California's elderly population is expected to grow twice as fast as the rest of the state by 2020. And those in the senior-care industry are ready and waiting.
Competition in this multibillion-dollar market is brisk as existing providers jockey for customers and new companies open to join the fray.
"There is money to be made out there and people know it," said Ivan Flores, coordinator of the Fresno/Madera Ombudsman Program, which helps monitor the senior-care industry. Industry publication Private Duty Insider estimates that the nine largest companies providing in-home care to seniors accounted for $1.4 billion in sales nationally in 2006, the latest numbers available.
Entrepreneurs are jumping into the market, including James Waterman of Clovis, who is putting the final touches on his new company, SeniorCare Organizational Systems. He created the company after struggling to find care for his father.
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