So I've been kicking around the idea of buying/starting some assisted living homes (serving under 10 residents) and possibly franchising the concept down the road. Seems like assisted living homes might be the latest health care wave, and one that is much more beneficial to the resident than a large facility.
I worked in group homes (similar concept but with developmentally disabled adults) for years when I was a teenager, and I loved it. I would really love to be able to create policies and procedures and offer great care to residents and a workable patient to resident ratio for CNAs. I also get jazzed when I think about creating a training program, as I would love to work toward providing the best care and training out there.
Any thoughts on pros and cons to attempting to franchise an assisted living home business?
Thanks for your input.
Last edit by Hithere on Nov 6, '11
Nov 10, '11
Instead of paying through the nose directly to a nursing home or for premiums on a Long Term Care insurance policy, I was thinking of buying such a smaller nursing/assisted living home. By buying it, I could place myself there and be paying myself (instead of some other nursing home) as well as enjoying the income that inflowed from the other beds. Smaller nursing homes (under 10 beds) can surprisingly be bought for under a million dollars, which beats paying $380.00/day for one privately out of your pocket. If you have brothers or sisters the cost of purchasing and managing one can be spread out. The beauty of owning one also includes that it could serve as great thing to pass down to heirs who can use it themselves as well as possibily, in the meantime, make a living managing it.