Your First Three Steps

I received a question recently from someone wanting to start an assisted living facility. They wanted to know the first three steps they should take. And my first response was to ask where they were starting from – did they have any experience, capital or connections with assisted living already. They didn’t. So here is […]

How Do I Pick a Location for My Assisted Living Facility?

  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

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?

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 […]

Selling Your Adult Family Home

    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

  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

  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 […]

Audited Financials For Your Assisted Living Facility

  Financial statements are the report card on the financial performance of your assisted living facility. Larger facilities and bigger operators are often required to have audited financial statements to satisfy lenders, investors and funding sources. But what about smaller providers? Are audited financial statements necessary? Audited financials statements aren’t necessary, unless you have a […]

Who Receives the Revenue Earned on Closing Day?

This is a quick answer to a frequently asked question from ALF sellers.   “Who receives the money earned on closing day:  buyer or seller?” As we get closer to closing the sale of your assisted living facility, questions about the final details start to come up.  One of the more common questions when we’re […]

Who Keeps The Cash on Hand When I Sell My ALF?

This is a quick answer to a frequently asked question from ALF sellers.   “When I close on my sale, does the buyer keep the cash in my business bank account?” While many assisted living facilities are owned and operated by individuals or small businesses, most are held in business entities for legal and tax […]