Monthly Message – February 2014 - Conway Center for Family Business

Monthly Message – February 2014

Monthly Message — February 2014

Be Prepared:

Critical Family Business Discussions for Life Changing Events

February 20, 7:30-9:00 a.m.

Ohio Dominican University

Community Room in Alumni Hall

1216 Sunbury Road, Columbus, 43219

In every family business there are conversations that you need to have sooner or later. You know, the discussions that you put off as long as possible or that have you squirming in your seat just thinking about them. From making funeral plans, to discussing financial plans and challenges, to telling a family member that it’s time to step down — these topics are just plain difficult for many of us to talk about. We worry about family members’ reactions, we fear that our worst thoughts will be confirmed, or we stall because we’re afraid to confront the situation.

To help you plan for these critical conversations and begin having them now, Mike Schoedinger, of Schoedinger Funeral and Cremation Service, Tim Gast, of Regal Beverage Concepts, and Kelly Jasin, of Emens & Wolper Law Firm, will share their experiences (both positive and negative) with you during this program. We hope that it will save you from unnecessary worry and open the door to honest discussions that will eliminate any misperceptions about these sensitive issues.

RSVP to Heather Howell at Admin@FamilyBusinessCenter.com or 614-253-4820. The program is free for Conway Center members and $35 for non-members. Family business leaders attending for the first time may attend as our guest.


Valentine’s Day Roundtable

Couples Who Work Together Stay Together!

February 14, 8:00-9:00 a.m.

Ohio Dominican University- Griffin Ctr, Rm 276

1216 Sunbury Road, Columbus, 43219

One of the more challenging work relationships in a family business is the one between husbands and wives. Learning how to establish boundaries, keep the lines of communication open, and find time for your personal relationship can tax even the best of marriages. The good news is that with a little bit of planning, good humor, and strategy it can be done. Bring your spouse and start your Valentine’s Day out right by learning and exchanging strategies for working together, making decisions, and delegating tasks in your family business. You’ll be glad you did!

Added Bonus: Couples will receive complimentary chocolates from Conway Center member Anthony Thomas Candy Company!

RSVP to Heather at Admin@FamilyBusinessCenter.com or 614-253-4820. The program is free for Conway Center members and $35 for non-members. Family business leaders attending for the first time may attend as our guest.


Maximizing the Value of Your Family Business

March 20 – 7:30-9:00 a.m.

Ohio Dominican University

Community Room in Alumni Hall

1216 Sunbury Road, Columbus, OH 43219

In the rush of day-to-day work and decisions, family business owners sometimes forget that their business is an investment – something they need to nurture and grow to ensure their future and the longevity of the business. Typically, 60-80% of a business owner’s wealth is tied up in the value of the business making it their most important asset. Unfortunately, business owners often guess at the value of their business and have no concrete plan to increase it.

During the March Educational Program, Tim McDaniel, CPA/ABV, ASA, CBA, principal at Rea & Associates, and author of Know and Grow the Value of Your Business: An Owner’s Guide to Retiring Rich, will help family business leaders learn how to develop an “investment mindset,” take steps to increase the value of their business, and consider their options for exiting the business — either through a sale to outside parties or by passing it on to family members.

Drawing on his experience with over 2,000 valuation engagements, McDaniel and representatives from family businesses will discuss the importance of frequent review and attention to ownership interest, share key steps in the valuation process, and explain how others outside the business view its value.

Please join us to find out how you can maximize the value of your business and start down the right path to develop a bright future for you, your business, and future generations!

RSVP to Heather Howell at Admin@FamilyBusinessCenter.com or 614-253-4820. The program is free for Conway Center members and $35 for non-members. Family business leaders attending for the first time may attend as our guest.


Directors’ Insight

Helping family business leaders find resources to grow and develop their businesses is an important part of what we do at the Conway Center. Each year, we do our best to provide timely information through our educational programs, roundtables, and peer group discussions. This year, we want to do even more so we are adding some new resources for family businesses. We are working with Columbus CEO magazine on a monthly series of articles for and about family businesses. The first one came out in February and addressed succession planning. Look for future articles on advisory boards, valuations, and family business philanthropy.

We also are adding a page for book recommendations to our website so you can learn about books that have been helpful to other family business leaders–see “Book Recommendations”below.

In response to many requests for information about advisory boards, we are also developing advisory board resources to help you share information and resources on this topic-see “Advisory Board Resources” below.

We need your help on both of these projects. To make sure we’ve got great information to share, please send Jill Hofmans, JHofmans@FamilyBusinessCenter.com, your book recommendations, questions about setting up an advisory board, finding advisory board members, and desire to serve on a board.

Dick and Deana


Adverse Weather Plan

If we ever have to cancel an educational program due to inclement weather or unforeseen circumstances, we will notify the media sources listed below and send an e-mail to all of our members. For peer group cancellations, we will notify individuals who have registered and everyone on that peer group distribution list. In addition, all cancellations will be noted on our website calendar.

If you ever wake up and are uncertain whether we will be meeting, please check your email, or turn on your radio or television, and listen for our announcement before you head out the door. If there’s no announcement or no e-mail from us in your inbox, that means we’re waiting for you to join us!

Radio Stations: Sunny 95, 610 WTVN, WNCI 97.9, WOSU 89.7 FM, 97.1 FM.
Television Stations 4, 6 & 10


Book Recommendations

As part of our efforts to bring members more resources to grow their businesses, the Conway Center for Family Business will be adding a page on our website where you can share information about business books for family businesses. We’ve got some great authors within our membership already, but we need your help to grow the list of books that family business leaders should put on their short list! If you have a book to recommend, please send the name of the book, author, and a short (1-3 sentences) reason for recommending it to Jill Hofmans at JHofmans@FamilyBusinessCenter.com.


Connect With Us On Social Media

The Conway Center is active on LinkedIn, Facebook, and Twitter and we want you to be a part of our online community! Just click on the links below or on the sidebar to connect with us and other family businesses. It’s a great opportunity to connect with other Central Ohio professionals and build relationships and another way to grow your network!

Connect with Deana on LinkedIn: linkedin/in/deanagordon

Note: We even have a LinkedIn Group to share information and resources with family business leaders. Sign up to be a part of the Family Businesses of Central Ohio group today!

Check out our Facebook page

Follow us on Twitter: @ConwayFamilyBiz


Advisory Board Resources

Several members have told us that they would like to find advisory board members for their family businesses. If you would like more information about starting an advisory board, are interested in serving on an advisory board, or want to meet those who are, please contact Executive Coordinator Jill Hofmans at JHofmans@FamilyBusinessCenter.com or 614-253-4820.


New HR Peer Group Forming!

Human Resources can be a tricky topic for family-owned businesses, whether you are an owner who is managing HR along with many other functions or someone who is the company’s dedicated HR manager.

To help you conquer this challenging area of your business, this quarterly, two-hour Peer Group will explore hot topics in HR from a family-owned business perspective.

We will bring together experts in the field of Human Resources, Labor Law, Employee Development, and others to work with Conway Center members who manage the HR functions by default and HR professionals with training and experience. In true Conway Center Peer Group fashion, participants will learn from one another and share best practices. Any employee (family or non-family) from family business and service provider member companies is welcome!

Our first session is on March 7 from 8-10 a.m. in the Griffin Student Center on the campus of ODU. Experts from Findley Davies will discuss compensation strategies, including how to fairly and legally compensate family and non-family employees.

Let our Executive Coordinator, Jill Hofmans, know if you are interested in attending the March 7 event and/or if you’d like to be added to the HR Peer Group mailing list. JHofmans@FamilyBusinessCenter.com


Conway Center Peer Groups

To sign up for any of our Peer Group meetings or to learn more about peer group opportunities contact Executive Coordinator, Jill Hofmans, at JHofmans@FamilyBusinessCenter.com or visit www.FamilyBusinessCenter.com for a full schedule of Peer Group programs.

Next Generation Leaders Peer Group
February 11, 2014
12:00 – 1:00 p.m.
O’Brien & Associates
47 Third Street
Columbus, OH 43201

Online Strategy Peer Group
February 12, 2014
(Re-Scheduled from 2-5-14)
8:00-9:30 a.m.
Fathom Columbus
1465 Northwest Blvd.
Columbus, OH 43212
Topic: Web Content

Succession Planning Peer Group
February 13, 2014
7:30-9:00 a.m.
Griffin Center at ODU-Rm. 274
1216 Sunbury Road
Columbus, OH 43219
Topic: Five Key Characteristics of a Successful Family Business Leader

CEO Peer Group
February 13, 2014
3:30-7:30 p.m.
Schoedinger Funeral & Cremation Service
229 E. State St., Columbus, 43215
Manifesto
21 E. State St., Columbus 43215

Business Development Peer Group
February 27, 2014
8:00-9:30 a.m.
Griffin Center at ODU – Rm. 274*
1216 Sunbury Road
Columbus, OH 43219
Topic: The Answer is Always a Question: How Are You Solving Customers’
Problems?
* note location change

Online Strategy Peer Group
March 5, 2014
8:00-9:30 a.m.
Fathom Columbus
1465 Northwest Blvd.
Columbus, OH 43212
Topic: Facebook Paid Search and Google AdWords

Women’s Peer Group
March 11, 2014
7:30- 9:00 a.m.
Griffin Center at ODU-Rm. 274
1216 Sunbury Road
Columbus, OH 43219
Topic: What Type of Owner/Manager Are You?


Member Events

You can now add your own events to our online event listings! Just go to our website, www.FamilyBusinessCenter.com, and log in to the Members Only Section at the top of the page using your username and password. Then submit any events you would like to share with visitors to our site. (Not sure how to log in? Call the Conway Center at 614-253-4820.) If you are offering any special discounts to Conway Center members, be sure to include that information along with all of the other details. Once approved, your event will be listed on the Member Events page under the Programs tab. Be sure to check out other members’ events so you don’t miss a thing! To see events that have already been posted by other members, just click here!

2014 Economic Outlook and Market Review

Conway Center members are invited to attend FirstMerit Bank’s 2014 Economic Outlook and Market Review, presented by Dr. Ken Mayland, of Clearview Economics, LLC, and hosted by Sue Zazon, Columbus President & CEO of First Merit Bank, a Conway Center Service Provider. The program will take place on Wednesday, February 19, with breakfast from 7:30-8:00 a.m. and the program from 8:00-9:30 a.m. at The Boat House at Confluence Park, 679 W. Spring Street, Columbus, 43215. Please RSVP by February 12 to 614-2794 or teri.bladen@firstmerit.com.

Ideas in Promotion-The Show

Artina Promotional Products will showcase new promotional products from over 50 vendors at Ideas in Promotion-The Show from 10:00 am.-2:00 p.m. on March 6, 2014 at the Bridgewater Banquet & Conference Center, 10561 Sawmill Pkwy, Powell, Ohio 43065. Along with a multitude of new products, attendees also can enjoy lunch, enter to win door prizes and take home “Goody Bags”! to those who attend. Come find new ways to promote your business! RSVP here.

HR Excellence Awards 2014 Nominations

Conway Center Service Provider Findley Davies is a proud Platinum Sponsor of Columbus CEO’s HR Excellence Awards recognizing human resources professionals in Central Ohio. The awards categories include: HR Innovation, Lifetime Achievement, Good Works, Future Leader, and Executive of the Year. Nominations are due by March 14, 2014.


Member News

Donatos opens long-awaited Port Columbus store
Columbus Dispatch
Donatos Pizza has opened its first airport location in the new Southwest Airlines terminal at Port Columbus International Airport.

Annual Groundhog Breakfast full of surprises
The Newark Advocate
Jane Grote Abell, chairman of the board of Donatos Pizza, was the keynote speaker at the Licking County Chamber of Commerce’s 58th Annual… Velvet Ice Cream sponsored the breakfast

CNG-vehicle fueling station opens in Charleston
Charleston Gazette
IGS Energy has opened its third compressed natural gas fueling station for vehicles in West Virginia.

German Village institution Katzinger’s Deli to open second location in North Market
Columbus Dispatch
Katzinger’s Delicatessen will open a location in the North Market in April of 2014, meaning you can get your favorite Katzinger’s classic without (as much of) a problem parking.

Lake Shore Cryotronics Launches Fully Configured Probe Station
Azom.com
Lake Shore Cryotronics, a leading innovator in measurement and control solutions for materials characterization, announced today that it is now…

Lake Shore Receives Phase II Air Force Grant for THz System
Novuslight.com
Lake Shore Cryotronics, a specialist in solutions for measurement under extreme temperature and magnetic field conditions, announced today that the US Air Force intends to award the company a Phase II Small Business Technology Transfer (STTR) grant.

District will save money with new copier contract
ThisWeek News
As part of continued efforts to reduce costs, the Groveport Madison Board of Education approved a new agreement with MT Business Technologies to supply and maintain copiers in the district.

PSB Realty bought by Canadian commercial brokerage Avison Young
Business First
Canadian commercial real estate brokerage Avison Young, which has expanded into the U.S. in the last five years, has bought out PSB Realty Advisors in Columbus…

Velvet Ice Cream: An American story a la mode
The Newark Advocate
Sisters Luconda, Andre, Joanne and Suzanne Dager at the family business, Velvet Ice Cream in Utica. Velvet will celebrate 100 years this year.

White Castle slider called ‘most influential’
Columbus Dispatch
Time magazine says White Castle’s small, square “sliders” are “the most influential burger of all time.”

5 Unique Valentine’s Day Meals
Today.com
Every Valentine’s Day, White Castle’s 400 locations turn into “Love Castles”,featuring printed menus, white linen tablecloths and dinner by,in some cases, hamburger-scented candlelight.


Interesting Reading

FAQ on ACA Implementation
U.S. Dept. of Labor
The U.S. Departments of Treasury, Labor and Health and Human Services released an FAQ which addresses preventive care services, cost-sharing requirements, wellness programs, expatriate plans and mental health parity.

The importance of succession planning
Columbus CEO
This is the first in a series of columns by family business leaders and advisors developed in conjunction with the Conway Center.

Alert–First-of-Its-Kind Private Company Accounting Standards Issued
Plante Moran
The FASB has issued its first two accounting standards that come directly from the Private Company Council (PCC) recommendations.

How to run a family business at home
The Guardian
Family businesses can be hugely successful, but they are also notorious for sparking friction and feuding between working relatives, especially when…

Patrick Burke: Family businesses need to map out succession
Rochester Democrat and Chronicle
I heard a story about a father bringing his son into a Rochester family business and transferring 50 percent of the company to the young man.

Successful Boundaries Make Successful Family Businesses
ThomasNet News
George loved his business. He ran a successful contract manufacturing shop, was good at landing new customers in new markets, and followed the…

Innovate or Die
BizTimes.com
What’s not to like about running a family business? There’s a history of success. The family has been running it and understands the business…

Even Among Family, Business Comes First
New York Times
Q. What are the challenges when you join a company and your father is the chief executive?
A. I joined Zegna in the early 1980s to become the head …

What You Can Learn from Family Businesses
Small Biz Trends
For a while, the spread of corporate monopolies seemed destined to wipe out mom-and-pop shops for good. But family businesses demonstrated their…

A guide to family meetings
Agriculture.com
The Hansen family began holding weekly business meetings four years ago. They’ve found that the meetings are critical to the operation of their…

Managing the Family Business: It Takes a Village Working Knowledge – Is it better to lead a family business with one ultimate leader or a team?
Harvard Business School
John A. Davis, an expert on family business management, kicks off a series of articles that look at governance models.

Moving from a Business Enterprise to a Family Enterprise
Family Office Exchange
How does a family know when they are evolving from a family business into a family enterprise? Our latest blog looks at the transition from a business-centric family to a family-centric enterprise