Ask Pilar: Innovation Senior Management Acquires It’s First Assisted Living Facility

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On January 10th, 2018, Innovation Senior Management closed on Heritage House Assisted Living in Clearwater, Florida

Lessons Learned:

  • Expertise on assisted living acquisition is critical.
  • Develop a close relationship with the seller.
  • Complete due diligence and include a mock survey of the operation.
  • Develop a pipeline of new staffing that can replace non-performing acquired staff.
  • Ensure you hire an accountant with experience developing the CHOW Proof of Financial Ability to Operate.
  • Understand your acquisition’s niche and carefully implement changes including renovations.
  • Ensure residents, families, and staff are communicated with prior to the change of ownership.
  • Be hands on, or if not, hire a management company like Innovation Senior Management to help you through the change of ownership process.

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