Here was a question some time ago from one of our readers: how involved should an owner be in their assisted living facility? For many of you, the answer to that question is probably obvious…based on your circumstances. But there are at least three different types of owners and their levels of involvement vary. First, […]
How Do I Pick a Location for My Assisted Living Facility?
November 26, 2018 by
Keith asked a question a while ago about picking a location for his assisted living facility. That’s a great question and an important one when you’re planning to build. We’ve all heard the saying that the three most important things in real estate are location, location, and location. For an assisted living community, there may […]
FAQ: Applying for business loans when opening a facility
August 23, 2017 by
Is it true that you need to be licensed before applying for a business loan for opening a care facility? No. You should be able to apply for a loan in anticipation of being licensed. However, it’s likely that some lenders may want you to prove yourself more by taking some initial steps toward licensing […]
FAQ: Should I Hire a Payroll Company?
April 29, 2017 by
When you’re starting up your assisted living facility, there are many things to consider so that you don’t run into problems later. As Fran said in her recent question, she wants to “have all my ducks in a row”. One of her questions was about using a payroll company. Fran asked: Should I hire a […]
Licensing an Assisted Living Facility in Maryland
April 21, 2017 by
Here at SeniorCareMike, we receive a lot of questions and many involve starting up an assisted living facility. Something that can be especially confusing for many first-timers is obtaining a license to operate your assisted living community. Licensing for assisted living facilities is done by the states So our answer to one reader about how […]
Systemize First. Scale Second.
July 23, 2016 by
There is one thing that is common among most business owners – they dream about how big their business may grow. Not everyone. Some are perfectly happy reaching a modest goal and maintaining that level of activity throughout their working life. They’re simply happy not losing what they have. But so many others (me […]
Planning Your Exit: The Checklist
April 4, 2016 by
I gave a talk recently at a conference of assisted living providers. The purpose of my talk was to help those business owners have a plan to prepare for selling or exiting their business one day. Many were perfectly happy running their business, and they had no intention of selling – for now. […]
Selling Your Adult Family Home
September 29, 2015 by
What is an adult family home in Wisconsin? According to the website of the Wisconsin Department of Health Services, an Adult Family Home is a place where adults who are not related to the operator reside and receive care, treatment or services that are above the level of room and board and that […]
Income Tax Exemption For Adult Family Homes
September 24, 2015 by
One of the benefits of owning an adult family home is the exclusion of certain income received by the owner. You should check with your CPA or tax preparer for more information and to confirm that your income is, in fact, exempt. There are many sources of information about this unique benefit, and the […]
Papering Over Problems With Payroll
September 19, 2015 by
I’ve been involved with real estate for a long time. It’s hard to believe it’s been more than 30 years now. Having bought, sold and helped dozens of clients do the same, I have also seen some interesting properties and interesting people. One of the more interesting things that I saw was the seller […]
