#286 - Joe Pohlen - Co-Founder of Cardinal Senior Living - Building a Better Future For Seniors in Assisted Living
We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners. https://www.thefortpod.com/survey Joe Pohlen is the Founder and Partner of Cardinal Senior Management, an assisted living company operating facilities in Michigan and Pennsylvania. This is Joe's second appearance on The Fort, if you'd like to hear round 1, you can do so here. On this episode, Chris and Joe discuss: ➡️ Family dynamics and American culture towards how we treat our elders ➡️ Why assisted living has been in decline since 2017 ➡️ Joe's ideas to improve assisted living long term ➡️ Discussion on the current market and what he expects in the next few years ➡️ Cardinal's recent sale and how they'll structure the company differently going forward Additional Resources 👉 Live Cardinal 👉 Joe on Twitter ➡️ Go here to save $500 on your Re-Convene Tickets! ➡️ Fort Capital: www.FortCapitalLP.com ➡️ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ ➡️ Follow Chris on Twitter: www.twitter.com/FortWorthChris ➡️ Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ ➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/ ➡️ Subscribe to The FORT on YouTube Timestamps (00:04:54) Why is there a decline in care quality within Assisted Living? (00:07:04) Why is the government trying to push people out of Nursing homes? (00:09:46) Why is it so much harder for elderly people to be obese? (00:11:16) Joe’s first day in Assisted Living - Showering the elderly (00:18:45) Why are we seeing fewer people entering the industry? (00:23:06) What can the everyday citizen person do to help our elderly population? (00:26:58) How are your planning on leveraging Cardinal to radically change Assisted Living? (00:46:16) How would you structure a long-term hold? (00:52:50) Are there any national brands in this industry? (00:54:03) How much scale do you need to justify a back-office? (00:58:34) How would you begin to attack expenses and operational issues in the day-to-day? (00:59:50) What happens when a tenant can’t pay rent? (01:00:42) Are there any state or federal support options to help residents? (01:01:46) Are there ways to design buildings in a more efficient way? (01:03:20) Are people waiting longer to move into Assisted living? (01:03:58) Are there any lingering effects of Covid? (01:05:16) Why are you only in PA and MI? (01:06:00) Are there any states you wouldn’t go into? (01:08:45) Who is the ideal investor for Cardinal? -- The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more. Be sure to follow the podcast, so you never miss an episode! The FORT is produced by Johnny Podcasts