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Elderly Care Homes: 5 Questions Buyers Should Not Be Afraid To Ask

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Comments & Replies: 1     Views: 952     Posted By: Joel Miller  

When buying an Elderly Care Home what should potential buyers always ask the broker or owner before proceeding? Find out in this Discussion on BizBen. Items buyers of elderly care homes will want to know more about why the seller is moving on, average length of stay, placement fees paid, etc.

Topics: Buying A Business     Tags: buying a business, due diligence



Admittedly the search for buying a business can be quite a daunting task.

I have seen too many times when a Buyer who had "all the right stuff" backed off from their search because they got so overwhelmed with the process.

In an effort to make the search as "painless" as possible, I would like to offer 5 simple questions a Buyer can ask of the Seller or Broker of a Care Home to determine whether the Care Home is right for you or not.

1. How long has the care home been in business? Why do the Sellers want to sell? Understanding motivation is key!

2. What is the average length of stay of your Residents? Knowing how long a Resident typically stays will tell you how well the home is being operated and what the likelihood is of the home continuing on in this fashion.

3. How much did the facility pay in placement fees last year? Knowing placement fee charges will quickly tell you what the occupancy ratio is. Then you can run the math and know if the business is truly profitable or not.

4. Does the home have any active violations and are the violations type A or B violations?

5. Have you had any issues with the Department of Labor?

Of course there are a multitude of other questions to ask and information to gather, but starting with the basics will quickly give you an idea as to whether the business you are touring is the right one for you.


  Helpful Resources To Assist In Selling And Buying California Businesses

Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services

Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 800-864-0420.

Ron Hottes, Broker - Serving LA, Orange, Inland Empire Area

LINK Business is a business brokerage team of 28 highly skilled and seasoned professionals. Our business brokers have over 100 years of cumulative experience & the expertise to help you buy or sell a business in the LA County, Orange, Inland Empire areas. Call Ron for a consultation at 310-539-8300.

Brad Steinberg, Broker - Laundromat Specialists

Laundry specialists - founded in 1968 by three laundry professionals, PWS is a family-owned corporation. Through the years it has grown to become the largest vended laundry equipment distributor in the United States. Call Brad Steinberg at 323-721-8832 to sell or buy a coin or card laundromat.

Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area

Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.

Rick Carlson, Business Broker - Southern California

You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939.

Michael Davidson, Business Broker - Southern California

Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success.

Mani Singh, Business Broker, Southern California

I have successfully represented clients sell & acquire multitude of businesses ranging from Gas Stations, Liquor Stores, Markets, Super Markets, Smoke Shops, Postal Stores, Restaurants, General Retail, Auto and Construction related. Phone me for assistance with selling or buying at 951-296-7646 Cell

Chris Seaman, Business Broker - San Diego County Area

Founded in 1994, First Choice Business Brokers has accelerated to become one of the most successful Business Sales Organizations in the world. Our team of agents have gone through extensive training to become experts in the field of business brokerage. Call Chris at 858-578-4111 for more info.


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