The Lillibridge Story
Our Historyby Todd W. Lillibridge, Chairman and CEO
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| There is no better place to start the story of the evolution of Lillibridge than at the end of a pier on a lake in Michigan, when a concept began to crystallize on how a commercial real estate company could transform itself into providing real estate related services and capital to the healthcare industry. Like all businesses, it starts with an idea and a vision, but it's the people that take the dream and make it a reality. In looking back, it has exceeded my expectations from that day on the pier, especially to observe over the years the commitment and passion of our people to be the best at what they do and to strive each day to achieve higher levels of performance. |  | |
| In the beginning, the organization consisted of a number of real estate professionals. But soon, the organization grew and added healthcare professionals who began teaching the real estate folks about healthcare ... and the real estate professionals taught the healthcare professionals about real estate. Together, as the story began in 1990, the company has evolved into a nationally-recognized leader in the field with operations in 43 markets in 17 states and >200 employees. | ||
| It became very clear in the early days that this is an industry where "everybody knows everybody." Therefore, we could not afford to screw up, because it clearly could be our last piece of business! As a result, Lillibridge took on a very customer-focused orientation which continues to be part of our core values today: exceeding our clients' expectations and measuring the results. In order to achieve great customer loyalty, we have a committed staff with the passion and attitude to work hard to serve our clients' needs - and be prepared to do it over and over again each day. | ||
| Early in our history, the light bulb went off when we realized that we could no longer be a real estate company, but a healthcare company that is expert in the field of real estate. As a result, we were able to position our thinking and our approach. Today we go to market as consultative thought leaders. | ||
Built to Last | ||
| What makes Lillibridge different is clearly its culture. What defines a culture is the attitude and behavior of its people from top to bottom. When we combine the great culture we've enjoyed for many years - a "can do" entrepreneurial attitude - and an institutional framework with world class clients that embrace the need for our services, it's a winning combination. | | |
What Drives the Business? | ||
| At Lillibridge, we differentiate clients from customers. Our "clients" are hospitals we principally work for, and our "customers" are 5,000+ physicians across the country. Whether you're a client or a customer, our value proposition is to meet and exceed your expectations. |  | |
| All companies deal with measuring and consistently delivering on this value proposition. At Lillibridge, we are no different. Over the years we have adopted a physician customer survey process and a client survey - and have taken them to a new level by incorporating a Net Promoter Score® system where we seek direct feedback from our clients regarding our level of service. Using and acting on this timely information, we can earn respect each day as we perform our duties to the highest level possible. | ||
Staying Focused | ||
| Great people and great clients are the main ingredients in the success of any business. But a vision and, most importantly, a focused business plan, is of the utmost importance if an organization is truly going to be successful and sustainable over time. |
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| At Lillibridge, we have spent the last 20 years in healthcare providing services as well as capital. We have not strayed from our focus on the type of client we are in search of or our investment strategy. As an organization with a mission to be the most respected and admired in the industry, we are constantly looking at ways to be "the best in the business." As a result, we stay focused on what we do. Of course we explore new growth initiatives, vertical service line expansion, and ways to help our clients meet the needs of the market - but focus means we remain dedicated to healthcare and the types of clients and institutional investors that we have been able to attract to the organization. | ||
The Future | ||
| Lillibridge has entered into a binding agreement to be acquired by and become a wholly-owned subsidiary of Chicago-based Ventas, Inc. (NYSE: VTR), an S&P 500 healthcare real estate investment trust (REIT) that owns over 500 healthcare assets in 43 states and two Canadian provinces. Ventas enjoys an enterprise value of approximately $10 billion. It has been the "Top Performing REIT" over the past ten years, Bloomberg Businessweek recently ranked Ventas in the top 50 "Top Performing US Stocks" of the past five years, and last year the company was named the "Best-Performing Publicly-Traded Financial Company of the Decade." The proposed transaction is scheduled to close in the second half of this year. Operationally, there are no immediate changes planned to business practices or to staffing at the corporate or local property management levels, including myself. Until the transaction closes and going forward, Ventas and Lillibridge will partner to deliver monetization and development projects. Together, Ventas and Lillibridge will become a market leading, fully-integrated medical office and ambulatory care developer / owner and property manager with 8.4 million square feet of properties in 65 markets and 20 states. We believe this combination will help you achieve your strategic and financial objectives during this era of healthcare reform and economic uncertainty.
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