61 BED RETIREMENT HOME - HASTINGS COUNTY - LIST $1,500,000

Generic photo to protect the privacy of residents

  • Well-established business since 1958
  • Opened as a Nursing Home and converted to a Retirement Home in 1978
  • Licenced with the RHRA for 61 beds.
  • Home has a high occupancy rate servicing local urban and rural areas.
  • Expansion possibilities
  • Being sold as a turnkey operations -
  • Owner is retiring
  • Asking $1,500,000

 

61 BED RETIREMENT HOME  
Profit & Loss (Normalized)  
           
    2014 * 2013 *
REVENUE          
     Residents' fees $764,563   $786,416  
     Miscellaneous income $5,854   $5,547  
    $770,417   $791,963  
           
OPERATING EXPENSES        
WAGES and EMPLOYEE BENEFITS        
     Canada Pension Plan Premiums $11,932   $11,548  
     Employment Insurance $7,494   $6,962  
     Wages   $299,740   $280,945  
    $319,166   $299,455  
           
OCCUPANCY COSTS        
     Insurance - fire and liability $15,921   $15,286  
     Light, heat and water $74,299   $71,288  
     Municipal Taxes $19,885   $19,488  
     Repairs and Maintenance** $25,000   $25,000  
     Sanitation and Fumigation $12,781   $9,732  
    $147,886   $140,794  
           
PATIENTS' CARE        
     Cleaning, laundry and linen supply $42,537   $34,503  
     Food and dietary supplies** $120,000   $120,000  
     Patients' comfort $868   $678  
    $163,405   $155,181  
           
ADMINISTRATION and GENERAL        
     Alarm/security expense $1,892   $2,646  
     Automobile** $5,000   $5,000  
     Equipment rental $833   $931  
     Licences, dues and subscriptions $5,687   $5,317  
     Postage and office expense $4,722   $5,388  
     Professional fees** $8,000   $8,428  
     Sundry expense $12,265   $3,933  
     Telephone $10,567   $8,736  
    $48,966   $40,379  
           
TOTAL OPERATING EXPENSES $679,423   $635,809  
           
NET   $90,994   $156,154  
           
*Based on information supplied by the Seller. Buyers to verify all information.
**Normalized to reflect costs under normal operating conditions.