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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Page 31 of 56 31 February-March 2018 n Seniors Housing Business WE DON'T MEASURE SUCCESS IN TRANSACTIONS. WE INVEST IN RELATIONSHIPS. We offer more than just attractive capital, we are a partner in your success. 888.393.8248 Industry icon Jim Moore builds a legacy Jim Moore didn't start out to cre- ate a dynasty, but he could have one in the making. Moore's three adult children work at his company Moore Diver- sified Services (MDS), a longtime and well known consulting firm to the senior living industry. Three of his five grandchildren have done project work for the Forth Worth, Texas-based company. He doesn't know if his grand- children might one day join the firm full-time, but it's a possibility. "I really enjoy working with my family," says Moore. "It gives me great satisfaction." Moore's adult children began working for the company part-time in college. Today, Moore's daughter, Lynne Moore, is president of MDS Research, the company arm that conducts market feasibility studies. Jim Moore Jr. is a senior consul- tant who handles pro-forma analyses and opera- tions reviews. Jeff Moore is a senior consultant who works with his father in the advisory group. Lynne and Jim Jr. recently surprised Moore by attending the ceremony where he was inducted into the Seniors Housing Hall of Fame. Moore was one of six industry leaders recognized by the American Seniors Housing Association at its winter meeting in Orlando. With more than 50 years of industry expe- rience, Moore was honored for his encyclopedic command of the variables tied to successfully devel- oping and operating seniors housing properties. Moore has strong opinions about having family members in the business. "During working hours, it's a company not a fam- ily," he says. "We've developed a protocol of how to work together and it works fine." But, he cautions, companies that include family should be very wary of nepotism. "Everyone has to earn their own way," says Moore, adding that MDS also has non-family members on the staff. The big advantage of a multi-generational com- pany is that each group provides a different per- spective, says Moore. The older generation offers experience and balance. The younger people pro- vide creativity and insights into the next wave of customers. Moore sees his role as a mentor to the new gen- eration of leaders. He keeps them focused on the fundamentals. But he's also mindful that the senior living industry is changing. "The younger people may just have a better idea." — Jane Adler Jim Moore Moore Diversified Services says Patricia Will, founder and CEO of Houston-based Belmont Village Senior Living, whose two sons work in the industry. "The surge in demand we will see as my generation becomes the customers will require a lot of creativity." Patricia's son, Aron Will, is vice chairman and co-head of National Senior Housing Debt & Structured Finance for CBRE Capital Markets. Over the last 10 years, his team has closed about $6.8 billion in debt and equity for seniors housing. Aron began his career at the company that preceded CBRE Capital Markets and helped launch a seniors housing division there. He realized that his mother had identified an opportunity in the senior living space that called for quality operators and develop- ers to create a better living envi- ronment for the elderly. "I found the same thing on the finance side," he says. His timing was right. A decade ago, institutional capital was just starting to flow into the space. Favorable demographic trends and the fact that not many other groups were chasing senior living made the sector even more attrac- tive, he adds. Aron sees his mom, Patricia, as a role model. She was a real estate developer with an MBA from Har- vard and, like a number of other industry veterans, started Bel- mont Village when she couldn't find a decent place for her elderly mother-in-law who needed mem- ory care. Patricia believes in a motto widely quoted throughout the industry that next-gen leaders embrace: "doing well by doing

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