From Chaos to Success: How One Entrepreneur Built a Thriving Home Healthcare Business

Early Life and Motivation

Devin Fitzgerald's path to entrepreneurship was shaped by a tumultuous childhood marked by substance abuse and domestic violence. Growing up in an unstable environment, Devin credits his grandmother as his "guardian angel" who kept him anchored and encouraged him to pursue education and personal growth.

"My life could have gone in maybe 100 different directions. 98 of them horrendous," Devin reflects. His grandmother's influence instilled in him a love for reading, studying, and excelling in sports, providing a foundation for future success.

Despite the challenges, Devin recognized early on that endurance would be crucial in life. He understood the need for long-term planning and perseverance to achieve his goals.

The Path to Business Ownership

After graduating college, Devin gained valuable experience working for a family-owned restaurant group. Over 10 years, he helped expand the business from 3 to 14 locations, calling it his "boots on the ground MBA."

Two key insights sparked Devin's interest in acquiring businesses:

1. "It's easier to buy revenue than create it."
2. The demographic shift leading to more businesses for sale than ever before.

Approaching his 35th birthday, Devin decided it was "now or never" to pursue business ownership. He focused on the home healthcare industry, inspired by his grandmother's nursing career and the growing demand in the sector.

Acquiring the First Business

Devin's search process involved extensive cold calling and research. He estimates making thousands of calls to potential sellers. After an 8-month deal fell through at the last minute, Devin quickly pivoted and found another opportunity on BizBuySell.

The first acquisition was a small, struggling home healthcare agency with about $1 million in revenue. Devin saw it as a "minimum viable business" (MVB) that could serve as a platform for future growth.

Key details of the first acquisition:

• Located in Massachusetts
• $1 million in revenue
• 23% EBITDA margin
• Purchase price of $600,000

Despite challenges during the closing process, including undisclosed seller issues, Devin persevered and completed the deal in September 2023.

Turnaround and Growth Strategies

Upon taking ownership, Devin focused on:

1. Improving morale and culture
2. Engaging staff for input and feedback
3. Implementing new technology and processes
4. Building partnerships for referrals
5. Becoming more ingrained in the community

Devin emphasizes the importance of clear communication and maintaining focus on long-term goals. He brought energy and enthusiasm to the business, encouraging staff to share their ideas for improvement.

"We're in growth mode from now until forever," Devin told his team, setting the tone for a new direction.

The Second Acquisition

Just months after closing the first deal, Devin began exploring additional acquisition opportunities. In February 2024, he entered into an LOI for a second home healthcare agency.

Key details of the second acquisition:

• Similar business model and payers
• Located in a different area of Massachusetts
• Larger than the first business
• Closed in December 2024 after a year-long process

Devin leveraged a new SBA loan program that allowed 100% financing for acquisitions in the same industry, enabling him to complete the deal without additional equity.

Lessons Learned and Future Plans

Reflecting on his experience, Devin shares several insights:

1. The importance of understanding seller motivations
2. Building personal connections during negotiations
3. Staying focused on long-term goals despite challenges
4. The value of a strong company culture in preventing burnout

Looking ahead, Devin is focused on:

• Strengthening both businesses
• Improving integration processes
• Building out the management layer
• Exploring future acquisition opportunities

While open to turnaround situations, Devin is also considering higher-quality businesses that may command higher multiples, following Charlie Munger's advice to pay "a fair price for a wonderful business" rather than "a wonderful price for a fair business."

Conclusion

Devin Fitzgerald's journey from a challenging childhood to successful business owner demonstrates the power of perseverance, clear vision, and adaptability. By focusing on the home healthcare industry, leveraging his personal experiences, and bringing fresh energy to struggling businesses, Devin has built a growing enterprise that honors his grandmother's legacy while creating value for employees, patients, and the community.

As he continues to expand and improve his operations, Devin remains driven by the excitement of "going from nothing to something to something more." His story serves as an inspiration for aspiring entrepreneurs and a testament to the opportunities available in the world of business acquisitions.

Article created from: https://www.youtube.com/watch?v=HV82rQ2DHPQ