LACONIA — Robert J. Selig is replacing Tim Martin as chief executive officer (CEO) of the Taylor Community, effective October 30.
The retired president of Laconia Shoe Company, Selig currently serves as chairman of Taylor's Board of Trustees, a position he will continue to hold. Since the middle of August, he has been filling in for Martin, who took a leave of absence at that time.
In making the announcement of Selig's appointment to the CEO position on Friday, the board of the century-old retirement living institution noted that Martin had resigned and complimented him as being "instrumental in working toward a sound financial plan for the continued success of Taylor Community". "We thank him for his services and wish Tim and (wife) Peggy the very best," a statement continued.
Martin came to the Taylor Community in 2009, after a long stint running Milton Residences for the Elderly (MRE) in Milton, Mass. He succeeded Howard Chandler, who was at the helm for more than two decades.
"This is a very exciting chapter for Taylor and I'm pleased the board has asked me to serve as CEO," said Selig. He added that he was honored to have the trust and support of both the board and the community and that he has total confidence in Taylor's staff.
During an interview, Selig indicated he will soon begin the process of recruiting a new executive to take over the CEO position from him and expects to have that task completed by May 2014. His other primary goal for the next seven months is to restructure Taylor's long-term debt, which now stands at $26 million, in order to provide for better cash flow.
Selig was candid that the Great Recession was tough on the senior housing industry as a whole but stressed that the picture has now brightened considerably. "The stock market has come back and homes are starting to sell again," he said before noting that eight families will be moving into Taylor during the month of November alone.
"These are positive times for the organization. We continue to offer more in the way of amenities, activities and services for Taylor residents, as well as for seniors throughout the Lakes Region."
Taylor's most recent fiscal year ended in April and over the 12-month period the not-for-profit institution was able to produce excess revenues of nearly $1 million. The year before the bottom line was a negative $1.8 million.
"It was a terrific (fiscal) year," said Selig. The best we've had in 10."
Taylor borrowed $17 million to build the Woodside building on its Laconia campus in 2005 and that borrowing was included in a restructuring of its entire debt through a pair of tax-free bond issues. Selig said the new restructuring will probably be accomplished through commercial banks.
Selig has been a Taylor Community trustee for eight years and chair of the board since September 2011. He is said to have overseen the organization's continued development and implementation of strategic plans to further establish Taylor as a leading continuing care retirement community in New Hampshire.
Taylor offers all three of its retirement living programs on its 105-acre Laconia campus — independent living, assisted living and nursing home care. Independent living facilities are also operated in Wolfeboro and Pembroke. The organization's independent living facility in Moultonborough has been sold and another in Sandwich is in the process of being sold.
Respite care is also provided for short-term stays.
In total, 400 residents call a Taylor facility home.
Selig said Taylor holds nets assets of $13.8 million and another $6.9 million is held in trust funds by others.
Commenting on the competitive environment in which Taylor operates, Selig noted that his organization operates, on a "fee-for-service" basis that many retirees now find desirable. That is, rather than charge a flat monthly residence fee that does not change over the years with the level of service desired, Taylor's fees start at a relatively low level for independent living and rise with need.
Selig said the average independent living resident at Taylor stays at that level for nine years and the resulting savings on fees over that period is considerable.
About half the people living in a Taylor facility originally signed what are called continuing care contracts, which require the organization to provide lifetime care at the appropriate level, even if the resident is no longer capable of paying for the service. In fiscal year 2013, Taylor provided $1 million in subsidized care to such residents.
As CEO, Selig assumes responsibility for the administration, operations, marketing and finances of the organization. Taylor has 140 employees and operates three shifts per day at the assisted living and nursing care levels.
"We're so fortunate to have a tremendous staff with whom I work," said Selig. "They are the ones who make this the great community that it is and they are the reasons for the ongoing success and appeal of Taylor Community."
Selig attended Laconia public schools and graduated from Brown University in 1958. He is currently chairman of the Board of Trustees of the Laconia Public Library, past president of Temple B'Nai Israel, former president and currently a director of the Jewish Federation of New Hampshire, former vice chairman of the Board of Trustees of LRGHealthcare, a director of Shalom TV and a director of the Lake Opechee Preservation Association. He remains an active golfer the Laconia Country Club.
The Taylor Community will hold its annual meeting on November 11. Selig said the meeting is normally held in September but was delayed this year because of the leadership transition.