Often times, you don’t know what you’ve got till it’s gone – and putting your ambulance business for sale is no exception. Countless transportation business owners miss out on their best window to sell and end up settling for a bargain basement price. The good news is that the situation can easily be remedied with the proper advance planning.
Get the Facts Upfront
Failing to plan for the sale of your medical transportation business leaves you with little flexibility when it comes time to transfer ownership. From divorce to financial woes, sometimes owners have no choice but to abandon ship. Other times, they may simply choose to sell in the wrong market. Everyone has to sell someday. Getting the facts surrounding a possible transaction well before it happens puts you in a position of power. When you monitor the market, business climate, competition, and valuation affecting your company, you stand a better chance at calling the shots. If business is booming, you may decide you shouldn’t wait to make that sale after all. If the market has seen better days, however, you may want to make some strategic re-investments while waiting for things to perk up. Meanwhile, you’ll have the information you need to take the most advantageous action when they do.
Re-investments provide a way to proactively boost value. That said, not all value enhancement measures provide the same returns. Making re-investments before researching their return on investment (ROI) is a fast way to waste resources and potentially recommit yourself to the ambulance industry indefinitely. Remember, you want to maintain the flexibility and freedom to pursue a sale if a lucrative opportunity arises.
Your most valuable reinvestment choices will often vary depending on the state of the market and type of buyer most likely to be interested in your non emergency transportation business. Purchasing new vehicles may help you win the attention of a strategic buyer looking to service more customers. But if other businesses are holding off on expansions for economic reasons, you may need to focus your efforts on financial buyers – and buyers looking for quick profits may not be willing to invest in a large ambulance fleet upfront. Perhaps updating your computer system would add more value for your dollar in this circumstance.
Seek Expert Advice
One of the most surefire ways to miss the boat when selling your medical transportation business is to ignore expert advice. Receiving a transportation business valuation from an industry professional will position your company for the best possible results, whether you’re making value-enhancing investments or moving onto greener pastures by selling your ambulance business.