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Conway Center for Family Business

Monthly Message--December 2010

This Week!

ALL IN THE FAMILY: HOW DO YOU KEEP YOUR FAMILY BUSINESS IN YOUR FAMILY?

Thursday, December 9th - 7:30-9:00 a.m.

Alumni Hall at Ohio Dominican University, 1216 Sunbury Road

All business owners want to see their company survive and thrive. But family business owners often want more. They want it to provide employment opportunities for future generations and they want it to be a continuing source of income for loved ones. They've invested their time, their money, their hopes and dreams in a venture that they envision will continue to be an important part of their family and their community for years to come. So, how do you keep the dream alive and make certain that your family business will stay with your family?

Family business attorney, Bea Wolper, of Emens and Wolper Law Firm, and Tim McDaniel, Director of Valuation and Succession Planning at Rea Strategic Solutions, will discuss pre-nuptial agreements, buy-sell agreements and succession planning as tools family business owners can use to make sure the family business remains in the family. They will provide you with strategies to initiate conversations with family members, both immediate and extended, offer suggestions about the appropriate timing of these discussions and you can bet they'll share a few "what not to do" stories too. Family business leaders Dave Edwards, of Edwards Steel, and Suzanne Amstutz, of Ohio Power Tool, will share their personal experiences of working toward making sure the business stays in the family. Don't miss this valuable and timely presentation and the conversation that will follow.

Contact Deana Gordon, at 614.253.4820 or gordon@familybusinesscenter.com, or visit our website, www.familybusinesscenter.com, to let us know if we should expect you. The program is free for Conway Center members, $35 for non-members and registration is appreciated.

New CEO Peer Group Forming

Calling All Interested Family Business CEO's

The Conway Center is adding a fourth peer group to its roster. The new group is for CEO's who lead Central Ohio family-owned companies and who would find value in having the opportunity to discuss business, family, and personal leadership issues with peers in a confidential environment. So, if you've ever thought about how beneficial it would be to share ideas or seek advice from other family business owners, this group is for you. Jerry Bordner, Conway Center Board Member and founder of Laser Reproductions will facilitate this peer group. There will be structure and format to each meeting to ensure accountability, productivity and value for all who participate.

The first meeting will be on Thursday, January 13, 2011 at the Jefferson Country Club in Gahanna from 3:30 -7:30 p.m. The group will continue to meet monthly at the Country Club on the second Thursday of each month. The group will be formed to ensure that participants are from non-competing industries so indicate your interest quickly. The peer group is open only to Conway Center members. The annual cost, to cover meeting space, dinner from the Jefferson Country Club menu and refreshments will be $850 per year. If you are interested in participating in this peer group, please contact Becky Blatt at blatt@familybusinesscenter.com or 614-253-4820.

A Great Program to Kick-Off 2011!

IF I COULD HAVE DONE IT DIFFERENTLY: Family Business Leaders Discuss Family Business Challenges

Thursday, January 20th, 7:30 a.m. - 9:00 a.m.

Alumni Hall at Ohio Dominican University

Family business leaders face unique challenges and may feel isolated as they address issues within their business. However, insight they need can often be found by talking with other family business leaders who have overcome similar challenges within their families or within their companies. The Conway Center is bringing back a very popular program from last year that will feature family business leaders sharing stories that will resonate with you, discussing topics that range from issues with parents, children or siblings to challenges relating to competency, performance, attitude or entitlement. Those who have agreed to share their stories will look back on their past decisions and talk about the lessons they've learned with the hope that others will benefit from their experiences.

We hope you will join us for what promises to be a valuable presentation providing insight into some of the most complex and challenging issues encountered by those who lead family-owned businesses. Please RSVP to Deana at gordon@familybusinesscenter.com by January 17th if you plan to attend.

2011 Dates for Your Calendar

The Conway Center has developed programs for 2011 that will provide opportunities for family business leaders to grow by learning about best practices, sharing experiences with their peers, and coming together to celebrate the success of family businesses. The Center will offer: Nine Educational Programs that focus on important family business topics like succession planning, hiring family members, finding happiness at home and at work, and dealing with addiction; Three Lunch and Learn programs that address how to get what you want from your family business, protecting your business from e-fraud, and creating a personal development plan; Five Peer Groups that cater to Women in Family Business, Next Generation Leaders, Family Business Leaders, CFOs and CEOs; Four Relationship Building Events including a Speed Networking Session, Family Business Night at the Clippers, the Annual Family Business Tour and Networking Event at Ricart Automotive, and a book discussion group; and of course, the 13th Annual Family Business Awards Luncheon.

The dates of our morning educational series can be found below and a complete list of Conway Center events for 2011 can be found at www.familybusinesscenter.com. Add them to your calendar today so you don't miss a thing!

January 20
If I Could Have Done It Differently: Family Business Leaders Discuss Family Business Challenges

February 17
The Ins and Outs of Hiring Family Members in Your Family Business

March 17
Splitting the Family Business Gracefully: The Modlich Story

April 14
Succession is not an Event -- It's a Process: Overcoming Challenges in Transition

May 19
Happy at Home. Happy at Work. Family Business Leaders Can Have Both

September 15
From Workaholics to Alcoholics - Coping with Addiction in Family Businesses

October 20
Ensuring Your Legacy: The Financial Aspects of Successfully Transferring Your Business to the Next Generation

November 17
A Hometown Legend: The Wendy's Family Shares the Ingredients for Success

December 8
Thinking of Selling Your Family Business? Consider This!

All programs in this Morning Educational Series will be held from 7:30-9:00 a.m. at Alumni Hall at Ohio Dominican University, 1216 Sunbury Road, Columbus.

New Event - You won't want to miss it!

Speed Networking - Family Business Style

Wednesday, March 2 - 5:00-7:00 p.m.

Four Seasons Columbus, 4643 Trueman Blvd., Hilliard, OH 43026

We know from experience that it can be challenging to go outside your comfort zone and make new connections. It's much easier to talk to the same people at every meeting you attend - the ones you already know, or are related to, and with whom you feel most comfortable. You know, the familiar faces you seek out when you enter a room. But when you make the effort to meet someone new, the rewards are definitely worth it. You can meet people who will help you improve your business through their advice or services, provide a sounding board for family issues, or family business issues, or just share their experience with you.

This event is all about making connections with other family business leaders and getting to know other members of the Conway Center. As we continue to grow, we want to make sure that our members have ample opportunities to get to know each other and build relationships. So, take a chance -- we're sure you'll make new friends, share a laugh or two, and meet some great people you'll be glad you know. Contact Deana to reserve your place, gordon@familybusinesscenter.com.

Directors' Insight

From Dick Emens and Becky Blatt

As this year draws to a close, we reflect on the growth of the Conway Center for Family Business during 2010. With your suggestions and help, we accomplished our goal to provide more and better services created especially for family businesses. Our website was updated and upgraded to make our educational programs and resources more accessible. Lunch and learn programs were added to accommodate individual schedules and the desire for programs that appeal to specific interests. The new Family Business Leaders Peer Group was started and the Family Business CEOs Peer Group begins in January. More than 30 new family business members have joined the Center which increases your circle of family business contacts. All of this was done to provide more opportunities for you to interact with your peers and to obtain the information, tools, and skills you need to enhance your family business.

We hope you have been able to take advantage of the new programs and that the new website has made it easier for you to access information and keep up-to-date on Center programs and activities. We will be sending out a survey to get your input on these changes and to find out what items you would like us to focus on in the future. We strive to provide the best educational resources and programs available to family business leaders in Central Ohio. Your suggestions and feedback are invaluable in accomplishing these goals and we thank you for your continuing support of the Conway Center.

The Conway Center welcomes...

New Members

These 35 family-owned businesses joined the Conway Center in 2010. If you haven't had a chance to meet the leaders of these companies, please look for them at our programs and welcome them to the Center.

ALD Precast/Anderson Concrete | Arthur Lauer | BEST Courier | Bradley Company | Broad Street Financial Company | Buckeye Automotive Group | Buckeye Power Sales | CycleMet Inc. | Deihl Whittaker Funeral Home | Dublin Cleaners | EasyIT | Fissel Floor Covering | Hina Environmental Solutions | Hyzdu Wealth Management | ICNS | Key-4 Cleaning Supplies | Leo Alfred Jewelers | Marklenko Group | Martin Painting & Coating Co.| Mid-City Electric | Modlich Monument Company | Modlich Stoneworks | MPW Industrial Services | MT Business Technologies | Ohio Exterminating Company | Pension Resources LLC | Pharmacy Systems, Inc. | Pipe Valves | Regal Beverage | Ricart Automotive | RICOP Construction Company | Sales Fitness | Service Pro.net | Tub Cutter! | Workforce Directions |

Interesting Reading for Family Businesses

Family businesses share secrets to success
San Diego Union Tribune
The average lifespan of a family-owned firm is 24 years, says the Conway Center for Family Business. Family businesses pose special challenges ...

Smoot Construction looks ahead with leadership succession in place
Business First
Lewis Smoot Sr. had considered preparing for management succession at Smoot Construction Co. for several years, but the Columbus company's CEO kept putting off a decision.

Kahn means business
The State
He took a pass on the PhD and headed home to start his career in the family business. "I just decided it was about time I went to work. ...

One On 1: Douglas Durst Builds On Family Legacy
NY1
At the time, he had no intention of joining the family business. He wanted to work in the foreign service...

Rebuilding the family business
Daily Comet
Sumich said the chance to expand came just as his sons, Jonathan, 30, and Joshua, 28, were ready to move into the family business

Family's Fall From Affluence Is Swift and Hard
New York Times
... had never been in management at the billboard company, though he had been on the board and worked at Martin Brothers Winery, another family business

All in the Family-Author Dennis Jaffe on Family Feuds
Nightly Business Report
There are many stories of squabbles between family business partners that almost reach the point of war. Dennis Jaffe has been studying the issues behind ...

Leaving your business to the children
Canada Free Press
Remember that "fair" is not the same as "equal". "Treating children fairly is the goal of most families dealing with succession planning," says Webb. ...

Hayat Rababy runs United Concessions Group like her extended family: A Talk ...
Cleveland Plain Dealer
With five children and a grandson in the family business, "We say a Rababy is always at the airport."