How To Start A Assisted Living Business – Home ‣ Podcast
Every day, about 4,000 people turn 85 years old. Every year, thousands of them need help. Many people are turning to living in partner-based housing (RAL). Not only entrepreneurs and business professionals who see it as an opportunity to make money, but those who need help as they grow. Today, Toby Mathis of Anderson Business Consultants talks to Gene Guarino of the Life Assistance Academy (RAL). Gene’s interest in RAL became real when his mother needed help. It was not about a business opportunity to invest and make money, but about creating a place for motherhood and making a community and impact around the world.
How To Start A Assisted Living Business
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Toby: Hi, guys. Welcome to the Anderson Business Consultants Podcast. My name is Toby Mathis. Today, we’re joined by Gene Guarino. Welcome, Gene.
Gene: Good to be here with you, Toby. It’s been a long time since I saw you, a few months anyway.
Toby: Yeah, gosh, I think it was a few months ago. You are attached to one of the assisted living groups in the residence. I love the fact that there are so many people going into it. Hopefully, today we can spread a bit on this topic because it is very much needed, it is one of the areas of the country, not a geographical region, this is the aging of America and this is very timely. I’m too happy to talk about it, I’ll control myself. First let’s learn a little about yourself, so everyone can get an idea. I have known you for several years, do you know my office for what?
Toby: Two months. Give me your way because I know you don’t just come in and say, “One day I want to work in a residential setting.” What was your route?
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Gene: My path started back when I was 18 years old with the first piece of real estate, that was really because we had a business. I was a professional musician when I was young, so we had a recording studio, a music school, a small record label. We were renting the house, the landlord was bad, the property got worse, ended up buying a house, no money, because I had no money, no credit, no sign, and that leads to repairs and flips. , buy and hold, small business.
Now, to quickly start my business career about 20 years ago it was the first time I heard what I do now, living in a residence, but no one was there to teach me how. When I asked the questions, people said, either I don’t want to share because I keep it all to myself which is an unusual mindset or they work with success or they want to share, able to share because everyone is not a teacher . My interest waned until the moment my mom needed help, that’s when things got real, Toby. It’s not just money anymore or opportunity.
When my mother needed help with her medical needs and such, wow, everything changed. That was eight years ago, and then I made a commitment to enter this because I couldn’t find a good solution for my mother, so I vowed to create it. We call it assisted living, turning single family homes into assisted living homes. That’s what I do.
Toby: Local assisted living, people who don’t know what it is, just give us the 10,000 foot view. What is it really?
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Gene: You take a single family home, make some modifications and those modifications are high safety, so seniors can live there in a group home situation, 24-hour care, not medical, but they can’t stay. alone. That assistance living in a residential area can be a neighbor’s house, the average person pays $4000 per person per month. The whole country is needed for this. The average resident of that home is in their 80s and needs help with a number of tasks. Some need a lot of help, some need little help. In 24-hour care, you may have 10 adults in that home. The cash flow is great, but we’re also really helping other people.
Toby: Let’s go beyond theory and reality. I’m in the same situation as you, Gene. I have a mother, she lives by herself, I worry about her. When she gets sick, it’s a big deal to make sure someone is there. She lives in a different situation than me. I always try to get her to get closer to me and she always does the opposite. We all have that situation. When people get older, they either move back with their children or what is the other option? To go into a nursing home or something like that. Is that a fair assessment of what you hear?
Gene: It really is. When we say nursing home, that is clearly medical. That is the point that not everyone needs medical care where 24-hour nurses and doctors are available. Most people, as they age, need some help, but they don’t need treatment or a nursing home. We do that at the clean level, not the Golden Girls where two other seniors are home alone. It’s not nursing home or medical, it’s right in between. That is a huge and growing need.
When I grew up, we had seven children in the family. Seven children is a lot of children, someone is ready to take care of mom and dad or move in, that’s okay. Many families today have one or two or maybe three children. For someone to quit their job or put their career aside to take care of mom and dad is not practical in many cases. Bringing mom or dad to a 24-hour care facility is a really good solution.
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Toby: I’m very surprised that it seems that the people who care for them end up suffering as a result sometimes. The added stress of caring for someone seems to have some very positive health consequences. I just looked at this, the data. You probably know better than I do, this is your area. What do you see in that?
Gene: My mother-in-law is a good example, she’s in her mid-80s, my father-in-law, mid-80s. He needs assisted living, but she made a promise, “No, I will take care of him.” I said, “Thank you for that. I love you both dearly.” He is welcome to move to my house and live for free, which is a great advantage to have, but if you need to take care of him, please be careful, because she is taking care of him. There might be a moment where it might fall, she goes down to pick it up, the next thing you know she’s on her back and she’s lying on the bed now. That’s a straightforward thing, but just the quality of life, the inability to get around, can’t go to some places these days like before, so that’s real.
Toby: This is in between and it’s basically, finding a habitable house and making it livable, how many adults usually live in one of these houses?
Gene: A lot of people listening here, you’re probably used to doing rental houses that have three bedrooms and two bathrooms, 1800 square feet, the average cookie box. That would definitely be the house we are looking at, we want a bigger house with more bedrooms, more bathrooms in a better location. It can be 4000 or 5000 square feet, it can start with four or five bedrooms, but we change the space to make it eight or ten bedrooms. There may be 10 or more elders in that house, shared rooms or private rooms and add bathrooms. It’s an average house from the outside, inside, you might have more bedrooms, more bathrooms. Caregivers come day and night to care for the residents there.
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Toby: Is this how they’re providing health services or is this, “Hey, I’m cooking and cleaning.”
Gene: It’s not medical and that’s a really important distinction, Toby. Not doctors and nurses and gurneys. They may go to a doctor’s appointment. A doctor can come and visit, but he doesn’t need medical treatment every day. If they did, they wouldn’t be good neighbors for us. That resident may need help with bathing, administering medications, eating, housekeeping, and other things as well, but no one moves into assisted living unless they need help. It’s not a country club, it’s not about playing soccer and tennis and golf, that’s independent living. 55 and above, they go there to live
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