Buying Into The Senior Care Industry: Opportunities Worth Looking Into


Senior Care Business Opportunities For BuyersIt's no secret that Baby Boomers are changing our economy in many ways and predictions about how our aging population will impact the future keep rolling in.  From a small business perspective, the aging population in the U.S. presents a tremendous business opportunity for an Entrepreneur looking to get in to the senior care business.

Now as I've said in previous posts, this business and industry is not for everyone. While the numbers typically look good and this industry is thought to be recession proof, the truth is in order to be an owner-operator in a senior care business you need to be passionate about the service you provide.  So before you even consider what opportunities are available, think about what your role will be in the business and if it means working in a hands-on capacity you need to be honest with yourself as to whether or not this type of work is for you.  If you get past that, here are some opportunities that you can pursue to buy into the senior care industry.

Pharmacies

Buying a pharmacy is probably something most don't consider an opportunity in the senior care industry but it actually is. As more and more seniors are given prescriptions to stay healthy, the need for pharmacies remains steady. While big chains and grocery stores do hold a big portion of the market share, statistics show that independent pharmacies still comprise the largest segment of the retail pharmacy market.

Is this opportunity right for you?  If you are already working as a Pharmacist or in school to become one, it could be a great time to consider buying a pharmacy for sale.

Senior Helpers Franchise

In most every industry you can find a franchise opportunity and the senior care business is no different.  The Senior Helpers franchise is another way to get into this industry with the support of a franchise system behind you.  Senior Helpers provides in-home senior care which allows their clients to stay in the comfort of their homes but assists their family or caregiver in managing the day to day demands of an elderly relative.

The initial investment for a Senior Helpers franchise ranges from $80,000 to $104,000 and they require an ongoing royalty of 5% of your gross sales.  In order to qualify for a franchise you must have a net worth of $450,000 and $100,000 in liquid assets.  The business does not require a large office space and can easily operate in facility that is 800 to 1,000 square feet.

Is this opportunity right for you? If you meet the minimum financial requirements, this could be a great opportunity for just about any Entrepreneur.  While some of their successful franchisees come from a nursing or medical background, there are others that come from more of a business background.

Residential Facilities

Buying a residential facility is one of the most common things people think of when they are considering the senior care industry.  Residential facilities can be very profitable but that comes at a cost as this is a business that runs 24 hours a day, 7 days a week and it does not break for holidays.  You have to be prepared for that type of time commitment and understand the staffing demands of an operation such as this.

Is this opportunity right for you?  In my experience, people that are most successful in running a business like this have some sort of medical background.  It doesn't necessarily need to be in providing hands-on medical care but it is certainly helpful. As the owner you'll be responsible for making sure that the proper care is being delivered to your residents.  

In-Home Care Services

Much like the Senior Helpers franchise, there is also the option to provide in-home care services on an independent basis. In-home care can range from everything including actual medical care to helping with errands, laundry and other household chores.  There are also some in-home care services that just provide companionship.  The nice thing about an independent business like this is that it could most likely be a home-based business that doesn't require office space or a lot of overhead.

Is this opportunity right for you?  If you plan to be an owner-operator you must have a desire to work with the elderly.  If you don't truly care about their health and well-being you won't be successful in this business.

Hospice Services

Many people don't even realize that for profit hospice businesses exist but they in fact do.  A Hospice business typically provides end of life care to patients who are terminally ill and opted not pursue further treatment.  Hospice services are brought in to make the patient comfortable and assist family with their care throughout their last days.

Is this opportunity right for you?  I'll admit this is a tough business to be in.  While research shows that it is in demand and that the need for these services will only increase, you have to be very compassionate and be comfortable with being around clients who are going through a very stressful time.

Peter Siegel, MBAAbout The Author: Peter Siegel, MBA is the Founder And Administrator of BizBen.com (established over 20 years!) and is a Business Purchase Financing expert (SBA and Non-SBA financing) - see BizBuyFinancing.com. He consults daily with California business buyers, owner/sellers, business brokers, and agents regarding buying and selling California small businesses. Call him today regarding advise on finding, buying, selling, financing a business purchase/getting pre-qualified (ask about the BizBen ProBuy and ProSell Programs for business buyers and owner/sellers, and brokers). He'll also give you referrals to the best resources on buying and selling businesses, brokers, etc and a FREE copy of his eBooks "How To Find And Buy A California Business Successfully" or "Valuing And Selling A California Business Successfully" with any personal consulation/service. Peter Can be reached direct at 925-785-3118.

Categories: BizBen Blog Contributor, Buying A Business, How To Buy A Business


Comments Regarding This Blog Post


Because this field of services for the "maturing" baby boomer is expanding, there are more opportunities to establish new businesses than to buy existing ones. And, often, a well established franchise is the answer for a host of reasons.

But, discerning which franchise fits best for the individual investor can be a complicated process.






  Helpful Resources To Assist In Selling And Buying California Businesses
Orville Wright, Business Broker: Central Valley Area

Central Valley Business Brokerage a full service Business Brokerage company. We specialize in assisting business owner/sellers and buyers in these Central Valley Counties: Fresno, Tulare, Kern, Madera, Kings, Mariposa with buying & selling small to mid-sized businesses, valuations, & exit planning.

AJ Rana - Business Broker, San Francisco Bay Area

Professionals who understand the importance of world class business brokerage service and the value it can create. Specializing in assisting sellers and buyers with retail stores, restaurants, hospitality & lodging, manufacturing operations, distribution companies, e-commerce and service businesses.

William Park, Business Broker: Southern California

Highest Volume Broker in California, Simply Check our HUNDREDS of Listings! Over 25 Associates, Speaking Dozen Languages, Helping Buyers and Sellers of Small Business since 1982, Centrally Located between Los Angeles and Orange Counties, while Riverside & San Bernardino Counties are Very Accessible.

Ralph Santos, Business Broker Specialist: Home Health, Hospice, Health Care

Using my MBA and my perseverance I will make things happen! I provide business brokerage niche services specializing in the hospice and home health care agency industry in the Los Angeles County or Ventura County areas. For either buying or selling assistance please phone or email me today.

Randall Barondess CBB, Business Brokerage Services - Central Coast

Experts at: Preparing Businesses For Sale, No-Cost Valuations and Lease Modifications. MaxOne Business, a REMAX ONE Company prepares small, mid-sized and large businesses for sale by confidentially packaging the business and providing guidance throughout the sales process.

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.

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.

Peter Siegel MBA, BizBen Founder, ProBuy, ProSell, ProIntermediary Programs

Founder Of BizBen.com (since 1994). I am the Lead Advisor for the ProSell, ProBuy, & ProIntermediary Programs. I consult daily with buyers, sellers, and brokers daily about buying and selling California small to mid-sized businesses. Call 925-785-3118.


  Related Articles, Events, Blog Posts, Discussions, Videos, Interviews
Are Home Health Care Businesses Good Investments? What About Future Growth?

A buyer contacted me about financing (the purchase of) a home healthcare business and asked me about the future of this industry - I take on this question in a BizBen Discussion. Reach Peter Siegel, MBA (BizBen Founder, ProBuy/ProSell Program Director & Advisor at BizBen) direct at 925-785-3118.

Buying A Dental Practice: 6 Things You Need To Know About Dentist Practices

Buying a professional service business, like a dental practice, is one of the most profitable ventures you can enter as a dentist. In this blog, Peter Siegel, MBA discusses six things you need to know about buying a successful dental practice or office: finding a practice, financing, deal structure.

6 Simple Things To Increase Business Value Before Offering It For Sale

How do you value a small business before putting it on the market? Tim Cunha, JD offers 6 items all business owners should consider. Other advisors and business brokers also weigh in on this very important topic especially when over 70% of small businesses never end up selling (due to pricing).

BizBen Podcast & Webinar: Business Purchase Financing And SBA Loan Options

Ever wonder what is involved in obtaining business purchase financing to buy a business or franchise? Peter Siegel, MBA who has over 25 years advising on all types of financing for business buyers in this BizBen Podcast & Webinar - SBA loans, Non-SBA Financing, Alternative Financing Sources.

How Do I Determine the Value Of My Small Business? Or The One I Want To Buy?

How do you determine the value of your business when you go to sell or even buy a business? There are so many factors and that is usually one of the first items serious buyers inquire about. Tim Cunha JD (SF Business Broker at 650-600-3751) initiates this Discussion On BizBen with other Advisors.

Due Diligence Checklist: 10 Key Items To Investigate When Buying Businesses

Buying a California small business involves reviewing due diligence checklists so buyers can learn enough to determine whether to proceed with a deal. Here's a due diligence checklist. Peter Siegel, MBA (BizBen ProBuy Advisor & Business Purchase Financing Expert) at 925-785-3118 shares his views.

Getting An SBA Loan To Buy A Small Business: Dispelling Some Major Myths

When seeking SBA loan financing many potential business buyers have wrong information about the process of securing the best financing to buy a business. Peter Siegel, MBA (at 925-785-3118) a business purchase financing expert delves into the myths and facts regarding SBA loan financing.

Business Purchase Financing: SBA Loans & Non SBA Financing Solution Services

I provide niche business purchase financial advisory and loan placement services with SBA and Non-SBA Financing, Retirement Fund Rollover Solutions, Combo Financing Packages, etc. To get more information about getting Pre-Qualified & more info on the ProBuy/ProSell Programs: 925-785-3118 Direct.


Tim Cunha Business Brokerage
Veld Group Business Brokerage Los Angeles County
Health Care Broker Ralph Santos
John Willingham Sunbelt Business Brokers
Facebook
Twitter
Linkedin
Vlogs and Podcasts
BizBen Blogs And Articles
California Educational Events Buying And Selling Businesses
BizBen ProBuy Program
Advertise On BizBen
New Postings Reports On BizBen Sign Up
Business For Sale California Stats

BizBen - Where California Deals Get Done! 888-212-4747
7172 Regional Street #364 · Dublin, CA. 94568
BizBen · Copyright © 1994 - 2020, All Rights Reserved



Clost Login


Please confirm your registration by clicking the link we've sent to .

If you can't see it, please check your junk mail folder.

If you have any problems registering, or need assistance with your new BizBen User Account please phone BizBen Customer Support at 888-212-4747.



First Name:*
Last Name:*
Email Address:*
Confirm Email:*
Create Password:*
Confirm Password:*
Phone:
(   
 


You Are A:
Individual
 
Intermediary
 

Email Address:
Password:
 

500 New & Refreshed Detailed Postings Daily
Over 2500 Resources Available On BizBen
Since 1994. Where California Deals Get Done!
Business Purchase Financing: SBA Loans & Non SBA Financing Solution Serv...
Read More News
Thinking About Selling A Small Business? Know These 8 Factors That Matte...
Read More News