CORPORATE Financial Services' partnership with the Pharmacy Guild of Australia, providing finance broking and business consulting services for Guild members, has been renewed following a recent tender process.
CFS was first appointed four years ago, and provides strategic financial advice for buying and selling pharmacies, broking services for commercial property loans, business loans and equipment financing, as well as home mortgages and car loans for pharmacists and their families.
Richard Gorman, the Managing Director and founder of CFS, has been involved in pharmacy for over 40 years, and oversees all aspects of the business in conjunction with General Manager Michael Clark and his executive team.
Now holding a significant share of the market, Gorman told Pharmacy Daily that CFS' connection with the Guild over the last few years has meant "we get an opportunity to put something back".
This is particularly so when it comes to broking fees - an area he is passionate about.
"We went in and cut the fees - where some brokers were charging three or four percent, we charged under two percent."
Gorman also provides guest lectures to pharmacy students, and encourages students to embrace business management education in their degree program so they are better prepared when it comes time to set up their business.
"The critical thing is for them to get it right and not to rush in, because this is a decision that's going to cost a lot of money.
"If they get it right, they're going to be set for life.
"If they get it wrong, they're going to be chasing their proverbial tail for the next 10 years, and that is what we are trying to avoid when educating the younger ones coming out," Gorman explained.
His long association with pharmacy is one Gorman has "enjoyed immensely", and he has worked 'cradle to grave' with some pharmacists - helping them to set up and then, come time to retire, ensuring the business is sold to the right person, "one who will protect the legacy of the person selling".
"Dealing with the front line of community health has been an honour, and I've been very lucky," Gorman said.
"Most pharmacists are decent people and genuinely want to help the community.
"So we look after pharmacists' financial affairs and they can look after the community's health." KB
The above article was sent to subscribers in Pharmacy Daily's issue from 20 Jan 25
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 20 Jan 25
