WELShift In the News - Article Detail

 

A Big Pot of Money 11/3/2013 What if you were given $100 million to create a profitable new business focused on serving the needs of Seniors?...

by Steve Moran, Senior Housing Forum

 

I didn’t know quite what to expect when I attended the Marcus Evans CXO Executive Summit last July. These events are an intimate gathering of around 100 senior living executives and 20 or so carefully selected vendors. The two day event is a mix of networking time and powerful presentations and discussions. Months later I am still writing about ideas that came out of that event.

Perhaps the single most intriguing presentation was by John Cochrane, the President and CEO of the be.group. The crux of his presentation was a “What if . . . “, question that continues to intrigue me.

 

Setting up the Question

 

The Big Question

Given this clean sheet of paper opportunity, what would you do with that money?

Your first thought might be, “I would go out and build assisted living, memory care or independent living”. But honestly, maybe that is not the best investment of your money and energy given the wants and needs of today’s seniors and the emerging generation of seniors.

 

I am quite sure I don’t have the perfect answer or answers and I know that I have not been offered a pot of money but, just for fun, how about these possibilities:

 

5 Questions

In his presentation John offered 5 questions an organization’s might explore:

  1. What business should be we in? And the corollary . . . What business should we not be in?
  2. How do we add value?
  3. Who are the target customers?
  4. What are our value propositions?
  5. What capabilities are essential to add value and differentiate us?

How About You?

How would you answer these 5 questions? Do you have any crazy ideas for caring for seniors that would be interesting to explore and look at?

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