Scotty Sykes, CPA on LinkedIn: Recently, we had Doug Hoey on our podcast and we discussed the top 5 most… (2024)

One of the most common #tax topics we spoke with pharmacy owners about at this years trade shows is tax advantages when buying or selling a pharmacy.One of those advantages being a 336(e) Common Stock Purchase!If the pharmacy you're looking at purchasing is an S Corporation and has been for at least 5 years, you have the opportunity to purchase the common stock shares of the pharmacy at fair market value.This gives you the benefits of an asset purchase but it's also a common stock purchase.Interested in other tax advantages for buying or selling a pharmacy? Click below to schedule an appointment:https://lnkd.in/e3T-u3sM---#pharmacy #pharmacynews #pharmacist #independentpharmacy #pharmacypodcast #communitypharmacy

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No matter what stage of ownership you're in, these 3️⃣ tips will take your pharmacy to the next level as we get into the back half of the year:- Fundamental Accounting:We talk about fundamental accounting a lot...and for good reason.We still see pharmacies that don’t have a fundamental accounting system in place and it’s costing them.You need to know how your pharmacy is performing financially. The margin of error in a pharmacy is too thin to not know how it’s performing financially and having a fundamental accounting system in your pharmacy helps with this.- Tax Planning: There are a lot of powerful tax planning strategies especially on the retirement planning side that pharmacy owners can tap into. Depending on the plan you setup, you can use the sale of your pharmacy to give you a nice nest egg when you retire and reduce your taxable income.- Managing Cash Flow: Cost of goods and payroll are two of the largest impact on your cash flow, but one area that's commonly overlooked is tax planning tax mitigation. I always say "the IRS is a silent partner in your pharmacy." There are things you can do to mitigate and plan around taxes and maximize your benefits to keep more money in your pharmacy.Take control of your accounting and schedule an Rx Assessment with our team: https://lnkd.in/gdyBc3iJ#pharmacy #pharmacynews #pharmacist #independentpharmacy #communitypharmacy #healthcare

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Very excited to have Sykes & Company's own Director of People Operations Tyler Davis on this weeks episode of the podcast.We dive into some hiring and retention strategies for pharmacies and how A.I. is changing the recruiting landscape.Check it out: https://lnkd.in/emevpPbx

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I had a great time at #ThoughtSpot2024 and sitting on the Pharmacy Ownership Breakfast Panel. Two very hot opportunities this year are 503b compounding and pharmacies starting their own insurance agency during open enrollment. We actually talk about pharmacies starting their own insurance plans on this weeks Bottom Line episode with Dared Price. Tune in this Thursday below: https://lnkd.in/gnQ8NUR5

Very excited to have Dared Price, Owner of OreadRx and Graves Drugs on our podcast this week!

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Excited to be speaking at the Pharmacy Ownership Breakfast at #thoughtspot

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Check out our most recent episode with Doug Hoey on payment reform, the finish the fight campaign, and some of the key items that impact pharmacy KPIs.

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