Using Tax Strategies in Florida When Selling Pharmacies

By Brad MacLiver
Authorship and profile at Google


Industry Roll-Ups are where an industry’s many players are consolidated into smaller groups for economic benefits. FL pharmacy buyers participate in the pharmacy industry roll-up to achieve economies of scale in purchasing, marketing, information systems, logistics, distribution, and top management. Florida pharmacy sellers both independent owners and drug store chains must consider their current market value, recognize the narrowing of profit margins, and realize what their tax consequences will be if they sell.

When pharmacy owners sell their pharmacy in FL it is considered a capital asset. The difference between the amounts it is sold for and the amount spent to either purchase or start the Florida pharmacy is a capital gain, or a capital loss. In the U.S., all capital gains must be reported and the appropriate tax paid.

Specific tax strategies can be used to help offset the tax liabilities when selling a Florida pharmacy or a drug store. Unless a professional is handling a large number of pharmacy acquisitions, they usually do not know these federal regulations that allow for reducing the tax liability for the pharmacy owner in FL.

Many Business Brokers, CPA’s, attorneys, and other professional advisors inform their clients that selling a FL pharmacy will result in tax consequences. However, most of these professionals do not handle the buying and selling of pharmacies on a daily basis and may not realize the different aspects of structuring a pharmacy transaction allowing the reduction of the tax burden to the pharmacy owner in Florida.

There are some capital gain tax strategies that must be implemented before any obligation to sell the pharmacy in Florida. When a drug store owner is considering selling their pharmacy either now, or in the next few years, it is urgent the best course of action be considered now instead of later.

Estate planning when selling a Florida pharmacy should also be a consideration. Specific federal regulations allow an asset to be converted to an income stream, provide a tax deduction, increase asset diversification, and provide risk reduction, along with offering effective retirement and estate planning. If the pharmacy seller is nearing a retirement age, or will be working as a pharmacist for another company, instead of being an owner, then estate planning should also be considered.

As reimbursements are cut, more regulations are applied, and Florida pharmacy profits continue to slip, more independent pharmacy owners along with small and regional pharmacy chains will be considering selling their pharmacies and drug stores in Florida. Tax considerations should be a paramount part of the decision process.

Pharmacy owners should consult with a pharmacy industry expert for advice on structuring the sale of their Florida pharmacy. Someone with extensive experience in pharmacy and drug store acquisitions will have the knowledge and expertise to structure the transaction for tax considerations. Like all tax planning issues, waiting until the end of the year is not always the best strategy. Following this advice can place larger sums of money in the bank of pharmacy owners in Florida when a pharmacy is sold.

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Pharmacy Acquisitions and Florida EBITDA

By Brad MacLiver
Authorship and profile at Google


EBITDA is an acronym which means: Earnings Before Interest, Taxes, Depreciation and Amortization.  EBITDA is often used to measure the value of some businesses and in the comparison of similar companies.

EBITDA typically makes it easier to evaluate various companies and to compare them against industry averages by removing the non-core and irregular operating costs like as interest (which can vary depending on the management’s choice of financing), taxes (which can fluctuate depending on acquisitions or losses from prior years), and arbitrary factors of depreciation and amortization.

The formula for EBITDA can be seen as a guideline when valuing larger companies or when comparing the profitability of large similar companies in the same industry.

For the effective use of EBITDA, these larger companies should possess significant assets, have heavy amortization schedules, or bear substantial amounts of debt. Considering independent pharmacies don’t meet that criteria, this formula is not a useful measure as the sole means for valuing Florida pharmacies for acquisition purposes.

Here is what needs to be calculated for EBITDA: 1. Net income can be calculated by obtaining total income and subtract total expenses.
2. Total amount of taxes paid to federal, state, and local governments.
3. Interest fees paid to companies or individuals for the use of credit, or capital.
4. Cost of depreciation, or the expense recorded to allocate a tangible asset's cost over its useful life.
5. Cost of amortization, or the expense for consumption of the value of intangible assets (such as goodwill, patents, and copyrights) over a the asset's expected life or specific period of time.

Finally, add steps #1 through #5.

EBITDA calculation example:
1. Net Income            1,070
2. + Taxes paid            308
3. + Interest Expenses     210
4. + Depreciation          104
5. + Amortization           52
6. = EBITDA              1,744

Drawbacks of EBITDA: 1. Can be misleading number when it is confused with cash flow.
2. Can make even completely unprofitable firms appear to be financially healthy.
3. Numbers are easy to manipulate.
4. Can overlook cash requirements for growth in accounts receivable.
5. Can miss cash requirements for growth in inventories.
6. Not factual when valuing small companies.
7. Not effective for companies with few assets, small amounts of debt, or low depreciation or amortization schedules.

During the 1980s EBITDA was being used as a proxy for cash flow in leveraged buyouts to calculate whether companies could service their debt. Factoring out interest, taxes, depreciation, and amortization can allow an unprofitable business to appear financially healthy. This method of valuation was used extensively during the dotcom era to value unprofitable businesses, with few assets, little earnings, and the results from that method caused many to go bust. This was a blaring example of misapplying EBITDA.

Pharmacy specialists who are knowledgeable and performing pharmacy business valuations in FL will use EBITDA in pharmacy valuations, but this will only be a part of a larger formula when computing values for specialty Florida pharmacies especially those who have a niche in HIV, disease management, long term care, etc. However, EBITDA should not be used as part of the usual formula for standard retail pharmacy acquisitions.

The EBITDA number for a specific existing pharmacy in FL is, for the most part, important when the existing ownership is establishing their store value for the purposes of a credit line, borrowing, creating a Trust, stock values, etc., but EBITDA does not have the same importance when selling a Florida pharmacy. This is due to the fact the buyer will not have the same expenses as the seller.

Buyers may not have the same tax base, interest expense, or the same depreciation schedule. It is thusly important that the buyer estimate an EBITDA that is specific to their operating model, business systems, buying power, cost of operations, etc., not the sellers. It should also be noted that EBITDA assumes that the buyer will acquire all of the assets, working capital, accounts receivable, and liabilities. Those assumptions do not hold true regarding an acquisition of a pharmacy. Instead of the EBITDA number, Florida pharmacy buyers should be focusing on sales, gross profit, cash flow, and customer mix.

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The Florida Pharmacy Industry Roll-Up

By Brad MacLiver
Authorship and profile at Google


FL Industry Roll-Ups are where an industry’s many players are consolidated into smaller groups for economic benefits. Recessions, new government regulations, or other aspects of the industry that may be stifling profits end up providing incentives to consolidate

A principal reason for an industry roll-up is to achieve economies of scale in purchasing, marketing, information systems, logistics, distribution, and top management. Consolidated businesses also have less risk from the impact of an unsatisfied customer and have the reward of being able to recruit, or keep, key employees.

An example of an industry roll-up can be seen with the pharmacy industry in Florida. It is a well established industry and is still experiencing sales growth. However, pharmacies and drug stores have seen a steady decline in their profit margins due mainly to government regulations, even as sales increase. There has also been a shortage of pharmacists - a required key employee.

Industry roll-ups are frequently initiated by investors seeking investment opportunities. However, in the case of Florida pharmacies, an industry roll-up is a necessity due to declining net profits ratios. Companies that are acquired in a roll-up are most often small independently-owned businesses whose owners believe in the economic advantages of combining forces with a larger organization, or they simply need an exit strategy. In the FL pharmacy industry roll-up, independents have been a majority of the acquisitions, but there has also been a consolidation of a number of the larger pharmacy chains.

During the pharmacy industry roll-up pharmacies in Florida with better financial wherewithal are acquiring their local competition and combining two or more stores into a single location. This results in more customer traffic through a single location and reduces the expenses that come with multiple locations. This can dramatically drive up total sales while driving down the administrative and overhead costs per customer.

To help fund Florida pharmacy acquisitions during the roll-up, specific funding programs have been developed. These pharmacy chain funding programs are backed by major financial institutions that provide the funding for pharmacy acquisitions. These pharmacy funding programs allow an individual Florida pharmacy business, or an investment group, the capital to acquire and combine pharmacies in geographic areas.

Funders are willing to provide the capital for the pharmacy roll-up in Florida because they recognize that combining the individual pharmacy businesses provides a greater total business value than if each individual FL pharmacy value were added together. This synergistic value reduces the risk of funding the individual acquisition.

When considering the buying, selling, or financing a pharmacy, whether an independent drug store, or multiple pharmacy locations,  due diligence and understanding of all aspects of the transaction should be considered. Using the services of a pharmacy industry expert to guide a Florida pharmacy owner through the maze of details will benefit the pharmacy owner in FL in making the best business decision.

All transactions involved in the pharmacy roll-up need to have the business valued at the current market value. Business valuations for the Florida pharmacy industry should be calculated by a company that has in-depth knowledge of the pharmacy. Simple accounting formulas used by many to estimate a value do not provide an accurate picture because the simple formulas do not take into account the aspects that are causing the pharmacy industry roll-up in FL.

The aspects of the market which are stimulating the roll-up are also having downward pressure on the pharmacy business valuations. FL pharmacy owners have been watching what has been occurring in the pharmacy industry. While profit margins slip, new regulations are being imposed, and as reimbursements are pared down there is wide expectation that the business values in the pharmacy industry will continue to slide to lower levels, and thus the Florida pharmacy industry roll-up will continue.

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Florida Pharmacy Acquisition Finance

By Brad MacLiver
Authorship and profile at Google


When a Florida (FL) pharmacy or drug store is being sold, buyers will seldom pay “out of pocket” cash for the acquisition. Even when cash is available, pharmacy acquisition strategies usually involve financing the purchase of the drug store.

Typical acquisitions take 6-12 months to complete, so the pharmacy seller in Florida will need the buyer to provide some proof up front about their ability to close the transaction. Acquisitions will involve many hours of due diligence and negotiation, so the process should involve qualified parties.

The acquisition will involve many parties in addition to the seller and the buyer.  These parties include attorneys, accountants, lenders, valuation companies, industry specialists, and other professionals. No one wants to pursue 6-12 months worth of work that involves a variety of highly paid professionals without having some degree of confidence of the Florida pharmacy buyer’s ability to close the deal.

The acquisition process will start with determining the value of the business. Many companies offer valuation services, but pharmacies are a different from most businesses. There are several aspects to the valuing of pharmacies that are unique to the industry, and generic valuations or simple accounting formulas should be avoided.  Industry specialists should be consulted when valuing the Florida pharmacies instead of a valuation company that has a broader spectrum.

In order to complete a valuation the selling company needs to provide up-to-date data. Lenders will not accept old data, or a sellers “gut feeling.” Lenders need to make a decision to finance based on sound and verifiable information.                

Structuring the transaction is extremely important. The seller of course wants as much money as possible and wants cash. The buyer needs to spread out the debt service and wants to have as little cash as possible invested in the acquisition.

Pharmacies and drug stores are in an industry where it is more difficult to obtain business loan due to the majority of the value in a FL pharmacy is the customer files and not hard assets. Therefore, for the acquisition to be financed a lender will need a strong understanding of the industry and what, beyond the collateralized assets, the company offers to reduce the perceived risk.

FL pharmacies have typically been known for generating profits and to be stable businesses. However, they are usually in leased locations, and their furniture, fixtures, and computers will only provide $15-20,000 of collateral for a buyer possibly requesting a million dollar loan. A lot of money is tied up in inventory, but the small pills are considered by a lender to easy to move out the door in the event of default. Due to these circumstances many lenders will not loan money to these traditional money making businesses. A successful transaction takes a lender that understands the Florida pharmacy industry.

Tips regarding Florida pharmacy acquisitions and finance:
1. Attorneys and CPAs who have been representing the FL pharmacy seller for many years may see the transaction as putting themselves in a position of losing a client when the business is sold. Make sure they are working diligently on the transaction and are not slowing or undermining the process

2. Since pharmacy acquisitions involve 6-9 months of work to complete , all parties involved need to be aware of time tables. Much too often, items of importance end up sitting on the desk of someone that is outside of the control of the buyer or seller.

3. All financial information needs to be current. Over the lengthy process the data supplied to both the buyer and the lender will need to be updated on a continuous basis. Things can change drastically during a nine month period and the Florida pharmacy seller will need to continually prove the financial condition of the company.

When pursuing “pharmacy acquisition finance,” for the best chance of success, make sure the valuation company and the lender have expertise in that industry. Choose a company that has the pharmacy experience and expertise, and is a direct correspondent with lenders who understand Florida pharmacy.

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Pharmacy Industry in Florida: Current Market Conditions

By Brad MacLiver
Authorship and profile at Google


Currently there are a number of factors that are impacting the current market conditions of the U.S. pharmacy industry. These factors are affecting the pharmacy business valuations of pharmacies in FL and drug stores all across the U.S.

Local demographics:

The valuation process also includes local market conditions and local demographics. Smaller communities have less growth potential and with the declining profits a buyer will need to purchase at a lower value because they will have to service the debt from a business loan and still try to make a living. The same is true for communities that have lost population due to economic conditions, or have a high rate of unemployment. Fewer people, or fewer customers with the ability to purchase, will mean fewer sales and less chance of any substantial improvement in the near term. This results in a lower Florida pharmacy business value.

Pharmacists Shortage in FL:

Florida pharmacies across the country have had difficulties in finding pharmacists.  This shortage of pharmacists not only affects employee opportunities it also affects the number of potential independent buyers. 

Fewer Buyers:

There are also fewer corporate buyers. Some of the largest pharmacy chains have been purchased and consolidated in the Florida pharmacy industry roll up. Many smaller chains have run into financial difficulties and have stopped their expansion. It is more difficult to drive a price higher when there are fewer willing, or capable, to purchase.

Current Market Conditions Requires Industry Roll-up:

The consolidation of the pharmacy industry is required to get more traffic into a single store.  Due to simple economics, when any business has a reduction in profits they are less attractive to a buyer and pharmacy business values drop. Several factors have contributed to the downward pressure of Florida pharmacy values and there is no expectation of a turn around. Pharmacy owners steer clear of inexperienced Brokers claiming grand outcomes and over stating pharmacy business values not based on current market conditions.

With the pharmacy industry consolidation that has been happening for several years, many new brokers are entering the market to broker pharmacy acquisitions. Most brokers do not have experience related to pharmacy nor do they use current market conditions when they value them. Most brokers use simple accounting formulas that hold no sound reasoning for the value when considering the current pharmacy market conditions. Many brokers are valuing Florida pharmacies 2 to 3 times more than what the market is really willing to pay due to this. Anybody can quote a high value to capture a listing, but that does not mean the over inflated asking price is what the business will actually sell for.

Mail Order:

Some insurance companies are designating a noticeable amount of pharmacy patients as “long-term medications” and require they only purchase the medications from mail order pharmacy companies who provide products at lower prices. This results in local pharmacies in FL not only missing out on prescription sales, but front-end sales will also decline since the customer is not entering the store. Pharmacy mail order sales have now surpassed sales from independent retail pharmacies.

Choose a firm that provides pharmacy business valuations in Florida based on real market conditions and does not use a simple formula for calculating the value of a pharmacy. Complex methods are used to derive the value of a pharmacy.

It is best to use a company that specializes in pharmacy and has extensive and current industry data.  Choose pharmacy specialists who have been working in the pharmacy industry long enough to have extensive Florida pharmacy experience and an excellent reputation.  A company with good credentials possesses large amounts of national data.  The largest financial institutions, national chain pharmacies, regional pharmacy chains, independently owned drug stores, and pharmacy equity investment groups use the services of companies fitting this description.

 

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340B Discount Programs for Florida Pharmacies

By Brad MacLiver
Authorship and profile at Google


The U.S. Department of Health and Human Services provides a program for discounted prescription drugs to qualified Federally Qualified Health Centers (FQHC), Disproportionate Share Hospitals (DSH), and other qualified entities. When these facilities don’t have their own pharmacies they are allowed to contract with a local FL pharmacy. The drug pricing program is often referred to as 340B, named after the section of the law that established the program.

Section 340B legislation was enacted to provide indigent and uninsured populations access to deeply discounted medications. Because the program was enacted to help specific populations, restrictions and regulations are in place that dictate how the program operates and who the medications can be dispensed to.

Pharmacies in Florida can be contracted by a FQHC or another 340B qualified entity to dispense and manage the medications. Patients from these entities provide increased traffic in the FL pharmacies, allowing the pharmacies an opportunity for additional front end sales in addition to the Rx sales.

Pharmacy owners who participate in 340B pharmacy programs need to manage their business consistently with customary business practices. The pharmacy should have dispensing and inventory records, billing statements, etc in the event of an audit. Business records should show that drugs purchased by customers, under the 340B Drug Pricing Program, were not diverted to people who are not part of the program.

Along with the additional record keeping a Florida pharmacy owner will need employees who understand the various state and federal rules and regulations, which govern the 340B program. The FL pharmacy will also need to have a location for the 340B inventory, which is separate from their normal inventory, or have a software management system to track the separate inventories.

A system of separating the inventory is required due to the drug inventory used for the 340B pharmacy program is owned by entity that contracted the pharmacy. Since the 340B inventory is not “owned” by the pharmacy this inventory will be treated differently for tax purposes. The pharmacy generates income from dispensing fees they are paid instead of a mark-up or profit margin on the inventory.

Since customers participating in a 340B program can only purchase the designated medications from a pharmacy contracted with a 340B entity, this allows a pharmacy to have a market niche. A contracted pharmacy servicing 340B customers benefit from additional customer traffic visiting the store.

With the current economic situation and high unemployment, many people have lost their insurance benefits. This will likely expand the need for 340B pharmacy programs and provide additional 340B customers to a participating pharmacy in Florida.

However, when a pharmacy owner is weighing the potential benefits of a 340B program, they should also consider other aspects of their business and the current market conditions of the Florida pharmacy industry. What are the FL pharmacy’s goals over the next couple years? A younger pharmacy owner with long term objectives can benefit for many years from the added customers. However, a pharmacy owner considering selling the business in the next couple years should be aware that acquisition values are based on the customer files, and many buyers are not currently willing to include 340B customer files in their offers. This results in a lower pharmacy business valuation and market price for the pharmacy despite the volume of business. Also, due to the current economic conditions there are some 340B customers who despite the deeply discounted prices, have chosen not to purchase medications. Pharmacy owners need to consider the added costs and time of 340B inventory and customer tracking and reporting, may not be offset by the fees received.

If a pharmacy owner in FL is considering the benefits of participating in a 340B program, or is considering selling the pharmacy in the couple years, it is advisable to discuss the options with a pharmacy industry expert.

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Pharmacy Transactions and Capital Gains Tax for Florida

By Brad MacLiver
Authorship and profile at Google


What is a capital asset and how would it affect you, a Florida pharmacy business owner in selling your pharmacy?

In this case, just looking at a Florida pharmacy business and not the personal possessions of the pharmacy owner, if the Florida pharmacy owner decided to sell their business, it now becomes the “capital asset.” Now the pharmacy owner would look at the variance in the price they paid for the pharmacy business (the basis), and the amount the pharmacy business sells for, whether for profit or loss, and this is considered a “capital gain or loss” by the federal government and must be reported and can be taxed.

Investment income is another way capital gains may be referred to due to its relation to real assets, such as financial resources, property, and intangible assets, such as goodwill.

With the current economic down turn, the ability to locate financing for a potential Florida pharmacy business buyer is more difficult and will be in lesser amounts if attained; and selling the pharmacy business for solid profit is extremely difficult. Couple this with the probability the seller of the Florida pharmacy business may have to reduce the asking price to allow buyers the ability to attain financing, and even more importantly, still pay a higher percentage of taxes.

How can an owner of a Florida Pharmacy business combat these issues? Believe it or not, there are some good strategies out there to do just that, but first the pharmacy owner needs a specialist in the pharmacy business industry that knows these strategies and tools. Washburn & Associates are these specialists that know the in and out of selling a Florida pharmacy for the greatest profit available, while paying the least in taxes.

One tool, but not the only one, available is the “Charitable Remainder Trust” or CRT; this used to help with the capital gains tax burden.

Now, what is a CRT? Legally described as “Split Interest Trust,” which are used due to the mix of charitable giving and personal financial positions; CRT’s may lesson the tax liabilities, enhance the pharmacy business owners finances while allowing for charitable donations.

Charitable donations create a CRT when a pharmacy owner donates from their own assets, such as money, real estate, and so forth, and are donated to this special type of Trust. This trust is put in place for a specific time period or until the donor’s death; and during this period the pharmacy owner may receive income and if desired, purchase life insurance to provide for their heirs after they are gone from this Trust’s assets, and without state tax liability. Remember, CRT’s are there for use by financial specialist in the pharmacy business industry, such as Washburn & Associates, to increase the pharmacy owner’s assets and charitable donations by understanding the federal government’s strict and complex tax laws covered in the Internal Revenue Code 644, that say when and how a CRT can be set up.

The bottom line is, the Florida pharmacy business owner, considering selling their pharmacy, wants to receive the best money for their pharmacy business. And by consulting with the pharmacy business industry specialists at Washburn & Associates the pharmacy business owner can be assured they will glean the best from their business investment.

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Florida Buy-Sell Agreements for Pharmacy Owners

By Brad MacLiver
Authorship and profile at Google


When an FL pharmacy is owned by two or more people the stockholders/partners should have a Buy-Sell Agreement. A buy-sell agreement is a written document that provides the procedures and governs the future sale of the pharmacy business.
               
Pharmacy buy-sell Agreements protect the interest of the parties who own the pharmacy and directs the actions triggered by a stockholder leaving the business due to death, disability, divorce, dissolution, or retirement. The agreement will govern how and when the shares of the pharmacy business can be sold, or transferred. It will also provide guidance as to how the pharmacy will be valued along with the obligations of the remaining shareholders of the pharmacy in Florida.

Buy-sell agreements are important because the different elements of a future sell are predetermined and won’t need to be negotiated during a heated dispute, or during a grieving period. It provides both the stockholder and the family a comfort level that when the inevitable time comes for an exit strategy that the process was thoroughly thought out in advance.

Disadvantages of not having a buy-sell agreement between Florida pharmacy owners is that a disability may leave one partner working more and another not adding to the productivity. In the event of a death, without an agreement, one partner may be left with a nonproductive heir, or a new partner may be inserted that has personality conflicts with the surviving partner. The wrong partner could be devastating for the pharmacy business.

There are various types of buy-sell agreements such as: Entity Buy-Sell Agreement, Cross-Purchase Buy-Sell Agreement, Wait and See Buy-Sell Agreement, Disability Buy-Sell Agreement. Buy-sell agreements are also known as a Business Will or a Buyout Agreement.

Potential elements of a Buy-Sell Agreement:
1. Stockholders names and the number of shares and voting rights of each. 
2. Guidance for the certified Florida pharmacy valuation and purchase of a stockholder’s shares.
3. Mutual covenants and considerations.
4. Restrictions on transferring, purchasing or encumbering the company’s stock.
5. Protocol in the event of a shareholder’s divorce or termination of a shareholders employment.
6. Obligation to buy/sell shares from an estate.
7. Purchase of insurance to ensure that obligations can be met.
8. Purchases of stock paid either in lump sum or by instalments.
9. Solutions should a breach of the agreement or default of payment occur.
10. The right to inspect books and records until transfer is complete.
11. Amendments and notices for legal matters or offers.
12. The enforceability of the agreement, binding effects, and arbitration procedures for disputes.
13. Process for liquidator or dissolution of the corporation.
14. Maintenance for the premises during a transition.
15. Preservation of the representations and warranties.
16. The terms of transfer.
17. Bill of Sale.

To make certain that the required money is available, buy-sell agreements will typically be funded with a life insurance policy. In the event that one of FL pharmacy owners dies, the life insurance settlement will provide necessary funding for the remaining pharmacy owner to buyout their partner's shares from the estate.

Life insurance coverage for each partner needs to be in place.  With no way to accomplish the purchase of the pharmacy shares, the buy-sell agreement is effectively non-functional. As the business grows and develops the amount of insurance need to be adjusted to provide an adequate coverage. Without the insurance the surviving stockholder may not have enough cash to satisfy the amount required to buy out the estate - leaving the survivor with an unwanted partner.

To have the adequate insurance coverage and to determine the specifics of the buy-out terms, a certified pharmacy business valuation is needed. There are a large number of companies that provide business valuations. Due to the dynamics and current market conditions of the Florida pharmacy industry a valuation firm should have extensive pharmacy experience. Simple accounting formulas and multipliers will not provide an adequate, or realistic, valuation for a pharmacy business.

Florida Pharmacy buy-sell agreements are extremely important documents that need to be completed with seriousness and care. Even with a long standing partnership, it is only too late to create a buy-sell agreement when an event has already occurred....that would require the document.

Tips for FL Pharmacy Owners:
1. Buy-Sell Agreements are critical documents that should not be taken lightly. Consult a licensed professional.
2. Documents must address the proper laws and regulations which vary from state to state. Seek the proper guidance.
3. Premiums for insurance that will fund the buy-sell agreement might be deductible.
4. Ensure that the Florida pharmacy valuation is performed by an established FL pharmacy industry expert.