Wichita-based Legend Senior Living has named Matthew Buchanan, son of CEO Tim Buchanan, as the company’s president.
Buchanan first joined the senior living operator full-time in 2009 and worked up through the ranks over the years before his leadership appointment, which was publicized Nov. 2. His appointment comes as part of a succession plan years in the making, according to the Wichita Business Journal.
In his new role of president, he is tasked with leading Legend’s executive team as it sets new strategies for growth, staffing and technology.
“In the near-term, we’re focused on the operations of the existing portfolio, as well as some great things planned that will enhance the resident experience that I’m excited about,” Buchanan told Senior Housing News.
Before becoming president, Buchanan worked in a variety of roles for the senior living operator, including as a caregiver, residence director, area director, vice president of finance and most recently executive vice president.
Legend Senior Living has grown quickly this year by adding 10 communities, bringing the total count to 53.
During the darker days of the Covid-19 pandemic, Legend’s typical annual growth of three to five new communities per year “slowed significantly,” Buchanan said. But “coming out of Covid and being patient, some great opportunities presented themselves for us to make up for the prior two years,” he added.
Buchanan’s efforts and patience helped grow the company’s total portfolio value to $1.3 billion, the Wichita Business Journal reported.
“We have a great team that led to the success of our growth this year and I feel I was just a piece of it,” Buchanan said.
The new communities represented multiple strategies, he said: Purchase acquisition, owner-operator development and new management.
“I was involved in many aspects of those scenarios coordinating the key transition elements with the existing operators, working with owners on the business terms of the transitions to participating in new associate training for the nearly 700 associates we’ve welcomed to the organization,” he added.
Buchanan added he is optimistic about the year ahead, with growth on his mind.
“We continue to be opportunistic with our partners and find ways to grow that are win-wins,” he said. “We’re looking at a number of development and acquisition opportunities right now. However, the current debt market certainly influences what financing strategy makes most sense for the deal.”