Would You Like To Get Paid First instead of Last?
Gilbert Boffa
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A few years back, the management of an Australian Pharmaceutical Wholesaler wanted to increase sales and so cooked up a few strategies. One of the plans was to extend credit terms to pharmacies for up to 12 months so they would buy more stock from them instead of another competitor. The Wholesaler did well for a while but was financing an emerging competitor against the best interests of its own franchised pharmacies.
The scheme worked well for most pharmacies until other management issues which resulted in criminal charges resulted in a change in credit terms back down to 30-60 days. Most pharmacies were able to cope with the resumption of normal credit terms however some pharmacy owners were using the surplus credit terms to buy race ?? horses instead of expanding their businesses and went broke when credit terms were reduced to normal.
One emerging pharmacy group could not believe their fortune and quickly used the free credit terms to stock new stores growing quickly to now be a serious competitor whose arrangement grew to $300 million until the agreement ended.
How many CEOs are doing similar to get their bonuses? Who is checking?
Would You Like To Get Paid First instead of Last?
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