Thanks Kris. You're amazing! I appreciate all you've done for this industry and educating us all/ sharing your knowledge as you acquire it. I / we learn so much from you. Keep up the good work. Because of you alone I am considering opening up one here in MA and/or in FL as I get into my own retirement project of a shared housing startup business I've just started. I believe I will start with an adult day care center ahead of my first residential assisted living home. Your energy and attitude and evident passion for this business is inspiring.
Hi Steve!!! Well, thank you very much for your kind words!!! I really appreciate your support and encouragement!! I don’t want to give off the impression that adult day is the only option going forward. It may be for me but I also feel that residential assisted living will play an important role in the future of senior care as well. Many new options will come to market as more and more people seek various options based on their own needs and desires!!! Keep striving to make a difference!!! Together we can change the world!!! Thank you for all the work you have done!!!
Great content! It’s my understanding that you have to show at least one year of business revenue prior to getting approved for an SBA loan. Has that been your experience as well?
Great question. It depends. If you are opening a new business, the SBA will lend to you based on the projections of the new business, however, they may look back a year or two on your personal tax returns and may require you to include personal assets as collateral. If you are getting an SBA loan for an existing business then they will look at the last years P&L.
No. It’s important that you are properly licensed before accepting participants into your adult day program. Make sure to understand the licensing requirements first in your state.
Thanks for the video...great content. I have adjacent vacant lots and planning to use the land to start a facility with new construction. I can get 2 two level homes with 4-5 bed rooms on the land, or 1 ranch style home with 4-5 rooms. Any suggestions on what type of home(s) to build? I'm assume stairs in a two level home would be more of a challenge and less marketable. Thoughts?
Great question. In the state of Florida you need 45 sq ft net floor space for every 1 participant (member). The definition of Net Floor Area is - The actual occupied area not including unoccupied accessory areas such as corridors, stairways, ramps, toilet rooms, mechanical rooms and closets. Each state, county and city may be different and may all have different requirements. There is typically a state licensing requirement and then there will be zoning requirements defined by the county or city.
It’s not just the size of the city. You’ll want to know how many people over the age of 65 within 1, 3 & 5 miles. What is the average income? Whats the Auto Traffic Counts from the road near that location? How much is the rent at the location? How big of a loan do you plan to get? What amount do you plan to charge? What percentage of people are on Medicaid? Do you plan to accept Medicaid? There is not an exact science and a lot of it depends on what you plan to do?
Thanks Kris. You're amazing! I appreciate all you've done for this industry and educating us all/ sharing your knowledge as you acquire it. I / we learn so much from you. Keep up the good work. Because of you alone I am considering opening up one here in MA and/or in FL as I get into my own retirement project of a shared housing startup business I've just started. I believe I will start with an adult day care center ahead of my first residential assisted living home. Your energy and attitude and evident passion for this business is inspiring.
Hi Steve!!! Well, thank you very much for your kind words!!! I really appreciate your support and encouragement!! I don’t want to give off the impression that adult day is the only option going forward. It may be for me but I also feel that residential assisted living will play an important role in the future of senior care as well. Many new options will come to market as more and more people seek various options based on their own needs and desires!!! Keep striving to make a difference!!! Together we can change the world!!! Thank you for all the work you have done!!!
Thank you for sharing, this was very helpful.
Thank you for your feedback!!!!
Thank you for sharing
Thank you so much Lisa for your feedback!!
Great content! It’s my understanding that you have to show at least one year of business revenue prior to getting approved for an SBA loan. Has that been your experience as well?
Great question. It depends. If you are opening a new business, the SBA will lend to you based on the projections of the new business, however, they may look back a year or two on your personal tax returns and may require you to include personal assets as collateral. If you are getting an SBA loan for an existing business then they will look at the last years P&L.
They dont tell tha
@@KrisChana correct response
Can you have patients coming to the adult day care while it’s getting approved for licensing?
No. It’s important that you are properly licensed before accepting participants into your adult day program. Make sure to understand the licensing requirements first in your state.
Thanks for the video...great content. I have adjacent vacant lots and planning to use the land to start a facility with new construction. I can get 2 two level homes with 4-5 bed rooms on the land, or 1 ranch style home with 4-5 rooms. Any suggestions on what type of home(s) to build? I'm assume stairs in a two level home would be more of a challenge and less marketable. Thoughts?
Hi! Are you referring to opening/building a residential style assisted living facility?
@@KrisChana Hello Kris...thanks for the reply. Yes...building a residential facility.
Does it actually have to be a building or can it be a single family home that’s zoned commercial?
can u speak to a rule of thumb with the number of people licensed # sq ft and population?
Great question. In the state of Florida you need 45 sq ft net floor space for every 1 participant (member). The definition of Net Floor Area is - The actual occupied area not including unoccupied accessory areas such as corridors, stairways, ramps, toilet rooms, mechanical rooms and closets. Each state, county and city may be different and may all have different requirements. There is typically a state licensing requirement and then there will be zoning requirements defined by the county or city.
thanks for the input. that helps.
I was wondering about the population of the city. If i am trying to get a 4000 sq ft what city size supports this?
It’s not just the size of the city. You’ll want to know how many people over the age of 65 within 1, 3 & 5 miles. What is the average income? Whats the Auto Traffic Counts from the road near that location? How much is the rent at the location? How big of a loan do you plan to get? What amount do you plan to charge? What percentage of people are on Medicaid? Do you plan to accept Medicaid? There is not an exact science and a lot of it depends on what you plan to do?
@@KrisChana very helpful.
I'm with you on these points.