Become an Irresistible Buyer: Boost Your Assisted Living Deals
Oct 12, 2024
Are you thinking about buying an assisted living business? If so, you're in the right place! Today, we're going to talk about something super important: building great relationships with sellers when you're buying an assisted living facility. These relationships can make a huge difference in your success as an investor.
Make sure you check out the video, too:
Why Seller Relationships Matter
When you're looking into buying assisted living facilities, having good connections with sellers can really help you out. Let's dive into three big reasons why these relationships are so crucial.
1. Tap Into Their Knowledge
The biggest reason to be friends with the seller is to learn from them. They know a ton about running an assisted living facility, which can be pretty tricky. Sellers can help you with getting licenses (which can be confusing), following state rules, and understanding Medicaid (if they have experience in that area). They've got the inside scoop on running the place day-to-day and dealing with staff and resident issues.
Plus, sellers often know important people in the area, like state inspectors or even potential community partners. This can be super helpful for you. If you stay on good terms with the seller, you might have someone to ask for advice even after you buy the facility. Their knowledge can save you from making rookie mistakes and help you hit the ground running.
2. Make the Change Easier
Changing who owns an assisted living facility can be tough for everybody involved, especially the staff and residents, but having a good relationship with the seller makes it much smoother. They can introduce you to residents and their families, which helps everyone feel better about the change. This is huge because it builds trust right from the start.
The seller can also help you keep the current staff, which is really important for keeping things running well. They might know good new people to hire or where to find them if you need to grow your team. And if any problems come up with staff or residents, the seller may be willing to help sort them out.
When the change goes smoothly, it helps residents and staff feel good about you as the new owner. It also keeps the facility running well, which is crucial in the early days of your ownership. A smooth transition can set you up for long-term success in your new assisted living business.
3. Open Doors for the Future
Being friends with the seller can lead to more chances to grow your business. The seller might own other facilities and give you first dibs on buying them. This could be a great way to expand your assisted living empire!
If you get a good reputation, other owners might want to sell to you too. The assisted living world can be pretty tight-knit, and word gets around about good buyers. Sellers can introduce you to other people in the business, which can help you grow in ways you might not have expected.
Being known as a good, trustworthy buyer can really help you do well in the assisted living investing world. It's not just about this one deal – it's about setting yourself up for future success.
Wrapping It Up
So, remember: having a good relationship with the seller when you're buying an assisted living facility is super important. It helps you learn from them, makes the change easier, and can lead to more opportunities in the future. These connections can really help you do well in this business.
If you're serious about getting into this business, we've got two things that can really help you out:
- Download our free Business Plan Checklist. It'll help you make a great plan for your new facility.
- Want more help? Need help figuring out where to start? Join the next Roadmap Challenge and build your launch plan with me.
Remember, in the world of assisted living investing, good relationships can make all the difference.
Happy investing!
Show full transcript 👇
Transcript
00:00:01
[Music] hey everybody it's brandon gustafson welcome back to assisted living investing uh happy to have you on the channel today just a another quick reminder we've launched assistedlivinginvesting.net and i'd love to see you over on the website to get free resources subscribe to my newsletter for future content i'd love to see you over there also make sure that you're liking uh commenting subscribing to these videos give me a big thumbs up from on the video i'd love to see your
00:00:42
comments so that i know what content is is best for you make sure you ring the bell so you get notified every time i put a new video up we're getting videos out every two weeks and i hope that the content is is helpful to you also make sure you're following me on other on my other social media platforms i'm on facebook the assisted living investing group on on facebook would love to see you over there on twitter and instagram and also putting out daily videos on tick tock so we'd love to see you over
00:01:11
there and you can get kind of quick hits of of information uh around assisted living investing i'd love to have the conversation with you over there as well to make sure i'm giving you content and answering your questions and helping you be a successful uh investor in assisted living so in the last two videos we've been talking about how to make yourself an attractive buyer and today we're going to get into why it's important to make yourself an attractive buyer so number one is you
00:01:37
might have questions during the process of purchasing the facility or after you've completed the process of purchasing the facility and developing that relationship specifically with the seller is is a huge reason why you want to develop that relationship with them the current owners have a lot of institutional knowledge and maintaining that relationship may end up being key and helping you be successful once you take over operations for them they can help you navigate the often complex licensing and billing processes dealing
00:02:08
with medicaid uh dealing with the state and getting things licensed working with the ombudsman and who an abundant is and just all of those different things to benefit you because you never know when you're going to have a conversation where you need some insight from somebody that has worked in the industry has worked in the market before and being able to develop that relationship is it it could end up being something that is key to allowing you to run a successful facility second reason is they can help
00:02:39
you have a smooth transition as you are purchasing the facility so they can make good introductions to their residents and and to their families which is going to help you have a much more smooth transition into your ownership of the facility changes is scary you all know this changes is scary it's hard to do new things and the better relationship that you have with the seller the more smoothly it's going to be to transition ownership over to you and that change for the residents and their families is
00:03:11
not going to be as scary there still will be concerns we got calls because we allow pets in one of our facilities not a ton of pets we just have one dog but the resident who who owns the dog her daughter was really concerned about being able to to keep the dog in the home and so we had a conversation with them um to be just up front and that kind of was facilitated through the previous owner allowed us to have that conversation and make things just go a little bit more smoothly there and kind of smooth out
00:03:45
the concerns that they had and help them feel more comfortable with us as we transitioned into ownership the other way they can help you smooth the transition is to do that with staff they can give you recommendations on new staffing or or help you develop a relationship with the existing staff they might be able to help you find a new administrator whether that's through a personal referral one of their existing staff members or helping you kind of get connected with maybe a facebook group in
00:04:12
in the market that works around senior living and senior care there's a lot of ways that they can help you smooth the transition of of staffing as you're getting into things you can also put in a good word for you with existing staff so you don't have to find all new staff at a facility that's difficult i i mean in my experience you're probably going to be able to transition the majority of the staff over with you anyways but it can still be a rocky period chances are these caregivers have worked
00:04:42
with with the current owners for several years at least several months and so bringing in a new ownership just raises questions like am i going to get paid the same amount or if there were benefits am i going to be able to keep my benefits are there going to be new benefits can i get a raise those are all kinds of questions that are going to come up and as the existing owner goes out if they're able to kind of put in a good word with you if you're able to even have like lunch with the the existing staff like all of those
00:05:13
things are going to go a long way towards helping you develop good relationships that are just going to make that transition go so much more smoothly and the last reason why you would want to develop a relationship with the seller is for future opportunities the seller it's possible that the seller has multiple facilities that they're trying to sell and developing a good relationship with them may open up doors in the future to help you purchase those facilities this is also just a very
00:05:41
niche market and facility owners talk to each other it just happens all the time so giving the seller a good experience is going to lead to referrals down the line for other facilities in the market uh or with other people that they know as they've been working in in the industry for several years now and if you're able to kind of get those referrals it's something that is going to allow you to continue growing your portfolio introduce you to the other owners as well so that you can start developing
00:06:12
relationships with them and they can help you out with questions that you're going to have with medicaid or licensing and those types of things networking professional networking is is something that i actually have a big passion for but it's really going to be key for you in this industry as well developing relationships with the previous owners are just going to open up an endless amount of opportunities for you to to build relationships with other people that are going to help you be successful and help
00:06:40
you build the portfolio that you want to build so that you can be an investor in assisted living facilities so to recap what we talked about today uh we talked about the the why for why you want to make yourself attractive to a seller number one is you're going to have questions that are going to come up during and after the purchase of the facility number two it's going to just help smooth the ownership transition over to you and number three is future opportunities you never know what's
00:07:06
going to come you don't you might have an idea of what you want your goals to be but developing this relationship is going to allow you to achieve those goals a lot more quickly than they would otherwise next time we're going to be getting into an overview of medicaid billing kind of the process of that the structure that's we're going to be talking about in the next videos make sure you like this video if you want to see that comment down below if that's something that's interesting to you i'd
00:07:30
love to to hear from you let me know if these videos on how and why developing relationships with sellers and lenders and brokers is important i found it to be just extremely important to me as i've gone through the process of acquiring my facilities it's it's going to help you be successful the more that you're able to build these relationships so i very strongly encourage you to to do that as well make sure you like the video give me a big thumbs up make sure you're following
00:07:59
me on my other social media platforms i'd love to see over there join the conversation as we continue to build a great community of investors that are interested in getting into assisted living and helping you learn the process and the steps that you need to take to be successful in getting into this industry also make sure that you're getting over to assistedlivinginvesting.net make sure you join the mailing list over there and you're accessing those free resources that i've got for you i've got
00:08:26
the the calculator that we went through a few videos ago on the website and also my my templated version of the meetings that i do with my administrators and i'll be putting a lot more content out there please comment down below if there's other content you'd like to see uh and resources that that i can give you to help you be successful i'd love to to have you over there and and to hear what you've got to say that's it for today's video thank you for watching and i'm excited to have
00:08:54
you here and we'll see you next time thanks for watching have a great day [Music] you
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