Sell or Affiliate: What’s the Best Strategy?

Recorded February 18, 2010 at 1-2 p.m. Eastern

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When single-property not-for-profit retirement communities run into financial difficulties, there are often only two options: sell to the highest bidder and donate the proceeds, or affiliate with a larger, more financially sound not-for-profit retirement housing company.  How do you decide to affiliate and how do you pick the right partner?

Our panel of leading industry professionals will study the options open to senior housing communities.  If you are a stand-alone community, a larger one considering absorption, or an advisor or board member faced with this or a similar situation, you won’t want to miss the discussion of these timely topics during this 60-minute audio conference:  

Why an audio conference?
Each live interactive audio conference delivers fast-track information right to your desk or conference room.  Simply dial the toll-free number from any landline phone, state your name to the operator, and you are connected.  It’s that easy, plus there are no travel expenses and no time away from the office.

One location, one low price
You and your team can take part in this fast-paced, insightful audio conference from The SeniorCare Investor from one location. Your audio conference registration includes a site license to attend the conference and downloadable PDF materials prepared specifically for this event.  Best of all, you’ll be able to connect personally with any or all of the panelists when we open up the phone lines for live Q&A.

Featured Moderator:
Stephen M. Monroe is a respected and often quoted industry leader. He is the managing editor and partner at Irving Levin Associates, Inc., a research and publishing firm founded in 1948. The firm specializes in the seniors housing and health care investment markets and delivers timely market intelligence to subscribers through financial newsletters, acquisition reports and databases. Mr. Monroe is the editor of The SeniorCare Investor, the leading industry newsletter, and The Senior Care Acquisition Report, an often quoted annual study of acquisition trends in the senior care market, and executive editor of Senior Living Business. These publications have won numerous industry awards.

Featured Speakers:

Marvin Mashner serves as the President and Chief Executive Officer of ACTS Retirement-Life Communities. Mr. Mashner is a certified public accountant with more than 35 years of financial and managerial experience in both private and not-for-profit health care organizations. Prior to becoming President and CEO, he served as ACTS' President and Chief Operating Officer for 11 years.

Mr. Mashner served as chief executive officer of an acute care hospital for ten years prior to joining ACTS Retirement-Life Communities as Vice President, Treasurer in 1990. Prior to that, he held numerous financial positions for an organization that owned and managed forty hospitals nationwide, and was a staff accountant for an international public accounting firm.

Mr. Mashner presently serves on the Board of Directors of an international accreditation agency, CARF-CCAC, where he previously served as a Commissioner and on its Financial Advisory Panel. He was selected as a delegate to the 2005 White House Conference on Aging, and has served on various state and national health care boards and committees, and in various capacities with community organizations and social service agencies, including several adult rehabilitation facilities. Mr. Mashner holds a bachelor of science degree and a MBA degree from The Pennsylvania State University.

Gerald T. Grant serves as Executive Vice President and Chief Financial Officer.  He has been with ACTS since 1988 and currently serves as an officer and member of the board for various ACTS subsidiaries.  He has been active in various healthcare industry and financial organizations and previously served as a member of the Financial Advisory Panel of the CARF/Continuing Care Accreditation Commission.

Mr. Grant has a Bachelors degree in Accounting from Penn State University and a Masters degree in Finance from LaSalle University. 

Gery Yearout, Vice President, Affordable Housing for Episcopal Senior Communities and Executive Director of Lytton Gardens Senior Communities: Ms. Yearout has more than 30 years in healthcare administration.  She joined Lytton Gardens in 1996 and oversees the company and directs the operations in the assisted living and residential services. Since 2007, she has also served as the Vice President of Affordable Housing for Episcopal Senior Communities, overseeing their 3 HUD properties.  Immediately, prior to Lytton, she served for five years as a regional administrator for a large East Coast rehabilitation hospital and healthcare company, running five sites.  Her primary duties were operations and new development.  Earlier in her career she worked in Early Intervention where she helped develop a national model of state and federally supported services for children 0-3 years old.  Ms. Yearout has a bachelor of Science degree from Connecticut College and completed her Ph.D. (abd) both at the University of Zurich, Switzerland, and at New York University.  She is also licensed as a Physical Therapist and an RCFE Administrator.  She has authored multiple articles and is a frequent speaker on healthcare issues.

William C. Tobin joined Episcopal Homes Foundation as its Chief Financial Officer and General Counsel in July, 2004.  Prior to joining EHF, he served for four years as the Chief Financial Officer of East County Medical Group (ECMG), a managed care IPA in Contra Costa County that contracted to provide and arrange professional and other ancillary services to most major California HMO’s and had approximately 40,000 enrollees, including about 7,500 Medicare HMO enrollees, and annual revenues over $35 million. 

Previously, Mr. Tobin served for five years as the Chief Financial Officer and then as the Chief Administrative Officer and General Counsel of East Bay Medical Network (EBMN), an integrated managed healthcare delivery system comprised of nine major hospitals and three large medical groups in Alameda and Contra Costa counties.  EBMN contracted to provide acute care, professional and ancillary services under full-risk contracts with virtually all California HMO’s and served almost 200,000 HMO enrollees, including over 15,000 Medicare HMO enrollees, and annual revenues exceeding $150 million. 

For the previous 14 years, Mr. Tobin maintained a private law practice that provided legal, financial and other consulting services to professional and other service clients and to start-up companies.  A major concentration of his practice was related to provider-side healthcare and managed healthcare companies.  After separating from the U. S. Air Force where he was a pilot and then a Procurement & Contracting Officer, Mr. Tobin began his civilian career after law school in the tax department of Arthur Andersen in San Francisco.   

Mr. Tobin received his B.S. degree in accounting from the University of San Francisco, an MBA degree from the University of Utah while in the Air Force, and his J.D. degree from Mc George School of Law in Sacramento.

Dan Hermann, Senior Managing Director & Group Head, Senior Living Finance Group, Ziegler Capital Markets. Mr. Hermann joined Ziegler in 1987 and during his tenure has become a leading investment banker in the senior living sector. He has far-ranging experience in the management, structuring and financial analysis of every type of senior living financing.  Mr. Hermann is directly responsible for managing Ziegler's Senior Living Finance Group activities in each of its six offices nationwide. 

 In his 22 years with Ziegler Mr. Hermann has structured and managed more than 185 senior living financings exceeding $5.0 billion. He has utilized his expertise to create financing structures for a large clientele-from stand-alone nursing homes to multi-facility, multi-state systems, including start-up campuses and campuses undergoing major renovation projects.  His particular emphasis in recent years has been to provide resources for key decision-makers in an organization to effectuate sound financial and strategic planning initiatives. To that end, Mr. Hermann has assisted numerous multi-facility systems in their corporate planning efforts. When appropriate, he assists these and other organizations in the structuring of their financings and has developed financing alternatives using the broadest range of financing structures available to maximize yields and flexibility for his clients: traditional fixed rate issues, credit enhanced variable rate structures, extendable rate unenhanced issues, derivative applications, and off-balance sheet financings. Prior to joining Ziegler, he worked for a "Big Four" public accounting firm.

Mr. Hermann received a B.S. in finance and accounting from Illinois State University, Normal, Illinois, and an M.B.A. with an emphasis in health services management from Kellogg Graduate School of Management at Northwestern University, Evanston, Illinois. He is a Certified Public Accountant and frequent lecturer.

Mr. Hermann was named to the Contemporary Long Term Care 2005 CLTC Power & Influence Top 25 listing, the magazine's selection of today's decision makers "who hold the reins and help shape the path" for senior living. He has lectured at Harvard and internationally on senior living finance (its historical trends, strategic positioning issues, growth potential and other), has served as a board member of the National Investment Center for the Seniors Housing & Care Industries ("NIC"),  and has served as a member of the CARF-Continuing Care Accreditation Commission's Financial Advisory Panel.

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