DON’T TELL ALL OF YOUR FRIENDS THAT YOU ARE SELLING

If you are selling your nursing home, make sure to keep your staff in the dark. Your CNAs & CMAs will start looking for jobs when they hear you have your facility on the market. Even though they are the lifeblood of your facility, they are still skittish about their jobs. You also don’t want your residents to know anything, specifically the family of the residents. They are fearful of the unknown and don’t realize that the sale includes real estate & operations. When you tell your friends & family, the word will spread. Eventually, your staff, residents, & their families will find out and your secret is blown.

You need to let a professional market your business with confidentiality agreements

DON’T LIST IT WITH YOUR LOCAL REALTOR

The majority of Realtors sell homes. Commercial real estate brokers sell buildings. A Skilled Nursing Facility isn’t either of those. Your facility is a 24/7,secured, highly regulated operating healthcare facility. The majority of Realtors and commercial real estate brokers have no idea how a retirement home runs, much less the regulations involved in the Change of Ownership. Honestly, if you ask them what a CHOW is, they will think you are talking about food. You, your staff and your residents don’t want an amateur negatively impacting a smooth running healthcare operation. If they have never sold a nursing home, run like the plague.

“You want to work with someone who has sold skilled nursing facilities before”

SCHEDULE A CALL

DON’T LET THE BUYER USE THEIR LOCAL BANK

The majority of Realtors sell homes. Commercial real estate brokers sell buildings. A Skilled Nursing Facility isn’t either of those. Your facility is a 24/7,secured, highly regulated operating healthcare facility. The majority of Realtors and commercial real estate brokers have no idea how a retirement home runs, much less the regulations involved in the Change of Ownership. Honestly, if you ask them what a CHOW is, they will think you are talking about food. You, your staff and your residents don’t want an amateur negatively impacting a smooth running healthcare operation. If they have never sold a nursing home, run like the plague.

“They are the one who is really buying you facility”

DON’T ASK YOUR ESTATE PLANNING ATTORNEY TO HANDLE THE SALE

Selling your nursing home requires a lot of legal documents. You will most likely have a Letter of Intent, Due Diligence, Purchase Sale Agreement, Operation Transfer Agreement, maybe a Management Agreement and Change of Ownership documentation. Your estate planning attorney is amazing as planning your estate, estate tax law and maybe even entity preparation. If you have a good attorney, they will let you know if they have handled a nursing home transaction before. If they have not,have them recommend someone who has. Have you ever heard the saying that ‘Attorneys are Deal Killers’?If they don’t know what they are doing, they are deal destroyers. To make it even worse, they are learning on your dime while you pay for the deal delay

“Aim for success & get a referral who knows how to close”

SCHEDULE A CALL

DON’T LET YOUR REALTOR RECOMMEND A TITLE COMPANY

Don’t do it. If your realtor knows nothing about nursing homes, they won’t know if their favorite title company does either. Don’t fall for the line, ‘They Do Commercial!’ Skilled Nursing isn’t commercial real estate. The transaction process for the escrow, title and close of a nursing home is very different from residential and commercial real estate. No different than your realtor, lender, and lawyer, use a title company with skilled nursing experience

“You will slam better at close”

WHY TAKE THE CHANCE?

Pull together a team that has experience in skilled nursing and knows how to move your facility.A smooth transaction and your financial windfall awaits.

Don’t Do These Things

When Selling your Nursing Home