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also have organizational implications that may require outside help to train large groups of staff about food preparation, storage and sanitation safety requirements and procedures.) It is extremely important the dining services consultant has experience with the Household Model. Though the long-term care food industry is beginning to make strides, it still is entrenched in the old system. Seeking out a progressive consultant with household experience is time well spent.
- An underwriter/lender. Formally, your source of funds may come into the picture later in the development process depending on whether you are gathering investment capital or structuring debt as your source of capital. Either way, it is best to identify and engage the source of funds from the outset of the project. Once your pre-feasibility work reveals your project is viable, it is good to share the information with the funding source and ensure they agree with your conclusions. Building the relationship early increases their involvement and understanding of the project.
- A general contractor to actually build the project needs to be selected. Depending on your project’s scope and team strategy, you may elect to bring on a general contractor during the initial design and planning, or choose to wait until the construction documents are complete and available for competitive bidding.
Experience Is Essential
Whatever development team configuration fits your project, we recommend all participants either have experience with the Household Model or that they become fully educated in its implications. Insist that your development team make site visits, attend workshops or engage consulting assistance to achieve that understanding.
Engaging Financial/Market Feasibility Firms
Retaining a financial/operational consultant and/or a financial modeler or CPA specializing in long-term care is very important. The former must understand long-term care operating and financial models and the latter should have forecasting experience with Household Models. Your audit firm can either provide these services or point you in the right direction. Possibly, the same entity doing your pre-feasibility work can continue throughout the project.
Whether remodeling or building new, you should ensure financial forecasts are updated as the project unfolds and projected costs change.
“Experience is essential.”
“Whether remodeling
or building new, you should ensure financial forecasts are updated as the project unfolds and projected costs change.”
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