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Sykes & Company, P. A.
United States
เข้าร่วมเมื่อ 2 พ.ย. 2012
The Premier CPA Firm for Independent Pharmacies.
We have worked with independent pharmacists ever since Ollin B. Sykes, CPA.CITP, CMA started his own firm with eight employees in 1985. By the end of the 1990s, Sykes & Company, P.A. was a well-known pharmacy niche firm with several regional pharmacy clients.
Today, we deliver daily guidance to hundreds of entrepreneurial pharmacists for: buying a pharmacy, exploring a start-up, growing an existing pharmacy or selling a pharmacy business. Clients across the U.S. rely on our global team of 50+ pharmacy CPAs and advisors.
We have worked with independent pharmacists ever since Ollin B. Sykes, CPA.CITP, CMA started his own firm with eight employees in 1985. By the end of the 1990s, Sykes & Company, P.A. was a well-known pharmacy niche firm with several regional pharmacy clients.
Today, we deliver daily guidance to hundreds of entrepreneurial pharmacists for: buying a pharmacy, exploring a start-up, growing an existing pharmacy or selling a pharmacy business. Clients across the U.S. rely on our global team of 50+ pharmacy CPAs and advisors.
Pharmacy Buyer Beware: Red Flags to Watch Out For
#localpharmacy #buyingapharmacy #pharmacypodcast #pharmacy #independentpharmacy
Before you buy a pharmacy, make sure you pay attention to any red flags that may come up during the transaction.
In this video, Alfonso Zambrano, Esq. and Partner at Brown & Fortunato shares his insights with Scotty Sykes, CPA, CFP and Bonnie Bond, CPA on what red flags to look for on the tax side and the employee side.
This is a clip from The Bottom Line Pharmacy Podcast. Watch the full episode here: th-cam.com/video/Qd9oR2Ptj8k/w-d-xo.html
🕰️Time Stamps🕰️:
00:00 - 00:11- Today's Topic: Pharmacy Purchase Red Flags
00:12 - 1:08 - Corporate Formalities, Documentation, and Licensure
1:09 - 3:03 - Tax Structure and Employees
Before you buy a pharmacy, make sure you pay attention to any red flags that may come up during the transaction.
In this video, Alfonso Zambrano, Esq. and Partner at Brown & Fortunato shares his insights with Scotty Sykes, CPA, CFP and Bonnie Bond, CPA on what red flags to look for on the tax side and the employee side.
This is a clip from The Bottom Line Pharmacy Podcast. Watch the full episode here: th-cam.com/video/Qd9oR2Ptj8k/w-d-xo.html
🕰️Time Stamps🕰️:
00:00 - 00:11- Today's Topic: Pharmacy Purchase Red Flags
00:12 - 1:08 - Corporate Formalities, Documentation, and Licensure
1:09 - 3:03 - Tax Structure and Employees
มุมมอง: 13
วีดีโอ
M&A Mastery: The Ultimate Guide for Pharmacy Owners Featuring Alfonso Zambrano
มุมมอง 289 ชั่วโมงที่ผ่านมา
#pharmacy #independentpharmacy #buyingapharmacy #sellingapharmacy #pharmacypodcast #M&A #megersandacquisitions #communitypharmacy Think you’re ready to buy or sell a pharmacy? You’ll want to tune in to this episode. In this episode of The Bottom Line Pharmacy podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA welcome Alfonso Zambrano, Esq. Partner at Brown and Fortunato, to discuss: - The cur...
Pharmacy Purchases: The Critical Role of Accounting Files & Financial Models
มุมมอง 2714 วันที่ผ่านมา
#localpharmacy #buyingapharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting #accountingconcepts Schedule an Rx Assessment: www.sykes-cpa.com/rx-assessment-service/ Purchasing a pharmacy? Make sure you have the full backed-up accounting file and tax returns. In this video, Ollin Sykes, CPA, CITP, CMA and Scotty Sykes, CPA, CFP dive into the importance of obtaining accurat...
Pharmacy Automation Inside Out: Cost-Control and Tax Strategies Featuring Darin Gleason, ScriptPro
มุมมอง 5814 วันที่ผ่านมา
#pharmacy #independentpharmacy #buyingapharmacy #sellingapharmacy #pharmacypodcast #communitypharmacy Schedule an Rx Assessment: www.sykes-cpa.com/rx-assessment-service/ Questions about robotics and tax planning? Don’t miss this episode of The Bottom Line Pharmacy Podcast! Join Scotty Sykes, CPA, CFP and Bonnie Bond, CPA as they sit down with Darin Gleason, National Sales Director for Retail Ph...
The Pharmacy Ownership Podcast | Episode 7 | Due Diligence: What to Look for When Buying a Pharmacy
มุมมอง 4914 วันที่ผ่านมา
#localpharmacy #buyingapharmacy #pharmacypodcast #pharmacy #independentpharmacy #pharmacyaccounting #accounting Looking at buying a pharmacy? Schedule a meeting with us: www.sykes-cpa.com/pharmacy-buy-sell-advisory-services/ The most important step you can take when buying a pharmacy is performing the right due diligence, but what should you be looking for? In this episode of The Pharmacy Owner...
Master The Margin Episode 5: Tax Reform Update: 2025 Changes to the Tax Cuts and Jobs Act
มุมมอง 6114 วันที่ผ่านมา
Master The Margin Episode 5: Tax Reform Update: 2025 Changes to the Tax Cuts and Jobs Act
Pharmacy Leasing: Capital Lease Best Practices
มุมมอง 1321 วันที่ผ่านมา
Pharmacy Leasing: Capital Lease Best Practices
Cash Copay Collection: Daily Processes and Best Practices to Protect Your Pharmacy
มุมมอง 2721 วันที่ผ่านมา
Cash Copay Collection: Daily Processes and Best Practices to Protect Your Pharmacy
Pharmacy Audit Masterclass: Strategies for Audit Success Featuring Trenton Thiede
มุมมอง 6821 วันที่ผ่านมา
Pharmacy Audit Masterclass: Strategies for Audit Success Featuring Trenton Thiede
Partial Buy-ins vs. Junior Partnerships: Key Insights for Pharmacy Owners
มุมมอง 3828 วันที่ผ่านมา
Partial Buy-ins vs. Junior Partnerships: Key Insights for Pharmacy Owners
Master The Margin Episode 4 | Pharmacy Leasing 101: Capital Lease vs. Operating Lease
มุมมอง 43หลายเดือนก่อน
Master The Margin Episode 4 | Pharmacy Leasing 101: Capital Lease vs. Operating Lease
Maximize Tax Savings: The Right Way to Depreciate Pharmacy Equipment
มุมมอง 35หลายเดือนก่อน
Maximize Tax Savings: The Right Way to Depreciate Pharmacy Equipment
Navigating Cash Flow Challenges With Recent Pharmacy Chain Closures
มุมมอง 96หลายเดือนก่อน
Navigating Cash Flow Challenges With Recent Pharmacy Chain Closures
Avoid This Common Mistake When Selling a Pharmacy Location
มุมมอง 17หลายเดือนก่อน
Avoid This Common Mistake When Selling a Pharmacy Location
The Pharmacy Ownership Podcast | Episode 6 | The Multi Store Owners Guide to Selling Your Pharmacy
มุมมอง 39หลายเดือนก่อน
The Pharmacy Ownership Podcast | Episode 6 | The Multi Store Owners Guide to Selling Your Pharmacy
Master The Margin Episode 3: Fixed Assets 101
มุมมอง 59หลายเดือนก่อน
Master The Margin Episode 3: Fixed Assets 101
Medsync Secrets: The Financial Perks Every Pharmacy Should Know
มุมมอง 542 หลายเดือนก่อน
Medsync Secrets: The Financial Perks Every Pharmacy Should Know
Enhancing Rx Workflow: Maximizing Medsync Featuring Weston Humphreys, COO of Tyson Drugs
มุมมอง 1022 หลายเดือนก่อน
Enhancing Rx Workflow: Maximizing Medsync Featuring Weston Humphreys, COO of Tyson Drugs
Why Categorizing Assets is Vital for Pharmacies
มุมมอง 302 หลายเดือนก่อน
Why Categorizing Assets is Vital for Pharmacies
Exploring Updates in Fraud Waste and Abuse Audits Featuring Brad Howard, Esq. Brown & Fortunato
มุมมอง 952 หลายเดือนก่อน
Exploring Updates in Fraud Waste and Abuse Audits Featuring Brad Howard, Esq. Brown & Fortunato
Data Integrity: The Backbone of Pharmacy Accounting
มุมมอง 272 หลายเดือนก่อน
Data Integrity: The Backbone of Pharmacy Accounting
Tradeshow Series: 2024 Cardinal RBC and ThoughtSpot
มุมมอง 542 หลายเดือนก่อน
Tradeshow Series: 2024 Cardinal RBC and ThoughtSpot
503B Compounding Deep Dive: A Step-by-step Journey
มุมมอง 4542 หลายเดือนก่อน
503B Compounding Deep Dive: A Step-by-step Journey
Employee Retention: Tips to Help Your Pharmacy Thrive
มุมมอง 293 หลายเดือนก่อน
Employee Retention: Tips to Help Your Pharmacy Thrive
Master The Margin Episode 2: Understanding the Pharmacy Balance Sheet: A Snapshot in Time
มุมมอง 723 หลายเดือนก่อน
Master The Margin Episode 2: Understanding the Pharmacy Balance Sheet: A Snapshot in Time
The Prescription for Talent: Finding, Hiring, and Keeping the Best in Pharmacy Featuring Tyler Davis
มุมมอง 803 หลายเดือนก่อน
The Prescription for Talent: Finding, Hiring, and Keeping the Best in Pharmacy Featuring Tyler Davis
Beyond The Counter: Pharmacies Launching Their Own Insurance Companies
มุมมอง 493 หลายเดือนก่อน
Beyond The Counter: Pharmacies Launching Their Own Insurance Companies
Unpacking Drug Pricing, Integration, and Pharmacy Opportunities Featuring Dared Price
มุมมอง 933 หลายเดือนก่อน
Unpacking Drug Pricing, Integration, and Pharmacy Opportunities Featuring Dared Price
Future-Proof Your Pharmacy: Essential Advice for 2024
มุมมอง 603 หลายเดือนก่อน
Future-Proof Your Pharmacy: Essential Advice for 2024
Good job dad!
Why wouldn’t independents have their internal discount card (cost plus) to sway away customers from utilizing discount cards
Your channel is the exact thing I was looking for Good Job🤩
Absolutely! Let us know if you have any questions and feel free to explore more content on our site: www.sykes-cpa.com/
I was talking to my local 503a pharmacist here in Northern Michigan (Healthway Pharmacy) about selling 503b products in their 503a pharmacies. They said that it is only matter of time before something like this will be shut down. Instead recommended organizations like PCCA to be a credible source for compounding. What is your take on PCCA vs NCPA (which you promote in your channel)?
Hey Jae! We always encourage pharmacy owners to perform their own due diligence when it comes to 503b and any compounding opportunities. We proudly support both the NCPA and PCCA which both serve different functions in the industry.
Not a bunch of other options here in Louisiana. Guess we need to start our own here. Thanks Dared
Nice info. Thanks guys and gals. Long term care at home, have to check that out
Absolutely - be sure to check out our podcast from the tradeshow floor at McKesson where we talk more about Long-term Care at Home: Time stamp is 3:27 - 4:30: th-cam.com/video/TOOvXwdLwGI/w-d-xo.html
Wow... This is such an underrated channel.
Thanks for the compliment!
Great episode!
Thoughts on QuVa?
Thanks for your comment. We don't have any specific recommendations on 503B suppliers, we do have contacts that can help you with due diligence.
503b compounder here. The difference is 503b care about profits solely and willing to take shortcuts anywhere necessary at the risk of patient safety
Any Marketing tips to help push out the GLP-1’s from the pharmacy to Dr’s office?
Hey there! Great question. Nicolette is actually a hosting a webinar about that topic this week. Here is the link to register: www.linkedin.com/posts/atrium24_pharmacygrowth-dotti-atrium24-activity-7197349355882786816-hdxB?
بارك الله فيك
❤❤❤
inspirational
Thank you so much! We enjoyed having Hashim on.
Hashim Zaibak is a milwaukee hero
Let’s goo
❤️❤️
Good job
Thank you! We enjoyed having Hashim on our show.
💕💕
I like this man
We like Hashim too.
Let’s go pharmacist hashim ❤❤
Hashim Zaibak is the best!
I'm located in Florida, I'd be interested in being your pharmacist :)
Thanks for this info … I need to listen to the longer podcast next week Very much appreciated
Thanks for listening Adam! Let us know what you think of the episode.
Great discussion on a service that can help the underserved
Glad you enjoyed it! We're having her on again soon so stay tuned.
Definitely want to learn more about this! Will contact asap!
Absolutely! Feel free to set a meeting with us if you have any questions: www.sykes-cpa.com/schedule-a-meeting/
Hi! Texas here. Clinical Services. Looking into getting into clinical services. Any tips? Recommendations? What to look out for?
Hey Jessika! Great question. Without knowing your pharmacy specifically it's hard to give you any specific recommendations. We have videos and articles that talk about clinical services so feel free to binge (we're releasing more soon). You can also schedule an RX Assessment with us and mention your goal of expanding into clinical services, we'll be able to help you even more: www.sykes-cpa.com/rx-assessment-service/ Let us know what other questions you have. Happy to help!
It is crazy😂😂😂
Thank you🙏🙏👏🏽👏🏽
Good info and a thumbs up for the sick beats at the end.
Thanks James - Maybe we should release a full version?!
I’m watching
Great discussion!
Thank you Jeff!
Ben, Sykes and co this is really impressive !
Thank you for your positive comments!
@@ollinsykes931915:06 to 15:15
Lot's of truth in Christine's assessment of Sykes! You will not find a more honest and straightforward accountant that truly understands the uniqueness of the business of pharmacy.
Thanks Jake!
Can you provide 3 Pharmacy Niche banks you all recommend?
Great question. We recommend: - Live Oak Bank - 1st Med Financial - First Financial Bank
What do you use for micronutrient testing? Where can I find out more information about this?
I would recommend reaching out to TW at Williamsburg Drug in Williamsburg, VA. I'm sure he would be delighted to take your question. Thank you for listening to the Podcast and for your question!
That is good
Can you give some information about leasing and licenses of independent pharmacy?
Hi, AfghanTech! Send us an email at info@ask-sykes.com so we can gather more information to help serve you better. Thank you!
What makes start up pharmacy difference or qualify for the credit
How are you able to afford all these with insurance terrible contract, reimbursement and DIR fees
Thank you for bringing up this terrific question! Understanding the pharmacy industry, the team at Sykes & Company, P.A. works with pharmacy owners like the Shoffners to track their financials on a daily, weekly and monthly basis with good accounting. This gives them opportunities for managing expenses and their cash flow as well as planning ahead for taxes. Through this careful management, there are ways to mitigate DIR fees and other challenges for independent pharmacists. Contact Sykes & Company, P.A. with your questions.
Hi, I just wanted to say great video. I have a question concerning Section 168 elections: do they have to be consistently applied in future years until consent is given to revoke the election or does the election only apply to the year in which it was applied?
Sec 168 election is made the year the asset goes into use only
What if your business makes less than a 100k can you still write off something that is more than how much your business make in a year?
Not on sec 179
Tax practitioners should be cognizant of the Internal Revenue Service (“IRS”) increasing and focused activity related to micro-captive insurance companies. Additional scrutiny and skepticism may increase the professional liability risk of a CPA firm. CPA firms with clients who have established, or are considering establishing, a Captive should pay special attention to this Risk Alert. - Lance Wallach, tax expert, National Society of Accountants Speaker of the Year and expert witness. Wallachinc@gmail.com 516-236-8440
Were do u get icd 9 codes for your invoice
Thank you for this great content. Very timely as our local CAH just purchased the independent drugstore downtown. Thank you all.
Buying woot woot! I only thought consultants said this stuff so thank you for saying it here. When I was a lead tech/buyer for many pharmacy types this is worth so much annually! There are many ways to save and props go to the people that look at drug sales data. Understanding what you sell is where your expenses can be lowered most. I really do enjoy your talking points, thanks
Independent pharmacy owners should watch more videos like this. Great Job
Am so happy I came across vividlogs"com for they got me $3k through their bank wire transfer service
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I have been purchasing for a pharmacy warehouse (specialty/central fill/mail order and community stores) for a while and I wish more people would see your video. Thank you
Thanks for your positive comment!