In 2010 Michael and Jacqueline DiAsio purchased a Visiting Angels home care franchise Jacqueline had worked for. The location had been open since 2000 and had about 150 employees. Today, their main office is located in Henderson, Nevada and they have two offices in Las Vegas, Nevada.
Why did you choose to invest in Visiting Angels? Jacqueline has had a long career in senior care (nursing homes, rehabilitation centers and hospitals. She was the Operations Manager for the previous owners of our franchise and was impressed by what she personally experienced as well as by Visiting Angels’ experience and reputation as a franchisor.
How did you fund the purchase of your franchise? We put 10% down and the Seller “carried back a note” for the rest of the purchase price.
Would you share your gross revenue figures? Our gross revenue is in the seven figures. While we have experienced “hyper” growth over the last six years nearly tripling Gross Revenues, in 2016, we are striving to grow at a more controlled pace of 10% over 2015.
What advice do you have for potential franchisees? “Haste makes waste.” Do your homework. If you are purchasing an existing franchise, make sure that you are comfortable with the financial statements, tax returns and business valuation. If you do not get the price that you want, make sure that you get the terms (i.e., amenable seller financing) you want. Write into the agreements that the seller has to operate the business up and to closing as they normally operate it and that if they slack off the purchase price will change.
What is your work/life balance? Currently we work about 40 hours per week and vacation when we want. We are on site daily, but work remotely weekly for short periods to get some “peace and quiet.” Both our office staff size and technology make this possible. We did, however, work roughly 60 hours per week when we first took over the franchise and for the first several years. While vacations were fewer then, we still took time quarterly such as long weekend vacation, which many times was a management retreat. These were great for “recharging.”
What is it that you enjoy about your work? We are helping people from the “Greatest Generation”, which is very rewarding. They remind us of our parents and grandparents.
Is your franchisor helpful? Visiting Angels has always been a huge support. They have seen it all before. When we were starting out they took ample time with us. They wanted us to succeed. Today, we really appreciate their internet support and presence as well as their national television and radio advertising.
Do you interact with fellow franchisees? Other Visiting Angels’ franchise owners are welcoming, supportive, and extremely helpful to share and bounce ideas off of. We have found this to be the case both now and when we opened.
To see how Visiting Angels’ franchisees, including Michael and Jacqueline, rate it in a variety of crucial areas such as leadership, culture, training and support, financial outlook, and franchisee community, click here.
If you are interested in learning what it takes to invest in a franchise and how to do so wisely, visit FBR’s Franchise Buyer’s Toolkit. To see more franchises that are ranked highly by their franchisees click here.
To learn more about purchasing an existing franchise like the DiAsios did verses opening a new location, read Should You Buy an Existing or Open a New Franchise Location?