Seniors Housing Family Business Institute is a boutique real estate consultancy with an affiliation with Equity, Inc. that is devoted to helping the Owners of family-run nursing homes and assisted living facilities to fully utilize the financial, business and family assets in their control to achieve the lifestyle and family relationships that they desire and deserve.
We do this by harnessing our years of financial auditing experience combined with our mergers & acquisitions skills in selling nursing homes and assisted living facilities in multiple states to work closely with the business owners. We align the often significant cash proceeds from the sale of their business with their personal & family goals through a structured Exit Planning approach.
We believe that this holistic approach is the only way to make sure that when it’s time to sell a family business, that the money from the sale transaction is used wisely to achieve often-contradictory personal & family goals while building/preserving the precious relationships of the business Owners with their spouses, siblings, children, grandchildren, favorite charities and the community.
Mergers & Acquisitions in association with Equity, Inc.
Okri, we're just getting the comment section of the website up and running in a functional way, so I'm late in getting back with you, but I plan to be more vigilant about posting replies in the future.
Here we go:
What should you do if you want to get into seniors housing?
#1 — and I'm not being facetious here –> GET MONEY. Maybe you've already covered that but money is usually the first and largest obstacle. BUT LISTEN, here's a quote from somebody that I really like: "If the problem can be fixed with money, then it's not really a problem."
For those who want to invest and own a functional seniors housing property, the money can come from many sources. Here's the rub. If you can't get money, then other people aren't trusting you. When they trust you (such as you're an honest, hard-working person AND you know what you're doing and can show it in a business plan that makes sense, you have a track record, etc.), then there will be money.
Money can come in the form of seller financing, equity investors, friends and family (i.e., those who like & trust you the most or are credible and will vouch for you), credit from vendors for working capital, and more.
QUICK STORY (Even though this post is getting long)–
A couple of guys who were successful consultants in seniors housing were operating a couple of facilities. They wanted to buy one of the seniors housing properties that I had listed. I had to break the bad news to them. "Look," I said. "You guys don't have any money, so how can I in good conscience go to my client and ask my client to trust your offer?" We talked and then they left my office. We were still friends. But, now they understood what they needed to do.
The next time they made an offer, they put $400,000 in escrow. Guess what? They went to the top of the Buyer's list.
Fast-forward a couple of years and they now own (at last count) 3 facilities.
They found an investor who trusted them with the money. If you are a credible person and people with money can trust you, then money doesn't become an obstacle. It becomes a tool to help you (and your investors) achieve your dream of owning and operating seniors housing.
Give me a call and we can discuss.
Chris Foley
Sr. Vice President – Equity Seniors Housing Brokerage & Advisors
CPA (RETIRED)
(614) 915-8835
cfoley@SeniorsFamily.com
Good one.
I like to start a new assisted living business in my area. But I am not aware of it's procedures and terms. One of my friend who is in http://www.prestigecare.com/independent.php suggested me like there are some consultancies in order to help those who are having a plan of starting a independent living community. Any way I am gone a met you soon.