Samaritan's New Prospective Buyer

 

Last night we heard from, in open session, a new potential buyer for Samaritan.  This was a very tough decision.  Some of the factors I considered last night:

• The emotional roller-coaster ride our residents and staff have been on, which cannot continue.
• The staff reaction to this buyer, which was positive,  Several staff members from Samaritan attended the meeting, and seemed excited by what they were hearing.  I could see that they had a positive reaction to this buyer.
• The values this buyer espouses, which align well with the values of Samaritan and our community, particularly in regards to the way they treat staff and care for residents.
• The fact that this buyer was willing to stand before the board, introduce himself, tells us about his organization and what they do.  He took questions and comments from us, and from the Samaritan staff who were present.  He seemed like a person of high integrity.
• The work they have done at the three other facilities they have purchased, where they took nursing homes that were severely struggling with regulatory compliance issues and turned them around.  They have invested heavily in those facilities to make them nice places for the residents to live and for staff to work in.  Those investments include facilities upgrades, as well as working to secure a stable staff.
• The fact that the building and property are part of this deal.  When combined with how they have handled the other homes they have acquired, it is highly likely that they will keep our residents in the current building, like they have with their other nursing homes.  If I am correct in that prediction, the stability this will provide to our residents will be a huge blessing.
• The fact that we don't have the votes to prevent a sale (we would need a majority and don't have it) and that we definitely do not have anywhere close to enough votes to renovate the facility, which would require issuing a bond (we would need at least 3/4s of the board, or 16 votes).

In the end, I supported this transaction for those reasons.  Had I opposed it, it still would have passed.  I hope this turns out to be the blessing for our community that I think it will be.