Roger would those people you talk to admit they had made a mistake they could not get out of?
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Roger would those people you talk to admit they had made a mistake they could not get out of?
The people I've met there seem happy they're being looked after, they know its not a good investment but they're buying into a lifestyle of security and quality care, most couldn't give a toss about the exit fee they just want to be well cared for, have top quality facilities and live in a safe caring community of like minded people. The very comprehensive nature of the facilities, activity programmes, trips and so on appear to be what people want when they hit 78 or 79 which as I'm sure you know is the average age of entry to Ryman.
There appears to be a very good vibe at Ryman, the staff I have met are all good and they are looking after my Dad well in the new dementia ward at Evelyn Page. I'm as happy as a son can be in the circumstances.
Regards
Roger,
I am very pleased to hear your dad is with the compassionate team at RYM. I have had a lot to do with my local Ryman Village as well, and I know how caring and compassionate the team there are. And also how ethical the leadership is, which trickles down, and how they stomp on anything super quickly that doesn't fit within their expected conduct. Ryman are playing a very important role in peoples quality of life and at a stage in life we will all have to deal with eventually.
The last time I visited a Ryman Village, the sales manager took me up to their bar (it was happy hour!), and I saw an old client of mine who is in an independent unit with his wife, and his exact words were "We feel like we are on holiday every day here..."
It's a great business from the customers perspective and from the shareholders perspective. And those two things are always mutually inclusive.
All the best to you and your dad Roger.
Regards,
Sauce
Well this confused the hell out of me for ages, as you can see if you read back through the 'owner earnings' thread - just about everyone thought that was the case, so I know exactly how you came to that conclusion. They really should make it a bit clearer in my opinion.
Cheers
Sauce
and what Mauldin says about Europe and the rest of trhe world is almost suicide material eh ..... one one who is usually a glass half full man he has been pretty glum the last few weeks .... might have to give him a miss for a while and find somebody who thinks the world is in a growth cycle and deleveraging is all over and it is all blue sky from here
Thanks for those kind words Sauce.
Regarding the forthcoming Australian plans I know we can count on the Ryamn team to tread carefully and minimise the risk, one development at a time and make sure each one is beeded down and operationally profitable before moving on to the next one.
I think there's a very high probability of sucess over there and whilst the market is sceptical due to a long litany of failures by other N.Z. companies expanding over there and is according Ryman no current price premium for the opportunity, (of course we all remember Air New Zealand and the Warehouse's failures to name just two), I firmly believe Ryman's quality will be well received by our Trans-Tasman neighbours.
Regarding other comments, in my opinion we are in an age of deleveraging and I'm sure that will continue for the forseeable future, (try selling coastal holiday property almost anywhere in the country its been that way since the onset of the GFC and isn't getting any better), hardly anyone is looking to expand their balance sheeet and take on lifestyle assets but Ryman is a needs based business and in many cases actually plays into the deleveraging process. Live in a big mansion $1m plus, or downsize to a quality $450K independent living townhouse at Ryman with lots of community programmes to enjoy ? There's also the undeniable attraction of your weekly fees being locked in and never increasing whilst people's superannuation is adjusted for the CPI every year, tanslating to a gradual rise in disposable income, so I'm sure the various happy hours at Ryman's facilites get a thorough work-out :)