Even if you aren’t planning to put your ambulance business for sale in the near term, there are benefits to building your business with a buyer in mind. There comes a day in every business owner’s life when it’s time to pass the torch, whether it’s to the next generation or an outside party. Being prepared in advance is the best way to guarantee that day will also come with a handsome reward for your years of hard work. It just so happens that the same traits that make your business attractive to a buyer can also improve the efficiency of your company. Whether you sell today or in 20 years, it’s a win-win.
Keep a Clean House
Mom was right when you she taught you to clean up your own messes – nobody else will want to do it for you. If you don’t organize financial records and other paperwork, it won’t matter that you have an appealing business territory or client list – you are going to drive away buyers. Nothing scares an investor more than uncertainty. Would you buy an ambulance company for sale if you couldn’t easily browse the last few years of tax returns or financial statements? If you can’t understand your own financials, there’s a good chance your business is not operating efficiently.
Stay on Track with a Plan
You developed an ambulance business plan when you started your company. But when was the last time you updated it? A business plan isn’t just part of the start-up process. It’s a blueprint for the future of your business. Your plan should detail your visions and goals within the context of current market conditions. Having an outline can be an invaluable resource when making decisions about operations and growth. Is your pricing appropriate? Should you reinvest in more marketing or new equipment? A plan keeps your medical transportation business on track. Without one, you’re operating in the dark.
Take a Step Back
Owners and buyers both want to see that a business is thriving. But buyers also want to see why it’s thriving. Is it because the current owner works 14 hours a day and has every policy and procedure memorized? Sometimes the line between business and owner can get a little fuzzy. Creating a healthy distance between you and your company’s daily operations can actually strengthen the business. Long before you plan on selling, get important procedures out of your head and down on paper. Consider cross-training employees so everyone understands how their roles work together to create a successful ambulance business. Removing yourself from the equation shows a buyer that your shoes, though large, are possible to fill.
Find and Keep Loyal Clients
Just about anyone can buy an ambulance and receive proper certifications. Getting clients is another story. As the need for medical transportation grows, the ambulance industry will only become more competitive. For this reason, today’s investors prefer to buy an existing ambulance business with a diversified client list. The more appealing the list, the more a buyer may be willing to pony up. A built-in customer base allows a new owner to hit the ground running. Even if you don’t have immediate plans to sell, a variety of loyal clientele insulates your company from the loss of a single client and keeps cash flowing.
As a business owner, it can be difficult to evaluate your company objectively. A professional business valuation can provide the insight you need to plan strategically – whether or not those plans involve a sale.