Preparing Your Home Health Business For Sale

Few people enter into business with any thought of how they will exit the business and realize returns in their investment of time, money & resources. Most entrepreneurs are too busy getting their business to a point that it becomes a profitable smooth running operation. A few years down the road, there comes a point when the founder may want to find a way to exit the business he developed. Some tire of the every day grind of running a homecare agency, some just want to diversify their assets and “take money of the table” and some just simply want to retire and do not have family or partners that are capable or willing to continue growing the company that they have started. If you consider selling your business, there are things that should be done, well in advance, in order to maximize what you can get out of the business.

1) What is your Business Worth?- The first step in deciding whether or not to sell your business is to get a clear understanding of what your company is worth. It may make sense to engage the services of a homecare industry expert to garner an honest assessment of company’s worth. This should be done well in advance of selling, and repeated periodically over the years, to give you an idea of what companies similar to yours are selling for. Not knowing what your company is worth may result in you either getting less than the business is worth or not selling your business because your expectations are unrealistically high.

2) Identify an Intermediary/Broker – There are many intermediaries that you can use to sell your business. Oftentimes, entrepreneurs first ask outside accountants or lawyers to help them. Some try and do it themselves, while some engage investment banks or experienced intermediaries. Most brokers and intermediaries work on some sort of incentive based scheme and consequently may try and get the contract by giving the potential seller a very high valuation for their business. It does not do you any good to hire a business broker who gives you a good valuation for your business and is ultimately unable to sell it. A good broker will give you an honest assessment of what your business is worth and start finding potential buyers for your business soon after they have started marketing your company. Find an intermediary that knows your business and has experience in healthcare mergers and acquisitions. This is the sole business of Fleetridge Pacific and we know the market of potential buyers and sellers.

3) Determining your Exit Strategy- Determining your exit strategy will help you and your broker identify what types of buyers will be interested in your company. What are you hoping to achieve when you sell your company? Do you want to continue to work with the buyer after the transaction is closed or are you looking to retire shortly after the sale closes? This will also help you, the broker and your other advisors, structure the deal as well as the transition to the buyer once the sale closes.

4) Enhancing Your Company’s Value- If after a financial assessment you are not satisfied with the valuation of your company or looking for ways to enhance value, identify how to enhance the value of your company through marketing programs, increasing operational efficiencies and exhibiting good fiscal & regulatory controls. You and your broker can identify specific actions on how to enhance current and future values for your company.

5) Understanding the Acquisition Process- Buying and selling businesses take tremendous amounts of work and can be quite stressful. Sellers should know before they start what the process involves and approximate timelines in which to get a deal done. They should also understand the roles of intermediaries and other consultants, such as accountants and lawyers, as they are an integral part of the acquisition/divestiture process. Not understanding the process can cause problems and frustration and ultimately lead to a very long or unsuccessful effort to sell your business.

6) Knowing the Right Time to Sell your Business- People don’t get into the homecare business with the intention of selling but at some point, people do make the decision to sell. Market prices tend to go up and down, even within the different sectors of the homecare industry, be it skilled certified agencies, private duty/homemaker services, DME and IV infusion. Knowing when to exit from our business can make a tremendous difference in the sale’s proceeds. There is some truth in the adage that you will get the best valuations when you don’t necessarily need to sell and the worst valuations if you need to sell desperately. Knowing when to sell can make all the difference.

8 Creative Ways to Use Video Conferencing As an Interpreting Tool

In today’s globalized economy, maximizing communication is a prominent issue which many businesses are faced with. In order to be successful and properly communicate with partners, vendors and employees, business owners and executives must be able to overstep barriers caused by language restrictions. For this reason, businesses are increasingly turning to video and web conferencing to help connect with interpreter and transcription services, providing the tools needed to succeed in breaking down communication walls.

When the presence of an interpreter or translator is immediately needed, connecting through a video conference provides the same personal touch and results as physically being there. Here are 8 creative ways businesses are putting video and web conferencing to use as an interpreting tool:

  1. News and Media – By connecting with a translator through an online video meeting, journalists and reporters can interview sources in foreign areas without worrying about language restrictions.
  2. Judicial and Law – Virtual interpreters and translators in the judicial and law industry can provide help with communication between parties who may have difficulty interacting with each other due to limited language proficiency. These services can be used in attorney-client meetings, preliminary hearings, arraignments, depositions, and trials.
  3. Medical and Healthcare – Interpreters in the medical and healthcare industry help patients who are challenged by language barriers communicate with doctors, nurses, and other medical staff. Whether repeating what the doctor is saying or translating medical information, video interpreters help provide their clients with a way to be more informed about their health.
  4. Accommodation resources – Sign-language interpreters facilitate communication between people who are deaf or hard of hearing and people who can hear. Interpreter services can now use video and web conferencing to communicate with those who are hearing impaired. This works especially well in a classroom setting where interpreters act as an advocate for students, staff and parents, giving equal access to education for everyone.
  5. Conference services – Business conferences attract attendees from all over the world. During an informational session, international attendees don’t need to be handicapped because they don’t understand what the speaker is saying. By virtually connecting with an interpreter or a translator, they can fully benefit from what the speaker is saying.
  6. Guide or travel services – While on a business trip in a foreign area, professionals can connect with a translator or interpreter through their computer. Doing this ensures that communication between all parties is understood.
  7. Business meetings – A business may be headquartered in the United States, but have satellite offices throughout the world. When important meetings are being held, companies can have language interpreters in the meeting remotely connecting with attendees. This way everyone can stay on the same page.
  8. Sales localization services – It is hard to close a deal with a prospect who doesn’t understand a single word in the sales pitch. Through video conferencing, sales teams can use interpreters to translate their sales pitch, ultimately ending up with more sales and with more satisfied clients.

By eliminating language barriers that divide organizations, translation and interpretation services are increasingly using video and web conferencing services to help multi-national and international corporations build trusting business relationships without limitations.

Five Reasons Why a Small to Medium Sized Law Firm Should Outsource

Outsourcing is the contracting out work to another company. In the 1990s, sending telemarketing, legal document review, and payroll jobs overseas exploded into a billion-dollar industry.

In the legal arena, many large law firms farm out a significant portion of their legal work across the sea to India and The Philippines. Unfortunately, most small or boutique law firms have not benefited from outsourcing.

While the U.S. economy shows signs of recovery, the recurring economic slump has spread across the globe. Corporations, including some of the largest and most prestigious law firms, have been forced to cut back services and layoff employees.

During this continued economic dip, it is the perfect time for small to medium and boutique law firms to join the others in outsourcing legal services abroad.

Following is a discussion of the many advantages for a small law firm to outsource.

1. Lowering Prices on Capital: Especially for small firms who are just starting, large bills can stagnate your growth. Outsourcing allows you reduce your capital expenditures and shift that capital to other areas, which will allow growing your business and attracting new clients.

2. Improve Quality: Outsourcing allows a small or boutique law firm to contract out simpler legal tasks and channel its legal prowess to more important processes that can only be done in-house such as hearings, trials, and conferences.

3. Cut Labor Costs: Salaried employees can be very costly – especially when you include healthcare, taxes, insurance and training. Outsourcing legal services enables a small to medium-sized firm to focus your valuable resources where you want. Also, the money saved from taxes and healthcare can be shifted to other business building areas.

4. Initiate a New Project with a Bang: Your firm has a plan to offer a new service. Everything is in place except you need to hire two new attorneys. The advertising, interviewing and hiring of two attorneys for a small firm can be incredibly time-consuming. As a result this exciting new service becomes a non-starter. Outsourcing various legal services enables you to launch your new projects on time with a bang.

5. Concentrate on Generating Growth and Minimizing Risks: Law firm partners need to focus their mental and physical energy on generating growth and minimizing risks. If not, the firm will whither away. Competition is heavy – especially during our current economic slump; therefore, it is crucial for a small to medium-sized firm to outsource various legal tasks overseas and concentrate on successful growth.

To assist in your ability to begin outsourcing, here is a list of some of the legal services that are currently being outsourced:
– Litigation document review
– Due Diligence Review
– Legal Research
– Legal Writing
– IP legal work both substantive and administrative
– Paralegal Services
– Administrative and Secretarial Services

These lists are not exhaustive of the types of legal services being outsourced and the advantages that are realized.

Before outsourcing, it is extremely important to choose the most appropriate outsourcing firm. For example, there are numerous advantages to outsourcing to Israel instead of India or The Philippines.

Top Reasons Why a Limited Liability Corporation Makes Sense For Your Cash Pay Medical Practice

Doctors who are interested in learning how niche medical practices can help them make their business operations more efficient will be interested in discovering the sensibility of a limited liability corporation (LLC). Even physicians who are much better versed in healthcare than they are in the legal aspects of running a business often appreciate the value of operating an LLC, particularly when they have chosen to run a cash pay medical practice.

Once you have successfully built your cash pay medical practice, your attention will undoubtedly turn to how to effectively protect your business. Among the many benefits of filing your cash pay medical practice as a limited liability corporation are:

* Less paperwork than a traditional corporation. In the spirit of reducing overall paperwork, many firms that specialize in marketing for physicians will suggest forming a limited liability corporation. Forming a corporation usually means that physicians will need to keep substantial records and maintain meticulous paper records; this administrative headache is largely avoided by filing to have your cash pay medical practice designated as a limited liability corporation.

* Ability to form an LLC with a single owner. Physicians who have chosen to use healthcare marketing tools to establish a cash only practice often run a single-physician office. Many states allow the formation of LLC’s with a single owner, which means that the process is streamlined even further. No hassles with Boards of Directors; and the ability to make
decisions yourself-this is an important benefit of forming an LLC.
* Default tax classification. Utilizing default tax classification, physicians are often able to save money on taxes. Tax liability is assessed at the member level, rather than at the overall LLC level. Some states, however, will levy a “franchise tax” from limited liability corporations as compensation for the privilege of limited liability. Having an LLC also means that it combines the limited liability features of a corporation and the flow-through tax treatment of income and losses of a partnership.

* Limited liability. Medical marketing firms will often tout the benefits of limited legal and fiscal liability that comes with a limited liability corporation. Members-in this case the physician/owner-are protected from some of the acts and debts of the corporation. Firms that provide healthcare marketing resources can give interested physicians the particulars about legal liability. Unlike a general partnership, owners of an LLC have limited liability and, unlike limited partners in a limited partnership, they do not lose their
limited liability if they actively participate in management.

* Free from the rules of an S corporation. While its flow-through tax advantages are generally slightly superior to those of an S corporation, an LLC is not subject to the numerous technical rules that apply to S corporations. Thus, for example, an LLC can have more than 35 shareholders; have foreign owners (“members”); have owners that are corporations, partnerships, trusts, or other LLCs; own 80% or more of the stock of an affiliated corporation; derive a large portion of its revenue from certain net passive income sources; and issue more than one class of stock. Violation of any one of these technical restrictions would disqualify an S corporation.

The Proper Folding of Linens

Whether you’re organizing a hospital’s linen supply or just a home linen closet, proper folding is essential to keeping everything nice, neat, and well-organized. Learning a few tricks of the trade can help keep your linens from looking like a jumbled mess and make sure that everything you need is together in one place. Better yet, your linens will look neat on the shelf and in the guest room.

Sheets

The bane of most linen storage is the fitted sheet. The elasticized corners prevent the folder from making crisp, wrinkle-free corners and the size of the sheet makes folding it by one’s self frustrating. If enlisting a folding partner is out of the question, it can still be done with a little ingenuity and know-how.

Start by taking the sheets from the dryer as soon as it stops, while they are still warm. This should prevent the need for ironing, but if your sheets are already wrinkled, wet a wash cloth or hand towel and throw it and the sheets back in the dryer. Ten minutes should do the trick without relying on the iron or wrinkle-remover sprays.

Clear a large, flat surface and make sure it is clean enough to put your sheets on. Turn the fitted sheet inside-out and hold it in front of you using two corners at the top of the sheet. Fold it in half, putting the elastic corners on the inside. Lay the sheet on the flat surface and fold in half again, this time from the longer side. At this point, all four elastic edges should be together. Continue folding in half until the sheet is the size you need for your storage space.

Follow the same basic steps for the flat sheet and one pillow case. For the second pillow case, open the case and slide the sheets and other pillow case inside. This will keep your sheet sets together and looking neat on the shelf. If they are used infrequently, it will also mean they need to be laundered less frequently. If dust accumulates, just strip off the outer pillowcase and wash it. A dryer sheet tucked inside the pillow case will also help keep your linens smelling fresh.

Towels

Towels can be tricky because some people believe that a towel should be folded in half and then in half again to make something vaguely resembling a square. However, choosing proper folding looks nicer, allowing you to make use of visible towel racks and increase your storage space.

To fold towels like your favorite hotel, start with a flat surface. Fold the towel in half and then in half again. Then, fold the towel in thirds, being sure to tuck the edges underneath.

Of course, the absolute best way to ensure your linens are folded neatly and properly is to hire a linen service. A linen service is an inexpensive way to always have fresh sheets and towels without spending several days a week in the laundry room. Your linen service will pick up dirty linens, clean them and return them nicely pressed and folded and ready to use again.