We've brought together a team of educators and home care experts to answer the burning questions that you and every home care owner will ask at some point.
Ilya Vakhutinsky Careswitch CEO, home health aide's son, Forbes 30 Under 30, caregiver advocate
Connor Kunz VP @Careswitch, former head of education @ Home Care Pulse, scaled a service business 7 figures in 3 years
Jeff Wiberg President of the Home Care Association of America board and CEO of Family Resource Home Care
Connor Kunz VP @Careswitch, former head of education @ Home Care Pulse, scaled a service business 7 figures in 3 years
Rachel Gartner Former home care recruiter who was so successful that she founded her own recruitment firm (Carework)
While a business owner may never know when a personal crisis will strike, they should always be ready to exit. The biggest mistake we see home care owners make is they begin the selling process when it’s too late to really prepare.
Here are four suggestions that any business owner can start today, regardless of when they are looking to exit, whether 5, 10, or 20 years from now. You might want to take an annual day of reflection to consider the following:
Take some time to figure out the next phase of your life. For example, if you want some time to travel and relax before starting a new chapter, you may want to have a project always lined up. This can help remind you that the current business is only a chapter in your life.
Here are some questions to get you started:
While you may not know the value of your business today, you should consider having a minimum number. This is the minimum amount of money you want to garner from selling your business to be able to look back on your exit without regret. Knowing this number alone can help you realize a more lucrative exit. When you get a valuation early on (3 years before your exit), you will have a better understanding of your target and have a number to reach for and even surpass.
It’s fun to imagine the day you ultimately exit as dropping off the keys and riding into the sunset. Realistically, however, that may not happen. Contemplate what possible roles you would be happy to continue working in within the business, in what capacity and for how long.
If you answering these questions on an annual basis you can maximize the number of options to exit and the amount you garner.