October 24th, 2012 | Other
Changing the Way America Ages.
After several mission trips in third-world countries to build schools and hospitals, real estate developer Tim Buchanan was looking to find a strong sense of mission in his day job. He found the right opportunity in a fledgling concept gaining momentum in a handful of states called assisted living.
In 1991, Buchanan co-founded his first venture in assisted living, and Health Care REIT was the company’s first multi-facility financing partner. The company eventually went public and developed several hundred facilities across the country. In 2002, Buchanan founded Legend Senior Living. Legend’s management portfolio has grown from one facility to more than 20 across the Midwest and Florida.
Building on a willingness to learn.
Today, Legend Senior Living continues to build upon the company’s heritage of innovation. The company purchases and develops technologies that promote operational efficiency and improve care. Many of these technologies also hold the promise of controlling the cost of health care in general in the future.
The 20-year partnership between Health Care REIT and Buchanan continues to evolve. “The partnership’s strength is the willingness to learn new things,” says Tim Buchanan, Founder and Chief Executive Officer of Legend Senior Living. “Legend is a learning company, open to new ideas, new best practices and continuous experimentation to provide the best options for seniors.”
A new focus: strategic growth.
With a business model proven to deliver outstanding care and financial results, Legend Senior Living began searching for a strategic partner to take the company to the next level. “That would take a larger pool of capital and a different type of strategic partner,” says Tim Buchanan. “Yet during the search, Health Care REIT kept rising to the top of the list.”
The partnership has enabled Legend to focus on expanding its operating platform in certain strategic markets with the confidence that it has a stable, well-aligned financial partner. “This partnership is structured very uniquely for us. The team at Health Care REIT was keen on making this partnership different than other ones. The benefit for us is having a partner who is really interested in how we want to grow, the pace at which we want to grow and the strengths that we offer as a company,” notes Tim Buchanan.
“Legend Senior Living has had a special, personal relationship with Health Care REIT over the years. Health Care REIT took on the risk of a new company with a new idea and helped make it succeed. Health Care REIT has always been strategically aligned with Legend’s determination to change the way America ages.” says Buchanan.
To watch Mr. Buchanan's exclusive interview regarding this exciting partnership - CLICK HERE.