Keeping monthly statements, reviewing employee, vendor, and patient contracts, and looking over insurance documents is essential to home care business owners, even if you are not fully committed to selling or transferring your agency. When it comes to medical records, these files should be safely stored. If there are documents you no longer need, you must destroy these records securely, without compromising the information. Getting your affairs in order can make a business transfer or sale less challenging. One thing that will help is having a one-stop solution for managing schedules, software, and information like Ankota does.
Look at Finances
You must clean up your accounts by clearing old balances and collecting on past due invoices. Remember that your financials cannot be hidden from potential buyers. However, having your books in order allows you to make significant changes to appeal to new ownership. It is best to know the value of your company to prevent you from underselling or pricing the business to high. When your books are incomplete, you could struggle to make necessary changes before the sale or transfer; if the company is not flourishing, buyers will likely pass on the sale.
Speak with an Experienced Firm
Each state has laws and regulations about the sale or transfer of a home care agency; therefore, you want to speak with corporate transactions attorneys to prevent any delays or rejections. For example, some states do not permit the transfer of a home care business, so selling would be your only option. Corporate transaction attorneys understand the state, federal, and local regulations and can help you file documents and handle other factors to ensure a smooth process. When speaking with the lawyer, ask for references from past clients. This can give you a better understanding of the firm and how it operates in regards to your needs.
Keep Things Confidential
There is no guarantee that your home care agency will sell or be approved for a transfer, which is why you should only speak about the process with trustworthy individuals. If the wrong people hear about the possible sale or transfer ahead of time, it could induce panic and cause new ownership to lose valuable workers and clients.
If you are ready to transfer or sell your home care business, you should speak with a corporate transaction attorney at a reputable firm immediately. Receiving the advice and expertise from a qualified attorney could prevent you from making costly errors during the transfer or selling process.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan
If you'd like to learn more about managing a Home Care business, please download Ankota's free e-Book by clicking the link below:
provides software to improve the delivery of care outside the hospital, focusing on efficiency and care coordination. Ankota's primary focus is on Care Transitions for Readmission avoidance and on management of Private Duty non-medical home care. To learn more, please visit www.ankota.com or contact us.
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