of needs?
• Does the super fund provide default investment portfolios based on age to maximise investment earnings over time?
• Is automatic life insurance and disability insurance provided?
• Can I purchase additional cover if I need it?
• Does the super fund provide personal service from a superannuation consultant?
• Does the super fund provide easy online access to my account?
• Does the super fund return profits to my industry?
• Does the super fund keep things hassle-free and provide service when I need it?
• Does the super fund charge competitive fees?

We believe our GuildSuper fund is competitive with any other but we encourage you to do your research to satisfy yourself on this matter.

Talk to one of our GuildSuper Consultants to find out more the fund, call on 1300 361 477.

If you've worked at a few different jobs early in your career, chances are that you've got multiple super funds.

The downside of this is that account-keeping fees will apply for each one and could be eroding your investment.

If you're a GuildSuper member you can roll all your Super funds into one account by filling out one simple form.

You can download it here, or to talk to one of our Financial Services Consultants about rolling over you super funds into one account, call on
1300 361 477.

As a healthcare professional you have a duty of care that may see you liable for any incorrect advice you give. Professional indemnity insurance helps to protect you against claims for a potential breach of your duty of care throughout your career. It is essential that you maintain good quality cover during your career as a pharmacist, to protect yourself, your assets and your reputation.

Make sure that you report all incidents that could lead to a claim as soon as possible, take reasonable steps to reduce any loss, and renew your Professional Indemnity insurance every year and you're on your way to managing risks and staying protected in your workplace.

Talk to Guild Insurance to find out more information about Professional Indemnity Insurance and Business Insurance cover, call on 1800 810 213.

Attend pharmacy conferences to meet fellow pharmacists and to get to know the organisations that support you.

Talk to experienced pharmacists who've been through what you've only just thought about, they can share their experiences and provide insight into some of the challenges of the industry that might lie ahead for you.

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.