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Purchasing Assisted Living Homes

30-Dec-2012

Buying or Starting an Assisted Living Home Business:

Owning an assisted living home is a great opportunity to help your community and also grow a successful business. Assisted living is also referred to as a personal care home, adult care home, senior care home, family care home and domiciliary care depending on the state. Assisted living home businesses are rapidly growing with a guaranteed demand. Tens of millions of baby boomers are approaching retirement age and there is a need in the community for individualized and personal care homes. In Arizona, you can buy or start an assisted living home licensed for up to 10 residents.

State & Federal Regulation:

There are numerous state regulations associated with maintaining and operating care facilities. If you're determined to pursue this venture, you need to have a solid understanding of the state regulations impacting this kind of business and operation. There are basic and specific regulations. Furthermore, there are different types of government regulations for OSHA compliance, Medicare compliance, as well as HIPPA.

If you decide that an elderly care home business is just the type of business you're looking for, you'll have to find out what the laws and regulations are, as well as what licenses are necessary in Arizona.  The Health & Human Services Division of Licensing Services Office of Assisted Living Licensing licenses and inspects Assisted Living Homes and Centers, Adult Foster Care Homes, and Adult Day Health Care Facilities.

Funding:

If you choose to start an assisted living home, you'll have to look into before you buy or rent that house that you think would be just perfect for a group home business, are the area's zoning regulations. This can be a sticky situation in many places, and even if there are no zoning laws or regulations against your opening a group home business where you'd like to, you could well find yourself up against a lot of resistance. It's mandatory that you know this upfront.

Funding for group home businesses is not as hard to find as you might think. The Small Business Association, as well as many banks and other financial institutions, can point you in the direction you need to go to find the money you need to purchase a home to start your elderly group home business or to purchase an existing business.

Making Sure The Assisted Living Facility Is Successful After the Business Purchase:

There should be a transition period after the purchase. You must tour the home and carefully review financial reports and supporting documentation. Understanding how these assisted living homes work will help you work through the transition. Learning fully how the business operates gives you the chance as a new owner to make a difference in the resident’s quality of care.

Due Diligence:

Just like in any other businesses, it is always best to settle the specific details of your purchase. Determine all the inventory, furniture, fixtures and equipment included in the sale. Also, check if you will be continuing with the current license and manager of the assisted living home or if you need to apply for a new one. Additional considerations during this stage include retaining staff & current residents, evaluating marketing campaigns, and insuring proper policies and procedures for the operation of the home during the transitional phase. 

Contact RW Webb Consulting, LLC for additional information 520-668-6317


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