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.
Every business owner will leave their business one day – one way or another. So, operating your business with an exit plan in place helps you be prepared if the timing of your exit comes at an unexpected time. Plus, it often helps you operate more profitably, more efficiently, and with more peace of mind than if you don’t have a plan for your exit.
While each of the points below may be self explanatory, there is a lot to be said for each of them. Many of these points will be subjects of future blog posts and emails (click here to subscribe if you haven’t already).
As always, I look forward to your comments and questions. Those questions keep me writing and doing my best to answer your questions about starting, growing and (someday) selling your assisted living facility.
Net operating income: MAXIMIZE
Occupancy rates: FILL VACANCIES
Resident fees: ADJUST TO MARKET
Private pay percentage: CLOSE TO 100%
Expense management: CUT DISCRETIONARY
Condition: REPAIRS COMPLETE
Debt: PAYOFF CONFIRMED
License: CORRECT DEFICIENCIES
Extra assets: SEPARATE
Partners: CONFIRM PLAN
License specialist: CLEAR
Residents: NOTICE PER REGS
Staff: COORDINATE ANNOUNCEMENT
You: PLAN FOR NEXT