5 Steps to Stabilizing Your Assisted Living Business: Insights from Brett Chotkevys

Welcome to Assisted Living Investing with Brett Chotkevys, owner and operator of Platinum Resort Assisted Living and Memory Care in Georgetown, Texas. In this blog, Brett shares his proven 5-step process for achieving stability and growth in the assisted living industry. Whether you're a new investor or a seasoned operator, these steps will help you work on your business instead of in it, unlocking both financial and time freedom.

Step 1: Hire a Competent Manager Early
Before opening your doors, hiring the right manager is crucial. Ideally, onboard a manager 1–2 months prior to launch. Their responsibilities include:
* Handling administrative tasks (e.g., paperwork, binders, care plans).
* Conducting staff training and resident interviews.
* Setting up operational workflows.
A good manager acts as your operations partner, freeing you to focus on strategic growth. Without one, you risk being bogged down in daily tasks, limiting your ability to scale.

Step 2: Focus on Filling Your Beds
Start marketing your facility even before licensing is finalized. Build strategic relationships within the community to generate referrals and build a waitlist. After opening:
* Make filling beds your top priority to generate consistent income.
* Delegate administrative tasks to your manager to free up time for outreach efforts.
By achieving full occupancy, you can transition to building a waitlist and securing long-term financial stability.

Step 3: Build and Retain a Strong Staff
Once occupancy is high, shift focus to assembling a dependable team. While no team is perfect, prioritize candidates who align with your culture and values. Strategies include:
* Replacing staff who don’t fit your standards.
* Filling operational gaps (e.g., night shifts, chefs, or external services).
* Cultivating a culture of care and collaboration.
Investing time in staff training and retention ensures smoother operations and happier residents.

Step 4: Optimize Your Systems
Effective systems are key to long-term success. Over the first 6–12 months, identify and resolve operational bottlenecks through:
* Weekly team meetings to prioritize and solve issues.
* Implementing solutions for recurring challenges (e.g., inventory management, scheduling).
* Monitoring key performance indicators (KPIs) to assess progress.
This iterative process will refine your operations, ensuring consistency and scalability.

Step 5: Streamline Your Expenses
With stabilized income, turn your attention to expense management. Small savings add up, so evaluate areas like:
* Staff scheduling inefficiencies (e.g., clock-in/out times).
* Food and supply costs.
* Other recurring expenses.
Cutting unnecessary costs can significantly boost your annual profits, enhancing overall financial health.

Achieving Freedom Through Stabilization
By following these five steps—hiring a manager, filling beds, building a team, optimizing systems, and reducing expenses—you can transition from being a hands-on operator to a strategic owner. This approach allows you to work fewer hours while achieving growth and stability in your assisted living business.
Stay tuned for more insights on assisted living investing and operational strategies. For more information or to learn about Platinum Resort, visit our website.
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