I agree with Helen5,
Start looking at places and get some idea. I was looking for the place when I started doubting if I can watch him alone. I was only looking at big Memory Care facilities. But his doctor suggested Board and Care (residential style Memory care , group home) we ended up placing him one of them near my house . They are cheaper than the big Memory Care like a hotel . As you checking the different places , you will find out what is the best .
Do not wait till last minutes though. Some places want deposit , but I never paid for that .

The one-word answer: Yes!

The longer answer: communicate your findings to your children, preferably in writing: a letter or report about the places you looked at, with your first, second and third choices (because they often have wait lists) and why you think they are good choices for their Dad.

What a kindness this can be, if something should happen to you. And if your children never need to use the letter, so much the better: you will have done some advance planning and clarified your own thoughts, which is never a bad thing.