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Conway Center for Family Business

Monthly Message -- October 2011

Ensuring Your Legacy:

The Financial Aspects of Successfully

Transferring Your Business

Thursday, October 20, 7:30-9:00 a.m.
Alumni Hall at ODU

Prominent Central Ohio family business leaders who have been a part of a successful transfer of their family business to the next generation will be featured at our October program. Darci Congrove, Managing Director at GBQ Partners LLC, will moderate the panel discussion. Learn how second and third generation family businesses have transferred management responsibilities in their businesses. Kevin Oakes, President at Capitol Citicom, Rob Rosenfeld, Purchasing and Sales Manager at Sterling Paper, and Jamie Richardson, Vice President Government and Shareholder Relations at White Castle System, Inc., will discuss the key financial decisions and preparations undertaken by their family businesses that helped them step into leadership roles.

Topics related to family business financial planning that will be discussed include:
*Structuring buy-out plans while leaving plenty of cash flow for the company
*Weighing the pro's and con's of gifting versus selling the business to the next generation
*Earning the right to ownership, and other insights about planning for the next generation

Please RSVP to Deana Gordon at 614-253-4820 or gordon@familybusinesscenter.com or visit www.familybusinesscenter.com.

Celebrate Family Business Success!

13th Annual Family Business Awards

Friday, November 4, 11:30 a.m. - 1:30 p.m.
Catering By Design, 6465 Busch Boulevard, Columbus, 43229

Join the Conway Center for Family Business to celebrate and recognize the accomplishments of family owned businesses. The awards program will honor family businesses and supporters of family business in six areas: communication, community engagement, milestone achievements, re-invention, succession planning/implementation, and support of family business. Tickets are $35 per person or $250 per table of eight for Conway Center members and $60 per person and $450 per table of eight for non-members. A limited number of tickets are available so please RSVP quickly, but no later than October 26 to Deana Gordon, at 614-253-4820 or gordon@familybusinesscenter.com or at www.familybusinesscenter.com/awards.

The 2011 Honorees and the categories are:
Communication:Highlights for Children, Inc.
Community Engagement: EclipseCorp, Ohio Support Services, and The Charles Penzone
Re-Invention: Donatos Pizza, Inn & Spa at Cedar Falls, and Rumpke Consolidated Companies, Inc.
Succession Planning: Martin Carpet Cleaning Company, Rhoads Farm Market and Garden Center, and Stanley Steemer International, Inc.
Support of Family Business: Ohio Dominican University
Milestone Achievements:
Lifetime Achievement Award: Charles Penzone, The Charles Penzone Salons
150 year anniversary - The Wilson Bohanan Lock Company
100 year anniversary - Columbus Sign Company and George J. Igel & Co., Inc.
90 year anniversary - Atlas Butler Heating & Cooling and White Castle System, Inc.
75 year anniversary - The Ohio Exterminating Company
40 year anniversary - Courtesy Ambulance Inc. and Lincoln Construction
30 year anniversary - Lindey's Restaurant and Uniglobe Travel Designers, Inc.

Thank you to our sponsors: Business First; Chester, Willcox & Saxbe; Commerce National Bank; The Guth Group at Morgan Stanley Smith Barney; Rider Financial Group; Oxiem Interactive; Webbed Marketing; and WOSU.

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Mark Your Calendar

November 17 Program

Don't miss, "A Hometown Legend: The Wendy's Family Shares the Ingredients for Success" on Thursday, November 17, 7:30-9:00 a.m. at Alumni Hall at Ohio Dominican University. Board member Mike Schoedinger, of Schoedinger Funeral and Cremation Service, will interview members of the Thomas family to learn more about their experiences as members of an iconic family business and the family behind its success.

Directors' Insight

Family business success can be defined in many ways - by sales figures, profit margins, the transfer of leadership to a new generation, the number of years in business, community service, or just the simple joy felt at the end of the work day. But no matter how you define success, it's important to take time to acknowledge those achievements and recognize industry and community leaders. The Conway Center is committed to celebrating the accomplishments of family businesses and those who support them. On November 4th, we will honor outstanding businesses and individuals during our 13th Annual Family Business Awards Program. This year's honorees represent a cross-section of the many family businesses in the Central Ohio area and paint a wonderful picture of family business success. Please join us on November 4th.

Dick and Deana

Upcoming Peer Group Meetings

To sign up for any of the peer group meetings or to learn more about peer group opportunities contact Peer Group Coordinator Connie Nicholson at nicholson@familybusinesscenter.com or visit www.familybusinesscenter.com.

Women in Family Business Peer Group
October 19 - 7:30-9:00 a.m.
Griffin Center at Ohio Dominican University
Topic: The Best Surprise is No Surprise (continued from Sept.)

Next Generation Leaders Peer Group
October 20 - Noon-1:00 p.m.
O'Brien & Associates
*Members of this group participate for one full year. If you are interested in joining the 2012 group, please let us know.

Marketing/Sales Peer Group
October 26 - 7:30-9:00 a.m.
Hosted by Catering By Design at Sanese Services
Topic: Know Your Competitors Strengths and Weaknesses - Creating a Competitive Matrix
*Members of this group are asked to participate in the entire 10-month series.

Family Business Leaders Peer Group
November 9 - 8:00-9:30 a.m.
Hosted by Sequent
Topic: Effective Employee Training on Everything from Products to Policies

CEO Peer Group
November 10 - 3:30-7:30 p.m. (RSVP Required*)
Jefferson Country Club, Gahanna
*Members of this group are asked to commit to one full year of meetings. If you are a CEO who's interested in joining, we encourage you to try one out.

Welcome New Member

Auld Technologies LLC
Elizabeth Jutte Kill, Larry Jutte, Jason Jutte, and Dan Auld
180 Outerbelt St., Columbus, Ohio 43213/614-755-2853
www.auldtech.com

At the heart of Auld Technology is a creative team of experienced associates that are eager to combine Auld's core competencies with their customers' creative ideas to create new and exciting applications and products. Innovative decorative emblems, trim, coatings, printing and embossing are all services of Auld Technologies; a global supplier of domed labels, decorative products, performance labels as well as polycarbonate and polyester overlays, buttons, die-cuts key pads. Auld Technologies employees thirty people. Family members Larry and Jason Jutte, Elizabeth Jutte-Kill, and Dan Auld all work together to provide clients with customized solutions to their product needs.

Welcome New Service Provider

KeyBank
Eric Sideri and David Lundregan
88 E. Broad Street, Columbus, OH 43215/614-365-3309 www.keybank.com

KeyBank is a full-service financial services company that provides investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies.

Free Master Class Teleconferences from Family Business Wiki

Family businesses are invited to participate in a free "Master Class" series of teleconferences. Family Business Wiki has lined up some true "masters" who will be speaking in their areas of expertise.

The Master Class series for 2011-2012 includes:
November 3, 2011: Family Business Boards (Craig Aronoff, Stephanie Brun de Pontet, and Jennifer Pendergast, of the Family Business Consulting Group)
February 7, 2012: Family Business Capital (Francois de Visscher, de Visscher & Co.- Family Business Advisor)
April 27, 2012: When Family Businesses are Best (Randel Carlock, author, professor, and speaker)

For full details or to register go to: familybusinesswiki.org. The website also has other teleconferences archived for your use including: Family Wealth and Family Offices and Women in Family Business.

Findley Davies Open House Invitation

Findley Davies invites you to attend their Open House on October 27, 4:00 - 7:00pm, at 65 East State Street, Suite 1725. Join Market Leaders Kyle Pifher & Greg Lashutka along with fellow Findley Davies Shareholders for cocktails & hors d'oeuvres to celebrate the firm's expansion in Columbus. As a human resource consulting firm, Findley Davies designs and implements strategies in employee benefits and human capital management. The firm assists companies with strategic, administrative, actuarial, and technological solutions enabling them to attract, reward, and retain productive people. For open house details, go to Findley Davies Open House Registration or www.findleydavies.com.

EBSA Compliance Assessment Checklist

Information provided by Bill Hutter, of Sequent
The Pension Protection Act of 2006 was ultimately designed to protect plan participants through strict guidelines on pension funding, participant education, reporting, disclosure and a myriad of other pension and employee benefit rules. While good for the consumer, this legislation has created a complex web of new paperwork, compliance regulations and increased fiduciary liability for employers and human resource professionals. Enforcement has also increased.

If the Employee Benefits Securities Administration (EBSA) audits your plan, will you be ready? Ask yourself: Do you have an investment oversight committee to monitor plan performance? Do you have a set process in place for carefully selecting and monitoring service providers? Do you review the plan frequently enough to know if the fees being charged are reasonable? Are you providing plan participants full disclosure of all fees and commission payments? These are just some of many questions to consider. Sequent has spent a considerable amount of time studying the legislative impact of new regulations surrounding fiduciary responsibility and developing processes and capabilities which, if followed, will ensure regulatory compliance for its clients. Download a Compliance Assessment Checklist here to find out if you're prepared.

Harvard Business School Offers Family Business Training Program

Challenged by the complex dynamics of managing a family company, many business owners are seeking new ways to sustain strategic advantage. To help these companies achieve short-term revenue goals and create long-range succession plans, HBS offers Families in Business: from Generation to Generation from November 6-11, 2011. This powerful program may transform your family business into a profitable enterprise that grows over time. Click here to learn more and to apply.

Interesting Reading

Slice and Dice King
The Columbus Dispatch
Grote is the go-to company for machines that get meat, other foods ready for sale in stores and restaurants...

The Key to Job Growth is on the Kitchen Table
Forbes
Transparency, clarity, and certainty in government taxation and regulation would go a long way toward helping family businesses prosper, to the benefit of workers and the economy, says Ann Kinkade.

Having family business value calculated by expert is important when next...
News & Observer
You have been working hard for many years in the family business under the tutelage of your parent, and survived. You have run multiple departments and tackled some difficult projects. You have the education...

From surviving to thriving
Wstfair Online
The driving force behind every privately held business is the owner. In tough times owners end up isolated, trying to work out complex problems on their own...

Mom entrepreneurs share secrets of family, business mix
CBC.ca
Owning and operating a small business while raising young children isn't easy, but the rewards can make it all worthwhile. Seven years ago, Karen McCauley left a demanding consumer-research job to launch her own market...

ddiction can derail career of the boss's kid
News & Observer
First, I recently heard this story from Lawford, who was the keynote speaker for the Essentials of Family Business Summit, an event that our firm hosts. We encounter addiction in many family businesses we work with and asked Lawford to convey his story...

Global Study: Family Businesses Manage Economic Downturns, but Face Uphill...
MarketWatch (press release)
Respondents included family business owners and executives from the Americas, Asia-Pacific and Europe. "This study clearly shows that the long-term perspective, value-based decision making and independence from the capital market give family-owned...

McGraw-Hill CEO splits up family business
Fort Wayne Journal Gazette
He worked for GTE Corp., now part of Verizon Communications, before joining the family business. He has taken the criticism of S&P seriously and was instrumental in establishing an ombudsman empowered to take concerns about conflicts of interest to the...

Up Close and Personal with Steve Forbes
Malaysia Star
The Forbes family business is now into its third generation. The publishing business was started by BC Forbes who then handed it over to his son Malcom Forbes and is currently under the stewardship of Steve Forbes. Judging by the statistics...

Preparing for the next phase of the family business
Financial Post
When creating a succession plan for a family business, some unique issues need to be considered. Managing any business involves many challenges. But managing a family business brings with it a unique set of issues...