Building a Business Legacy in Senior Living Marketing: The Love & Company Story

Audio Building a Business Legacy in Senior Living Marketing

Video Building a Business Legacy in Senior Living Marketing

Chapter-by-Chapter Summary

Following are the sections we covered in this conversation with their summaries, along with the time location in the video and audio to follow along. The timestamps in orange correspond to the chapters in the YouTube version of the podcast episode. This video will display to the lower right as you scroll down. 

00:00 Selected Highlights from the Conversation

This segment highlights short snippets of the conversation that share Rob's wisdom on building a sustainable business legacy in senior living marketing. 

02:39 Introduction and Context: Carrying Forward the Legacy of a Marketing Agency to New Levels

Bhavesh Naik introduces the theme of "The Business Philosopher Within You" podcast, emphasizing the core theme of the podcast: Building sustainable businesses that outlive their founders and leaders. He further outlines that an important part of building such a business is carrying forward the legacy of a family business and taking it to new heights.

He introduces Rob Love, the President and CEO of Love and Company, and highlights the important milestones of the company as well as Rob's accomplishment in making it a thriving leader in the Senior Living Marketing field. 

03:57 The Reluctant Heir: A Son's Return to the Family Business

Rob Love's journey into the family business began in 1989, nine years after his mother founded the company. The backstory reveals a poignant family history: when Rob was eight, his father, a general practitioner, died in a car accident while on his way to a house call. This tragedy led Rob's mother to make a pivotal decision - instead of working in an office, she chose to work from home as a writer, allowing her to raise her four children while building her career.

Rob's decision to join the company was driven by a desire to give back to his mother, recognizing her sacrifices and commitment. With his strong business operations background complementing his mother's creative skills, it seemed like a perfect match. Initially, Rob thought he'd stay for just two years to help lay a solid foundation for the business before returning to Atlanta. However, what started as a short-term plan evolved into a 35-year commitment.

The partnership between Rob and his mother was successful due to their complementary skill sets. His mother excelled at selling new business and creativity, while Rob was adept at operations and getting things done. This combination of talents allowed the company to grow and thrive, setting the stage for Rob's eventual takeover of the business.

The Birth of Love & Company

Love & Company's origins trace back to Rob's childhood, where the sound of his mother's typewriter clicking late into the night became a familiar and meaningful backdrop. This image of his mother working tirelessly after putting her children to bed left a lasting impression on Rob, highlighting her dedication and sacrifice.

The company, founded by Rob's mother about nine years before he joined, grew from her skills as a writer and her commitment to balancing work and family life. Rob's initial involvement in 1989 was driven by a desire to give back and help his mother, leveraging his business acumen to complement her creative strengths.

What started as a two-year plan for Rob to lay a solid business foundation quickly evolved into a long-term commitment. The partnership between mother and son proved to be a strong match, with Rob's operational skills balancing his mother's creative and sales abilities. This complementary dynamic allowed the company to grow and establish itself in the market.

The transition from a home-based writing business to a full-fledged marketing agency was gradual but steady. Rob's involvement brought structure and business strategy to his mother's creative endeavors, setting the stage for the company's future growth and specialization.

06:50 The Pivot: Transforming a Generalist Agency into a Senior Living Specialist

In 1998, Rob Love made the pivotal decision to purchase Love & Company from his mother and transform it from a generalist marketing agency into a specialist firm focused solely on senior living. This decision was not made lightly, as Rob recognized the challenges of running a marketing agency, including long hours, stress, and high client expectations.

The motivation behind this strategic shift was twofold. Firstly, Rob realized that by specializing in senior living, the company could significantly improve its productivity. As a generalist agency, they were spending about one-third of their time learning about new industries for each client, time for which they weren't compensated. By focusing on senior living, they could eliminate this learning curve and convert a greater portion of their time into billable hours.

Secondly, Rob saw the immense growth potential in the senior living sector. With the aging of America on the horizon, he recognized that specializing in this field could make the business more valuable in the long run, potentially serving as his retirement asset.

This decision to specialize allowed Love & Company to become experts in their field, enabling them to charge higher rates for their specialized knowledge. While the initial motivation was primarily business-driven, Rob's passion for the senior living industry grew over time, adding a deeper sense of purpose to the company's work.

12:32 Beyond Profits: Discovering Passion in Serving Seniors

As Love & Company evolved into a specialist agency for senior living marketing, Rob Love's perspective on the business underwent a significant transformation. What began as a strategic business decision gradually morphed into a passionate commitment to improving the lives of seniors.

Rob reflects on how his values and priorities shifted as he aged, had children, and gained a different worldview. He contrasts his work in senior living with hypothetical scenarios of marketing products like Coca-Cola or expensive Nike shoes. While he appreciates these brands personally, he realizes that he wouldn't derive the same satisfaction from promoting such products on a large scale.

Instead, Rob found genuine fulfillment in helping mission-based, not-for-profit senior living communities succeed. He emphasizes the positive impact their work has on people's lives by educating them about senior living options and demonstrating how moving into a community could improve their quality of life.

This shift in perspective aligns with the company's vision: "Every day we help a senior experience a better life." Rob acknowledges that when he bought the company in 1998, this passion wasn't his primary focus. However, over time, the meaningful nature of their work in enhancing seniors' lives became a driving force, making the endeavor deeply rewarding on both a personal and professional level.

20:01 The Evolution of Excellence: Expanding Services and Expertise

As Love & Company established itself as a specialist in senior living marketing, the team recognized opportunities to expand their services and enhance their value proposition. Initially focused on marketing strategy, branding, and creative services, they soon identified a crucial gap in the senior living sales process.

Rob explains that while they excelled at generating leads and interest in senior living communities, the success of their efforts ultimately depended on the sales experience provided by the community staff. Recognizing this as a potential weakness, Love & Company decided to add sales consulting and training to their service offerings.

This expansion allowed them to address the entire sales funnel, from creating initial interest to ensuring successful move-ins. The addition of sales services not only improved overall results for clients but also created a new revenue stream for the company, resulting in a win-win scenario.

The company continued to evolve its services over time, responding to changing market needs and technological advancements. For instance, as website marketing became increasingly important in the early 2000s, Love & Company initially partnered with specialist firms before ultimately bringing this expertise in-house to maintain better control and margins.

Further expansions included the addition of strategic services such as market analyses, competitive positioning, pricing strategies, and assistance with strategic and master planning for growth. This comprehensive range of services positioned Love & Company as a one-stop solution for senior living communities, capable of supporting clients from initial vision to full occupancy.

28:54 Collaboration and Innovation: Crafting a Culture of Creativity

Rob Love emphasizes the importance of collaboration and innovation in shaping the culture at Love & Company. He acknowledges that the advertising agency business can be stressful and challenging, especially for those who prefer a typical nine-to-five job.

Collaboration is highlighted as a critical facet of the company's culture. Rob stresses the importance of different team members working productively together, from those developing marketing plans to those creating direct mailers. He emphasizes the value of strategic thinking and the contributions each team member can bring to the table.

Innovation is the second key aspect Rob mentions, though he admits the company hasn't always been as innovative as he'd like. He notes a tendency to fall into patterns of doing things the same way repeatedly. However, Rob's mindset is to continually seek improvement, encouraging testing and trying new approaches. He advocates for A/B testing and constantly asking, "How can we get better?"

Rob acknowledges that this drive for constant improvement and innovation can be uncomfortable for some employees who prefer clear, unchanging instructions. He seeks a balance between establishing effective processes and fostering creativity and innovation.

The culture Rob describes is one of dynamic collaboration and continuous improvement. It's an environment that challenges employees to think creatively, work together effectively, and always strive for better results. This approach has likely been a significant factor in the company's ability to adapt and thrive in the changing landscape of senior living marketing.

The Digital Revolution: Adapting to New Marketing Frontiers

As the digital landscape evolved, Love & Company recognized the need to adapt its services to remain competitive and effective. Rob Love describes how the company navigated the shift towards digital marketing, particularly in the realm of website development and online marketing strategies.

In the early 2000s, when website marketing began to gain prominence, Love & Company initially partnered with specialist firms to offer these services to their clients. However, as the importance of digital marketing grew, Rob realized the need to bring this expertise in-house. This decision was driven by the desire for better control over the work and improved profit margins.

The integration of digital services wasn't limited to website development. Love & Company expanded its digital offerings to include a range of online marketing strategies tailored to the senior living industry. This expansion allowed them to provide a more comprehensive suite of services to their clients, enhancing their value proposition.

Rob emphasizes the importance of staying current with digital marketing trends and tools. He notes that their market has become much more technologically sophisticated, especially in the years following the COVID-19 pandemic. This shift has necessitated a continual evolution of their digital marketing capabilities.

The company's vision for the future includes further development of their digital marketing tools and strategies. Rob sees this as a critical area for ongoing investment and improvement, recognizing that digital channels are increasingly important in reaching and engaging potential residents for senior living communities.

Representing the Unheard: Bringing the Customer's Voice to the Planning Table

Rob Love highlights a unique and valuable role that Love & Company plays in the senior living development process: representing the voice of the customer. He explains that when planning new communities or expansions, various stakeholders are typically involved - the client, architects, financial analysts, construction managers, and builders. However, one crucial perspective is often missing from these planning sessions: that of the potential residents.

Love & Company positions itself as the advocate for the customer in these planning processes. Drawing from their extensive experience and direct interactions with seniors, they bring insights about what potential residents want and what they're willing to pay for. This customer-centric approach ensures that when projects go to market, they're more likely to be successful because they've been designed with the end-user in mind.

Rob emphasizes the importance of this role, noting that while all the professionals involved in planning are experts in their respective fields, they may not have the same depth of understanding about the preferences and needs of seniors. By representing the customer's perspective, Love & Company helps to create communities that are not only well-designed and financially viable but also genuinely appealing to their target market.

This approach aligns with Love & Company's broader mission of improving seniors' lives. By ensuring that senior living communities are developed with resident preferences in mind, they contribute to creating spaces where seniors can truly thrive. It's a testament to their commitment to not just marketing senior living, but actively shaping it to better serve its intended residents.

34:54 Weathering the Storm: Navigating the Challenges of COVID-19

The COVID-19 pandemic presented unprecedented challenges for Love & Company, given their focus on the senior living industry. Rob Love describes this period as the most difficult in the company's history, surpassing all previous challenges they had faced.

The impact of the pandemic on seniors, particularly in the pre-vaccine phase, was severe. Senior living communities, which form the core of Love & Company's client base, were hit hardest. These communities had to shut down, halting marketing efforts and growth plans. As a result, all the engines driving Love & Company's business came to a sudden stop.

Rob compares their situation to other industries, acknowledging that while restaurants, for example, also faced significant hardships, the unique focus of Love & Company on senior living made their challenges particularly acute. The financial strain was intense, with Rob describing months of significant losses.

Despite these difficulties, Love & Company strived to be a good corporate citizen. They made efforts to retain employees and continue paying them, utilizing PPP loans to support this decision. However, Rob admits that reporting consistent monthly losses, even with the cushion of PPP loans, was emotionally challenging.

The pandemic also accelerated changes in the work environment. The shift to remote work brought its own set of challenges, including the loss of some key employees who found opportunities with companies in other locations. However, this change also opened up possibilities for hiring talent from across the country, ultimately allowing Love & Company to rebuild with an even stronger skill set.

The Great Shift: Embracing Remote Work and Nationwide Talent

The COVID-19 pandemic catalyzed a significant shift in Love & Company's work environment, transforming it from a primarily local operation to a distributed workforce model. Rob Love details this transition and its impacts on the company's talent pool and operations.

Prior to the pandemic, about 90% of Love & Company's employees were based within an hour of their Frederick, Maryland office, with most living within 20-30 minutes. The company culture was built around daily in-person interactions and collaborations. Only a few specialized roles were filled by remote workers scattered across the country.

The sudden shift to remote work during the pandemic created both challenges and opportunities. One significant challenge was the potential loss of homegrown talent. With location no longer a limiting factor, Love & Company's employees became attractive candidates for companies across the country looking to expand their senior living marketing expertise. Rob notes that they lost several valuable team members to opportunities that may not have been available in a location-bound scenario.

However, the shift to remote work also opened up new possibilities for Love & Company. They were able to expand their talent search nationwide, hiring skilled professionals from diverse locations. Rob mentions hiring a media director from Rochester, New York, a digital interactive director from Nebraska, and website developers from Ohio and Florida. This allowed the company to bring in more experienced talent than they might have found locally.

While the transition period was challenging, Rob sees the long-term benefits of this shift. The company was able to rebuild its team with an even stronger skill set, enhancing their capabilities and service offerings. This adaptation to a distributed work model has positioned Love & Company to better serve their clients while tapping into a broader pool of expertise.

40:49 Lessons in Patience: The Entrepreneur's Most Valuable Skill

Rob Love reflects on the evolution of his entrepreneurial approach over his 25-year journey with Love & Company. He acknowledges that in his younger years, particularly when he first bought the business, he was less patient and more focused on immediate action and results.

However, as he matured both personally and professionally, Rob came to understand the critical importance of patience and perseverance in entrepreneurship. He identifies these two qualities as the strongest skills needed to survive and thrive as a business owner. The repeated lessons in patience and perseverance over the initial 20 years of running the company laid a crucial foundation that helped the business navigate through challenging times, including the COVID-19 pandemic.

Rob emphasizes the value of taking a measured approach to problem-solving. Instead of trying to jump immediately to the final solution, he advocates for a step-by-step process. This involves taking a breath, assessing the situation, and methodically working through challenges. He stresses the importance of maintaining confidence that solutions will be found, even if the path isn't immediately clear.

This shift towards patience doesn't mean a loss of drive or ambition. Instead, it represents a more strategic, long-term oriented approach to business management. Rob's experience suggests that this balanced approach of perseverance tempered with patience is key to sustainable success in entrepreneurship.

The lesson in patience extends beyond just business strategy. It also applies to personal growth and leadership style, influencing how Rob interacts with his team and approaches new challenges in the ever-evolving senior living industry.

The Boomer Boom: Preparing for the Golden Age of Senior Living

Rob Love discusses the immense growth potential in the senior living industry, particularly driven by the aging Baby Boomer generation. He points out that the industry is at the beginning of what he considers the greatest growth period for those who are "age and income qualified" to move into senior living communities.

Typically, the target demographic for senior living is 75 years and older. Rob notes that the oldest Baby Boomers have not yet reached 80, which is the age when most people consider moving into senior living communities. This means that the full impact of the Boomer generation on senior living is just starting to be felt and will continue for at least the next 15 years.

Rob emphasizes that the Boomer generation is generally more affluent than previous generations. This increased affluence translates to a larger potential market for senior living communities, especially those offering higher-end amenities and services.

Given this demographic trend, Rob sees a dynamic and opportune time for the senior living industry. Love & Company's vision is to encourage and inspire their market - CEOs, communities, leadership teams, and boards - to recognize this growth opportunity and understand how to capitalize on it.

This involves educating clients about the changing needs and preferences of the Boomer generation, helping them plan for expansion or new developments, and assisting them in marketing effectively to this demographic. Rob sees Love & Company's role as not just responding to these changes, but actively shaping the future of senior living to meet the evolving demands of this influential generation.

43:50 Legacy in the Making: Shaping the Future of Senior Living Marketing

In this segment, Rob Love discusses the future of Love & Company and the senior living industry, focusing on the next 5-10 years. He acknowledges that looking beyond a 10-year horizon is challenging given the rapid pace of change in the world.

Rob emphasizes that the senior living industry is on the cusp of its greatest growth period. The Baby Boomer generation, which is more affluent than previous generations, is just beginning to reach the typical age for senior living consideration (around 80 years old). This demographic shift presents a significant opportunity for the industry over the next 15 years.

Love & Company's vision is to inspire and educate their market - CEOs, community leaders, and boards - about this growth opportunity. They aim to help clients understand what they need to do to capitalize on this demographic trend, whether it's addressing low occupancy challenges or expanding to meet increased demand.

Rob highlights the importance of staying ahead of technological advancements, particularly in digital marketing. He notes that the target market for senior living has become much more technologically sophisticated, especially since the COVID-19 pandemic. This necessitates continual development and refinement of digital marketing tools and strategies.

The company's focus for the next five years includes continuing to improve their services across the board. This involves enhancing their ability to create comprehensive visions for community growth, collaborating with architects and financial advisors to bring these visions to life, and developing more sophisticated marketing techniques to attract interest in these evolving communities.

Rob sees Love & Company's role as not just responding to changes in the industry, but actively shaping its future. By combining their deep understanding of the senior living market with innovative marketing strategies, they aim to help create communities that truly meet the needs and desires of the incoming generation of seniors.

47:21 The Long Game: Building Trust Through Integrity and Transparency

Rob Love emphasizes the paramount importance of integrity and long-term thinking in business, particularly in the relatively small field of senior living marketing. He stresses that reputation is everything, and maintaining trust with clients is crucial for sustained success.

Rob's philosophy is centered on always doing the right thing for the client, even if it might result in short-term financial losses for the company. He views business decisions through a long-term lens, prioritizing client relationships and trust over immediate gains.

To illustrate this approach, Rob shares an anecdote from about 15 years ago when the company discovered accounting discrepancies. As they cleaned up their systems, they found instances where they had pre-invoiced for work that was never completed. Instead of quietly correcting these internal errors, Love & Company chose to send checks back to clients, refunding money for services not rendered.

This act of transparency and integrity, while potentially costly in the short term, significantly boosted the company's credibility and strengthened client relationships. Rob believes that such actions build a foundation of trust that is invaluable in the long run.

Rob's emphasis on integrity extends beyond financial matters to all aspects of client interactions. He advises against sacrificing ethical standards for short-term gains, believing that maintaining a reputation for honesty and reliability is crucial for long-term success in business.

This approach aligns with Love & Company's broader mission of improving seniors' lives through their work. By prioritizing integrity and client trust, they ensure that their business practices support and enhance their ability to make a positive impact in the senior living industry.

50:44 The Blessing and the Curse: The Duality of Entrepreneurial Freedom

Rob Love delves into the dual nature of entrepreneurship, highlighting both its liberating aspects and its inherent challenges. He begins by emphasizing one of the best things about being an entrepreneur: the ability to take full control and responsibility for the direction of the business.

As an entrepreneur, Rob points out, you can't blame anyone else for the company's shortcomings or failures. If something isn't working as desired, it's within your power to fix it or change it. This level of control is described as both liberating and freeing. It allows for quick decision-making and the ability to shape the business according to one's vision without being constrained by higher management.

However, Rob also acknowledges the flip side of this coin. The same autonomy that provides freedom also means that the entrepreneur bears the full weight of responsibility when things go wrong. There's no one else to blame, and the entrepreneur must own both successes and failures.

This duality creates a unique psychological dynamic. On one hand, it can be empowering to have full control over the business's direction. On the other hand, it can be daunting to know that the buck stops with you for every decision and outcome.

Rob suggests that navigating this duality requires a balance of confidence in one's abilities and humility to accept and learn from mistakes. He emphasizes the importance of not dwelling on failures but instead focusing on learning from them and moving forward.

This perspective on entrepreneurship reflects Rob's years of experience and the wisdom gained from navigating both the highs and lows of running a business. It offers valuable insight for aspiring entrepreneurs, highlighting both the rewards and responsibilities of being at the helm of a company.

52:28 Forgiveness and Forward Motion: Embracing Mistakes as Stepping Stones

In this final segment, Rob Love imparts crucial advice for entrepreneurs, focusing on the importance of self-forgiveness and learning from mistakes. He acknowledges that making mistakes is an inevitable part of running a business and emphasizes that the key is not to dwell on these errors but to use them as opportunities for growth and improvement.

Rob advises entrepreneurs to be ready to forgive themselves. He reflects on his own journey, admitting that he's made countless mistakes over his 30-year career. However, he stresses that the critical question is not how many mistakes one has made, but rather what has been learned from these experiences and how one moves forward.

He encourages a mindset of continual learning and adaptation. Instead of berating oneself for errors, Rob suggests taking a breath, analyzing the situation, and determining the lessons that can be applied moving forward. This approach aligns with his earlier emphasis on patience and perseverance as key entrepreneurial skills.

Rob draws a parallel between the liberating aspects of entrepreneurship and the potential pitfall of self-blame. While the freedom to make decisions is empowering, it can also lead to excessive self-criticism when things don't go as planned. He warns against using this autonomy as a crutch for self-blame, instead advocating for a balanced approach of accountability and self-compassion.

The overarching message is one of resilience and growth. Rob emphasizes that mistakes and setbacks are not just inevitable but are integral to the entrepreneurial journey. By embracing these experiences as learning opportunities and practicing self-forgiveness, entrepreneurs can maintain the motivation and perspective needed for long-term success.

This advice encapsulates Rob's philosophy of continuous improvement, both in business strategies and personal growth, providing a fitting conclusion to his insights on entrepreneurship and leadership in the senior living industry.