On this episode of Boomer Living, I'll be speaking to Paul E. Griffin III. He is the founder, CEO, and President of Griffin Living, an award-winning development firm with a specialty in innovative senior living communities. With over 40 years in the industry, Paul has a wealth of experience and has received numerous awards and honors along the way, including the hammer of hope habitat for humanities builder of the year award.
We discuss his experience in homebuilding and how that informs his approach to senior living at Griffin Living, COVID protocols and safety measures, and outlook for investors in the senior living space.
[00:00] Pre-intro discussion
[02:29] What does it feel like to be a Griffin?
[03:23] Paul's thoughts on real estate development.
[04:51] Tell us a story about how you found capital for your projects and how did it happen and what were the challenges along the way?
[06:20] What are the demographics of your residents and were you able to successfully address the needs and wants of your residents?
[10:53] Tell us about your family's real estate development legacy and what sets Griffin living apart?
[14:16] How has COVID forced these issues about resident care, both mentally and physically to the forefront of the mind, to the developers?
[17:49] You have RNs and MDs, do you also provide telemedicine?
[19:39] How would you suggest people figure out the level of care that they need and balance that with what they can afford?
[20:43] How can assisted living communities shake the stigma that those are places that people don't want to be in, and how do you make assisted living communities, a place where people look forward to and spending their later years? How do you design your communities and services to give the residents a thriving environment to spend with their families in their later years?
[24:46] In independent living, as long as your real estate in the rooms is very versatile. You can transform those rooms into whatever setting that will allow your resident to be imaginative that they're in a different country and just celebrate the living, the vibrance, the wellness of the community.
[27:00] What kind of benefits struggle balance, do you look for in people who make decisions, where you develop?
[29:47] How does competition in places that under-served seniors, help those who choose to live there?
[31:15] The oldest baby boomer turned 75 this year, and as they gradually move into assisted living, what kind of strain is that going to put on the industry over the next 10 to 20 years? Are the baby boomers going to require any specific kind of care different from the previous cohorts?
[39:03] We're all, at some point going to be a caregiver or a recipient of one.
[41:07] How do you manage the balance between running a profitable business and ensuring that your residents are getting the best care possible?
Listen to part 2 of our interview here: https://www.buzzsprout.com/765170/8312327-paul-e-griffin-iii-to-meet-the-needs-of-an-older-adult-is-one-that-takes-into-account-their-emotional-needs-part-2-of-2
Paul E. Griffin III is the founder, Chief Executive Officer, and President of Griffin Living. A fifth-generation builder with forty years of expertise in real estate development, Paul was inducted into the Forbes Real Estate Council in 2020. Before founding Griffin Living, Paul has overseen the development of projects, including residential homes, apartment complexes, retail centers, and commercial office space. In his career, Paul has created over $4 billion in value and received numerous awards and honors, including Habitat for Humanity's Builder of the Year (Hammer of Hope)
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