Successful care homes are those that focus on the ABCs, said experts from business advisory firm FRP in a podcast.
Speaking on Restructuring in the care home sector David Shambrook, partner restructuring advisory partner explained that ABC stands for Attitude, Behaviours and Culture. “Get these right at the office level and the numbers will flow.”
Joined by independent Turnaround Director Simon Harrison, the podcast panel stressed the importance of having people who “care about care” in senior decision-making roles. Harrison said: “Regulators can feel it, they can taste it in the air, and people will want to live there. Profits all flow from the right culture.”
The panel also discussed the future for care homes, amid the current financial uncertainty.
Panel member Mickey Nurtman, who is head of recoveries at Investec Bank said that the effect of the ‘care cap’ would be felt in 3-5 years particularly as the population’s care need acuity increases. Together with leverage costs and changing investor appetite in favour of retirement living, Nurtman suggested that care home businesses could become a “tough sell”. The panel predicted further consolidation and increased recycling of assets that are unfit for purpose.
The podcast was hosted by FRP senior manager Rob Ferne.
Care Home Management magazine will be covering care home finance and buying and selling in our May 2023 issue. Read all our back issues online