Smiling redhead pharmacist handing over prescribed medicines to an elderly female patient, view over the clients shoulder of the pharmacist

MNP Professional Services for Pharmacists

MNP Professional Services for Pharmacists

Synopsis
5 Minute Read

Learn how MNP helps pharmacists meet their personal and professional goals.

The professional journey is dynamic. Decisions made today will have a significant impact on your future. That’s why MNP is committed to every stage of the professional life cycle. From start up to succession, we are continually designing programs and strategies that ensure you are always ahead of the curve. MNP is a leader in providing accounting, tax, and business consulting advice for Canada’s professional services sector – helping you achieve your personal and professional goals throughout every stage of your career.

How MNP can help

Whether you are just graduating, starting a new business, or planning for your retirement, MNP provides a full range of business advisory services to assist you at every stage.

New Pharmacists

As a new pharmacist, you are excited about passing your PEBC exam and finishing your apprenticeship, as well as starting your career and realizing your vision for the future. We understand your situation and work with you to answer your most pressing questions such as:

  • Should I join a large chain or an independent business? On what terms?
  • When and how do I buy in?
  • Should I start my own practice? How? When?
  • How do I finance a purchase or start-up?
  • How do I pay off student debts as quickly as possible?

Growing Your Practice

At this stage, your business has grown, and you wonder if you are doing everything you can to achieve your full growth potential. You may want to take your business to the next level but may not know how to effectively manage this growth. A trusted business advisor can help you answer important questions, including:

  • How do I establish reasonable benchmarks?
  • How do I compare to other pharmacies?
  • How do I control costs and manage cash flow along with my other finances?
  • How do I grow the business?
  • How do I minimize taxes?
  • When and how do I attract other pharmacists to the practice?
  • What are my priorities for work / life balance?

Mature Pharmacy

As a well-established pharmacy, you have managed your operation successfully for many years and it may be time to explore your next move. At this stage, you might have a number of questions such as:

  • What are my retirement needs? Does the value of my practice meet those needs?
  • How do I maximize the value of my practice?
  • What is my succession plan?
  • When do I want to retire? What will that look like?
  • Will my family be looked after?

By understanding your needs, we can help you determine what success looks like to you today, five years from now, 20 years from now, and when you retire. At MNP, we help you answer any questions you may have to ensure you understand your options and make the best choices that fit with your unique situation and goals. From strategic planning and setting up an efficient tax structure to recording transactions and working with your banker and the Canada Revenue Agency (CRA), MNP is here to help. Working with you one-on-one, we help you achieve your personal and business goals.

Services

In addition to traditional accounting and assurance services, MNP’s dedicated advisors are connected to our extensive network of specialists to enhance the health of your practice by providing the following services:

Tax Planning

Virtually everything you do has tax implications. At MNP, we work closely with you to identify and implement key strategies aimed at minimizing your taxes. From corporate and personal tax planning to tax strategies for a seamless succession, we have the answers for you.

Management Advice

Running a successful pharmacy requires knowledge and expertise in a wide range of areas, including accounting, management consulting, business valuation, and corporate finance. At MNP, we provide the expertise you need to address these and other key challenges efficiently and effectively, paving the way for the long-term profitability of your practice.

Human Resources Management

In today’s competitive business environment, attracting, motivating, and retaining top talent is more important than ever. When you follow effective compensation and performance management practices, your people clearly understand what you expect of them and what they can expect in return for their hard work and contributions. With our expertise, you will be able to attract and retain the best people and then implement Human Resource strategies that increase engagement, enhance productivity, and achieve short- and long-term objectives.

Valuations

Our valuation advisory services enable professionals to be more strategic when preparing a succession plan or resolving shareholder disputes. Working with our team of chartered business valuators, we deliver effective strategies to meet your unique needs.

Practice Management Solutions

Building a successful practice relies on making informed decisions in a timely matter. MNP can assist not only with the day-to-day accounting needs of your business but can also provide value added services such as Human Resource support, ease cloud accounting and bookkeeping, as well as data safe keeping and cybersecurity solutions.

Succession And Retirement Planning

When it comes to your retirement, the decisions you make today can have a major impact on your future. MNP’s business advisors take the time to understand your individual goals and develop a retirement and succession plan tailored to meet your needs, ensuring you’re prepared.

Wealth Management And Financial Planning

Not only will we help maximize the returns to your business, we deliver and develop an effective financial plan to maintain your personal and family wealth. By working closely with you to understand your business and personal needs, we help you make important decisions to preserve existing wealth and build the foundation for a healthy financial future.

Download MNP Professional Services for Pharmacists

To view an accessible version of this brochure, please download the accessible pdf.

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