LTC Affiliations and Acquisitions
On this episode of the LTC Heroes podcast, Glenn Fox, Executive VP – Legal, Compliance, Risk Management, and General Counsel at ACTS Retirement-Life Communities, sits down with us to share his legal and financial expertise in the LTC industry.
Glenn outlines the differences between non-profit LTC acquisitions and affiliations, describing why organizations would choose one over the other, or a combination of both. He discusses the main reasons organizations would want to be acquired or become affiliated, which includes needing financial assistance and guidance when there’s a change in management.
LTC Legal Counsel
Glenn shares the importance of mission compatibility when affiliating with an LTC organization, and why proper management is needed at all levels of the affiliation to ensure its success.
He also brings up the point that affiliations take time. Both sides need to be comfortable and working from a place of trust in order for the process to run smoothly.
If you’re an organization looking for the right legal counsel on affiliations, Glenn recommends finding counsel that has experience working with your type of organization, or someone that is willing to help you find the experts you need.
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Rapid Fire Q/A:
What kind of valuable and actionable advice can LTC lovers and listeners expect to learn from you today?
An understanding that if there are issues that your organization is facing, there are people and organizations out there that have faced similar issues.
What is one lesser-known book, newsletter, or industry resource you go to for up-to-date LTC info?
Anything by McKnight’s Long-Term Care News, LeadingAge.org, and topic-specific searches on Google.
Name one mentor in the LTC industry that is active on social media or Linkedin that inspires you and that the rest of us should be following because of their contribution?
If you’re talking about individual areas I’d have to recommend the Leading Age again, and for other items like inspiration, people like Simon Sinek and his book, Leaders Eat Last.
If you were to start working tomorrow in the LTC industry, day 1, but with the same knowledge and wisdom you have today, what advice would you give to your younger self?
Be sure to use common sense and look at the big picture, it is so important. Also, I tell young attorneys that they will never know all the answers. Figure out whether you have good instincts or bad instincts. If you have good instincts, go with them; if not, figure out an alternative.