For many pharmacy owners, they will need to seriously consider selling their pharmacy. Whether this is for personal reasons or forced on them by market conditions, they will need to approach the process with caution and take control. It's your money! It's also your retirement plan! These days, selling a business is harder than ever and the main reason is competition. Take control of the process and ensure that your business is being sold to the "best" and most qualified buyer.

I sold my share in some pharmacies last year to the other 2 existing partners, and my accountant and an independent accountant both said I have no choice but to pay about $520K in capital gains tax as I am way over the threshold for small business cg relief. Since then another person said that as I sold a minority share in a going concern the cost base of the pharmacies should not have been taken into account and I should not have to pay tax on the capital gain of the goodwil…read more