Introduction
Our proposed business
idea came about by examining aspects of life that it is rather vital to
existence we figures that one of the most valuable possession anyone has is
their health and as such they will do whatever it takes to preserve it; and we
plan our business is to assist the general public to do just that. As we
deliberated we came to the conclusion that Starting our own pharmacy, medical
courier service and specialised transportation service is a great way of easing
into the world of entrepreneurship. Our business is
that of a partnership company, it comprises of four shareholders, namely; Mikaliah Holt, Johnoy Hammond, D’Vaughn
Davis and Delroy Garrison. The most fitting name for our business is
carry-meds as we do just what our name suggests. Home
delivery isn’t just for newspapers, clothing and gifts on wedding registries
anymore Carry-meds will form alliances with medical practitioners (doctors,
dentists, psychiatrists, obstetricians etc.) both those with private practice
and those that practice publicly, insurance companies, big drugstore chains and
independent local pharmacies to provide these services, which has never been
offered in Jamaica but will become more widely available as time progresses
being a focus of our companies’ marketing efforts. Our company will make it
possible for Jamaicans to have medications mailed or delivered to wherever they
live. Our first and main operation office and pharmacy will be located at in
Kingston Jamaica. The head office will be located an Spanish town road
while our website and email are; www.carrymeds.com, carry_meds@cw.jm
Background of study
The purpose of this proposal is to assess the economic viability of
establishing while introducing a business that uses sells, distributes and
delivers pharmaceuticals and medical equipment. In addition we want to server
our valued consumers on the best way possible by giving them a more convenient
choice of pharmacy that would be enjoyed not only by the elderly but young
people as well.
Pursuing our idea; having prescription filled and shipped out. Is
not meant to replace in-store pharmacies, it t serves as a complimentary
addition to what already exist. In fact, studies conducted by Wegmans and
Walgreens Mail Service Pharmacy in North America states that; “patients who
have their medications shipped to their homes are more likely to take the
drugs, as directed, and this added adherence can save money. Some people just
have barriers to get them to the pharmacy every month”.
Conceptual frame work of study
Ø The technical aspect of this research will discuss how
the service is offered, what equipment and technology are needed, the business
and its layout.
Ø The marketing aspect of the research will discuss the
structured questionnaire that is to be given to the respondents and the results
will determine the demand and supply, and help the researchers/business
partners to know if the service will penetrate the market.
Ø The financial aspect will discuss whether the business
will be profitable or not. It also will serve as a guide for the financial
decision the researchers might make in the future.
Ø The management aspect shows the form of ownership, the
structure of the business, job analysis and the company policies that the
researchers formulated.
Ø The socio-economic aspect will prove that the business
is not solely based on profit maximization, but exists for the improvement on
the welfare of people.
Business
objectives
At the end of this study
we would want to:
Ø Know
the future prospects of our business; weather it has the potential to be
successful or not.
Ø Find
out if the market is ready for a service like ours.
Ø Find
out which location is more accessible to consumers.
Ø know
Who our prospective customers are, their age range, occupation and address
Ø say
if our company will be able to break into the market by analysis of existing
completion
Ø Identify
what price the consumers are comfortable at to pay for our service.
Ø identify
the specific needs of the populous with respect to our value proposition
Ø know
Which of the services we offer seem most attractive to prospective customers
Ø know
If the delivery of medical supplies is
an idea that is welcomed by the populous
Ø estimate
much revenue projections
Ø Predict
the amount of time until the company breaks even and determine whether a
proposed project will be profitable.
Ø Be
aware of the possible logistical issues
Ø Determine
facility needs and sustainability of operations
Ø Estimate
the total capital requirements
Ø Legal
feasibility and requirements
Ø To
define our target market, their Demographics, psychographics, lifestyle,
education level etc.
Ø identify
the nature of our competition , who they are and their strength and weaknesses
Business
Overview:
With so much to consider
and so much at stake, you need a pharmaceutical courier and pharmaceutical
distribution partner that understands and provides smart solutions for your important
pharmaceutical products. We provide bar code scanning, proof of delivery, and
real-time data – all of which have a dramatic influence on reducing lost items,
increasing efficiency, and improving customer relations. Using for
state-of-the-art tracking software giving us visibility into every item at each
stage of its delivery. Drivers are also able to record delivery confirmation on
mobile devices using the signature capture feature.
We are most suitable to
be your medical equipment supplier and pharmaceutical courier, we understand
the industry's regulations for transporting, delivering, and warehousing. Employee
training and proper equipment are all part of the pharmacy, transportation and
courier services we offer. The highest level of security is provided when
transporting and delivering your goods (medical supplies/pharmaceuticals) to
their destination. Our proven process ensures all documentation is complete and
compliant. There is no need to worry about damage or contamination to goods
since climate control and other packaging, transport, and storage requirements
are all built into our pharmaceutical courier services. Gain confidence when
you entrust your consignments to us, because we have the knowledge, capability,
and procedures in place to respond to and fulfil your requirements 24/7, 365
days a year.
Executive Summary
Pharmacies
are essentially retailers of pre-manufacture and or pre-packaged
pharmaceuticals, and their operating performance is influenced by many of the
same factors that affect traditional retail stores. For the most part,
pharmacies have business models that are relatively easy to understand, and the
array on the Value Line page is the same as that of a standard industrial and
service providing companies. Nonetheless, there are a number of unique factors
to consider when making investment decisions regarding this technical and
segmented industry.
Our
business concept was derived from detailed Market Analysis. Instead of building
a business around a preconceived concept, we analysed the market findings
through our feasibility study and built a concept around our consumers. In
other words, our business is built to service a set of consumers that has an
unmet 'want'. We have evaluated traditional and non-traditional risks associated
with not just poor performance and failures of pharmacy operation but
businesses as a whole, and accounted for them directly in doing the business
plan. Instead of dismissing the risks, we have identified valid strategies for
each.
Starting
our own medical courier service is a great way of easing into the world of
entrepreneurship. Delivery services have very little overhead and an array of
ways for determined business owners to make money. Not just hospitals and
clinics use medical supplies. Hundreds of people order supplies or need certain
items delivered to them daily. The sooner we start the more profit we can make
and if we wait someone may take our idea and gain great successful from it.
Firstly capital need to be gathered
in order to start purchasing supplies as we already possess an ideal location
on Spanish town road and create our website and develop wireless computer
systems.
This
Plan is being submitted in order to secure a Business loan. The loan will be
used towards Equipment purchase, Design, Construction, and Operational Start-Up
expenses. Private Investors, who will be part owners with non-managerial
interest in the business and also full-time owners (Mikaliah Holt, Johnoy
Hammond and Delroy Garrison) will
invest a portion into the stockholder’s equity which amounts to $2, 698,949. As
owners of Carry-Meds, our commitment is to take personal accountability for all
financial debt. We have taken the necessary precautions to ensure the business
is fully capitalized, and have addressed all financial shortfalls to ensure a
successful business start-up. Later in the business plan, our financial
projections show that Net Profit will be $4,620,000.
|
Carry-Meds Service or product
|
Number of purchases (per yearr)
|
Minimum purchase ($)
|
Revenue ($)
|
|
Total
|
105,000
|
55
|
15,556,000
|
We expected that as a new company and brand that
offers a relatively new approach to an old business, there will be difficulty
gaining a fair share of the market during the initial year or years of operation.
Thus, the COO Delroy Garrison made a realistic estimate that out of the large
number of person that live in and around the corporate area, approximately 300
persons will use at least one of our services each day totalling to 105,000
people per year (300*350). Let’s say each person spends a minimum of $150; this
will bring in estimated revenue of $15,556,000 (105,000*150). Looking at these figures one can tell that Mr
Garrison is being very generous with is estimated figures. (figure1)
This estimation is considered very
attainable for the company. However, we expect that there will be a need to
employ a few persons in order to meet the projected demands.
Competition
between pharmacies is intense, since quality options abound. And, while there
are certainly dominant players in this industry (especially among affordable
purveyors), no one company has the market cornered. Indeed, virtually every
pharmacy location must compete not only against other publicly traded chains,
but also a wide array of small, local establishments. Competitors include
everything from bush doctors and small drug stores to large chain franchise
pharmacies such as the Fontana pharmacy chain in Jamaica. And, of course, it is
relatively easy to forgo prepared one provider, altogether, for the services of
another which may seem more convenient or appealing on to do without
prescriptions entirely, thus, pharmaceutical items may be deemed as
discretionary purchases, and the industry tends to be highly cyclical.
As
the business grows and establishes itself in the market, it will becomes
increasingly difficult to capture benefits, this is why we plan to focus on the
most profitable locations first, making sure that each branch is within
functional proximity to each other, lest they cannibalize each other's sales. The
managers of Carry-Meds intends on offering services that would appeal to the
entire demographic. This will influence and determine Carry-Meds’ margin.
Carry-Meds has operating margins for:
Ø the
business person who works late and find it hard to get to pharmacies within
opening hours
Ø Partnering
pharmacies, institution and individuals who requires pharmaceuticals and
medical equipment’s to be sourced, shipped and delivered.
Ø Individuals,
entities and institutions that requires a constant supply of pharmaceuticals
and medical equipment.
Operations
and labour are two major cost factors for Carry-Meds. Typically, employees will
earn modest salaries, most of which will be above government-mandated minimum
wages. This is so because all employee of Carry-Meds will be required to
possess some amount of technical skills. Consequently, changes in organization
structure will have a noticeable impact Carry-Meds’ on costs and margins
Since
we have analysed the people, price, product promotion and competition. We
intend to start promoting the business so our targeted market can be informed
about the business and work towards satisfying the needs and wants of the
consumers in a profitable way.
.
Industrial Analysis
The Pharmaceutical and medical
industry is a very prominent field worldwide. Carry-Meds is the name chosen for
the business due to its ability to catch on quickly and it implies the essence
of our business as we “CARRY” pharmaceuticals medical supplies and people
wherever they need to go. One’s health may be considered the most important and
valuable asset and thus most persons are willing to do whatever It take to
maintain good health; our services assist in doing just that both directly (through
selling and delivering of pharmaceuticals) and indirectly (by sourcing medical
equipment and providing specialized transportation).
Our
strategy is simple. We intend to succeed by giving people a combination of
excellent and interesting products and services in an environment that appeals
to a wide and varied group of individuals or even without them having to leave
home. We will focus on establishing a strong identity in our community with a
grand opening. One of our main focus will be on marketing thereafter will be to
increase customer awareness in the surrounding communities. We will direct all
of our tactics and programs toward the goal of explaining who we are and what
we do. We will keep our standards high and execute the concept flawlessly, so
that word-of-mouth will be our main marketing force. We will create an
appealing service with unbeatable quality at an exceptional price.
Porter’s five forces
Ø
Threat of new merchant: high pressure
The barriers to enter this market are
relatively high. The capital requirement is relatively high and there are a
number of pharmacies offering the same products at relatively similar prices.
Ø
Threat of substitutes: low to medium pressure
There are no pharmacy in Jamaica that
operates how we intend to. It has a unique structure, approach, and
organization.
Ø
Bargaining power of buyers: low pressure
Individual customers will have no pressure
while Lager retailers like, other pharmacies and organizations have bargaining
power because they demand large quantities.
Ø
Bargaining power of suppliers: low pressure
The main focus of our operations is the
sourcing and delivery of medical supplies and pharmaceuticals. As suppliers we
are not concentrated or differentiated. Then ordered products will be brought
by our company to our partners.
Swot
Analysis
|
Strengths
ü Location: our
location is open to a lot of potential markets. Encapsulating the entire
corporate area.
ü Uniqueness: we
will stand out as the only pharmacy that home delivers and offers specialized
transportation in Jamaica
ü Strong
management: out team contains persons that are versed in different
disciplines with knowledge of all area in the business.
|
Weakness
ü Lack of
sufficient capital: a portion of the start-up funds will need to come from
loans.
ü Lack of
reputation: we are a new company thus we are not know to be a reputable flour
provider.
ü Low price margins
|
|
Opportunities
ü Fast growth- gain
consumer attention and loyalty
ü Expanding on
advertising in regards to being more socially responsible and more convenient
for the working class
ü Government
programs- promotions of the “healthy lifestyle”
|
Threats
ü
Bad economic climate
ü
Government regulations- tax laws etc
ü
Competition- 2 major players in the market along with a few others smaller
ones
|
PESTL
Analysis of Jamaica
|
Political
|
Economic
|
|
ü Complex tax regimes
ü Slow implementation of government policies
ü High crime rate
|
ü Weal local conditions
ü High electricity cost
ü High cost of capital
|
|
Social-Cultural
|
Technological
|
|
ü Consumer brand preferences
ü Employee theft
ü Inefficient work force
ü Consumer buying patterns
|
ü Competing technology development
ü Changes in mobile technology
ü Technological obsolesce
|
|
Legal issues
|
|
|
ü Employment law: working time, age, minimum wage rate, ect.
ü Health and safety regulations
ü Customer protection
|
|
Market
segmentation
|
Geographic
|
|
Kingston, Jamaica (corporate area)
|
|
Demographic
|
|
Entire Population
Of any income
|
Working class, professionals, shoppers,
senior citizens and unemployed
|
|
Psychographic
|
|
Working people and Senior citizens looking for a more convenient and
vast pharmacy
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People that are
suffering from chronic or permanent illness and needs constant supply of
medication.
|
Target Market
Market
Analysis
We provide well needed
services and products that everyone in our society will benefit from especially
those that suffers from chronic illnesses, persons with disabilities, and
others that are most vulnerable in Jamaica. We are targeting the entire
population of Jamaica. But for now our start–up target group are working class
people in and around the corporate area. These are the people that leaves work
at six; ironically at the same time most pharmacies close. These are the people that do not have enough
free time to shop around their elderly. These are they that we seek to assist,
for a fee of course.... our data analysis and observation shows that women are
most interested in the products and services we offer.
Statutory
Requirements
There
are a number of legal requirements that must be fulfilled before starting and
operating a business. Jamaica’s Business Name Act of 1934 makes it illegal to
start a business without first registering it with Companies of Jamaica, which
was formerly called the Office of the Registrar of Companies. Before registering
with Companies of Jamaica, however, we must decide upon the type of legal
structure your business will have. Since our stated business is a partnership,
it states that partnerships can legally exist with as few as 2 persons or as
many as 20 persons. Being that we want to register the business as a
partnership, we are looking forward to submitting the following:
Ø A
completed BN2 form
Ø Proof
of residential address and TRN are required for the applicant
Ø Optional
3 passport-size photographs of each partner, signed by a Justice of the Peace
Ø The
National Identification Card of each partner
The
registration fee for a partnership is JA$2,000.00. Once all those have been
completed, we the partners can then claim the name for the business and request
two very important numbers:
Ø the
Taxpayer Registration Number (TRN) and;
Ø the National Insurance Scheme (NIS) reference
number
Once you have our TRN and
NIS numbers, we can take the next step, which is to register with the Inland
Revenue Department to obtain permission to take various legal tax deductions,
such as those for:
Ø Income
tax
Ø Education
tax (ED tax)
Ø General
Consumption Tax (GCT)
If
necessary, we will need to obtain the appropriate patents of copyrights from
the Jamaican Intellectual Property Office. After which, we will register with
the Pharmacy Council of Jamaica and apply for a Tax
Compliance Certificate (TCC). To get a TCC, we will obtain a clearance letter
from the National Insurance Scheme (NIS) office, the National Housing Trust
(NHT) office, and provide our Business Name Certificate.
In addition, we may need
to comply with other licensing and/or inspections from the appropriate
government agencies, such as the Bureau of Standards. Specific industries must
also provide an Environmental Impact Assessment.
Legal Constraints
Legal
changes are happening on a daily basis, and as a result, can have a large
influence on what is happening within the business environment. Health and
safety legislative changes may increase costs, or force working practices to
change. This is particularly important when considering new businesses.
Legal
legislation changes may increase the cost of working practice to changes. This
is particularly important when considering a new business venture. Changes to
minimum wage, the standard working week and employee contracts need also to be
taken into consideration.
Thus,
there are many legally binding constraints that the business has to take into
consideration when implementing their respective business plans. Some may say
any service that peoples life or health depended on is risky business, however
we possess all the requisite skills and competencies to prevent major blunders
such as delivering wrong prescriptions to a customer but we are lawyered up
just in case.
Organization and Management
Objectives
To apply knowledge, skill and excellent working habits in the
required field of work to effectively and efficiently produce a high products
and services.
Vision and
philosophy
Here at carry-meds, it is an aspiration of ours to become one
of the first organizations within the pharmaceutical industry to offer home
delivery of orders and specialized transportation services of a high quality.
It is our vision for carry-meds to become well renowned; known for our
presentation of splendid Customer service, quality products as well as safe and
comfortable modes of transportation.
We live by the philosophy “a good name is better than great
riches”, this idea is not always well received by our employees, and however we
encourage working for commendation as well as compensation. Why? Because working for a name ensures that
you put your best foot forward while working for wealth only encourages
robbery. And as we all know- “honesty is the best policy”. There may be some
distance to go as it relates to attaining our set goals; never the less with
hard work and prayer we shall conquer all. It is said that Rome was not built
in a day, but we put it this way. No great idea, concept, thought, organisation,
city or kingdom was ever developed and brought to fruition by one person, one
lays the foundations and the other builds the walls.
It is very hard to survive day to day in these challenging
times especially for persons doing business since there is a decline in the
country’s economic development at the moment… and so there are dogs more than
bones in plain Jamaican terms. The reason we are able to be competitive and
reasonable in relation to cost of products and services is because we operate
as a floating organization. What do I
mean by a floating company/organization, we would hear persons say that they
are trying to stay afloat well this is the concept on which our philosophy is
based…..The term "float" refers to the regular shares that a company
has issued to the public that are available for investors to trade .floating as
it relates to this organisation is basically not having a fixed idea, opinion
or location; regardless of the fact that we have an office and store location
and staff we can be anywhere you want us to be, with your order of course. Now this is temporary as we plan to develop
and in such a way that we can create permanent employment for at least 1000
persons island wide.
Mission Statement
In all carry-meds products or services of distinction you will
find only superior quality. All task will be done to please clients, customers
member and partners; presenting a splendid display by the glorious tradition
and invention of organizational design, business concepts and marketing
techniques. The classic “Carry-Meds”. A name that will be synonymous to quality
as well as excellence, nationwide. Undoubtedly a manifestation of our
impeccable reputation that will stand the test of time. It is therefore with
considerable pride that we reaffirm my commitment to quality and excellence and
look forward to earning your complete satisfaction...
The company
Carry-Meds boasts a strong
founding team and well trained board of directors. Our primary advisor; Delroy
Garrison, brings 5 years’ of industrial experience with strong technical and
technological skills and is responsible for the management of operations. Mikaliah
Holt manages marketing,
accounting and management to accelerate, financing, market and general
management operations she has 2 years’ experience as a party promoter. Johnoy
Hammond, bring 9
years of experience in media and communication, shipping and resource management
given the years he spent running his own business.
Management summary
Two of our
strengths are the low cost structure and flexible personnel needs and Staff
with the necessary qualification and experience. The initial management team
consist of the founders themselves. Due to the company being new and of a small
size and capital structure we decided on using one person to provide external
direction for the company.
Management Team
Initially,
the founder and partners will share operational and financial responsibilities
of the company. Founder and partners will be responsible from sales, marketing,
and executives operations, and all other operations that are needed to make a
successful business. The triune management will oversee all company decisions
and operations.
The “TRIUNE” management
The CEO,
COO and CFO are three separate persons but act as a unit. To make major
decisions and future plan of actions for the company. All members will
contribute to the production of excellent products and sevices than will
satisfy the need of customers.
Organisational Structure
Johnoy
Hammond: Partner/CEO
Mr Hammond is responsible for all
executive operations as well as international relations and shipping. As the senior member of the management team he help develop strategy
and ultimately sets the direction to achieving objectives; Which markets will
the company enter? Against which competitors? With what product lines? How will
the company differentiate itself? Mr Hammond also, sets budgets, and is
responsible for how the company is view in the public domain.
Mikaliah Holt: Partner/CFO
Ms Holt
will hold responsibility for the financial aspect of the business, she will
oversee all financial operations of the business including;
Ø Controllership
duties - responsible for presenting and reporting accurate and timely
historical financial information of the company Follow us: Investopedia on
Facebook..
Ø Treasury duties –
She is also responsible for the company's present financial condition, so he or
she must decide how to invest the company's money, taking into consideration
risk and liquidity.
Ø Economic strategy
and forecasting - Not only is she responsible for a company's past and present
financial situation, she is also an integral part of a company's financial
future. Ms Holt must be able to identify and report what areas of a company are
most efficient and how the company can capitalize on this information
Ø Acts as mediator
between Mr Hammond and Mr Garrison; using her innate abilities to cause them to
see eye to eye.
Delroy Garrison: Partner/COO
Mr Garrison has the
responsibility for all industrial, technological and general operations of the
business. Mr Garrison’s goal is to ensure that a company is run in the most
efficient way possible, thereby maximizing profits and customer satisfaction.
He will make strategic company decisions by reviewing and assessing the
company's quality and efficiency. By meeting with other executives and getting
a clear picture of the overall needs of the company, the Mr Garrison can set
goals and policies for the company in order to make the necessary changes. Mr
Garrison also directs human resource and staff working conditions.
Organisational Chart (figure 4)
Business
structure
As a small business we decided to use the team
structure to an extent; meaning there will still be ranks and titles but
without the classification that usually segregate workers in traditional
companies. Due to the fact that initially we will have a relatively small
capital structure our capability to increase employee number will be limited in
the initial stages.
Reasons
why we chose the team structure:
1. Breaks down departmental barriers.
2. Decentralizes decision making to the team level.
3. Requires employees to be generalists as well as specialists.
4. Creates a “flexible bureaucracy.”
Definition of the Business
Carry meds is essentially a pharmaceuticals delivery
and transportation company. We specialize in prescription delivery and
transportation of our clients to and from doctor visits and or hospital visits.
We also do international sourcing, importation and door step delivery of
medical equipment. This business venture is unique to the Jamaican market. We
seek to target all demography’s of people. We measure our projected growth
using five simple ways to gauge whether or not your business is on the path to
success.
Profit
Profitability is probably the first thing people think
about when measuring success. Is the business making money? This is fairly
common sense, if there is money left after we have paid our monthly operating
expenses and debts. Due to the fact that our business took less startup capital
than projected we will easily take care of our operating expenses and overhead
on a monthly basis. And profits are projected to double in 2016 with the
implementation of the sourcing, importing and delivery of medical equipment in
close partnership with shop876.com.
- A growing customer base
In addition to profitability, a growing customer base
is a sure sign that we are effectively reaching our target market, and reaching
our target market is what this business is all about. A strong customer base is
essential to carry meds and We have a vibrant customer base. The long-term
growth of our company is tied directly to our ability to not only reach our
customer base, but to expand it to accommodate your long-term goals. The long
hours spent on the research and development of marketing strategies proved
themselves here.
Customer satisfaction
Customer satisfaction is another indicator that our
company understands the needs of our customers. Understanding our customers and
being able to satisfy their needs is crucial to the strength of our business. We
believe that one unsatisfied customer can negate the promotional impact of
several satisfied customers. Having strong customer service polices will add to
the success of our company.
Employee satisfaction
Employee satisfaction is another key indicator of
business’s success. We developed a work environment that rewards employees for
their hard work. This we believe is imperative in attracting and retaining
quality employees. If workers know they are appreciated, they are much more
likely to go the extra mile when needed. Employees are an indispensable part of
our business. They are the face that greets our customers. Do everything within
your power to make sure that face is a smiling one.
Owners’ satisfaction
Perhaps the most important measure of business success
is whether we the owners are satisfied with the results of business ownership.
Dissatisfaction is contagious. If we're not happy with our business, it won't
be long before our dissatisfaction begins to affect the employees and even the
customers. Every once in a while, we carve out time for a reality check.
Identify the sources of our dissatisfaction and make the necessary changes
before it's too late. This simple five
step program is what we believe to be the best what to calculate our projected
growth for such a unique market and business venture.
Purpose of the Business Plan and Justification of
business
To map the future
By committing our thoughts to paper,
we understand our business better and also chart specific courses of action
that needs to be taken to improve our business. This plan detail alternative
future scenarios and set specific objectives and goals along with the resources
required to achieve our goals. By understanding our business and the market a
little better and planning how best to operate within this environment, we will
be well placed to ensure our long-term success.
To support growth and secure funding
Our business like any other businesses is faced with
investment decisions during the course of their lifetime. Often, these
opportunities cannot be funded by free cash flows alone, and the business must
seek external funding. However, despite the fact that the market for funding is
highly competitive, all prospective lenders will require access to the
company’s recent Income Statements/Profit and Loss Statements, along with an
up-to-date business plan. In essence the former helps investors understand the
past, whereas the business plan helps give them a window on the future.
To help
manage cash flow
Careful management of cash flow is a fundamental requirement
for all businesses. The reason is quite simple–many businesses fail, not
because they are unprofitable, but because they ultimately become insolvent
(i.e., are unable to pay their debts as they fall due). While the break-even
point–where total revenue equals total costs–is a highly important figure for
start-ups, once a business is up and running profitably, it becomes less
important. This is why we are also seeking a financial advisor to help us with
the management of our cash flow.
Business feasibility
Based
on the information learnt and investigated in the feasibility study previously,
it was learnt that this business venture would do well in Kingston and the
cooperate area. From the market feasibility we learnt that: The particular
market segments of women and persons of the working class are most interested
in our services. Our target is the entire population but more specially:
Ø The
business person who works late
Ø Persons
with terminal or chronic illness that needs a constant supply of
pharmaceuticals or medical equipment.
Ø The
disabled
Carry-Meds expects to
gain twenty five percent (25%) of the market in two and a half years by:
Ø Improved
and more customer friendly operations.
Ø Improving
the Pharmacy’s customer experience by introducing incentive customer programs
such as making a single purchase of five hundred or more dollars, can opt for a
discount or become a prescribes member for added benefits.
Ø Entering
into new markets that will boost sales
The risks that can be
associated with Carry-Meds can be broken down into two categories; business and
market risks.
The markets risks of this
venture could include:
Ø Our
current competitors becomes more effective with their marketing ideas and deals
Ø A
competitor introduces a more creative and costly effective idea
Ø A
slump in the economy reducing customer's disposable income
Ø Another
business could start offering a similar idea (new business/same idea concept)
Ø Free
health care and medication and improved public medical services
The business risks that
can be affiliated with this venture could include:
Ø Inadequate
investors
Ø Starting
a business in Jamaica’s current economic situation
Ø Choosing
a wrong location.
Our
risk mitigation is simple. Be a sheep in wolfs clothing and become a friend and
asset to all who may seem to be competitors, then Bam! Gorilla marketing
strategy takes off causing our business to take off; taking their customers
with us.
On
a lighter note however Carry-meds intends on having a positive impact on the
environment, and aid in boosting Jamaica’s economic conditions. Jamhop plans on
having 100% sanitized surroundings year round, making use of proper disposal
mechanisms, using clean water, having clean water tanks, constantly sterilized
equipment, and properly disposal of our waste.
Product
Characteristic
We
strive to offer our valued customers, partners and other stakeholder the best
possible products, service and price. We effectively and efficiently fill and
deliver prescription, medications and vital medical supplies for our subscribed
customers upon request or as soon as their supply at home ends, also we
transport our customer to and from there medical appointments and source, ship
and deliver medical equipment and devices upon customers or partners request. The
general public and an approximated 85% or respondents believe that the products
and services we offer are valuable and would be well received by most
Jamaicans.
Market
Analysis
We
provide well needed services and products that everyone in our society will
benefit from especially those that suffers from chronic illnesses, persons with
disabilities, and others that are most vulnerable in Jamaica. We are targeting
the entire population of Jamaica. But for now our start–up target group are
working class people in and around the corporate area. These are the people
that leaves work at six; ironically at the same time most pharmacies
close. These are the people that do not
have enough free time to shop around their elderly. These are they that we seek
to assist, for a fee of course.... our data analysis and observation shows that
women are most interested in the products and services we offer.
Sales
Analysis
We make money from the sourcing of medical
supplies and equipment for both our partners and customers. Other services that
will also generate some amount of revenue is the monthly subscription fees,
sale of stock, transportation service and advertising on our vehicles. Based on
our findings we are anticipate that our potential customers are those that
currently support and are members at other pharmacies. Our delivery service
being the most attractive feature. Analysis of the findings showed that
approximately 90% of respondents selected and suggested prices and prices rages
that are higher that what had in mind initially.
Customer
Analysis
It is our belief that our customers are our
most valuable possession.it is our aim to make our customers believe that they
are our first priority but instilling in them a sense of; pride, confidence,
importance, trust, reliability, genuine care and concern as well as value in
the sense of being economically friendly. Our findings show clearly that
partnership with other pharmacies medical practitioners and institutions is
pivotal to achieving the customer base we desire, as these prospective
customers are already affiliated with existing entities.
Promotion
and Advertising
Our
main partners are medical practitioners Pharmacies, Medical practitioners,
clinics and hospitals and we aim is to grow from strength, causing our business
and the great work we do and the excellent service we provide to extend to
every “crivis and corner” of Jamaica. We expect to get most of our customers
through the oldest and by far most effective channel; word-of-mouth, In
addition to, referrals and commendation. Carry-Meds will be sponsoring events
in order to for potential customers to get familiar with us. We also plan to
network and do follow-up with our clients in order to keep them and get more. Once we have spoken with our client it is important to
follow up by mail or email, if only to confirm with them the items you
discussed. This also sets the tone for further talks and reminds them that they
are important to us. A great sales pitch consists
of not only showing the prospect your product but we are also selling
ourselves.
According
to our correspondents mass advertising is the way to go, invading the market at
once so individuals will be notified about our product at every location. This
will make individuals more informed and aware about our service.
Pricing
Strategy
Analysis of the findings showed that
approximately 90% of respondents selected and suggested prices and prices rages
that are higher that what had in mind initially. This basically is enough proof
that our pricing strategy is reasonable and will work. To
become a subscribed member you pay a quarterly subscription fee of only $3000
and sig a few docs and you can get all your doctor’s orders and prescription
delivered to you. Our sock in our store location will be discounted for
everyone and however subscribed members get an additional 5% discount. Our
specialized transportation service I dealt with on a clientele level as this is
what the majority of respondents requested, therefore rate and terms of
agreement are negotiable. To attract customers we will use Market penetration
this when we set the product at a lower cost and then increase overtime and
during off peak season we will use Product Bundle Pricing this is when we
bundle different product and price the bundle at a reduce cost. Our Price
Adjusting Strategies include discount and allowance pricing at certain periods
and to certain customers and Promotional Pricing will be used during Customer
Appreciation Periods “goods and services sold cheaper.”
Competition
Our main competitions are
existing pharmacies. A famous Jamaica saying states “if you can’t beat them
join them” we don’t intent to compete necessarily. What we will do is forge
partnerships in that we will get to the point of delivering for other pharmacies
and sourcing supplies for them as well. Our main partners are medical
practitioners (doctors, dentists, psychiatrists, obstetricians etc.) both those
with private practice and those that practice publicly, pharmacies a medical
supply importer along with our independent shipping department. With all these
partners we will build and expend creating a more rewarding experience for our
customers and partners. Our affiliations with existing entities will do a lot
for our business name and there customer will eventual take a peek over the
picket fence.
Human Recourses
At
Carry-Meds, our staff is the most essential and important resource. The
sourcing and staffing consideration will be done in order to choose the most
suitable candidates for jobs. These individuals who are the best for the job
must be hardworking and dedicated. Human resource recruiting activities are
will be done in an effective and creative method.
The
creative methods will include the utilization of employment agencies, newspaper
advertisements through the career section of the gleaner and through
recommendation from educational institutions like UTECH, UWI, HEART, etc. the
next step will be to select the most suitable candidates through interviews,
background check and a written test. In the interview the following question
may be asked:
- Why are
you the best candidate for this job?
- What
qualifications do u have?
- What
motivates you to work to the best of your ability?
- How do you
define doing a good job?
- Tell me
about the last time you made a mistake and how u corrected it?
- Where do
you see yourself five years from now?
As
time progresses we plan to grow from strength to strength and as our revenue
grow so should our operations; hence increase in number of employees. Some
position we will most likely have available are:
Ø
Middle managers
Ø
Pharmacists
Ø
Office staff
Ø
Accounting clerks
Ø
Packaging clerk
Ø
Sales and marketing representatives
Ø
Professional drivers
Ø
Delivery personnel’s
Ø
Community agents
Since
our staff is the most important resource, thus a great deal of time will be
spent on training and development. Each year Carry-Meds will carry out a one
seminar to update our staff. This will facilitate growth and staff empowerment.
The discussions will be on time management and customer service, communication,
adapting to change service and decision making.
Operational
considerations
At
Carry-Meds we operate with considerations of our target market. Specific
attention will be paid to location, technical requirements, suppliers of raw
materials and utilities.
The Technical Requirements
Carry-Meds
seeks to employ persons with the requisite qualification, skills and abilities
to get the job done successfully. It is also intended to employ people who make
the customers pleased so that they will come again. Each member will be
properly trained on how to carry out their specific task. They should also be
well rounded so as to be able to help in all areas of operation.
Carry meds operates out of a private
headquarters on Spanish town road however we mainly communicate and do business
virtually through our website, emails and our social media pages. Our business
hours are between the hours of 8am and 10pm six days per week. We do not yet
operate on public holidays. Orders can be placed at any time however deliveries
are made upon until closing time.
Production process
Carry meds is a services oriented business
with also a retail aspect that sources and delivers medical equipment to
individuals and businesses.
Suppliers
Our main suppliers are pharmacies
where the prescriptions are filled they provide the medicines that we deliver
to our clients. Secondly shop876 is our primary supplier as it relates to the
sourcing and importation of medical equipment it is through this partnership
that we will acquire most of our stock.
Plant & equipment
Our current equipment are
one reliable motor van owned by carry meds. We also are in the process of
acquiring four Mac computers to aid in our filing, technical and administrative
support and running of our business these new Mac system are expected to be
purchased to begin staff training in January 2016.
Inventory
To date we currently own one motor van. The
partners in the business own personal laptops that are used in the business’s
operations. A description of the inventory item (including make/model, name or
reference number)
Trading hours
List your normal trading hours. Detail your
expected peak trading times and which times you expect to be more profitable.
Also include how this will change over different seasons and how your trading
hours will accommodate these changes.
Communication channels
There are several ways in
which our customers can contact us. These include through our social media
pages, through our website, or by telephone.
Payment types accepted
Carry-Meds accepts all forms of payment cash,
credit, cheque, gift cards, and our most recent addition PayPal.
Warranties & refunds
All prescriptions
delivered are final. All medical equipment sourced, imported and delivered.
However in the event of special cases customers can Visit our Warranties
& refunds page on our website.
Memberships & affiliations
Our main affiliate is
shop876.com a pioneer shipping company that operates out of Kingston Jamaica.
Our Suppliers
|
Materials
|
Suppliers
|
|
pharmaceuticals
|
A.F. Hauser, Inc. and Ameristat
Pharmaceuticals, Inc. (USA)
|
|
Medical equipment
|
Jamaica Medical Equipment &
Supplies
Fresenius Medical Care AG & Co.
(Japan)
Baxter
International Inc. and Siemens (USA)
|
|
Specializes transportation vehicles
|
Changzhou Technology CO.,LTD. (Japan)
|
|
Packaging accessories
|
Jamaica Packaging Industry Ltd
|
The Utilities
Utilities are essential for the day to day
running of Carry-Meds. It is the physically impossible for the business to
operate without it. Utility supply is obtained from the various utility companies
but in the case of power loss there will be a generator the supplies
electricity. This generator will be eco-friendly. The following companies that
will supply Carry-Meds are:
Ø
Jamaica Public Service (JPS Co) – Electricity
Ø
Flow (telephone, landline) – Telephone and
internet
Ø
National Water Commission (NWC Co) – Water
Ø
Arscott's Shell Service Station 146 1/2
Spanish Town Rd - Fuel
In the financial section, there will be a
calculation on the amount of money these utilities will cost our company.
Marketing Arrangement
Target Market: The general population
of Jamaica is the first priority when thinking about who to target. These 1.5
million persons can further be segmented into interval entailing both males and
females and is defined as our target market.
Definition of product:
Pricing: The pricing strategy that
Carry Meds will be using is penetration pricing where price set to ‘penetrate
the market’ low price to secure high volumes.
For the first month Carry Meds will be offering a 10% discount to
consumers. The benefit of a penetration
pricing strategy is that it can quickly increase the business market share. The
business owner will deliberately price products low to achieve a high business
volume. Subsequently, will likely focus on producing high quality products to
keep those customers. Meeting competitive prices is just a safe alternative.
Promotion: according to Kotler (2010),
promotion is the publicizing of a product, organization, or venture so as to
increase sales or public awareness. With this knowledge, different forms of
advertising will also be used, including social media, billboards and
newspapers. In addition, we will give brochures to the different doctor’s
office and pharmacies, so they can participate in making Carry Meds Delivery
Company a success.
Distribution or Place: From the mid 19
century, entrepreneurs and other business personnel’s have realized the need to
serve consumers more efficiently. This has put Carry Meds in the position where
it will be manufacturing some of its products and distributing the product.
Jamaica is quite a small country, therefore distributing would relatively be
easy and cheap to reach the final consumer. Half way Tree has been viewed over
the many years as one of Jamaica’s busiest metropolitan area. Having a business within this shopping
district can be very beneficial to entrepreneurs because this is a place where
persons usually go to spend.
With relation to the three additional
P’s; People have an important role in service
delivery, they are relied upon to deliver and maintain transactional marketing
and people play an important part in the customer relationship. Secondly,
packaging of the product should be so appealing that it will market itself
without saying anything. This is also seen as a sales man of the product.
Finally positioning has to do with the space the product holds in the mind of
consumers when compared to competitors. Carry Meds not only focuses on the
basic marketing mix but has gone further to show the relationship of having all
seven present.
Financial
considerations
Calculations are done using the Jamaican currency.
Capital
Expenditure Budget
|
Asset
|
Cost
|
|
Delivery vehicles
|
$
2,000,000.00
|
|
Other Equipments
|
$
220,000.00
|
|
Tables and chairs
|
$
25,000.00
|
|
Telephone
|
$
12,000.00
|
|
Total
|
$
2,257,000.00
|
|
Pre-Operation
Expenses
|
|
|
Registration Fees
|
$
60,000.00
|
|
Insurance
|
$
220,000.00
|
|
Total
|
$
280,000.00
|
|
Working
Capital Requirements
|
|
|
Salary
|
$ 4,260,000.00
|
|
Utilities
|
$
1,500,000.00
|
|
Rent
|
$
240,000.00
|
|
Advertising
|
$
350,000.00
|
|
Repair and Maintenance
|
$
50,000.00
|
|
Total
|
$ 6,400,000.00
|
|
Start-Up
Cost
|
|
|
Capital Expenditure
|
$ 757,000.00
|
|
Pre-Operating Expenses
|
$
95,000.00
|
|
Total
|
$ 852,000.00
|
|
Sources
of Finance
|
|
|
Partners
|
$
10,000,000.00
|
|
Total
|
$
10,000,000.00
|
Income statement for Carry Meds for period 2016-2018
|
|
2016
|
2017
|
2018
|
|
1.Net Sales
|
$
|
$
|
$
|
|
Sales
|
17,000,000
|
18,000,000
|
20,000,000
|
|
-return inwards
|
(50,000)
|
(40,000)
|
(30,000)
|
|
|
16,950,000
|
17,960,000
|
19,970,000
|
|
2.less cost of goods
sold
|
(6,500,000)
|
(7,100,000)
|
(7,500,000)
|
|
Gross profit
|
10,450,000
|
10,860,00
|
12,470,000
|
|
3.less expenses
|
|
|
|
|
Salaries
|
4,260,000
|
4,280,000
|
4,300,000
|
|
Insurance
|
220,000
|
230,000
|
240,000
|
|
Utilities
|
1,500,000
|
1,750,000
|
2,000,000
|
|
Promotion and
advertising
|
350,000
|
370,000
|
400,000
|
|
Rent
|
500,000
|
510,000
|
520,000
|
|
Miscellaneous
|
450,000
|
420,000
|
390,000
|
|
Total expenses
|
(7,280,000)
|
(7,560,000)
|
(7,850,000)
|
|
Net Income
|
3,170,000
|
3,300,000
|
4,620,000,000
|
|
|
|
|
|
Cash flow for Carry Meds for period 2016-2018
|
|
2016 ($)
|
2017($)
|
2018 ($)
|
Total ($)
|
|
Income:
|
|
|
|
|
|
Cash sales
|
17,000,000
|
18,000,000
|
20,000,000
|
55,000,000
|
|
Credit sales
|
-
|
-
|
-
|
-
|
|
Total
|
17,000,000
|
18,000,000
|
20,000,000
|
55,000,000
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
creditors
|
3,000,000
|
4,000,000
|
5,000,000
|
25,000,000
|
|
Salaries
|
4,260,000
|
4,280,000
|
4,300,000
|
12,840,000
|
|
expenses
|
7,280,000
|
7,560,000
|
7,850,000
|
22,690,000
|
|
Fixed assets
|
-
|
-
|
-
|
-
|
|
Total
|
14,540,000
|
15,840,000
|
17,150,000
|
47,530,000
|
|
Balance of cash b/f
|
2,460,000
|
2,160,000
|
2,850,000
|
7,470,000
|
|
Add difference
between receipts & payments
|
3,170,000
|
3,300,000
|
4,620,000
|
|
|
|
5,630,000
|
5,460,000
|
7,470,000
|
18,560,000
|
Balance sheet of Carry Meds as at 2016
|
Non-current assets
|
($)
|
($)
|
|
Delivery vehicle
|
2,000,000
|
|
|
Equipments
|
220,000
|
2,220,000
|
|
Current asset
|
|
|
|
Cash
|
2,240, 000
|
|
|
Stock
|
1,340,000
|
3,580,000
|
|
Total asset
|
|
5,800,000
|
|
Equity and liabilities
|
|
|
|
Opening balances
|
5,630,000
|
|
|
Net profit
|
3,170,000
|
8,800,000
|
|
Current liabilities
|
|
|
|
creditors
|
(3,000,000)
|
(3,000,000)
|
|
|
|
5.800,000
|
Implementation
Schedule
The three partners of Carry Meds have identified a gap existing
in the current market for the business to flourish and be successful. A
feasibility study was done by researching and gathering data from potential
consumers. The study will show how viable the business idea is and if there are
any potential customers. This research will provide necessary information to
decide whether or not there is a real need for the service; identifying a
target market and the different aspects of operating the business. After analysing
the findings of the study, a business plan will be written consisting of an
industrial analysis, marketing arrangements, organization and management and
human resources and financial considerations.
The business will have an estimated 2 months for completion; the
partners will then have to acquire legal requirements, source a suitable
location and register the business. Thereon, the business can within a month
source the required equipment and components to manufacture the product. Next
utilities and sourcing of staff will need to be organized and addressed in a
one and two month period respectively. When the interviews and selection of the
staff is completed, the business can begin to meet with financial institutions
to acquire any funding if necessary. In the last section of the year the
business will try to gain knowledge about potential competitors and information
on our customers to ensure maximum satisfaction with our services.
Once the business is in near opening, numerous forms of advertising
will be implemented to increase the awareness of the organization and to
increasing our customer base. Afterwards Carry Meds will begin its operation in
the following year provided all time estates are met.
The chart below
depicts how tasks will be disseminated using the Gantt approach
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TASK
|
1-Jan
|
1-Feb
|
1-Mar
|
1-Apr
|
1-May
|
1-Jun
|
1-Jul
|
1-Aug
|
1-Sep
|
1-Oct
|
1-Nov
|
1-Dec
|
|
Completion
of Business Plan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing
Contract
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registering
of the Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquiring
of Legal Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sourcing
Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Required
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recruitment
of Staff
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conferencing
with Financial Institutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promotion
and Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gantt chart for 6 months before start of business
|
|
|
ACTIVITIES
|
Jun
|
Jul
|
Aug
|
Sept
|
Oct
|
Nov
|
|
|
Doing and feasibility study for Jam Hop
|
|
|
|
|
|
|
|
|
Identify your target market and main suppliers
|
|
|
|
|
|
|
|
|
putting together a business plan to help attract investors
|
|
|
|
|
|
|
|
|
Finding a suitable
location and preparing the establishment
|
|
|
|
|
|
|
|
|
Licensing and registering the business name
|
|
|
|
|
|
|
|
|
Recruitment and training of staff
|
|
|
|
|
|
|
|
|
Establishing workplace
health and safety
|
|
|
|
|
|
|
|
|
Promoting business and products
|
|
|
|
|
|
|
|
|
Purchasing of Equipment
|
|
|
|
|
|
|
|
|
Grand Opening
|
|
|
|
|
|
|
|
|
Gantt chart for 6 months after start of business
|
|
ACTIVITIES
|
Dec
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
|
Promotional activities
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
Evaluation of workers
|
|
|
|
|
|
|
|
Quarterly Maintenance
|
|
|
|
|
|
|
Appendices
Company logos
Plans for Cary-Meds future development in the Half Way Three
business district.
Legal documents
Carry-Meds General Partnership
Agreement
________________________________________________,
residing at ____________________
____________________________________________________and______________________
________________________________________________,
residing at __________________
______________________________________________________,
hereinafter referred to as the “Partners” agree as follows:
1. Type of Business.
The Partners voluntarily associate
themselves together as general partners for the purpose of conducting the
general business of _______________________________________, and any other type
of business that may from time to time be agreed on by the Partners.
2. Name of Partnership.
The name of the Partnership shall be
____________________________________________
__________________________________.
This name will be registered in the office of the Secretary of State as the
fictitious name of the Partnership.
3. Term of Partnership.
The Partnership shall commence
on______________________________________________
and shall continue until
________________________________________________________ or terminated as
provided in this Agreement.
4. Place of Business.
The principal place of business of the
Partnership shall be at _____________________________ (address),
___________________________,
____________________________, _____________________
And any other place or places that may
be mutually agreed on by the parties to this Agreement.
Sample General Partnership Agreement
5. Initial Capital.
The initial capital of this Partnership
shall be the sum of $____________________________, to which each Partner shall
contribute by depositing in a checking account in the name of the
Partnership at the
_________________________________ in ___________________________
___________________ on or
before_____________________________, the following amounts:
____________________________ shall
contribute $ _______________
____________________________ shall
contribute $ _______________
6. Withdrawal of Capital.
No Partner shall withdraw any portion
of the capital of the Partnership without the express written consent of the
other Partners.
7. Profits and Losses.
Any net profits or losses that may
accrue to the Partnership shall be distributed to or borne by the Partners.
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________
8. Partnership Books.
At all times during the continuation of
the Partnership, the Partners shall keep accurate books of account in which all
matters relating to the Partnership, including all of its income, expenditures,
assets, and liabilities, shall be entered. These books shall be kept on
________________________ basis and shall be open to examination by either
Partner at any time.
9. Fiscal Year.
The fiscal year of the Partnership
shall end on the ___________ day of ___________________ each year.
Sample General Partnership Agreement
10. Accountings.
A complete accounting of the
Partnership affairs as of the close of business on the last day of
March, June, September, and December of
each year shall be rendered to each Partner within
____________ Days after the close of
each of those months. On each accounting, the net profits of the Partnership
shall be distributed to the Partners as provided in this Agreement to the extent
that cash is available for this distribution. Except as to manifest errors
discovered within ____________ days after its rendition, each accounting shall
be final and conclusive to each Partner.
11. Time Devoted to Partnership.
Each Partner shall devote his or her
undivided time and attention and use the utmost of his or her skills and
ability in furtherance of the Partnership business.
12. Management and Authority.
Each Partner shall have an equal voice
in the management of the Partnership and shall have authority to bind the
Partnership in making contracts and incurring obligations in the name and on
the credit of the firm. However, no Partner shall incur any obligations in the
name or on the credit of the firm exceeding $_____________________ without the
express written consent of the other
Partner. Any obligation incurred in
violation of this provision shall be charged to and collected from the
individual Partner incurring the obligation.
13. Salaries.
As compensation for his or her services
in and to the Partnership business, each Partner shall be entitled to a salary
of $______________ each month, which shall be deducted by the Partnership as an
ordinary and necessary business expense before determination of net profits.
The salary of any Partner may, however, be increased or reduced at any time by
mutual agreement of all the
Partners.
14. Net Profits Defined.
The term “net profits” as used in this
Agreement shall mean the net profits of the Partnership as determined by
generally accepted accounting principles for each accounting period provided
for in this Agreement.
15. Withdrawal of Partner.
Any Partner may withdraw from the
Partnership at the end of any accounting period by giving the other Partner
____________________ days, written notice of his or her intention to do so.
16. Option to Purchase Terminated
Interest.
On dissolution of the Partnership by
the withdrawal or other act of a Partner, the remaining
Partner, on written notice to the other
Partner within __________________ days of the dissolution, may continue the
Partnership business by purchasing the interest of the other Partner in the
assets and good will of the Partnership. The remaining Partner shall have the
option to purchase the interest of the withdrawing Partner by paying to this
Partner or the Partner’s personal representative the value of the interest
determined as provided in Paragraph 17 of this Agreement.
17. Purchase Price of Partnership
Interest.
On exercise of the option described in
Paragraph 16 above, the remaining Partner shall pay to the person who is
legally entitled to it the net book value of the interest as shown on the last
regular accounting of the Partnership preceding the dissolution together with
the full unwithdrawn portion of the deceased, withdrawing, or terminated
Partner’s distributive share of any net profits earned by the Partnership
between the date of the accounting and the date of dissolution of the
Partnership.
18. Buy-Sell Agreement on Death of
Partner.
If the Partnership is dissolved by the
death of a Partner, the remaining Partner shall have the obligation within
_________________ days from the death of the deceased partner to purchase the
interest of the deceased Partner in the Partnership and to pay to the personal
representative of the deceased Partner the value of that interest as provided
in Paragraph l7 of this Agreement. During this _______________-day period
following the death of a Partner, the remaining Partner may continue the
business of the Partnership but the estate or personal representative of the
deceased Partner shall not be liable for any obligations incurred in the
Partnership business that are greater than any amount includable in the estate
of the deceased Partner that was previously invested or involved in the Partnership
and remained so on the date of death. The estate of the deceased Partner shall
be obligated to sell his or her Partnership interest as provided in this
Agreement and shall be entitled, at the election of the personal representative
of the deceased Partner, either to one-half of the net profits earned by the
Partnership business during this _______________-day period or to interest for
the use during this period of the deceased’s interest in the Partnership
business at the rate of ______________ percent a year on the value of the
partnership interest determined as provided in Paragraph 17 of this Agreement.
19. Duties of Purchasing Partner.
On any purchase and sale pursuant to
the provisions of Paragraphs 16, 17, or 18 of this Agreement, the remaining
Partner shall assume all obligations and shall hold the withdrawing Partner,
the personal representative and estate of a deceased Partner, and the property
of any withdrawing or deceased Partner, free and harmless from all liability
for these obligations. Furthermore, the remaining partner, at his or her own
expense, shall immediately cause to be prepared, filed, served, and published
all notices that may be required by law to protect the withdrawing Partner or
the personal representative or estate of a deceased Partner from liability for
the future obligations of the partnership business.
20. Dissolution.
On dissolution of the Partnership other
than as provided in Paragraphs 16, 17, and 18 of this Agreement, the affairs of
the Partnership shall be wound up, the assets of the Partnership liquidated,
the debts paid, and the surplus divided equally among the Partners.
21. Notices.
All notices between the parties
provided for or permitted under this Agreement or by law shall be in writing
and shall be deemed duly served when personally delivered to a Partner or,
instead of personal service, when deposited in the United States mail, as
certified, with postage prepaid, and addressed to the partner at the address of
the principal place of business of the Partnership or to another place that may
from time to time be specified in a notice given pursuant to this paragraph as
the address for service of notice on the Partner.
22. Consents and Agreement:
All consents and agreements provided
for or permitted by this Agreement shall be in writing and a signed copy of
them shall be filed and kept with the books of the Partnership.
23. Sole Agreement.
This instrument contains the sole
agreement of the parties relating to their Partnership and correctly sets forth
the rights, duties and obligations of each to the other in connection with is
as of its date. Any prior agreements, promises, negotiations, or
representations not expressly set forth in this Agreement are of no force or
effect.
Executed this ___________________ day
of _________________________, 19__________ at ______________________________
County_________________________________.
_____________________________________
_____________________________________
** PLEASE NOTE: The above document is a
sample document only and will require individual tailoring to the needs and
purposes of each individual general partnership. Important considerations to
incorporate in every partnership agreement include tax issues, sharing of
profits based on contribution and a buy-out provision.
Information
gathering instrument
This questionnaire is being issued for a market
research prior to the launch of a medical supply pharmaceuticals purchases and
delivery and transportation company. Your assistance is highly anticipated and
would be highly appreciated. Thanks in advance.
C-M___
1) What
is your gender?
Male
Female
Other
2) To
what age group do you belong?
18-28
29-39
40-49
50-older
3) Occupational
status
Employed
Unemployed
4) Address____________________________________________________________________________________________________________________________________
5) Do
you or anyone you know have a chronic illness or disability?
yes
no
6) If
yes how often do they visit the doctor’s office?
Weekly
bi-weekly
Monthly
Other,
specify _____________________
7) do
you or anyone you know require a constant supply of medical supplies, equipment
or pharmaceuticals
yes
no
8) If
yes (previous question) how often do you r that person require these medical
supplies?
weekly
bi-weekly
Monthly
Other,
specify _____________________
9) Would
you consider using a delivery service to receive your prescription medications?
Yes
No
10) On
average, what length of time do you spend in a pharmacy?
15
minutes
30
minutes
45
minutes
Over a hour
11) What
do you find that most pharmacies are lacking?
__________________________________________________________________
12) The
possibility of using carry-meds to have your prescription filled and delivered
to your home.
Impossible
possible
Not
sure
Very possible
13) Do
you think a pharmacy that sources medical supplies, sells mobility devices,
offers specialized transportation and fill and home deliver orders is something
that Jamaica needs and will support?
Yes
No
State
your thoughts _______________________________________________________
_______________________________________________________________________
14) How
does our business idea and its stated services compare to what already exists?
Different
Very
different
Similar
Other
________________________________________
15) Do
you think pharmaceuticals and medical supplies are too expensive?
Yes
No
16) Do you believe that ordering medical
equipments online will be cheaper than to buy them in Jamaica?
Yes
No
17) Would
you use an on-call specialized transportation service to take you to the doctor
or other destinations?
Yes
No
18) How
much will you be willing to pay for this service(stated above)
Per
kilometer + waiting per day/ chartered
per
hour + waiting Special arrangement
The Amount $______________________________
19) Do
you believe you are given adequate privacy when you are filling a prescription?
Yes
b)
No
20) Are
you given discounts on medication when you visit the pharmacy regularly?
Yes
No
21) Are
the medical equipment’s you or your relatives require readily available in
Jamaica?
Yes
No
22) Do
you have health insurance?
Yes
No
Agreement between partners
This Partnership Agreement is made on October 10, 2015
between Delroy Garrison, Mikaliah
Holt, and Johnoy Hammond,
Name and Business
the parties hereby form a partnership under the name of Carry-Meds Pharmacy operate.
The principal office of the business shall be Spanish town road Kingston,
Jamaica, West Indies.
1.
Term
The partnership shall begin on November 19, 2011 and shall continue until
terminated.
2.
Capital
The capital of the partnership shall be contributed in cash by the partners as
follows:
·
A
separate capital account shall be maintained for each partner.
·
Neither
partner shall withdraw any part of their capital account.
·
Upon
the demand of either partner, the capital accounts of the partners shall be
maintained at all times in the proportions in which the partners share in the
profits and losses of the partnership.
3.
Profit and Loss
the net profits of the partnership shall be divided equally between the
partners and the net losses shall be borne equally by them. A separate income
account shall be maintained for each partner. Partnership profits and losses
shall be charged or credited to the separate income account of each partner. If
a partner has no credit balance in their income account, losses shall be
charged to their capital account.
4.
Salaries and Withdrawals
neither partner shall receive any salary for services rendered to the
partnership. Each partner may, from time to time, withdraw the credit balance
in their income account.
5.
Interest
No interest shall be paid on the initial contributions to the capital of the
partnership or on any subsequent contributions of capital.
6.
Management Duties and Restrictions
The partners shall have equal rights in the management of the partnership
business, and each partner shall devote their entire time to the conduct of the
business. Without the consent of the other partner neither partner shall on
behalf of the partnership borrow or lend money, or make, deliver, or accept any
commercial paper, or execute any mortgage, security agreement, bond, or lease,
or purchase or contract to purchase, or sell or contract to sell any property
for or of the partnership other than the type of property bought and sold in
the regular course of its business.
7.
Banking
All funds of the partnership shall be deposited in its name in such checking
account or accounts as shall be designated by the partners. All withdrawals
therefrom are to be made upon checks signed by either partner.
8.
Books
The partnership books shall be maintained at the principal office of the
partnership, and each partner shall, at all times have access thereto. The
books shall be kept on a fiscal year basis, and shall be closed and balanced at
the end of each fiscal year. An audit shall be made as of the closing date.
9.
Voluntary Termination
The partnership may be dissolved at any time by agreement of the partners, in
which event the partners shall proceed with reasonable promptness to liquidate
the business of the partnership. The partnership name shall be sold with the
other assets of the business. The assets of the partnership business shall be
used and distributed in the following order:
(a) to pay or
provide for the payment of all partnership liabilities and liquidating expenses
and obligations;
(b) to equalize the income accounts of the partners;
(c) to discharge the balance of the income accounts of the partners;
(d) to equalize the capital accounts of the partners; and
(e) to discharge the balance of the capital accounts of the partners.
10.
Death
Upon the death of either partner, the surviving partner shall have the right
either to purchase the interest of the decedent in the partnership or to
terminate and liquidate the partnership business. If the surviving partner
elects to purchase the decedent's interest, he shall serve notice in writing of
such election, within three months after the death of the decedent, upon the
executor or administrator of the decedent, or, if at the time of such election
no legal representative has been appointed, upon any one of the known legal
heirs of the decedent at the last-known address of such heir.
(a) If the
surviving partner elects to purchase the interest of the decedent in the
partnership, the purchase price shall be equal to the decedent's capital
account as at the date of their death plus the decedent's income account as at
the end of the prior fiscal year, increased by their share of partnership
profits or decreased by their share of partnership losses for the period from
the beginning of the fiscal year in which their death occurred until the end of
the calendar month in which their death occurred, and decreased by withdrawals
charged to their income account during such period. No allowance shall be made
for goodwill, trade name, patents, or other intangible assets, except as those
assets have been reflected on the partnership books immediately prior to the
decedent's death; but the survivor shall nevertheless be entitled to use the
trade name of the partnership.
(b) Except as
herein otherwise stated, the procedure as to liquidation and distribution of
the assets of the partnership business shall be the same as stated in paragraph
10 with reference to voluntary termination.
11.
Arbitration
Any controversy or claim arising out of or relating to this Agreement, or the
breach hereof, shall be settled by arbitration in accordance with the rules,
then obtaining, of the American Arbitration Association, and judgment upon the
award rendered may be entered in any court having jurisdiction thereof. In
witness whereof the parties have signed this Agreement.
Executed this ______________ day of _________________,
2015 in Kingston, Jamaica, West Indies.
|
________________________
|
________________________
|
|
Signature
of Party 1
|
Signature
of Party 2
|
|
________________________
|
________________________
|
|
Signature
of Party 3
|
Signature
of Party 4
|
Faculty:
...............................................................................................
School/Department:
..............................................................................
Course
Code and Title: ..........................................................................
Submitted
to: Name:
................................................................................
I.D. number:
........................................................................
Telephone number:
...............................................................
Date
of submission:
......................................................................................
Title
of assignment: .......................................................................................
Declaration:
I certify that I am the author of this paper and that any assistance I received
in its’ preparation is fully acknowledged and disclosed in the paper. I have
also cited all sources from which I used visuals, data, idea or words. Either
quoted directly or paraphrased. I also certify that this paper was prepared by
me specifically for this course. I understand that a grade will not be assigned
with the submission of this agreement.
Faculty:
...............................................................................................
School/Department:
..............................................................................
Course
Code and Title: ..........................................................................
Submitted
to: Name:
................................................................................
I.D. number:
........................................................................
Telephone number:
...............................................................
Date
of submission:
......................................................................................
Title
of assignment: .......................................................................................
Declaration:
I certify that I am the author of this paper and that any assistance I received
in its’ preparation is fully acknowledged and disclosed in the paper. I have
also cited all sources from which I used visuals, data, idea or words. Either
quoted directly or paraphrased. I also certify that this paper was prepared by
me specifically for this course. I understand that a grade will not be assigned
with the submission of this agreement.
Faculty:
...............................................................................................
School/Department:
..............................................................................
Course
Code and Title: ..........................................................................
Submitted
to: Name:
................................................................................
I.D. number:
........................................................................
Telephone number:
...............................................................
Date
of submission:
......................................................................................
Title
of assignment: .......................................................................................
Declaration:
I certify that I am the author of this paper and that any assistance I received
in its’ preparation is fully acknowledged and disclosed in the paper. I have
also cited all sources from which I used visuals, data, idea or words. Either
quoted directly or paraphrased. I also certify that this paper was prepared by
me specifically for this course. I understand that a grade will not be assigned
with the submission of this agreement
References
The Jamaica
Pharmacists’ Association; About the Pharmaceutical Society of Jamaica,
retrieved October 6, 2015 from;
http://pharmasocietyjamaica.com/about-pharmaceutical-society-ja/
The Pharmacy Council
of Jamaica; the Ministry of Health with responsibilities for the regulation of pharmacists, pharmaceutical students,
pharmacy owners and authorized sellers of
poisons in accordance with The Pharmacy Act (1966), retrieved October 6, 2015
from; http://www.pcoj.org/aboutUs.htm
NEPA; Policies &
Procedures of the Pharmacy Council of Jamaica retrieved October 6, 2015 from;
www.nepa.gov.jm/.../Section/Procedures...
Ministry of justice;
THE PHARMACY ACT, retrieved October 6, 2015 from; moj.gov.jm/sites/default/files/laws/Pharmacy
Yellow Pages;
Jamaica Kingston Pharmacies, retrieved October 6, 2015 from;
jamaicayp.com/Jamaica-Kingston/Pharmacies
William James, How
Much Money Is Required to Start a Pharmacy? Demand Media 2014, retrieved October 6, 2015 from; http://smallbusiness.chron.com/much-money-required- start-pharmacy-12266.html
