We have a home care agency licensed by the state of NY. Someone is interested in purchasing the license from us. How do we go about that? what are the steps and the fees involved. We never actually started the business but the license is valid. Thank you.
2 Answers from Attorneys
It sounds like you are selling the business as a stock purchase included in that is the license. It is not clear whether that license attaches to the person as well as the business. For example, if I have been convicted of fraud can I still lawfully be licensed? Or is it related solely to the business? Also, regards to Medicare billing there is a rule that requires the business to be in operation for at least three months (I believe) before a new owner can take over. If this is relevant to your situation you should look into that.
I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
The good news is that you seem to have found a buyer which is the biggest hurdle when selling any business. For home care agencies, if the buyer is buying more than 10% of the agency then under section 3611-a the buyer needs to be approved by NYS. If the buyer has previously been pre-qualified by NYS then the change in ownership may be exempt from a re-filing.
As far as the selling of the business part, the further good news is that the process is similar to selling other types of professional practices so the paper work for the most part is standard.
Happy to chat further directly. Give me a call anytime.
Roman R. Fichman, Esq.
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