For one owner and operator, she exited with a larger retirement fund than expected less than 10 years after starting the business.
For Tina Thill, there was never a question of how she wanted people to feel about the assisted living facility she named after her grandmother. After spending 25 years in nursing, she wanted to create a facility that didn’t feel cookie cutter. For her, this was about creating a facility that did more than help seniors survive. She wanted to help them thrive.
Being in a small town of 8,000 people, Tina didn’t know what to expect. There were already two existing assisted-living facilities in the community. But, the town surprised her. People stopped by to see the construction. Tina shared her vision and listened to their stories. And, before construction was complete, future residents began to pick out their rooms.
Once opened, the 22-bed facility was completely full within four months. A second, 26-bed facility opened a year later. Five months later, it was full. The need led Tina to work with another developer. Together, they completed the campus with the addition of a third, larger, 34-bed facility.
Being an owner and operator of an assisted-living facility was a labor of passion. It took a razor-sharp, 24/7 focus. And, the growth was lovely. Yet, as the go, go, go of the business increased, Tina’s spark began to fade. Even if she stayed to finish one last task each night, there would always be 10 more things waiting in the morning. Tina realized she had a good team in place. And knew she could feel good trusting the care of the residents to the team.
Plus, selling the business was always the plan. The only question was could they afford it? When they started, Tina and her husband sold everything but their house and one car to help fund the business. The equity of the business was their retirement fund.
Tina turned to the Senior Care Realty team to help evaluate the business and plan for an exit. Over the years, various experiences convinced Tina it was worth getting good people in your corner. And, she knew Mike Collins and the Senior Care Realty team through various industry organizations and events.
Tina appreciated knowing the Senior Care Realty team was more than a group of realtors. The team knew how to run businesses. They had experience as assisted-living operators. She had also bounced ideas back and forth with the team numerous times. She trusted the advice.
From the Senior Care Realty team, Mike Collins and Daren Dudgeon worked together on the project. After a review, it was clear the business was worth more than Tina most likely realized.
There were many things Tina and her team did to add value over the years. Most important, Tina made consistent decisions that put quality care ahead of money. All the Senior Care Realty team had to to was help Tina overcome the largest challenge facing the sale. If successful, she would exit with more money than anticipated.
While Tina owned the business, she didn’t own the facilities. She leased the three buildings from multiple developers. These relationships helped Tina get the initial financing and build out the campus. Yet, now, they were going to complicate the sale.
Most potential buyers prefer to have the real estate be part of the transaction. It’s easier to get bank financing when the sale includes a hard asset. The Senior Care team needed to help Tina leverage the business’ existing equity. They needed to buy the buildings and then turnaround a sale of the complete package.
The team met with Tina and her son, who was Tina’s business manager. They outlined what was possible and a plan. She trusted her son’s judgment. She knew her son wasn’t going to do anything to screw up his inheritance. Plus, she had experts she trusted guiding them through the process.
The Senior Care team met with each of the building owners. They presented the opportunity to sell each property and helped negotiate a deal. With the business package defined, Daren reached out to the Senior Care network. And, he located a company interested in buying the family-owned business. Negotiations led to an accepted offer. And, the team coordinated the sale of the buildings and the complete business package on the same day. While it sounds simple, the logistics were complicated.
From Tina’s perspective, Daren and the team kept her informed throughout the process. They handled 100% of the legwork on her behalf and made the sale a seamless experience. Today, she’s living on a lake up north and enjoying life.
Tina doesn’t regret the decision to sell. She knows the business is “somebody else’s house” now. She may forget the drama of running a business. But, the stories of the families they cared for are different. Those are the stories that stick. Those are the memories and friendships she’ll always cherish. And, for that, she’s grateful.
To learn more details, reach out to Daren Dudgeon. Reach him via phone at (608) 834-4127. Or, email him at email@example.com.
Wondering if it’s time to sell an assisted living property or business? Contact the team at Senior Care Realty. We’d love to learn your story, understand your challenges, and explore how we can help. Call (608) 825-4200 or email firstname.lastname@example.org.