Staff and staff entitlements

Once settlement occurs your staff are the vendors staff. It is very difficult and very disruptive to the sales process to try to include special concessions for your staff in the sales contract. Most, if not all, purchasers will interview your staff, in your pharmacy, about two to three weeks prior to settlement. During this process, most of the staff are offered future employment, with a three-month probationary period. This is probably the best you can hope for.

Calculation and payment of staff entitlements usually fall to your solicitor who should include this in the contract of sale. Payment of which occurs as part of the settlement.

The Pharmacy Guild HR personnel are an excellent source of advice. Contact them early to determine what you owe your staff.

There are two basic ways you can approach this:

  • You pay out the staff
    You pay all the staff entitlements to your staff at settlement and the purchaser inherits the staff with no encumbrances.
  • You pay the purchaser the staff entitlements
    You pay the purchaser the staff entitlements and the purchaser pays the staff their entitlement when the entitlement is due.

Please discuss your specific situation with your solicitor who will certainly have a preferred method of dealing with the above.