establishing a new pharmacy: capital requirements and ...learning objectives • list the advantages...
TRANSCRIPT
![Page 1: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/1.jpg)
Establishing a New Pharmacy:Capital Requirements and
Business Plan/Loan PackageAuthor:
Richard A. Jackson, PhDMercer University
Southern School of Pharmacy
![Page 2: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/2.jpg)
Learning Objectives
• List the advantages and disadvantages of establishing a new pharmacy
• Project annual first year sales based on expected prescription volume
• Estimate approximate first year costs for inventory and fixtures
• Determine the funds necessary to cover accounts receivable and expenses in the initial months of operation
• Differentiate between debt and equity financing• List the three major sections of the business plan
![Page 3: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/3.jpg)
Learning Objectives
• List and describe the specific sections of the business plan
• List and explain seven uses of the business plan• Develop an appropriate mission statement for a
pharmacy• Develop pro forma income statements & balance sheets
for the 1st year of operation of a community pharmacy• Describe the proposed marketing plan for a new
pharmacy
![Page 4: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/4.jpg)
Module Summary
• Advantages/disadvantages• Capital requirements• Development of a business plan/loan
package
![Page 5: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/5.jpg)
Establishing a New Pharmacy
• Advantages– New fixtures and equipment– Model inventory– Set own policies– Personnel of choice– Not pay for goodwill– Lower prices
![Page 6: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/6.jpg)
Establishing a New Pharmacy
• Disadvantages– More risks (more unknowns)– Profit lag time– Establish goodwill
![Page 7: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/7.jpg)
Establishing a New Pharmacy
• Projected first year sales volume (see Figure 1)– Initial Rx volume = 15/day 5 days a week– $30.00 average prescription price– 3:1 prescription to “out-front” sales mix
![Page 8: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/8.jpg)
Establishing a New Pharmacy
• 15% increase in sales with increase decreasing 1% every other month
• First year sales volume approximately $255,000
![Page 9: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/9.jpg)
Inventory
• Largest investment• Cost of goods sold 75%, therefore total
for year = $193,800• If inventory turnover is 4, average
inventory $193,800/4 or $48,450
![Page 10: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/10.jpg)
Inventory
• Wholesaler may assist in selection and financing
• Customary to pay 1/3 down ($16,000) and finance remainder
![Page 11: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/11.jpg)
Fixtures
• Average cost is approximately $10 per square foot
• $10 x 2,500 = $25,000• Purchase: pay ¼ down or $6,250 and
finance remainder
![Page 12: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/12.jpg)
Leasing Fixtures
• Monthly payment approximately $24 per $1,000 or $24 x 25 = $600 per month
• Usually requires a few months in advance, e.g., four or $2,400
![Page 13: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/13.jpg)
Initial Expenses
• Should have approximately three months expenses initially (see Figure 2)
• $7,000 x 3 = $21,000
![Page 14: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/14.jpg)
Accounts Receivable and Third Parties• Need to have at least two months• If accounts receivable and third parties
50%, (this would amount to $255,000/12) x 50% or approximately $10,625 per month x 2 = $21,250
![Page 15: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/15.jpg)
Equipment ($5,000)
• Computer• Furniture• Miscellaneous
![Page 16: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/16.jpg)
Summary of Initial Capital Needed
$65,650Total$5,000Equipment / Furniture$21,250Accounts Receivable/Third Party$21,000Expenses (3 months)$2,400Fixtures$16,000Inventory
![Page 17: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/17.jpg)
Total Capitalization
$120,250Total
$ 5,000Equipment / Furniture
$ 21,250Accounts Receivable/Third Party
$ 21,000Expenses (3 months)
$ 25,000Fixtures
$48,000Inventory
![Page 18: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/18.jpg)
Financing
• Equity financing• Debt financing
![Page 19: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/19.jpg)
Business Plan
A business plan is a written document that provides a detailed description of a business operation and documents past performance, current status, future goals and means of achieving those goals.
![Page 20: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/20.jpg)
Components of the Business Plan• Summary of loan request
– (unless an existing business)• Mission statement or statement of
purpose• Description of the business• Marketing plan
![Page 21: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/21.jpg)
Components of the Business Plan• Physical description of the business• Financial data and documents• Supporting documentation
![Page 22: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/22.jpg)
Major Categories of Information• A description of the business, its owners
and primary management personnel• The products or services provided and a
description of the market to be affected (target market and potential market)
![Page 23: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/23.jpg)
Major Categories of Information• An analysis and plan of how the
products or services will be marketed, produced or performed and sold
• What is needed to achieve the plan and anticipated results
![Page 24: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/24.jpg)
Why Develop a Business Plan?
• Helps owners define market province• Provides owners with clear path to
Follow• Improves efficiency and effectiveness• Serves as an educational tool• Assists in appraisal• Essential in obtaining loans
![Page 25: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/25.jpg)
Why Develop a Business Plan?
• “Marketing myopia”• Not narrowly defined
![Page 26: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/26.jpg)
Why Develop a Business Plan?
• Provides owners with clear path to follow– Cheshire cat– Rocky road not wrong road
![Page 27: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/27.jpg)
Why Develop a Business Plan?
• Improves efficiency and effectiveness– Goals provide for focus– “Anything measure improves”– With set goals – evaluate effectiveness of
control mechanisms
![Page 28: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/28.jpg)
Why Develop a Business Plan?
• Serves as educational tool– After written and during– Learn about internal and external factors– Share with all in enterprise
![Page 29: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/29.jpg)
Why Develop a Business Plan?
• Assists in decision making– Best time to make decision is before you
have to– Evaluate among several alternatives– Make decisions consistent with goals
(mission)
![Page 30: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/30.jpg)
Why Develop a Business Plan?
• Assists in appraisal– Compare performance year to year– Compare performance and goals– Appraisal of business as well as
departments and individuals
![Page 31: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/31.jpg)
Why Develop a Business Plan?
• Essential in obtaining loans– Capital limited – loans important– Debt financing versus equity financing– Difficult to obtain financing > 50%– Establishes confidence for success– Increases likelihood of loan
![Page 32: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/32.jpg)
Major Sections of the Business Plan• Cover sheet• Summary of the loan request (unless an
existing business)• Table of contents• Mission statement or statement of
purpose
![Page 33: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/33.jpg)
Major Sections of the Business Plan• Description of the business• Marketing plan• Physical description of the business
![Page 34: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/34.jpg)
Major Sections of the Business Plan• Financial data and documents• Sales forecast• Expense projections• Cash flow projections• Financial statements
![Page 35: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/35.jpg)
Major Sections of the Business Plan• Curriculum vitae• Personal financial statements• The lease
![Page 36: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/36.jpg)
Cover Sheet
• Serves as title page• Name of company and demographics• Owner names• Prepare and date
![Page 37: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/37.jpg)
Summary of Loan Request
• Amount of loan requested• Personal guarantees• Collateral and market value• Debt to equity ratio• Special conditions
![Page 38: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/38.jpg)
Table of Contents
• Complete outline• Pages where located
![Page 39: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/39.jpg)
Mission Statement or Statement of Purpose• Concise description of market province• Reflect personal and professional
philosophy• Avoid “marketing myopia” • Indication of how business will
accomplish
![Page 40: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/40.jpg)
Description of Business
• Legal structure• Product mix• Service mix• Location analysis
![Page 41: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/41.jpg)
Description of the Business’ Legal Structure• Sole proprietorship, partnership or
corporation• Shareholders listed with interest• Special corporation information
![Page 42: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/42.jpg)
Description of the Business’ Product Mix• List of products• Congruent with mission
![Page 43: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/43.jpg)
Description of the Business’ Service Mix• Delivery• Counseling• Medication monitory• Home health care
![Page 44: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/44.jpg)
Description of the Business’ Service Mix• DME• Ostomy• After hours Rx• Senior citizens’ discount
![Page 45: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/45.jpg)
Description of the Business’ Location Analysis• Wholesalers may assist• Determination of market potential• Documentation that site will support
![Page 46: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/46.jpg)
Description of the Business’ Organizational Structure• Mot independents simple• Names and positions• Duties and responsibilities
![Page 47: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/47.jpg)
Description of the Business’ Insurance• Types• Coverages• Companies involved
![Page 48: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/48.jpg)
Description of the Business’ Security• Theft• Burglary• Shoplifting• Pilferage
![Page 49: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/49.jpg)
Marketing Plan
• Potential market• Target market• Competition• Advertising and promotion
![Page 50: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/50.jpg)
Physical Description of the Business• Blueprint• Floor plans• Detailed narrative• Special considerations
![Page 51: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/51.jpg)
Financial Data and Documents
• Sales forecasts• Expense projections• Cash flow projection and budget• Financial statements
![Page 52: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/52.jpg)
Financial Data andDocuments Expense Projections• NCPA Pharmacia Digest• Owner lower initial salary?
![Page 53: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/53.jpg)
Financial Data and Documents, Cash Flow Projection and Budget• Cash in and out of business• Lending institution interested
![Page 54: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/54.jpg)
Financial Data and Documents Financial Statements• Income statement• Balance sheet
![Page 55: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/55.jpg)
Supporting Documentation
• Curriculum vitae• Personal financial statements• Lease
![Page 56: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/56.jpg)
Supporting DocumentationCurriculum Vitae• Current• Evaluation by lending institution of
potential for success• Indicates ability to repay
![Page 57: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/57.jpg)
Supporting DocumentationPersonal Financial Statements• Forms available from bank• Important for personal guarantee
![Page 58: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/58.jpg)
Supporting Documentation Lease• Copy should be included• Any special provisions highlighted
![Page 59: Establishing a New Pharmacy: Capital Requirements and ...Learning Objectives • List the advantages and disadvantages of establishing a new pharmacy • Project annual first year](https://reader036.vdocuments.mx/reader036/viewer/2022081621/61281021e8aaad13c43b710b/html5/thumbnails/59.jpg)
Summary
The business plan:
• Provides a clear understanding of the mission and business purpose
• Maximizes the managerial efficiency of an ongoing business
•Absolutely essential for a new business in obtaining capital