Three Key Pharmacy Accounting Concepts

Webinar – Three Key Concepts in Accounting for Pharmacies

Webinar Now Available for Playback!

Independent Rx and our partners at First Financial Bank held a panel discussion that explores some key concepts in Pharmacy Accounting today.

Topics discussed included:

  • Cash vs. Accrual Accounting
  • Navigating DIR Fees and Rebates
  • The Importance of Simplicity and Materiality

 

The panel will also answered live questions from attendees.

Meet the Panel

Owen BonDurant

Owen BonDurant

Independent Rx

Rich Danhof

Rich Danhof

Independent Rx

Bobby Glaze

Bobby Glaze

First Financial Bank

Jim Sunderland

Jim Sunderland

Independent Rx

Bo Garmon

Bo Garmon

First Financial Bank

Owen BonDurant Partner

Independent Rx

Owen is no stranger to the pharmacy business and has worked in independent pharmacies all his life (His father, Mark BonDurant, is an Independent Rx Chief Consultant and Partner). His pharmacy experience includes almost every role an independent pharmacy has to offer:  from cleaning bathrooms and working as a pharmacy technician to starting, marketing, and running a durable equipment company, and of course, being the founder of Independent Rx.

Rich Danhof, CPA & Partner

Independent Rx

Rich began his career at a major public accounting firm followed by 10 years in a large corporation. His corporate life was primarily spent in the mergers and acquisitions group, buying and selling companies in the US and abroad. The desire to have ownership in a business, lead him to a partnership in a personal financial planning business and eventually to a partner role in Clark’s Pharmacies and Independent Rx. He’s spent the last 15 years operating, buying, and selling pharmacies and providing finance and accounting expertise to pharmacy owners across the country.

Bobby Glaze, PharmD

First Financial Bank

Before joining our lending team, Dr. Bobby Glaze was an independent pharmacy manager and community pharmacist. He understands the day-to-day aspects of running a pharmacy and business. Bobby enjoys learning the story behind his client’s pursuit of pharmacy ownership and the store they are purchasing. His experience as a pharmacist will benefit his clients in becoming successful pharmacy owners. Outside of being a loan officer, he owns a small business and loves spending time with his wife and their three pets.

Jim Sunderland, CPA

Independent Rx

Jim graduated from Wright State University in 1983 with a BS degree in accounting and finance, and began his career in public accounting at then Big 8 firm Coopers and Lybrand (now PriceWaterhouseCoopers).  He obtained his CPA certification and gained valuable experience there in both audit and tax working on a wide variety of clients.  He has served in a CFO role for the last 21 years during his tenure at 3 companies.  Jim brings a strong background of accounting and finance operations and over 38 years of experience to Independent Rx.

Bo Garmon, Loan Officer

First Financial Bank

The entrepreneurial spirit burns bright in the clients Bo guides through the intricacies of the process to pharmacy ownership. With his 20 years of experience in retail and commercial banking, clients gain a seasoned advisor who is instrumental in helping them achieve their goals.

 

Bo joined First Financial Bank’s client-focused pharmacy loan team in 2012 to specialize in helping those who are looking to acquire or build a pharmacy.

However, the relationship only builds from there. Bo enjoys building relationships with clients during the process and stays in touch with clients after closing.

 

Outside of work, you can find Bo and his high energy family engaged in a variety of activities, including travel and golf.

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