I Almost Gave Up on Assisted Living! | My Investing Journey
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Running an assisted living business can be deeply rewarding, but let’s be honest—it’s also tough. From staffing crises to unexpected resignations, the road is filled with challenges. Recently, I hit a low point when the administrator of one of my facilities resigned. For a moment, I seriously considered walking away from the assisted living industry altogether.
That experience made me reflect on my journey and explore whether this path was still right for me. Spoiler alert: I stayed the course, and here’s why.
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The Emotional Weight of Challenges
When my administrator announced her resignation, panic set in. Staff were stretched thin, and I felt an overwhelming responsibility to my residents, employees, and family’s investment. It was a moment of doubt. Could I keep this going, or was it time to try something else?
Exploring backup options became my lifeline during that uncertain time. While we eventually hired a fantastic new administrator and stabilized, taking a closer look at alternatives gave me a fresh perspective and renewed focus.
Exploring Alternatives to Assisted Living
If you’ve ever faced a similar crisis—or wondered what other options might exist—here are some models I considered:
1. Independent Living
In this model, residents manage their own care but receive services like housekeeping and meals. It reduces staffing needs, but you still need to comply with state regulations.
2. Memory Care
This offers higher revenue potential because you can charge more for specialized care. However, it requires extra training and more staff, which can be a challenge during a staffing shortage.
3. Low-Income Housing (Section 8)
Converting the facility into low-income housing could cover debt payments, though it may limit profits. Partnering with local housing authorities is key to understanding requirements.
4. Room Rentals
Leasing individual rooms reduces operational complexity. Residents share common spaces, creating a simpler business model but with lower revenue potential.
5. Short-Term Rentals
Transforming the property into a vacation rental for families or groups could be lucrative. This works well in areas with strong tourism or family-oriented communities.
6. Sober Living or Halfway Houses
These homes serve individuals in recovery. While rewarding, they require specialized knowledge of state regulations and operational needs.
7. Behavioral Health Homes
Focusing on mental health care can be a meaningful venture but requires significant investment in training and compliance.
8. Selling the Property
If all else fails, selling the property might be the best option. Rising real estate values could provide a chance to recoup investments—or even turn a profit.
Why I Stayed in Assisted Living
After weighing all the options, I decided to stay in assisted living. Why? Because this business isn’t just about profit—it’s about people. The relationships I’ve built with residents, families, and staff make this work deeply fulfilling.
Sure, it’s challenging, but those moments when you see a resident smile or hear a family’s gratitude remind me why I started this journey.
Lessons Learned
Here’s what this experience taught me:
1. Expect the Unexpected
Staffing challenges and other crises are inevitable. Having a contingency plan can make all the difference.
2. Build a Strong Network
Industry contacts, state agencies, and local professionals are invaluable resources when exploring solutions.
3. Take Care of Your Mental Health
This work is emotionally and mentally demanding. Don’t hesitate to seek support or take a break when you need it.
4. Stay Flexible but Focused
Exploring alternatives is valuable, but sometimes perseverance is the key to success.
Conclusion: A Commitment to Care
This journey reminded me why I chose assisted living: to provide exceptional care and create a home for those in need. Yes, there are tough days, but the rewards far outweigh the challenges.
If you’re navigating your own doubts or considering a shift, remember this: you’re not alone. With the right preparation and support, you can overcome obstacles and emerge stronger, more determined, and ready to make a difference.
Next Step?
To start your assisted living investment journey, download our Business Plan Checklist to help you build a solid foundation for your business. And if you need help launching your assisted living business, consider applying to our Assisted Living Investing Mastermind program. This program focuses on the five fundamental concepts required for success: creating a business strategy, locating land, securing finance, acquiring a license, and running and scaling your business.
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