Patrick Mathews, Chief Monetary Officer & Chief Funding Officer at Constitution Senior Residing, has been named a 2025 Future Chief by Senior Housing Information.
To change into a Future Chief, a person is nominated by their friends. The candidate should be a high-performing worker who’s 40 years of age or youthful, a passionate employee who is aware of the way to put imaginative and prescient into motion, and an advocate for older adults and the dedicated professionals who guarantee their well-being.
Mathews sat down with Senior Housing Information to share what drew him to the senior housing & senior dwelling business, the largest management classes he has discovered, his ideas on the way forward for senior housing & senior dwelling, and far more. To be taught extra in regards to the Future Leaders Awards program, go to https://futureleaders.wtwhmedia.com/.
SHN: What drew you to the senior housing & senior dwelling business?
Mathews: I started my profession working for a few totally different funding corporations in varied capacities, which helped me instantly train my ardour for something numbers associated.
After shifting out of the funding area to work on a company FP&A staff for a big nationwide Fast Service Restaurant (QSR) chain, I rapidly realized that whereas I cherished working with the staff to unravel operational issues, I needed to seek out an business the place my skillset could possibly be used for one thing extra impactful to individuals’s lives. It was then that I entered the senior dwelling business as an analyst and have been blessed to not solely be part of some superb success tales but additionally have had the chance to work alongside some unbelievable individuals.
SHN: What’s your greatest management lesson discovered since beginning to serve this business?
Mathews: I might say there are two that stick out in my expertise.
The primary was from a CFO I labored for early in my senior dwelling profession who used to say, “Be sure you all the time really feel like you might be out over your skis.” The purpose was to hunt out discomfort, make errors, and put your self in locations the place you might be pressured to ask questions. It exhibits that you just need to be taught, and it additionally endears you to others within the room, as most individuals don’t need to be seen as not having the solutions.
The second is one thing that’s close to and pricey to our hearts at Constitution, which is the idea of tradition. All of us work arduous in all components of this business, and there are days which are troublesome, or occasions that you just don’t get every little thing proper. Some corporations take a look at these issues as the explanation for punishment. We embrace these days greater than others as a result of these are the occasions that you just be taught probably the most. These are the occasions after we look to our firm mission of Enhancing the Human Spirit and attempt to remind ourselves that nobody is ideal. I’m fortunate to have enterprise companions in Keven Bennema and Jayne Sallerson that actually stay and breathe these ideas day in and time out.
SHN: Should you might change one factor with an eye fixed towards the way forward for the senior housing & senior dwelling business, what would it not be?
Mathews: Extra endurance. We are likely to count on outcomes from adjustments instantly. Generally that works, however it’s typically a protracted street residence. Understanding this on all ends will assist everybody accomplish the objective of a performing group with completely satisfied residents and workers.
SHN: In a single phrase, how would you describe the way forward for senior housing & senior dwelling?
Mathews: Optimistic.
SHN: Should you had a crystal ball, what do you assume will influence the senior housing & senior dwelling business now and into 2026?
Mathews: I’m targeted on two issues – rates of interest and improvement funding.
When it comes to charges, the hope is that we get some aid right here to proceed to spur investments and recapitalization exercise.
On improvement funding, we’re acutely conscious as an business the necessity for continued funding in developments to assist the present and future demand for senior housing, however we have now seen many keep on the sidelines since COVID as a consequence of some depressed fundamentals, and what’s seen as a neater path ahead with acquisitions of older provide.
I hope that we see a marked enchancment in these discussions in 2026.
SHN: In your opinion, what qualities should all Future Leaders possess?
Mathews: Be inquisitive. Ask the arduous questions. Problem the established order. Discover methods to draw and retain prime expertise. Look past the information for the total story. And above all else, you’ll want to hearken to your staff to know the problems they’re coping with day in and time out. Generally, even what looks like the best challenge, is a thread to a bigger complication.
SHN: Should you might give recommendation to your self wanting again to your first day within the senior housing & senior dwelling business, what would it not be and why?
Mathews: Discover a technique to spend extra time within the area and much more time having conversations with individuals in several components of our enterprise (distributors, traders, and so forth.). I’ve been fortunate to be taught quite a bit from every of these units of individuals over time, however early on, I undoubtedly didn’t take sufficient benefit of the alternatives to do extra.
You’ll be able to be taught a lot from individuals in all totally different components of our enterprise as a consequence of their ardour and intelligence. Borrowing another person’s experiences is likely one of the greatest methods to be taught!
