What is a corporate reset?

When there is so much to say, so many aspects to write about on this topic, where do I begin?  I myself did not even know what the term “Corporate Reset” meant before surviving through one — but I do now.

The unraveling of the nursing home industry. The unrelenting series of events that nearly paralyzed Signature HealthCARE. The storms that hit us from all directions. The Signature team members who, like me, were worried and shaken to the core while trying to survive.

It was a giant snowball rolling down a long hill.  It was unstoppable.

My nightly routine included two or three hours – beginning around midnight – staring at the bedroom ceiling wondering if the next day would bring a miracle, or more bad news.

With so much to say, where do I begin?

I begin with a thank you to the thousands of team members throughout the organization who helped this company survive. Some of you were here as the storm clouds approached, and darkened, yet you stayed.  And some of you climbed on board during the storms and never blinked.

All of you made a difference.

The corporate reset

As an organization, Signature looks a lot different than it did two years ago. The changes were drastic and often painful. Many were reactive and implemented as a means of survival. Others were more proactive … designed to prepare us for the a “new normal” in the industry.

It was a “corporate reset.”

Perhaps I should’ve known it was coming. But the Signature organization that we all believed in, and had a hand in creating, began to crumble.

I was humbled. It seemed as though everything I learned in my professional life – things that had always helped me in the past – no longer worked.

The quality of our work was strong and improving, resident satisfaction and quality of life was high. Most of our individual Signature facilities were doing well. Yet, it didn’t seem to matter. Industry factors were creating insurmountable, dark headwinds.

There was not one tipping point.  There were many: a surge in malpractice cases (surpassing 350, with a high concentration in Kentucky); reimbursement rates declining faster than we could absorb; shorter stay residents; aggressive managed care; unexpected wage inflation as the economy heated up; brutal regulatory changes; the millions of dollars in legal fees to address allegations by the U.S. Department of Justice (the same therapy allegations that have confronted 80 percent of U.S. nursing home chains).

Though the nation’s long-term and senior-care companies have experienced difficult industry and regulatory challenges in the past, the issues of recent years are unprecedented. The impact has been industry-wide. Some great companies, including some of our competitors, have closed their doors.

We almost didn’t make it. Despite having a great Signature team, a dedicated board, great vendor and other business partners, it seemed at times the challenges would be insurmountable. Yet, today the Signature team is blessed once more with the opportunity to live our mission.

Valuable lessons learned

No matter how good and strong we think we are, we can never stop learning. Below are 10 lessons we learned during our hard times. Others in our industry, and perhaps anyone who owns or manages a business of any size, might find them useful if times get tough:

  1. If reorganizing is necessary, hire the absolute best reorganization and restructuring experts. We did that in hiring Ankura Consulting, and Klee, Tuchin, Bogdanoff & Stern LLP.
  2. Assemble a team of believers within your company, because a major reset requires teammates who have faith and trust one another.
  3. Understand that the journey will be brutal, uncertain and will hurt like hell. But don’t give up.
  4. Listen. Like never before. Because you will need to learn new things. As you learn, be patient with yourself and those around you, as they are trying to help.
  5. It will get personal. But don’t let fear overrun you. And maintain your emotional intelligence, always.
  6. Be transparent to both internal and external parties. Without critical information, internal people will assume the worst. And external parties need to feel your passion.
  7. Be positive and remain positive. It’s contagious.
  8. Stay focused on your business and trust your hired experts to do and lead the reset because they’re good at it.
  9. It’s like a baseball game … you can lose some innings but still win the game.
  10. Everyone – even your critics or detractors – will rally around a good, honest, hard working team with a great mission and vision.

As strong as ever

Today, we’re back to work, as strong as ever. We’re grateful for the many amazing people who had a role in Signature’s reset – allowing us the opportunity to continue our mission.

Our recent difficult times will make Signature a stronger, better company moving forward.

We have many partners to thank, including: our real estate investment partners (Omega Healthcare Investors, Inc., and Sabra Health Care REIT) who never gave up on us; our long-term capital friends from Sector Financial INC. and all of our strategic partners, like Pharmerica; our board whose diverse areas of expertise helped us navigate through countless complexities; the many plaintiff attorneys who settled hundreds of cases with us; and the government officials who worked with us to resolve a three-year, intense therapy investigation in our Rehab division, which was a must for the reset to move forward.

Winston Churchill said: “If you think you’re in hell, you better keep going and not stop.” We didn’t stop.  And we’re here today to live another company life with more passion than ever and with the intent to revolutionize long term care.

Sweet Sixteen Poem to my daughter Jacqueline

Dads watch their lives go speeding by, always asking GOD why?

Dads must survive the daily grinding;
Hoping that you and your baby girl hearts are slowly binding

Dads try to relive their lives through their boys;
But they spoil their little girls with all the right toys

Dads always hope that your little girl will keep them as “the apple of their eye”;
Knowing you’re building them so one day they can fly

Dads cherish their little girls like nothing else ever;
And they know it is truly their most noble endeavor

Dads will always guard their little girl like precious gold;
While quietly teaching them to be beautiful and bold

Dads carry many burdens that are often unknown;
But only a little girl makes them feel Iike a king where they sit on their temporary throne

Dads never really like the concept of another boy someday taking over;
But they support secretly hoping one day they might get another four leaf clover (granddaughter)

Dads know little girls are truly spiritual gems that change your life from day one;
Dreading the day the little girl phase is actually done!

Dads sit around talking incessantly about their girls 24/7;
Hoping that their good work was enough to get them into heaven!

Happy Sweet 16, Jacqueline Christine Rose Steier

Why The NBA needs Louisville and they don’t even know it yet!

IMG_0087.linked in photo for launch

There are bigger and crazier sport fans than I am, but I would still weigh in on the “serious supporter” side of sports enthusiasts, and the recent NBA talk around the city has really peaked my interest.

First, I want to be transparent upfront: since I returned to the city seven years ago, I’ve dreamed of a NBA team in my favorite city almost daily, and I push every chance I get to win over dinner party friends when the conversation heads that way.  I would actually invest my “first communion” money in this dream if I thought it would help secure a franchise just to position Louisville and the Commonwealth as the potential “Basketball Capital of the World.” This would be the first thing I would brand out if I were Mayor or Governor. We are a city and state on the verge of breaking out especially when considering the news this week that we are a “top 10er” for best U.S. cities for jobs! The NBA if nothing else is a magnet for talent recruitment, an economic driver to enhance our growing workforce needs which will make the difference for more global industry relocation in our state—a “common” “wealth” goal for our city and state leaders!

Second, I am throwing my personal support as a community leader to help organize grassroots efforts, along with others, to bring professional basketball back to where its deepest roots were seeded decades ago by Kentucky pioneers, way before the NBA ever thought about becoming one of the most recognized brands in our first “Dream Team” World Tour in 1992!

Like you, I watch and listen, and I do understand the growing appeal of soccer around the world, and have been to many games locally myself. But it seems farfetched when most of us can’t even name the MLS All Stars from last season, and if we will ever get a Major League level team here. The recent MLS city selection process proved just that anyway.

On the other side, I get our beloved Bats deep roots that take us back to the Louisville Colonels at Parkway Field.  But we knew we were only a minor league town and properly embraced it. As an avid baseball fan, I still see baseball on a slow death across the country and it needs to be structurally overhauled to keep future generations engaged in it, or it will look like Catholicism in Europe in a few more decades.

But regarding basketball, it’s a different story – we love it, we understand it, we breathe it, and we embrace it in any way we can get access to it.

First I am a diehard University of Louisville fan and consider my UofL ticket package as my “stay vacation” because I have loved our Cardinals irrationally since birth, like many of us. I can go back to my grade school days praying my Catholic prayers on my knees at the side of my bed where I would slide in a few Cardinal prayers, asking God if he would help us get our first NCAA title just to “shut up” my Big Blue classmates for once.

In my slowing maturity, I learned to love the Kentucky Wildcats years later when I moved away and quickly realized we need less “hate in this state” about our best Commonwealth assets, while outsiders across the country look at us with envy.  I finally had the revelation that we need to shift our mental mode from “bitterly divided” to a theme of “unification and abundance” and just own our very aspect of “BASKETBALL INC” so we can celebrate basketball in any form! In the end, we just need more things to cheer for in Kentucky in general with the “theory of abundance.”

As a supporter, I think I understand the resources required to support our Two Crown Jewels of NCAA college basketball that are only 70 miles apart…and how blessed we are to have that “world class college” experience any time we want it or need it!

Both programs are revered around the country and I feel great pride traveling in my day job and talking them both up every chance I get! I often say Kentucky Wildcat Alumni could field the first two expansion teams by themselves with nearly 30 former Wildcats tearing up the NBA with Kentucky roots. That would be another world record again for us that we should claim!

On the flip side, many Commonwealth basketball enthusiasts are too busy cheering on their own respective teams, that they don’t realize our small state has held every major basketball title! The dynasty runs deep! In 2011 alone Bellarmine University won their first NCAA Division II title, the University of Pikeville Division III, not to mention UofK’s NCAA championship victory, and our Lexington-based Georgetown University winning the National Independent Association basketball title—all in the same year, along with the Universities of Louisville and Kentucky both with their steady top 10 annual presence—the state is already a basketball mecca—just needing to be claimed!

What other state in the U.S. could ever hold possible the honors of the “U.S. Title State for All Basketball” and “Most NBA Players from One State”?

We have many negative people saying no one would buy NBA tickets. Are you kidding me? We sell any real sporting event like no other place in America verified by the Breeders Cup and any PGA event including the Ryder Cup, despite being hard to get to by travel standards.

Personally, I have attended NBA games in over half the cities in the U.S., preferring basketball over food on my travel per diem since the early 90’s. In many markets, an NBA game is just another social outing option for many, or a corporate thank you gift to a vendor or management team, or your family ticket package divided with your church group, but here in Kentucky, “Basketball” is a TRUE RELIGION and SHOULD BE!

Perhaps it is silly but I actually believe that the NBA needs their Green Bay type city where the franchise has a kind of religious experience with everything they play and NBA watchers worldwide could see “true fanatics” that this game creates. We already have that in our DNA, from our intergenerational connected heritage, our elder’s storytelling passing the torch over family dinners, and in our daily lives where it is embedded in every day conversation because we ALL know BASKETBALL like no other city, state or country in the world!

To keep it simple, I don’t really understand the heated political debate about it, the complicated venue debate either, or the economic argument around something so fundamentally simple that we should claim ourselves as “The Basketball Capital and Basketball Mecca” for the world to find! Especially with our horse heritage in the Kentucky Derby, our expanding art community, new business “landings,” the bourbon explosion—our city is on the verge of breaking out into a top city in the nation and a destination spot to live in! Let’s be not only the greatest “two minutes in sports” but the greatest 48 minutes in basketball in the world!

We all need to just start celebrating great basketball all around us and move beyond our own bitter basketball rivalries. Go see a Bellarmine University game and tell me their energy isn’t better than anywhere in the country for D1 or D2.  Even if you don’t like UofK or UofL, go to a home game at the other venue and observe the passion, or watch our crazy parents in youth basketball games and realize we love basketball for the essence of what it symbolizes to all of us!

This sport is a cultural experience that displays lyrical team chemistry when played correctly and is a game that can be played with cost effective economics without barriers to entry. It can be mastered by any size person, we learn life lessons about winning and losing, but more importantly to play by the rules and leave everything you have on the court!

We need to take back “our” basketball legacy, especially its capacity as one of the biggest future economic-drivers and brand it out:  “NBA to Louisville,” “The Basketball Capital of the World,” “The Basketball Title State,” and “The Pro-Basketball Training Center.”  All we ask is that they return our World Champion Kentucky Colonels back to us so one day we could be the first place in the world to hold all the important basketball titles in one state! And everyone can be a fan!

Please embrace the possibility of it, dreaming of something bigger than ourselves, imaging the greatest athletes in the world entering the Basketball Capital of the World. Let’s get serious about it because no matter what rumors you’ve heard, if “we build it they will come,” it is our own “field of dreams” because the NBA knows they have a brand on fire that must grow and breed success – and, as we know, there is no place like Kentucky in the world!

Kentucky Entrepreneur Hall of Fame

The Great Commonwealth, Long ago 

Poem written by Joe Steier and read at his induction into the Kentucky Entrepreneur Hall of Fame

Long ago, there was only one road to chose,

I looked for a very different path

But you had to be willing to lose,

 

Long ago, there was only one way

down the glimmering proverbial hall,

When you tried to walk away

Many hoped you would fall,

 

Long ago, My bricklayer father left me

with haunting words for sure

but I could just never find the exact cure!

 

Long ago, the starting point was

Your world would definitely be thinned

But at that time it was almost consider a cardinal sin.

 

Long ago, And there are no real books or formula to even follow,

And one you stepped out

you better figure out quickly or

you would sure be swallowed

 

Long ago, I searched high and low for the keys

to the secret spirited club and

then realized we were all being snubbed.

 

Long ago, there were pioneering owners

who Controlled the great big ball,

But how could you still respect them

and still answer your call,

 

Long ago, when lifetime jobs started to disappear

They came calling out for all of us

to all reappear

 

Today the world of re may look like

Atlas is really shrugging

like Ayn Ryand once predicted

but it will be all of us who make them stand corrected

 

Today we are all here to celebrate

the new options for everyone’s personal walk

But we know for sure it is no longer just talk.

 

Today because of many great pioneers have paved the way for “the all”

It is not nearly as hard to answer your call –

 

Today I can touch the special spirit almost everywhere I go

It gives my great joy to see all the new ways everyone can now grow

 

Today we see the changing commonwealth as the place to soar

And The great ones I study never keep score

 

Today, negative pulsating issues may carry the media’s day

But it is Our entrepreneur’s unbridled spirit that will pave the new way!

 

Thanks to everyone for the amazing award, and God Bless to all of you and the Commonwealth!