How do you get full asking price when it takes longer than expected to sell? Keep running the business with a long-term mindset. That's the advice Senior Care Realty’s Bob Richards provides clients. Many things, out of the seller’s control, can cause the sale of a business to take longer than expected. A potential buyer loses a key member of its regional staff. The state requires a plan of correction before transferring the license. Or, to secure financing, the buyer needs to find a management … [Read more...]
Helping Two Landlords and One Operator Complete a Sale
A successful sales story of two landlords and a tenant who all wanted to transition out of the business How do you help two landlords sell an assisted living facility when the tenant is failing to pay rent? And, how do you transition the property without displacing residents or losing jobs? Senior Care Realty's Mark Van Den Broeke faced this challenge. The property was a three-building, 66-bed community-based residential facility in northeast Wisconsin. One landlord owned two buildings. The second landlord … [Read more...]
Senior Care Realty Announces Sale in Minnesota
Sometimes an operator can stretch a bit too far geographically, or otherwise, and end up with a property that just doesn't fit anymore. That was the case with this assisted living facility in northern Minnesota that was hours away from the previous owner's other facilities. Senior Care Realty's Bob Richards had been working with the owner on the sale of a larger portfolio (which is available - contact Bob for details) and it became clear that this single property needed to be spun off to make the rest … [Read more...]
Senior Care Realty Announces Sale of Iowa Portfolio
A family business in western Iowa was ready to make a change in their lifestyle and decided to sell their assisted living facilities. The four facilities were located in three communities in northwestern Iowa with the first built in 2005 and the newest built in 2016. The portfolio had a total capacity of 162 residents with 123 resident units. Senior Care Realty's Mark Van Den Broeke made contact with the sellers while they were considering their options for the future. The sellers were concerned … [Read more...]
Starting a New Assisted Living Facility? Don’t Make These Mistakes
We were recently at the Wisconsin Assisted Living Association's Spring Conference in Wisconsin Dells. It was a great show with more than 1,000 assisted living providers and others who make senior care so successful in the Badger State. During the conference, Mike Collins from Senior Care Realty presented a breakout session about starting a new assisted living facility. There are many new assisted living providers starting their own business each year. Many are successful, but some are not. In this … [Read more...]
WALA Madness!
It's that time of year. March Madness and WALA. WALA Madness? Maybe so. The team at Senior Care Realty is excited to be attending, exhibiting and speaking at the WALA Spring Conference again this year. Stop by our booth... ...for information about the market for assisted living communities, the latest data on assisted living valuations, and tips for buying or selling your assisted living facility. Schedule a private meeting... ...just send an email to schedule a confidential, private meeting … [Read more...]
Cooperating With Florida Brokers
Senior Care Realty enjoys working with other brokers. Our cooperation policy is spelled out in general on our website in the section for Brokers. In some states, there are limitations about how local brokers can cooperate with out of state brokers. This article addresses the limits, or lack of limits, for Florida brokers cooperating with Senior Care Realty. There are many places to find detailed language about what is and isn't allowed when Florida real estate brokers do business. One of the … [Read more...]
Roll Up a Portfolio of Assisted Living Facilities
Roll-up's can be a great way to grow a company and create value. You've seen it in other industries and you've seen it in health care. It's the process of rolling up individual properties under different ownership into a single, larger, more efficient operation. And the fact is that larger properties or portfolios get more buyer attention and normally command a higher price. One of the problems is finding properties that compliment each other and make sense for a roll-up. But we happen to have three … [Read more...]
How To Qualify As a CBRF Administrator in Wisconsin
In Wisconsin, the administrator of a community based residential facility (CBRF) must demonstrate they're qualified in some specific ways. DHS 83 is the administrative code that includes the regulations for CBRFs, and section 83.15 has the qualifications for administrators. This post summarizes the highlights of DHS 83.15. Be sure to read the actual code for the details. Requirements First, the administrator has to be at least 21 years old and show they are capable of responding to residents' needs and … [Read more...]
What Notice Is Required When Selling a CBRF?
When you sell your assisted living facility, there are several things that are required by regulation. One of those things is often providing notice to your licensing authority and your residents. Each state is a bit different, but this is a quick summary of Wisconsin's notice requirements when selling a community based residential facility (CBRF): The seller of the CBRF must notify the Department of Health Services (DHS) within 30 days before the final change of ownership of a CBRF, and … [Read more...]