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Even in a recession, people get older and memories fade.
An aging population is driving San Juan Capistrano’s Silverado Senior Living Inc., which operates facilities that care for people with Alzheimer’s disease and other forms of dementia.
It added 40 jobs in March when it opened a Redondo Beach facility and plans to add more people when it opens a facility in Los Angeles in June.
“Once we’re up and full, we’ll be employing 150 people (in Los Angeles) and 90 at Redondo Beach,” said Loren Shook, Silverado’s chief executive and cofounder.
Silverado also is running ads for about a dozen Orange County jobs at three local facilities and at its headquarters.
Silverado, which will have 20 facilities in four states when its Los Angeles site opens, is growing at the onset of what’s expected to be a senior explosion in the coming years, fueled by aging baby boomers.
It’s likely that many of those boomers will have some sort of memory impairment and will need specialized care. A recent study from Rush Presbyterian-St. Luke’s Medical Center in Chicago predicts that 16 million Americans will have Alzheimer’s disease by 2050, up from 5 million today.
“From a demographic point of view, there’s a huge population coming through the pipeline that will have” dementia, Shook said.
Silverado, which is privately held, expects its revenue to come in at around $120 million this year, up 14% from 2008. The company is operationally profitable, according to Shook.
Silverado has a high-profile backer: Riordan, Lewis
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