Selling any business can be daunting – but listing your home health care business for sale can be even more so. Many sellers fall victim to basic mistakes, which end up costing them dearly. To help you avoid these unfortunately common mishaps, here are 5 to look out for.
Telling your clients too soon
For your home health care clients, whom you’ve likely grown an attachment to, and who have grown to care for you, the sale of your business can be an upsetting time. With the sale comes many changes, which can be hard on the clients who depend on you.
Once you’ve secured a sale, you might be eager to share the news with your clients, if only to essentially “rip the band-aid off”. While this is a step you need to take eventually, telling the clients too soon is a mistake that many sellers make.
Sharing the information too soon can cause undue stress, so to avoid it, share the information later on in the sale process. By this time, you’ll know more and have a timeline to share.
Breaking client confidentiality
When speaking with a potential buyer, it’s easy to slip up and reveal confidential client information. This is a mistake that can be made too easily but can have large legal consequences.
You’ll need to ensure that you don’t reveal too much about your clients until the sale has gone through and been confirmed.
Letting rumors loose
Rumors can run rampant throughout a business. In doing so, they can cause stress and unrest among employees and management.
Try to avoid leaking the potential of a sale until the decision has been made indefinitely. Then, you can speak with your team when you’re ready and prepared to deal with the situation instead of being blindsided with an uncomfortable conversation.
Neglecting risk management
Selling your home health care business should always include risk management consideration. Yes, you’re selling your business. However, this doesn’t mean that you’re no longer liable for your clients.
Take care to ensure that their privacy and care records are dealt with responsibility after the sale. You might also want to ensure that you have access to records in case a complaint about past care comes up.
One of the most critical mistakes you can make selling your business is to be unsure. Selling is a big decision and as such, it shouldn’t be taken lightly or rushed. You should also take ample time to consider every aspect of the process and what they mean.
In addition, one you do make the final call to sell, you should take time to ensure you have everything in order. This will make the entire process easier and ensure fewer setbacks and lost money.
With the right strategies and intent, selling your carefully built home health care business can be a huge financial gain – not to mention a weight off your shoulders. It should be done carefully, though, with tons of attention paid and with the most common mistakes avoided.