FAQ: Applying for business loans when opening a facility

Is it true that you need to be licensed before applying for a business loan for opening a care facility? No. You should be able to apply for a loan in anticipation of being licensed. However, it’s likely that some lenders may want you to prove yourself more by taking some initial steps toward licensing […]

FAQ: Should I Hire a Payroll Company?

When you’re starting up your assisted living facility, there are many things to consider so that you don’t run into problems later.  As Fran said in her recent question, she wants to “have all my ducks in a row”. One of her questions was about using a payroll company.  Fran asked: Should I hire a […]

Licensing an Assisted Living Facility in Maryland

Here at SeniorCareMike, we receive a lot of questions and many involve starting up an assisted living facility.  Something that can be especially confusing for many first-timers is obtaining a license to operate your assisted living community. Licensing for assisted living facilities is done by the states So our answer to one reader about how […]

Systemize First. Scale Second.

  There is one thing that is common among most business owners – they dream about how big their business may grow. Not everyone. Some are perfectly happy reaching a modest goal and maintaining that level of activity throughout their working life. They’re simply happy not losing what they have. But so many others (me […]

Planning Your Exit: The Checklist

    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. […]

Selling Your Adult Family Home

    What is an adult family home in Wisconsin? According to the website of the Wisconsin Department of Health Services, an Adult Family Home is a place where adults who are not related to the operator reside and receive care, treatment or services that are above the level of room and board and that […]

Income Tax Exemption For Adult Family Homes

  One of the benefits of owning an adult family home is the exclusion of certain income received by the owner.  You should check with your CPA or tax preparer for more information and to confirm that your income is, in fact, exempt.  There are many sources of information about this unique benefit, and the […]

Papering Over Problems With Payroll

  I’ve been involved with real estate for a long time.  It’s hard to believe it’s been more than 30 years now. Having bought, sold and helped dozens of clients do the same, I have also seen some interesting properties and interesting people. One of the more interesting things that I saw was the seller […]

Audited Financials For Your Assisted Living Facility

  Financial statements are the report card on the financial performance of your assisted living facility. Larger facilities and bigger operators are often required to have audited financial statements to satisfy lenders, investors and funding sources. But what about smaller providers? Are audited financial statements necessary? Audited financials statements aren’t necessary, unless you have a […]

Selling Your Assisted Living Facility? Expect Some Visitors

When you’re selling your assisted living facility, there are many steps in the process. Once you have reached an agreement with a buyer, there is a long list of others who may need to visit your property. Due diligence is the process a buyer undertakes to inspect a property and confirm their understanding of the […]