Assisted Living Network Podcast

The top three criteria are location, price, and the staff. The resident is going to move in once, but the family is going to be the ones going to visit them, so it has to be conveniently located. Usually, 20 minutes so that way somebody can drive over after work and get home, and it only takes an hour or two to have that visit to be able to come and go a couple of times a week or a month. Unlike the big box facilities that start with a base rate then go up based on different options. One of the things to keep in mind is that when you have the Residential Assisted Living model, it's one side and it includes everything.

The caregivers are the ones who are face to face, day to day with your mom or dad, Do they communicate with love? Are they well trained or certified? Are they good at what they do? How do the managers treat the caregivers? Do they give them the resources they need, the tools they need? Do they provide inside and outside activities? Do they provide good food and nutrition? The most important consideration is this, would you trust them with your own mom and dad? Because that's what you're doing.

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I'm sure a lot of you have heard that AI, artificial intelligence, robots in homes, is coming. They have robots in hospitals right now and we do assisted living in a residential setting. But imagine, a senior having something around their wrists that would geolocate where they are and at any time a robot that has intelligence to communicate, could find them based on that location device, and roll right up to them and say, "Hi Mary, what is it you need? How are you feeling?" And Mary can communicate, and that robot can now communicate back. They can do a lot of things that the caregivers do now.

Then the hands on, special touch, the real deep communication, can be done by the human caregiver. If they're in the hospital, that doctor would actually read those vital signs, read the charts, have all the information at their fingertips. Now think about the efficiency and the effectiveness of that. The doctor getting their eyes on that patient, resident right there without being there. They could go throughout the whole house, see 10 people very efficiently and effectively in less time than it would require to take a single resident to the doctors office. It just makes sense.

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When we talk about the look and the feel of Residential Assisted Living, it's a home so it should obviously look like a home. Usually, there's a roof, a door, windows, it looks like a house. It should have landscaping and driveways where people can pull up with walkways so somebody can get from the car to the front door. You should put a ramp in so if they have a walker or a wheelchair, or to avoid any trip hazard at all.

When you walk in It's open and It should smell like a home with special air purifying systems inside to make sure the air is circulating all the time. The only extra smell I want there is the smell of home cooked food, something that smells good when you walk in.

The colors should be neutral colors. There should be shades or curtains on the windows. The front room has nice furniture and artwork on the wall. The floors are smooth and easy to clean. The bathroom has grab bars by the toilets and showers. You should display the license, the code of ethics, phone numbers for them to call in an emergency. There should be books on tape, or music from their generation playing. It's boutique assisted living in a home setting. If you put all of that together, you'll have a winning combination for a very successful Residential Assisted Living home.

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There's two primary things or reasons why you have a business plan. One is for you, you need a roadmap, directions to get to where it is that you're going. It's a map showing you how to get to where you're going. If we have the map, you know how to get there faster, accomplish more, and go farther in the same amount of time.

The second reason to have the business plan is for the banker, lender, investor, or partner, whether they're lending to you, investing in you, or working with you. They need to know what the goal or vision is and where it is you're headed so they can decide if they want to stay on your bus and come with you, or get off and go on somebody else's bus.

Raising capital for assisted living is the easiest thing I've ever raised capital for, but you need to have a business plan in order to do that. Don't expect anybody to give, lend, or invest in you or be a part of what you're doing financially unless you have a written plan. But if you do and your clear, you surround yourself with the right people, and you've got a plan, you absolutely get it funded and be successful.

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I want you to think about where you're at today. Some of you are at a point in your life where you're just going through the paces. You're not quite sure what you really want or how to get out of the rat race. You're saying you want more but you're afraid to start something new. You are scared because you could lose money. But you should be more afraid of losing time. Money can be replaced. What you can't replace is your time. And every day you put off doing something, is a day that you'll never get back.

So I want you to think about, what is it you really want. You don't have to do it on your own. I can help you. The Residential Assisted Living Academy is all about teaching people how to do this. Some of you are afraid to ask for that help and yet I'm here for you. I definitely can help you with starting a business, doing something new, senior housing, raising capital, getting this to all of those elements that take what we do and bring it all together. I can't make you do it. But I can encourage you. I can give you the information. You just have to make up your mind to do it.

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When we talk about overbuilding,  five years from now are we really going to need this? Let me help you with some math right now there are 77 million baby boomers, 10,000 people a day are turning 65, but more importantly, over 4,000 a day are turning 85. That is 1.5 million people turning 85 every single year. Not all of them are going to survive to  86 or 90. And not all of them are going to need assisted living. But if just 20 percent of them need assistance with their activities of daily living for an average of three and a half years.

So 1.4 million 85 year olds that will need additional help in the next five years. And most people would rather live in a home, where the care is five residents to one caregiver, where the food is fresh and it's coming from a kitchen that's 25 feet away. Where they can live in a room, maybe a private room, but live in a home. The reality is they are looking for friends and companionship. They're aging and they are coming and we have an opportunity to take advantage of providing for them this home, help, and service. And the need is only going to increase.

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You as an entrepreneur can do anything that you want to do. However just because you can do something yourself doesn't mean you should. There is no ceiling, there is no lack of opportunity. So when you look at your own life and you look at your own opportunities and capabilities, you really have to decide, is this something that you can do and should do, or something you can do, but you choose not to.

So let's talk about surrounding ourselves with the right people. The best thing you can possibly do is surround yourself with a team of people that have done it before, who are not only experienced, but they know what to do, and more importantly what not to do. A team of people that are willing to contribute something that you don't contribute. That have skills that you don't have, that have the time that you don't have. As soon as you say to yourself I'm the best, you're kind of defeating the whole purpose. Because frankly, when it's all said and done, doesn't matter how many houses you have or how much money you have in the bank, it's the people and the relationships. Those things are magical and they last forever.

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The three ways to simplify getting started in assisted living right now. The one most people really would love to do is buying an existing home that's already up and running and operational. If I can buy the right business and the right location, paying for that business up and running right now is definitely the best way to simplify the process of getting started in residential assisted living.

The second way is to partner with somebody who's already doing it. You bring something to the table, they bring something to the table, could be perfect. Partner with somebody who's done it before, who's doing it now, who can get you up and running faster.

The third way is to focus on the real estate portion. You're the one that buys the home, ties it up with the lease. You're the one who does the renovation and now you're going to lease it to the operator. So what you're going to get is that long term lease. But also do it with a profit share so you're getting a share of the profit. Let them do the work that you get your rent, plus a share of the profit.

At the end of the five year lease, you now have a choice. We will talk more about that.

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The three things that could absolutely wipe out the need for assisted living, one the plague, I don't think it's coming back. Two, when you hit 50, they'd knock you off. But I don't think they're going to do it in real life. And the third would be everybody stops growing old. The reality is none of those things are gonna happen. When we talk about the opportunity and where assisted living is going in the future, nobody wants to live in a big box. They want to be at home in their own home, but they do need assistance. People who are at home now aging 80, 90 years old, they want to stay at home.

They'd rather stay at home but they can't and they don't want to move to the big box. So the solution is residential assisted living. You know right now governments are encouraging assisted living. They're actually changing rules, laws and regulations to make it better. There are too few beds, too few homes. They need people like me and you to help be a part of the solution. Assisted living is moving into the home in the residential setting. It's preferable to the senior into their family. You and I, we are the solution.

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What's the day to day life like owning an assisted living home and business? No day is the same. What you're looking for is the manager to take care of business, find the residents, take care of the family, hire the caregivers. The day to day life that you have within your assisted living business is going to depend on how you want to operate. You can be hands off and the manager is the one that finds hires, trains and retains the caregivers, the manager is responsible to make phone calls, bring in people who need the assisted living, do tours, bring them into the home, do the assessment of the resident that day to day, filling in the agreement.

And when those residents come in and drop off a check for five, $6,000 a month and 10 of them get dropped off on the same day, that's a wonderful day. So the day to day life will depend on how you want to own and operate this home. We have students all over the country that are more hands on. If you have your management team in place, your job is to oversee and manage the manager. And day to day varies day to day.

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