Community Rehab Care: Finding the Perfect Buyer, Enabling Owners to Retire and Continue Their Legacy
The owners of Watertown, MA-based Community Rehab Care (CRC), a provider of outpatient rehabilitative services for people with neurologic, musculoskeletal or orthopedic injuries and illnesses, had successfully built their business over 20+ years and were ready for retirement. As they reached this critical milestone, they sought to partner with an expert business broker who could guide them through every aspect of the selling process and find the right new owner. Their goals were to not only find a highly qualified buyer to purchase the business in a timely manner, but also one who would continue their legacy of providing quality rehab services to people in the Greater Boston area, as well as keep their highly valued staff of 25 full- and part-time employees.
BayState Business Brokers’ Approach
CRC turned to BayState Business Brokers, which has an outstanding track record in selling businesses with revenues between $1 and $15 million, including a breadth of experience selling companies in the healthcare market. BayState leveraged its proven, sophisticated process to market and sell CRC to qualified, vetted buyers. This highly effective process attracted Neofect, a publicly held company based in Korea with an office in California, which offers neurorehabilitation devices including the Smart Glove system that aids in rehabilitation in the home. Neofect sought to purchase a company that would help it gain a foothold in Boston’s robust healthcare community, as well as complement its offerings with a physical therapy/occupational therapy facility to provide quality patient care in both a clinical setting and at home.
Upon reviewing the BayState Confidential Brief, Neofect was immediately interested in CRC. This comprehensive report presented and professionally packaged all pertinent information about CRC, including market analyses, history of the business, services provided, as well as upsides that highlighted key growth opportunities. BayState then initiated a collaborative process between the buyer and seller, facilitating a critical meeting that provided the ideal forum for each party to assess one another, exchange important information and expedite the due diligence process. At the close of the meeting, it was clear to both parties that this was a perfect match.
BayState’s highly effective and efficient process for selling businesses – one typically applied in the industry to much larger companies – enabled both CRC and Neofect to quickly find a partner that was the right strategic fit. This expedited the close of the deal, with the business selling in less than 60 days at their ideal price point and terms. CRC’s owners stayed on for a brief transitional period to ensure continuity. They then fully embraced their retirement, spending more time at their vacation homes and with their families, all with the satisfaction of knowing that the company they spent years building and nurturing was in excellent hands and that their legacy would continue.
What Our Clients Say
We used Sarah and her team at BayState Business Brokers for the successful sale of our healthcare business in 2019, and were very pleased with both the outcome and the process of our sale. From the very first day we met with Sarah, we felt confident we were in good hands. Sarah guided us through the entire process, and is responsive, upbeat and supportive. The sale process requires strong collaborative skills and clear communication between sellers and buyers, as well as with accountants, lawyers and others, and Sarah is strong with all of these. Selling is an emotional and sometimes arduous experience, but we would highly endorse Sarah and BayState for anyone seeking to sell a business!
Eileen Chernoff, Community Rehab Care