If you’re looking to expand as a provider of IDD services, you might be considering strategic acquisitions of other provider companies. Perhaps the owner of another business, one of your colleagues or competitors, is contemplating selling their business and may be willing to sell to you at a very reasonable price.
That can be a tempting opportunity—especially if you can reduce the total costs of running both businesses together by systematizing operations.
Buying another business can be risky. According to Robert Sher, founding principal of CEO to CEO, approximately 50% of mergers and acquisitions fail *, so you should carefully consider both the advantages of acquisitions as well as the potential problems. This failure rate says to me that lots of business owners do not do their due diligence before merging with or acquiring other companies. You’ve worked too hard for your business not to be thorough here no matter how promising things look on the surface!
Entering a new venture can be exciting, but stressful. While no ONE solution can take away the stress of dealing with the organizational change associated with acquisitions, one way to maximize your opportunities for success and increase value added functions is to implement proven methods of communication and service documentation found in an EHR like Focused Software.
FOCUSED SOFTWARE CAN HELP! When your documentation is organized and centralized, you can track services more accurately, report more quickly, and free up staff to provide more services. Implementing a paper-free system can also serve to improve cashflow and reduce the administrative burdens of managing office supplies, filing, and storing paper records. All these benefits work to boost your agency’s chances for success. After you’ve done all your homework and you decide to move forward, take a deep breath, let it out, develop a brilliant plan, and click on the big blue button below to schedule a demo today!