Evaluating An Elderly Care Business For Sale During COVID-19
Today’s post explains how the COVID-19 pandemic is affecting the senior care industry and what to consider when evaluating an elderly care business for sale during these unprecedented times.
COVID-19 Ups Demand For Elderly Care Businesses
Even before the pandemic, you could find elderly care businesses for sale all across the country. Such was the demand for senior care services, driven to new heights by the mass aging of the Baby Boomer cohort.
But now coronavirus concerns are driving demand for home care even higher, experts wrote in a May 23 NBC news report. With strict stay-at-home orders still active in several states, informal caregiving networks have been disrupted, while at the same time hospitalizations are up and medical resources are stretched thin. But the care needs of our seniors haven’t changed–in fact, they’ve only increased.
Across the country, seniors need contactless supply deliveries, socially-distanced socialization, and daily care, and our teams are answering the call. Executive Care franchises have been working hard to slow the spread while keeping seniors safe, happy, and healthy during these unprecedented times.
“Nurses, therapists, home health aides, they have really shown up to help fragile, medically vulnerable people stay home and also help people come home from hospitals and nursing homes, which have been under incredible stress,” said Dr. Steven Landers, president and CEO of the Visiting Nurse Association Health Group.
As the demand for senior care goes up, so too does the number of elderly care businesses for sale.
“I think there’s going to be a huge, growing demand,” said Olga Jarrin, a registered nurse and assistant professor in nursing science at Rutgers University. “This has been the fastest-growing need for home care services. I think we’re going to see a tremendous growth.”
How To Evaluate An Elderly Care Business For Sale During COVID-19
It’s often said that the more things change, the more they stay the same. COVID-19 changes some aspects of elderly care business evaluation, but most quality indicators–proven systems, comprehensive support, and brand reputation, to name a few–stay the same.
That said, when evaluating an elderly care business for sale during the COVID-19 demand spike, consider the following:
- Are there any emergency preparedness plans in place?
- Has the organization implemented pandemic safety protocols, such as contactless service options, increased handwashing/cough and sneeze etiquette, and staff screening?
- Does the company provide service to senior care facilities or other group-type living situations? If so, how are they keeping staff and clients safe in these high-risk areas?
- Has the company provided a COVID-19 update? The general public relies on updated information about pandemic safety policies when making purchase decisions.
Elderly Business For Sale Near You – Free Consultations With Executive Care
Executive Care is doing everything possible to keep families, franchisees, and employees safe during the COVID-19 pandemic, while still offering the same incredible opportunity, which requires no experience and less than $100,000 start-up investment.
Call 1-(855)-393-2372 or visit the Executive Care website to book a 100% free and contactless franchise consultation.