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December 24, 2024

Episode #209 – Isabelle Guarino – Residential Assisted Living: Do Good and Do Well

People should not just do this for the money. You do have to care. You have to have a heart. This is a very heartfelt and people focused business.” – Isabelle Guarino


 
  • Join host Patrick Francey as he explores the lucrative and impactful world of residential assisted living with Isabelle Guarino, COO at Residential Assisted Living Academy. In this episode of The Everyday Millionaire, Isabelle shares her transition from corporate life to real estate investing, focusing on how assisted living combines property management with healthcare services to serve an aging population.
  • Isabelle discusses the complexities of the business, including regulatory challenges, financial insights, and the importance of passion and diligence for success in this niche market. This enlightening conversation not only highlights the financial benefits of investing in assisted living but also underscores the profound community service aspect of the industry.
  • Tune in to discover how you can achieve financial success while making a significant social impact through residential assisted living.
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  • Show Notes
  • [00:42] Patrick introduces his next TEDM guest Isabelle Guarino.
  • [01:45] Isabelle and Patrick get to it as Isabelle explains what she does, who she is serving, and how it works.
  • [06:40] Meeting the needs of her own grandmother after she took a fall, Isabelle’s family saw the opportunity to help seniors who need assisted living but want to stay away from the big institutional type of campus.
  • [09:10] Patrick discusses his mom’s living situation and the importance of that social aspect of community living. Isabelle stresses how necessary that is along with the quality of care they are able to provide in their facilities over a “big box” scenario. She found a way to marry what she’s skilled at and provide a solution to a problem.
  • [16:25] Isabelle walks us through the top things they look for when considering investing in a community plus the ideal property for their model.
  • [20:09] Stay flexible and open to options. In Isabelle’s business she stays open to opportunity and is not stuck on just one way to do things. When opportunities arise to develop or purchase existing homes, it comes down to what makes business sense.
  • [22:57] Real estate is the easy part! Isabelle explains the day to day of how the business works, and the operational roles and responsibilities of this model. She continues with a breakdown of the type of expenses a person can expect running a residential assisted living business.
  • [26:34] Isabelle explains the two big reasons people seek out the Residential Assisted Living Academy.
  • [29:00] So what type of property is Isabelle NOT interested in and why? And then – what DOES work well and what are desirable amenities to consider?
  • [33:18] Another important consideration: our furry friends.
  • [34:29] Walking through the impact of the housing market on residential assisted living and looking at where the baby boomer demographic cycle is.
  • [39:25] Liability, insurance, and care. Isabelle explains some of the concerns and factors of running a business like this and the importance of doing everything possible to mitigate risks and ensure the residents are safe and very well taken care of during their stay. This is a very heartfelt and people-focused business.
  • [42:47] Isabelle shares her vision for her business both as an investor and an educator.
  • [45:10] On the education side, Isabelle expands what types of courses they offer, the associated costs and what, if any, prerequisites are required. They do both online and in-person, the latter being a more intensive 3-day training.
  • [50:51] In home care management and health care providers are in demand! Isabelle provides insights into who they source for these positions, and where they keep a strong focus. Isabelle further explains the level of training and qualifications they require in these positions.
  • [56:54] Isabelle discusses what it looks like for their clients when things progress, and their physical and/or mental health starts to decline. Strong communication with the family is critical.
  • [61:00] Isabelle shares her background and how she started with the family business along with a few nuggets of wisdom that she learned along the way. It became about living her legacy and being of contribution.
  • [68:14] Isabelle shares the mission for their business and the positive opportunity that exists in this industry for the people being served.
  • [69:37] Rev up for some rapid fire! Android or Apple; favourite music; favourite movie; room-desk car; message at the pearly gates.
  • [71:24] Isabelle’s gratitude.
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    Episode #209 – Isabelle Guarino – Residential Assisted Living: Do Good and Do Well
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