Got a PE / roll-up / DSO offer on your Illinois home health business?

Census and payer mix. Ask which census they are underwriting — current, trailing twelve, or a spring peak. Medicare versus private-duty mix changes everything.

Licensure conditions. If closing requires a change-of-ownership filing with Illinois public-health authorities, the letter’s 45-day close is fantasy. Map the CHOWs before you grant exclusivity.

Caregiver coverage. A platform will not pay a multiple for a census the owner still staffs with weekend heroics.

Holdbacks and indemnities for payor recoupments. Healthcare deals hide price in tail liability. Read those paragraphs twice.

Change-of-ownership and certification filings can set the calendar more than the purchase agreement. We coordinate; healthcare regulatory counsel drafts. Do not treat a PE timeline slide as a regulator’s clock.

Asset versus stock sale changes how numbers, leases, and contracts move. Secretary of State filings follow. Office leases still need assignment. Bulk Sales is less often the headline than recoupment and employment files — but equipment and supplies still need a schedule.

CHOW timelines are not a PE slide. If Illinois public-health filings take longer than their close date, the date is fiction. Map the filing before you grant exclusivity that burns a census season.

Recoupment indemnities with no cap are how healthcare letters hide a second price. Read the survival period and the escrow. A pretty EBITDA multiple with unlimited tail is not pretty.

Private-duty versus certified home health are different licenses and different buyers. A letter that blends them is either confused or shopping. Make them pick a product.

Census peaks in a flu month are not a trailing twelve. Ask which census they are buying. If they will not pick, they are buying an option on your calendar while they look at other Illinois agencies.

Administrator replacement is a licensing issue, not an HR preference. If you are the administrator, the CHOW and the employment agreement are the same conversation. Treat them that way in the LOI comments.

Hospital-system interest, when it exists, is a second process you should not waive because a PE email was flattering. If you are not exclusive, run it. If you already are, you chose.

Ask for a CHOW timeline they have actually lived in Illinois, not a national average. If they do not have one, their close date is a wish. Your census season is not a wish. Do not trade the second for the first.

Quality metrics and any open surveys belong in the first data-room index. Late discoveries in healthcare are not “items.” They are price. Put them on the table while you can still mention another buyer.

Carve-outs of private-duty versus certified work need to be written. A letter that buys “the agency” and later wants only one license is a process you will relive. Make them pick a product in the comments.

Bring the letter and a census view that is not a flu-month peak. We will talk CHOW, administrator replacement, and whether a hospital system conversation is still allowed. Educational, not regulatory advice. No upload portal.

If the letter is silent on recoupment caps, we will treat that silence as a second price until counsel writes a cap. Healthcare tails are how pretty EBITDA multiples become unpretty checking accounts.

A second Illinois agency they already own can be a reason to pay up or a reason they only want your census. Make them say which in the comments before you grant a long exclusive.

Home-health and home-care platforms look at Illinois agencies as licensed, census-driven assets. A letter that ignores Medicare certification status, caregiver coverage, and geographic certificates is incomplete. Ask which census they are underwriting — current, trailing twelve, or a spring peak. Medicare versus private-duty mix changes everything. Bring the LOI to /contact.

Census peaks in a flu month are not a trailing twelve. If they will not pick a census, they are buying an option on your calendar while they look at other Illinois agencies. Referral sources that are one discharge planner are a concentration finding. They will diligence utilization, quality metrics, and whether the administrator is the selling owner.

BizBuySell’s market-wide medians — $349,250 sale, 2.7× cash flow, 0.7× revenue — are the wrong quoting tools for a licensed agency. Use them only as a reminder that listing-site averages are not a certification calendar. We will not invent a platform multiple for home health. The letter in your hand is the number to translate into cash at close. See net proceeds.

Only 27 percent of Boomer owners in EPI’s research have a formal valuation. Home-health owners who price from a hallway conversation without a census file are easy counterparties. There is no sell-my-home-health page on this site. Start at sell a business or the PE offer hub. A census file and an administrator plan will do more for cash-at-close math than a hallway multiple this site will not invent.

Change-of-ownership and certification filings can set the calendar more than the purchase agreement. We coordinate; healthcare regulatory counsel drafts. Do not treat a PE timeline slide as a regulator’s clock. Ask for a change-of-ownership timeline they have actually lived in Illinois, not a national average. If they do not have one, their close date is a wish. Your census season is not a wish.

A close date that ignores those filings is fantasy. Map the filings before you grant exclusivity that burns a census season. Quality metrics and any open surveys belong in the first data-room index. Late discoveries in healthcare are not “items.” They are price.

Asset versus stock sale changes how numbers, leases, and contracts move. Secretary of State filings follow. Office leases still need assignment. Bulk Sales is less often the headline than recoupment and employment files — but equipment and supplies still need a schedule. Form CBS-1 needs at least ten business days when a bulk asset transfer applies.

The IRS selling page is the federal starting point. Allocation still matters. This is educational process, not regulatory advice. Licensed counsel for change-of-ownership and certification.

Educational only. Not legal or tax advice. Platforms do not waive Bulk Sales, Secretary of State filings, license updates, or lease assignment. We work on a success fee — no upfront listing fee.