XYZ performs medical writing services for medical communications and education companies primarily in the U.S. but also globally. XYZ can perform any type of written medical content, and deliver quality writing to meet clients’ unusually large demands or tight deadlines.
XYZ’s mission is to provide B2B, on-demand, medical and scientific writing services for clients under a tight deadline or with large projects that cannot be completed with the clients’ own in-house medical writing
We exist to provide convenience to clients and to help solve their problems. We are there when our clients need us and we go away when they do not. In addition, because of our process, the quality output is extremely high (usually higher than in-house teams) and the price is reasonable.
XYZ uses only native-English speaking medical writer subcontractors with advanced degrees in a science such as a PhD, MD, DVM, or PharmD. These are the only people we accept into our training program.
We have on hand about 40 very high-quality subcontractor medical writers. When a project is made available, writers self-select based on their own availability and background. The number of writers who sign up for a job is always greater than the number of projects, and therefore, any reasonable client deadline can be met and project size completed.
The quality of writing is high due to the rigorous science background (PhD or MD) and the training program required of subcontractors, as well as the competitive nature through which subcontractors are assigned the work. Specifically, our subcontractors are qualified individuals with a demonstrated ability to write and a strong science background. XYZ helps individuals transition out of a science career (eg, a post doctoral position in a lab or medicine) and start up their own work-from home freelance medical writing business. Given the disillusionment of many in the medical professions, there is a lot of demand for this training as well as a very well-paying work at home job. This leads to a continual source of talented, motivated people willing to sign on with XYZ and work for slightly less than other solo freelance writers.
People accepted as XYZ subcontractors (usually medical doctors or PhD grad students and postdocs) are required to do well on a medical writing test. They then go through a self-paced training course for 6-weeks. During this time most participants receive paying work. The approximately 20-30% of writers who demonstrate exceptional ability during training are invited to continue on as XYZ subcontractors. The ones who are not accepted as subcontractors are still free to continue on with trying to get other clients, but do not receive work from XYZ. In this way, expenses are kept low and the quality is kept high due to the competitive nature of staying on as a subcontractor and getting accepted and receiving projects.
History of XYZ
John/Jane Doe, PhD, founded XYZ in 2001 after earning the PhD degree in nutrition and health sciences from ABC University. Dr. John/Jane Doe has earned a reputation in the field for high quality and also, since 2003, has sent out a free news letter containing medical writing jobs that goes out once a week to about 6,000 people. “XYZ” is extremely well known within the medical writing community and among potential clients. XYZ has one full-time lead medical writing employee (since June 2014) and one long-time highly reliable subcontractor who can do medical writing, editing, and also project management. We also have two excellent medical copyeditor subcontractors.
As a solo practitioner from 2001 to 2010, Dr. John/Jane Doe brought in from 100K to 190K after expenses every year. In 2011, with the addition of subcontractors, the gross sales have increased each year to reach over $700,000 in 2014, with a profit of more than $200,000[/sws_yellow_box]
- Asking Price: $1,200,000
- Gross Income: $708,8821
- Cash Flow: $236,998
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- [item]Real Estate: N/A
- Established: 2001
- Employees: 1 + 40 IC
Facilities: This business is “virtual.” It can be operated from anywhere.
Competition: This company’s competitive advantage is the unique capability it has of completing large projects under a tight deadline. An email list containing medical writing jobs has gone out every week since 2003. There is no direct competitor that vets quality and trains writers as thoroughly and has such a high entry level onto the team.
Growth & Expansion: With the addition of qualified personnel, the development of a user-friendly web interface, adequate marketing and promotion, and the development of uniform processes, XYZ could be scaled up to deliver millions in revenues per year within a relatively short time frame. The trend for the medical information and the medical education industry is to produce large volumes of content. This will only increase with the aging of the US population and advances in medicine. XYZ is here to help with the development of content, for which the demand is overwhelming. The outlook for growth, without being overly dramatic, is huge. At the time of this writing, no other medical writing services company exists that is in quite the same format, especially one that is so well positioned, capable, and with such longevity and reputation in the field.
Support & Training: The current owner will provide 4 weeks of transitional assistance included in the purchase price. The current owner will also agree to stay on for a negotiated period of time and a negotiated compensation package.
Reason for Selling: The owner wants to have more time to work on other projects and to cash out.
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