Residential Care Facility Owner Operators
By William P. "Rick" Dwyer
Owning and operating a Residential Care Facility for the elderly, a licensed activity by the State of California Department of Social Services, is a daunting, challenging and rewarding occupation. Just ask any Administrator or staff person in a residential care community what the favorite part of their job is and their response is most often "caring for the residents". While this is an important part, the caring business also needs to be provided in a fiscally responsible manner, or the business will not be profitable. An Administrator needs to have the knowledge, skills and abilities to successfully run a profitable business that cares.
One has to be attentive to both the quality of care and satisfaction of residents as well as profitability.
You might ask yourself the following questions:
I am interested in providing Residential Care for the Elderly. Is this a business I can succeed in? Can I financially afford to invest my time and money?
You own an exsisting RCFE facility and are thinking and wondering if it would be profitable to expand or remodel? Is it possible to refinance your existing loan, reduce your current debt service and increase your net profit/cash flow? Do I have enough equity in my existing facility, or will I have, after projecting my new income by expanding, remodeling or building new, without having to add new cash to a project. The answer is it could be if you ownerd and operated the facility for more than two years, thereby establishing a business history.
Am I financially healthy enough to consider opening another facility and is there suitable financing available to fund this venture in todays marketplace?
All of the above thoughts and questions are legitimate and need to be answered truthfully in order to succeed in this business.
About the Author
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| William P. "Rick" Dwyer, Real Estate Advisory Services
111 Wild River Ln
Folsom, CA 95630
916-601-1418
If you would like to re-print this article, please contact the author.
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