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Conway Center for Family Business

Monthly Message -- August 2010

The Conway Center and the Bouzounis Family Invite You to Attend

Family Business Tour & Networking Event

at Artina Promotional Products

Thursday, August 26, 2010

4:00-6:30 p.m.

50 S. Liberty Street, Suite 250, Powell, Ohio 43065

Being a family business leader can be a difficult job. It's tough to make decisions on a daily basis that affect your family's work and home lives and also feel responsible for the future of both. Each year, the Conway Center provides a chance for you to share your stories and connect with other family business owners and leaders who have faced many of the same challenges. We hope you will take advantage of this opportunity to be re-energized and motivated by those shared experiences.

During the 7th Annual Family Business Tour and Networking Event, you will have a chance to learn more about the Bouzounis family and the evolution of their 43-year old family business, Artina Promotional Products. You also can take a behind-the-scenes peek at their offices and showroom and to learn how Chris Bouzounis and his children Art Bouzounis and Matina Zenios have made their family business a long-term success.

No cost to attend for members and invited guests. Reservations required by August 20th to Deana Gordon at gordon@familybusinesscenter.com or by calling the Conway Center Office at 614.253.4820.

A case study of Exterior Portfolio by Crane With Definity Partners

Strategies for Family Business Growth

Thursday, September 16, 2010

7:30 - 9:00 a.m.

Ohio Dominican University - Alumni Hall, 1216 Sunbury Road

For three generations the Crane family at Exterior Portfolio by Crane has been a leader in the business of designing and manufacturing building products and they continue to innovate, refine and expand their company today. After company leaders decided that they needed to simplify their business, they worked with Conway Center Service Provider member Definity Partners to create a culture of continuous improvement in which employees work together to solve problems, achieve goals, and exceed the growing demands of their customers. During the past four years, the company has successfully established a culture of continuous improvement and learning among their team which has given them a sustainable competitive advantage.

Join the leaders of Exterior Portfolio by Crane as they share how they have worked with staff members all levels of the organization to achieve some remarkable results:

Cost of manufacturing reduced by 14 percent
Recordable safety incidents were reduced by 53 percent
Selected #1 in quality by Builder Magazine
Voted 2008 Supplier of the Year by Select Independent Distributors of America

Today, Exterior Portfolio by Crane is in position to exceed customers ever changing product demands and production schedules. By engaging front-line employees to simplify and standardize the daily operations, Exterior Portfolio continues to eliminate the root cause of inefficiencies within their business. Further, as the economy builds momentum, Exterior Portfolio is in position to capitalize due to the additional production capacity that the improvements have made available.

Find out the details about their continuing success story by reserving your spot today at this educational program. Contact Deana Gordon, at gordon@familybusinesscenter.comor 614.253.4820, or register at www.familybusinesscenter.com. The program is free for Conway Center members, $35 for non-members.

12TH ANNUAL FAMILY BUSINESS AWARDS PROGRAM

NOMINATE A FAMILY BUSINESS TODAY!

Are you or do you know a family business that deserves to be recognized for a significant accomplishment during what has been a year full of challenges? Perhaps you know a family business that has successfully transferred the leadership of their company from one generation to the next, found a unique solution to a complex business problem, made a contribution to our community or gone above and beyond the call of duty to help an employee, customer or vendor? The Conway Center for Family Business wants to recognize and celebrate the exemplary accomplishments of Central Ohio's family-owned businesses at our 12th Annual Family Business Awards Program on Friday, November 5, 2010 at Catering By Design Event and Conference Center on Busch Boulevard.

Award Categories:

--Community Engagement--recognizes family businesses that have made a significant contribution to the Central Ohio community.
--Succession Planning/Implementation--recognizes family businesses that have developed or completed a succession plan or a transfer of leadership.
--Milestone Achievement--recognizes family businesses that have reached a significant milestone (longevity, business or other significant achievement).
--Re-Invention--recognizes family businesses that have successfully adjusted their business strategy or focus to address a changing business climate or societal demands.
--Communication--recognizes family businesses that have developed tools or strategies for effective communication within their company or with members of their family regarding the business.
--Supporter of Family Business--recognizes organizations or individuals that have shown support or demonstrated a commitment to the strength, success or longevity of a family firm.

Success should be recognized and rewarded. The Conway Center for Family Business will recognize exemplary family businesses in each of these categories at our annual awards luncheon. Family businesses being honored will be featured in the November 12th edition of Columbus Business First and will be provided with 4 complimentary seats for this event.

How to nominate:

Visit Awards Details for more information and Awards Nomination to submit your nominations online. If you prefer, you may e-mail Becky Blatt at blatt@familybusinesscenter.com with the name of the family business you are nominating and contact information for someone at that company. Be sure to tell us which award you are nominating the family business for. We want to hear any and all stories of family business success; no story is too small! All family businesses nominated will receive an application that must be completed to participate. Self nominations encouraged. Your family business success story could inspire, enlighten or motivate others. We want to know about your accomplishments and celebrate your success.

Submit your nomination today! Nominated family businesses will be contacted by the Center and asked to complete an application form and provide materials for consideration.

Due Dates:

Nominations due - Monday, August 30, 2010
Completed applications due - Monday, September 13, 2010

Sponsorship provided by:

Chester Willcox & Saxbe, Commerce National Bank, Business First, huber+co. interactive, Rider Financial, Webbed Marketing and The Guth Group at Morgan Stanley Smith Barney _________________________________________________________________________________

Directors Insight

By Dick Emens and Becky Blatt

Preserving your family's history and its traditions is important to you and for future generations. While documenting your family's history can be an interesting exercise for any family, it takes on new importance when it comes to your family business. Asking members from every generation to share their experiences and impressions about the role your business plays in their day-to-day lives allows you to document the traditions that make your family business unique. It also is a great way to tell the story of your family and is of tremendous value as a guidepost for future generations. It is often the unique history and traditions of your family business that make it special to your non-family and family employees and your customers. You can begin today by taking some time to look back at what makes your family business extraordinary and using that insight to pave the way for the next generation.

Ten Things You Should Know About

Workers' Compensation

By Bobbijo Christensen, CompManagement

In these difficult economic times, we know that business owners are working even harder to control their operation expenditures. One item that affects everyone's bottom line is workers compensation coverage. In order to mitigate this operating expense, I made the following suggestions to family business leaders at the Conway Center's July Lunch and Learn educational program:

  1. Ensure that your type of business is accurately coded by the Ohio Bureau of Workers Compensation (BWC). The amount of premium an employer must pay is primarily based upon the type of work performed by employees of the company.

  2. Don't over report payroll - officers should not be included. Check out the BWC website www.ohiobwc.com for types of payroll that may be excluded.

  3. If you are not in group rating, then it is important for you to explore other alternative rating (discount programs) such as the drug free safety program, deductible program, or even participation in a local safety council. By simply participating in your local safety council meetings, your organization can reduce your rates by 2%. Check with your local Chamber to see if they host a safety council.

  4. Significance of July 1, 2010 for MIRA reserves and active Medical Only claims. Reserves will now be generated on active medical only claims, representing claims with medical activity (prescriptions, physical therapy, medical treatment, etc...) within the last 180 days. This will have a direct impact on your annual premium if medical only claims are not proactively managed.

  5. Starting on January 1, 2011 the BWC will eliminate reserve suppression with payment of salary continuation. Wage continuation should still be considered on a case by case basis.

  6. The BWC takes a "snapshot" or survey of your claim costs on December 31st each year. Remaining aware of the claim costs for the four year experience period is key to ensure the best evaluation possible.

  7. Whenever possible, get employees back to work on transitional duty before calendar day 8 of disability. All claim costs impact an employer's rates for a four year period. Utilizing transitional duty can be a very cost effective way to get employees back to work and contain claim costs. An offer of transitional duty should be prepared in writing and sent through the USPS system by certified mail. Always get an acceptance or refusal of the offer in writing from the employee.

  8. Creating AND implementing safety policies as well as hiring and disciplinary practices is a necessity. Implement safety procedures and incentives before you have an accident. Create a safety committee to oversee and develop safety incentive program. A supervisor's guide with topics for safety committee discussions is available on the BWC web site at www.ohiobwc.com.

  9. Have employees on lost time leave come in to pick up their check to facilitate control of the claim and to provide an opportunity for regular communication.

  10. Take advantage of the resources that are available to all employers: Third Party Administrators can work for you to impact your bottom line and assist in reducing this operational expenditure.

Bobbijo Christensen is available to answer your questions about Workers' Compensation at 330.352.4108 or Bobbijo.Christensen@sedgwickcms.com.

Welcome New Member

Pipe Valves, Inc.

Joe and Bill Jacob | 1200 E. Fifth Avenue. Columbus, 43219 | 614.294.4971 | www.pipevalves.com

Founded in 1963, Pipe Valves, Inc. is one of the leading industrial PVF distributors in the Midwest. They specialize in pipe, valves, fittings, steam products, actuators and controls. Company President Joe Jacob and Treasurer Bill Jacob are brothers who have overseen the company since 2001. Pipe Valves primarily serves customers in Ohio but also has accounts in Indiana, Michigan, West Virginia, Kentucky, Arkansas, Texas, Oklahoma, and Louisiana. The company builds partnerships by adding value and providing service. To better serve their customers, they have aligned with Affiliated Distributors to increase purchasing power and to build strong relationships with vendors and other independent distributors nationwide. Pipe Vales, Inc. also belongs to the American Supply Association in order to provide state of the art training materials for their staff.

Interesting Reading About Family Business

When Family Ties Bind Business Relationships
New York Times
One of the biggest risks of working for a family business is that if something goes wrong, the damage can go beyond the job to your personal life, he says....

Partnerships May Aid Your Estate, but the IRS Is Watching
New York Times
The major virtue of family limited partnerships is that they're a great vehicle for lowering estate taxes because you can discount the value of the assets in them.

Family fight seeps into Simon Property Group boardroom
Indianapolis Star
Such arrangements could make it difficult for a board to impartially tackle sticky issues such as merger deals and executive-succession planning, she said.

Inviting an in-law to understand a business often useful ...
Triangle Business Journal
But she's keeping my son from doing his job and from taking a real part in the decision making in our family owned business. She calls him at work about ...

White Castle Makes it a Family Affair
QSR Magazine
"He has an intuitive business sense and a strong dedication to upholding White Castle's vision and values as a family owned business that supports and ...

OC dad grooms daughters for business
OCRegister
Now Fazeli is grooming his daughters to take on the family business, an interesting challenge that about three fourths of family businesses can't quite...

Sinking valuations make family business transfers a smart move ...
South Florida Business Journal
But, the hostile environment for sellers and buyers is a good time for a family- owned business to hand the reigns to the next generation through a gift or a...