Seniors Housing Business

AUG-SEP 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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www.seniorshousingbusiness.com 69 August-September 2018 n Seniors Housing Business Byline Bank, a national Senior Housing Lender, will work with you to create loan structures to benefit your business. You'll benefit from: • Construction financing • Bridge to agency finance • Working Capital Loans • Tax exempt bonds Get started today. Call Tim Fossa at (312) 660-5812. Your business is unique. So are our solutions. ©2018 Byline Bank. Member FDIC. really. This is a planned transition and orderly succession plan that's frankly been occurring for a while. What I will say is our focus on real estate and owning more com- munities is growing. That's been a big focus over the years. We closed on our own $300 million discre- tionary fund this year to really drive the real estate strategy. Then I would say the one initia- tive that the leadership team and I are deeply, heavily focused on is … I'll call it a cultural adjustment, rather than a cultural change. I want to be clear with that distinc- tion because one of our greatest strengths is our culture, but we felt there was a piece we could strengthen to help drive results. That was on the sales and market- ing side. We are starting the SalesFirst initiative across all business lines, with an initial focus on Life Care Services, the management line. We're becoming a more sophis- ticated, astute, sales-oriented organization. That involves retraining from the top down and implementa- tion of some new systems. What's behind that is our overarching goal to serve more seniors. The focus to sell first gives us the best opportunities to serve more seniors in our communities. SHB: What are some concrete examples of changes under that plan? Nelson: We teamed up with a professional sales consultant orga- nization, and all senior executives have completed the initial Sales- First training program. It included six weeks of meetings with our class, homework assignments, review, training and assessment on our sales acumen, and opportuni- ties where we could augment the processes. We followed that with a training program for every executive direc- tor and administrator out in the field. We are just now launching the same program, more oriented into the direct-sales functions themselves with our commu- nity sales staff. This program will complement our existing hands-on sales training program, Exsell. SHB: So you literally worked from the top down. Nelson: Yes. We believe every- body in this organization sells. Sell our business, sell our culture, sell our best practices, rolling into sell- ing our customers, our clients and our residents. We felt like we all needed to go back and refresh and learn and make sure we were con- sistent with our messaging, train- ing and sales expectations. That's why we started at the top, so we really could understand what was going to be taught and trained for those who are actually doing the jobs. It's all in the family SHB: Can you walk me through the LCS Family of Companies — the size of each and what each does? Nelson: There are six compa- nies within LCS, all senior-centric. We do not veer away. If it doesn't benefit seniors in our work, in our business models, then it's not something we look to. The first company is our largest — Life Care Services. That's the senior living management com- pany. It really is separated into two distinct divisions that oper- ate totally independently of one another. The first is our life plan (or CCRC) division, which has nonprofit, third-party contracts and for-profit owned communi- ties. In that portfolio, this division serves about 100 communities across the country. The second division of Life Care Services is LCS Rental, which serves about 40 properties. Led by Chris Bird, the rental communi- ties include those that we own and those that we third-party manage. Next we have LCS Develop- ment. That's really the first com- pany of LCS when we were founded 45 years ago. We started in development, then took on management. It has three business lines, the first of which is provid- ing third-party, fee-for-service development. This division will do expansion, renovation, reposition- ing for both LCS clients and non- LCS clients. Today we have one new life plan development that is being developed from the ground up. Our team is providing all the development services, including Trillium Woods, located in Plymouth, Minnesota, is a 253-unit CCRC. Developed and operated by LCS, the community features LEED certification, thanks to a state-of-the-art geothermal system that efficiently heats and cools over 700,000 square feet of the campus.

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