Do Well While Doing Good, an Update on Residential Assisted Living with Doug Fullaway

Passive Wealth Strategy Show - Real Estate for Busy Pros

Senior Living operational excellence has been the focus of Doug's work since 2002. Doug Fullaway was the COO and then the CEO of Vigilan, a leading supplier of software for assisted living, memory care and independent living. Their customers included many of the leading companies like Emeritus, Brightview Senior Living and Capital Senior Living. Vigilan introduced subscription pricing to the senior living market and helped hundreds of senior living communities increase service revenues by $100/resident/month. While working for RealPage after Vigilan was acquired, Doug pushed for the use of call centers to increase tours by over 40% at Brookdale Senior Living and Holiday Retirement. He also developed a business simulation tool that is still used to teach senior living at leading universities. He has been part of the team that acquired poorly running communities and turned them around. He sits on the Board of the Center for Health Administration and Aging Services Excellence (CHAASE) at the University of Wisconsin Eau Claire and the Board for the Veteran's Centers of Oregon. Senior Living is Doug's passion.

[00:01 - 10:04] Opening Segment

• Get to know Doug Fullaway
• Fourteen Plus, senior living, and why?
• “... It pays to spend the time to learn.”
• How to get started with assisted living facilities

[10:05 - 22:46] Do Well While Doing Good, an Update on Residential Assisted Living

• The Financial Impact of COVID
• Doug talks about the misconceptions in assisted living
• Why you should be careful with your perception
• “It’s the micro-market that counts.”
• Soon, COVID will just be like the flu
• The value of senior living: looking for the need and not the want

[22:47 - 32:29] Assisted Living Has More Opportunities

• Doug shares about the vaccination situation in residential assisted living
• Pricing and designing for accessibility and affordability
• Assisted living isn’t only for the elderly
  • Doug talks about his new project

[32:30 - 39:36] Closing Segment

• Quick break for our sponsors
  • Groundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started.
• What is the best investment you've ever made other than your education?
  • His first investment
• Doug’s worst investment
  • The same first investment

• What is the most important lesson that you've learned in business and investing?
  • “Don’t be afraid to roll up your sleeves and learn the details.”
• Connect with my guest. See the links below.

Tweetable Quotes:

“There’s lots of misinformation. What you see on the Wallstreet Journal or in the popular press has never matched what’s happened.” - Doug Fullaway

“Being alone is not a good idea. If you’re by yourself, it’s one thing if you’re forty, it’s a completely different manner if you’re 82.” - Doug Fullaway

“Until you actually do it, you don’t really know.” - Doug Fullaway

------------

Connect with Doug Fullaway through Twitter and LinkedIn. Visit their website https://fourteenplus.com/.

Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.