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When it makes sense to phase a project

June 7, 2017 by Kevin Madalinski in McKnight's Senior Living

The following excerpt is taken from Kevin Madalinski's article, "When it makes sense to phase a project", that originally appeared on the McKnight's Senior Living website in June 2017. Excerpt posted with permission.





You've likely heard a coach or keynote speaker use the phrase “Go big or go home!”

It's meant to encourage the listener to go all the way or to be extravagant. As you consider growing the footprint (and impact) of your senior living community, however, consider phasing your project, and be mindful of the risks that are present.

Phasing might mean offering one service type at a time, such as independent living, assisted living or skilled nursing. It also might be achieved by developing a wing, or constructing one new building at a time, despite the plan to open many more.

It's not wise to “go big” or take on too much if the risks are too great. Phasing often is the right approach after considering the financial, staffing, market and quality risks that are prevalent in the senior living market today.


Read the entire article "When it makes sense to phase a project" here.

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