We learned two days ago that our friend Bill Sheriff passed away over the weekend. We lost a true gentleman and a true leader in the seniors housing industry.
Not many people knew Bill well, as he was a quiet, but thoughtful, man. Known to be a man of few words, I had the honor of sitting down with him, one-on-one, for a four-hour interview for ASHA’s Entrepreneurial Spirit of Seniors Housing series. And yes, it did last four hours, and yes, he did most of the talking. I had known Bill for a few decades, but mostly short conversations at conferences or on the phone. But when you spend four hours with someone, starting with when they were born all the way to the present day, with many personal stories, some that could not be printed, well, you do become friends in a very special way. And I will always be thankful for that.
He had to take over the family truck stop business at age 22 when his father died in a car crash. I think that prepared him well for his future as a company and industry leader. He told me his business rule #1 was, “Don’t run out of money.” Pretty sound advice. Business rule #2 was, “Before making a major decision, think what happens if it ends up being the wrong decision, and whether it can sink your company. If it could, then figure out an alternative.” Spot on as well.
One of my fondest memories of Bill was his constant scolding of me for focusing on operating margins and not the absolute level of cash generated, whether at the community level of corporate level. But the phrase “no margin, no mission,” coined by the former CEO of the Daughters of Charity health system, was as true 30 years ago as it is today, something I had to remind him of, in a joking way. Just so there is no misunderstanding, he was all about mission. But I took his scolding to heart.
He was inducted into the Senior Living Hall of Fame in 2018, a richly deserved honor. He will be missed by all who knew him, and his legacy will live on. And Bill, I got it, but if your margin increases, won’t the absolute level of cash flow rise as well? Rest well, my friend.
