This is the seventh post in the series on Selling Your Assisted Living Facility. You’re reading from the first chapter about Deciding To Sell.
It’s go-time. Or is it?
Over the past several posts, we’ve talked about making the decision to sell your assisted living facility. It’s not an easy decision and there are many things to consider.
We looked at the road signs that might lead you to consider selling your facility. Some signs are obvious and a clear signal to exit. Other signs aren’t so clear and may just cause you to think about selling, and then pull back from that decision.
We covered a big question that you need to consider – can you afford to sell? Some owners of assisted living facilities are ready to sell but haven’t looked closely at what they will have left after the sale closes.
We also talked about the alternatives to selling and the emotional side of selling when you’re the owner-operator.
Yes, there are many things to consider.
For some, the decision will be to hold on, sell another day, and keep plugging away for now. For others, the decision will be clear – it’s time to sell.
It’s Time For The Next Phase – Preparing For a Sale
Making the decision to sell marks the end of the first phase of the selling process. The next phase is preparing for the sale.
Selling your assisted living facility takes preparation. You want top dollar. You want a smooth transition to the new owner. You want your staff and residents to be cared for throughout the sale process. And all of that requires preparation and time.
Over the coming weeks, we will go through many ways you should prepare for the sale of your assisted living facility. Here is a preview of the topics we’ll cover:
- Selecting your team of advisors, even if you’re going FSBO
- Reviewing financial performance
- Finding value add opportunities
- Catching up on deferred maintenance
- Analyzing your facility like a buyer
- Preparing offering documents
- Preparing a confidential marketing plan
- And more
If you’ve recently decided to sell your assisted living facility, there are things you can do today to begin preparing now. I will leave you with two things for your to-do list this week.
- Fill vacant units. As we discussed weeks ago, some owners of assisted living facilities are selling because they’re burned out. And this often shows up in more vacancies than a buyer will want to see. Find a way and find the energy to do what you know is needed to fill those vacant units.
- Review your financials. This assumes that your financials are up to date. They are, right? If not, make sure you bring them up to date so that you’re ready for a financial analysis to discuss pricing.
Next week, we’ll launch the next phase of Selling Your Assisted Living Facility – the Preparation Phase.
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