Assisted Living Personal Care - North Mississippi
| Asking Price: | $275,000 | Inventory: | $6,500 ++ |
| Gross Revenue: | $328,000 | Real Estate: | $475,000 ** |
| Cash Flow: | $112,000 | FF&E: | $37,000 ++ |
| ++ included in the asking price ** not included in the asking price | |||
This rural assisted living personal care facility, located in Mississippi has served a growing community for 17 years. It operates 24/7 within one 6,500 sq. ft. building, with a 15 resident capacity. Located on the edge of a city, this personal care home gives the patients a beautiful open-air country feel. Each unit is handicap accessible and is fully carpeted. The facility contains a full service kitchen, laundry room, nurse office and aids station. Common areas include a dinning room, TV/activity room, outdoor patio area, 3 full baths, a rolling shower area and other amenities. A full service beauty shop is also on premises for residents use one day per week. Currently, two aids are available per shift for superior client service and care (the state only requires 1 per shift). The facility averages 93% occupancy of private-pay residents. A waiting list of 5-6 names is always available from the operations superior name and reputation. The owners currently do no advertising and rely on referrals.
About the Business
Year Established:1991
Employees:16 full time - 3 part time
Facilities:Facilities consists of one 6,500 sq. ft. building, with a 15 resident capacity. The building sits on 2.36 acres with plenty of parking and room for future expanded patient capacity. The real estate will be offered in a separate transaction for an additional price of $475,000.
Market Outlook and Competition:Company targets any individual within the 60 miles radius of the business location requiring personal care services. The market trends for this industry in North Mississippi is good! The business is located is a university town. Local area continues to grow from it’s security, affordable cost of living, quality housing, pleasant climate, educational and cultural opportunities and collegiate sporting events. This makes for a perfect retirement community, offering continuing education and military services for retired military personnel at the nearby Base. The area continues to promote the community as the “perfect” place to retire and is one of 21 cities in Mississippi to be awarded the “Certified Retirement Community” seal Area Manufacturing/Economic Growth Planned as communities growing economy offers a well-trained work force and strong business & industry support attracting new business start-ups, expansion and relocation. It is a haven for technology-based business and industry, largely due to university. New industry coming to the area include a new steel mill, new GE plant and the Toyota plant coming to area. As already announced, many other manufacturing companies will be spawned as tier I and Tier II suppliers within the outlying areas. The personal care home currently does not advertise and only is promoted through word of mouth. Through 18 years of superior service, their reputation speaks for itself, producing a constant waiting list and occupancy rate of 93%. It does some community sponsorships, like this year’s 2008 Relay for Life, cancer fundraising drive. The home's only competition matching services and facility type is a local personal care home. It is an older 20 bed facility located in a crowded downtown setting, with no yard for patients or realistic future expandability.
About the Sale
Management Training and Support:The owner is very interested in the long run success of the business and is Owner is willing to remain with the Company to train new buyer/operating manager to help facilitate a smooth ownership transition. Owner has offered a training period of four weeks at a total cost of her normal monthly salary of $3,200. Given an individual with reasonable skills and little direct knowledge of this business, it would take about 3 month(s) to learn enough about the business to manage it properly. Under a separate negotiated agreement, she would be willing to continue to manage the facility until a replacement is found up to one year after the business is sold.
Reason For Selling:Owners are interested in retirement and to pursue other interests. They are willing to offer a non-compete agreement for a period of 3 years within a 30 mile radius
Seller Financing:Up to 10% - Negotiable
KEYWORDS: medical, personal care home, nursing home, long term care, assisted living, healthcare
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