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Growth upon Growth upon GrowthThis Company began with two wheelchair vans and one driver. It quickly grew to four wheelchair vans and two drivers and it now sits with one ambulance, six wheelchair vans and five drivers. Extra vehicles are necessary for back-up. Revenues have increased five-fold from $120,000 to $600,000.The State has contracted with this company to transport Medicaid patients to and from medical treatment facilities. Headquartered in Union County and serving Essex County as well, the owner of this business is willing to sell his business to cash-in after three years of hard work. Competition in this industry is limited due to the time and cost to obtain a license, contract with the state and meet the driver, vehicle and insurance requirements. Because of the limited competition, the businesses that have met these requirements are highly profitable and the licensees have real value beyond their immediate earnings. The Medicaid transportation needs of the state are not being fulfilled in any county in the state, Union and Hudson Counties included. Licensed, operating businesses can obtain more business in the counties they serve (and they do), and they can expand into any other county within the state simply by picking up the phone and advising the state of its intent to expand. Growth, however, requires a front-end investment to acquire additional vehicles, drivers and insurance and, perhaps months of operation before break-even. Investment in a set of vehicle, driver, insurance and operation would run about $50,000 and that would typically bring in twice its cost in the first year alone and generate a net profit of 25% to 30% each year thereafter. Since the industry is served by small, independently owned companies, the roll-up opportunities are equally prominent. For more information, please contact the broker, Gerald Nimberg.
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