Seniors Housing Business

FEB-MAR 2018

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

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30 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2018 By Jane Adler As the pioneers of senior living look toward the final chapter of their careers, the next gen- eration of industry leaders is taking shape. In many cases, it's literally the next generation — children of the existing industry icons carving their own path in the industry. Take, for example, Lynne Katzmann and her son Andrew Katzmann. When the company she founded, Juniper Communities, was still in its infancy, Andrew was too. Out of neces- sity, Lynne sometimes took him to closings and meetings. Her rationale — besides the fact that she had to work — was that if someone didn't like little kids, they probably didn't like old people either. "Everyone reminds me about my mom bringing me to meetings in a baby carriage," says Andrew, noting that his first groundbreak- ing was as a 4-year-old at a Juniper property in New Jersey where the company is based. He heard a lot about senior living at home too, learning about the business almost by osmosis — an experience shared by other next- gen leaders. Andrew volunteered at Juniper properties, doing everything from fixing fences to teaching residents how to use Facebook. Andrew grew along with Juniper, which now operates 22 properties, the majority of which are assisted living facilities. The company owns 17 of the buildings. When Andrew went off to college, Lynne figured he was going his own way and never dreamed he'd want a career in senior living. But one summer Andrew helped conduct research for Juniper that would serve as the basis for its Connect4Life program, a plat- form to coordinate resident healthcare. That got Andrew thinking about the direct connec- tion between his desire to help people and his search for engaging and creative work. "There are other ways to approach care," he says. Andrew also realized that senior living was a high-growth industry that catered to a rapidly aging population — another plus often cited by ambitious next-gen leaders. So after college, he joined LTC Properties, a healthcare REIT head- quartered in Westlake Village, Calif. as a finan- cial analyst, helping to manage the company's senior living portfolio. "I'm always looking ahead," says Andrew. Lynne's generation isn't going away yet, but at some point it will be time to pass the baton. "We have to make room for the next genera- tion," says Lynn. Big shoes to fill The senior living industry has hit middle age. Its primary focus in the beginning was on skilled nursing facilities, often run by families. In the late 1990s, the industry morphed into more of a corporate concern as assisted living buildings run by companies sprang up. The group of executives who led this early wave of senior living development helped to professionalize the industry. They spearheaded research on senior living and developed stan- dards and best practices for the industry. A number of these pioneers now have chil- dren who work in the industry. Some work together at the same company, while others don't. Either way, parents are role models and pro- vide the wise counsel of an experienced indus- try hand. Parents also act as a sounding board, proud to share their thoughts with their off- spring (see sidebar). The next generation of industry leaders isn't a carbon copy of their parents, however. They have their own ideas about the future of the senior living industry and what kind of hous- ing the next generation of consumers — Baby Boomers — will want and can afford. Next-gen leaders also are focused on how technology will reshape the sector. And, like many millennials, they want to be involved in an industry like senior living that does some good for society. "There's a big opportunity in front of us," Following in Their Parents' Footsteps n People The seniors housing leaders of tomorrow are already making their mark, drawing encouragement and inspiration from their role models. Patricia Will of Belmont Village Senior Living stands between her sons Aron and Adam at ribbon cuttings in 1998, left, and in 2014, right. Aron and Adam both work in the industry now.

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