Ep 41 - Decisions, Decisions: Crafting the ideal clause for pharmacy partnerships

In this episode of the "Calm the Pharm" podcast, host Sarah Stoddart delves into the critical aspects of partnership agreements, focusing on the vital decision-making clause. This episode is the first in a series addressing the importance of properly drafted clauses and how their omission can lead to disputes in pharmacy partnerships.Stoddart emphasises that partnerships frequently falter in their decision-making processes. Common scenarios arise when partners have differing visions; for example, one may desire to expand the pharmacy while another prefers stability. In such cases, without clear protocols in place for making decisions, stalemates can occur, escalating into disputes that jeopardize the business and relationships among partners.The first step in establishing a decision-making clause is to identify the types of decisions that will be made throughout the partnership's lifetime. For instance, decisions can range from simple staffing choices to significant commitments like renovations or property acquisitions. Partners should consider how each type of decision will be made, determining which decisions can be made quickly by the working partner and which require collective agreement. Additionally, partners should establish monetary thresholds for spending that permits operational efficiency while ensuring transparency and oversight.In summary, this episode provides essential insights on decision-making protocols within partnership agreements, aimed at helping pharmacy partners mitigate disputes and enhance operational effectiveness.Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses. In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards. Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland.www.vitalitylawaustralia.comInstagram: @vitalitylawaustraliaFacebook: Vitality Law AustraliaLinkedIn: https://www.linkedin.com/in/sarah-stoddart-23b92240/