Whether you’re selling your company or establishing a new structure for it, you need to think through its titling. The titles of a Residential Care Facility for the Elderly (RCFE) give legal ownership of the property and the right to operate the business. Making sure the appropriate person or people are named on the title…
When you bring a partner into your business, you’re sharing a lot: decision-making, profits, and liability. Your partner’s risk exposures are your risk exposures, and vice versa. As a result, if you’re making a change in your partnership structure — whether that’s adding or removing a partner — it’s an insurance event that usually warrants revising…
If you’re closing up shop at your Residential Care Facility for the Elderly (RCFE), you’re probably already thinking — maybe even dreaming — about what you’ll do next. Don’t focus too much on the future, though. Until your license is officially terminated and you’ve fully closed your doors, you’re still on the hook for a…
When you want to insure a property that’s already functioning as a Residential Care Facility for the Elderly (RCFE), the boxes to tick are fairly standard. You’ll need a general liability policy to defend your facility against its legal exposures, for example, and commercial coverage for the property itself. If you’re thinking about building your…
When you run an RCFE, you need to do quite a few things to ensure your business functions well and best serves its residents. That includes maintaining a safe and compliant residence. If you don’t comply with local zoning and building code, you could find yourself in a lot of trouble. Of course, it could…
The merger or acquisition of a Residential Care Facility for the Elderly (RCFE) can benefit all parties. The entity taking over the RCFE clearly sees something good in it, and the proven success of the facility benefits their portfolio. For the party selling their RCFE or merging under a new umbrella, the transition usually comes…
If you’re looking at opening a second location for your Residential Care Facility for the Elderly (RCFE), things are probably going pretty well. You feel solid with the team you have in place, and confident that you’re providing quality care for your residents. You’re ready to take on a new challenge. And, undoubtedly, your second…
Selling or transferring a Residential Care Facility for the Elderly (RCFE) can bring new life to both the buyer and the seller. The party selling gets to liquidate their investment in the facility, enabling them to pursue retirement or another venture. And the buyer gets to take over a facility that’s already functioning, helping to…
Running a Residential Care Facility for the Elderly (RCFE) can be a way to make a positive impact on the lives of your residents while creating a steady income stream for yourself. It’s a win-win, but it does come with its fair share of challenges. To start, you need to decide if you want to…
You know that each person living at your Residential Care Facility for the Elderly (RCFE) comes with their unique preferences and requirements. They’re more than their medical diagnoses and their dietary restrictions. They’re a whole person with a wide range of passions, desires, and needs. The better your staff can meet them in a way…