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Buy a retirement community or start one from scratch?

Perhaps you work in a retirement community or have always had special reasons to want to own one. You have decided the time is coming, and the main question weighing on your mind is whether to buy an existing community or start one from scratch.

There are many factors to consider, and what follows is only a general overview.

What is available?

If there are existing retirement communities (or nursing homes or whatever specialty you seek) for sale that meet your goals, then buying may be the better option. The retirement community should have a good reputation. Beware of buying one with anything less because it could end up limiting how many people flock to the place. No matter the case, having a lawyer help with every step of the process ensures you cover your bases and are not left liable for any possible negligence on the previous owner's part.

When nothing is available

In many cases, there is not a property available that meets what you have in mind. Your options are to open a franchise or to start from scratch. All things equal, you are probably better with a franchise because there are many steps in the process of opening a retirement community or nursing home. To name just a few, you must worry about many types of insurance, certifications and legal documents. Having the help of a head company can be invaluable although it means limited freedom.

It could be that you would do just fine starting from scratch. Many people do. Assess your goals to determine which route fits them best. For example, if you want complete freedom to make your own decisions, that is a key consideration. Perhaps your goal is to build something small and close-knit where you will live as well. On the other hand, if your goal is to bring a nursing home quickly into an underserved city, then you may be able to streamline the process with a franchise and help people sooner.

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Kaufman & Forman, P.C.
8215 Roswell Road
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Atlanta, GA 30350

Phone: 770-390-9200
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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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