Monthly Message - February 2015 - Conway Center for Family Business

Monthly Message – February 2015

Monthly Message — February 2015

Successful Succession Planning Strategies for Family Businesses

February 19 – 7:30-9:00 a.m.

Alumni Hall at Ohio Dominican University

1216 Sunbury Rd., Columbus, OH 43219

Program Presented by KeyBank

Conway Center co-founder, peer group facilitator, and service provider Bea Wolper, president of Emens & Wolper Law Firm, will lead a lively discussion about tried and true succession planning strategies that you can use in your family business, including the importance of understanding the wants and needs of family members when planning for succession, the role of family business councils, steps in the planning process, and the importance of a buy-sell agreement.

Conway Center members Matthew McClellan, president of Miles-McClellan Construction Services; Fritz Reitter, president of Reitter Stucco & Supply Co.; and Toni VanHorn, vice president and CFO of Sound Communications, will also share their succession planning journeys, lessons learned and tips for an effective plan.

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.

Keys to Engaging and Motivating Non-Family

and Family Employees in Your Family Business

March 19 – 7:30-9:00 a.m.

Alumni Hall at Ohio Dominican University

1216 Sunbury Rd., Columbus, OH 43319

Some business owners have the mindset that if “I sign their paycheck, that’s all the motivation they need.” However, not too many people, even family members, want to work in that kind of an environment.

How strongly do you believe that the individuals in your company, including all family members, feel appreciated and happy to be there? What’s causing the problem? How does this impact your bottom line? What can you do about it?

The cost of either disengaged or de-motivated workers is staggering. More than 70% of American workers say they would change jobs tomorrow if they could. This Conway Center program will provide some insights and best practices for creating a work environment for family and non-family employees to maximize performance and profits.

Skip Murray, of Murray Associates, and a panel of family business leaders will help you explore and discover some of the challenges in keeping both family and non-family employees motivated and productive.

Topics will include:

  • Do underperforming family members get special treatment?

  • Low cost to no cost ideas for providing motivation.

  • How to improve retention and reduce turnover.

  • How to attract and keep star performers.

  • What does your environment say about your company?

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.

SAVE THE DATE!

2nd Annual

Conway Center

Golf Outing

Tuesday, July 14, 2015

Little Turtle Golf Club

The Conway Center will be hosting an even bigger and better golf outing for family business leaders this summer. Mark your calendar now so you don’t miss this great opportunity to connect with your peers during a fun-filled day on the course that includes lunch, a post-event reception, an expanded silent auction and more contests and prizes!

For information about registration and sponsorship, contact Deana Gordon at Gordon@FamilyBusinessCenter.com or 614-253-4820.

Directors’ Insight

If you’ve attended an educational program during the past year, you’ve probably noticed that we include a Member Spotlight at the beginning of the program. The featured member spends 1-2 minutes sharing information about his or her business and the family members that work there. It’s been a great way for members to learn more about each other and we’ve really enjoyed learning more about the members who have presented. If you haven’t had an opportunity to share your story with us, and would like to schedule a date to be “in the Spotlight”, please email Deana at gordon@FamilyBusinessCenter.com.

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

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 Coordinator@FamilyBusinessCenter.com or visit www.FamilyBusinessCenter.com for a full schedule of Peer Group programs.

Leadership Development Peer Group
February 17, 2015
8:00-9:30 a.m.
Room 274 – Griffin Center at Ohio Dominican University
Topic: Creating & Changing Culture

Business Development Peer Group
February 26, 2015
7:30-9:00 a.m.
Room 260 – Griffin Center at Ohio Dominican University
Topic: So When Does Negotiation Start? How to Negotiate to Win.

Online Strategy Peer Group
March 4, 2015
8:00-9:30 a.m.
Fathom Columbus – 1465 Northwest Blvd., Columbus 43212
Topic: Free SEO Tools To Troubleshoot Your Site

Women in Family Business Peer Group
March 10, 2015
7:30-9:00 a.m.
Room 274 – Griffin Center at Ohio Dominican University
Topic: Family Business Councils and How to Use Them

Next Generation Leaders Peer Group
March 10, 2015
Noon-1:00 p.m.
O’Brien & Associates
47 W. 3rd Avenue, Columbus, 43201
Topic: Motivation

Succession Planning Peer Group
March 12, 2015
7:30-9:00 a.m.
Room 274 – Griffin Center at Ohio Dominican University
Topic: Succession of Authority and Relationships: How does the Next Gen take control? How do they cement relationships and retain key customers, suppliers, employees, etc.?

CEO Peer Group
March 12, 2015
3:30-7:30 p.m.
Sequent
8415 Pulsar Place, Columbus, 43240
RSVP required

Welcome New Members

5 Star Staffing
Flo Lang, Kathy Wilson, Mimi McCann, Lizzie Wilson
283 S. State Street, Suite 101, Westerville, OH 43081
(614) 794-3101
www.5starstaffing.biz

Company president Flo Lang opened 5 Star Staffing with her husband Joe in 1991 in Westerville. Since then, the business has grown to include second and third generation family members. 5 Star Staffing provides human resources expertise in both temporary and direct-hire placement, focusing on the food service industry. The company has been an active member of the Westerville Area Chamber of Commerce, the Ohio Recruiters Association, and the Capital Area Safety Council. Growing primarily through referrals, 5 Star enjoys developing relationships with their clients and exceeding expectations.

Capital Resin Corporation
Judie Wensinger, Jamie Bull
324 Dering Ave, Columbus, OH 43207
614-445-7290
www.capitalresin.com

Capital Resin Corporation is a leading chemical manufacturer specializing in
agricultural chemicals, packaging coatings (food, beverage, and industrial),
automotive coatings, industrial resins, acid catalysts and personal care products
industries. Founded in 1976, Capital Resin is both a custom manufacturer and a toll
manufacturer, creating their own products as well as producing items for other
chemical companies. Capital Resin has 90 employees in Central Ohio, including CEO
and owner Judie Wensinger, and her son-in-law Jamie Bull, Director of Sales and
Marketing. The staff of Capital Resin Corporation has dedicated themselves to
manufacturing quality products and giving great customer service to companies with
specialty chemical needs.

Grote Company
Jim Grote, Bob Grote, Jack Grote
1160 Gahanna Parkway, Columbus, OH 43230
(614) 868-8414
www.Grotecompany.com

Founder of Columbus-based Donatos Pizza, Jim Grote wanted to develop a better way of slicing and preparing pepperoni. In the late 1960’s, Jim created the “Peppamatic” – the world’s first automated pepperoni slicer/applicator. This inspired Jim to found the Grote Company, which is now a world-wide supplier of industrial food processing equipment, serving further processors in meat, dairy, bakery, frozen foods, produce, and the snack food industries. Second generation family member Bob Grote is the company’s CEO, while his brother, Jack Grote, is President and COO. Jim Grote is the company’s Chairman. The Grote Company’s Vanmark division is the market leader in continuous abrasive peeling equipment, and hydrocutting for root vegetables. With both domestic and international locations, and a total of 160 employees, Grote Company works hard to promote their vision “To Feed a Growing World – Together.”

Resource International, Inc.
Farah Majidzadeh, Kamran Majidzadeh, Marcia Majidzadeh Lampman, Stasia Vavruska, Todd Majidzadeh, Mark Majidzadeh
6350 Presidential Gateway, Columbus, OH 43231
(614) 823-4949
www.resourceinternational.com

Resource International, Inc. is a broad-based, multi-disciplined professional engineering consulting firm, specializing in construction management, information technology and planning, and design of building and infrastructure projects. Started in 1971 by CEO and Chairman, Farah Majidzadeh, Resource International has headquarters in Columbus, with full-service branch offices in Cleveland, Cincinnati, Pittsburgh, and Indianapolis. Farah’s husband, Kamran, is the company’s President. Second generation family members include Marcia Majidzadeh Lampman, Todd Majidzadeh, and Mark Majidzadeh all operating as Executive Vice Presidents, and Stasia Vavruska, Senior Vice President and Legal Counsel. Farah has received numerous awards and appointments for her work in construction management, design and technology fields, including appointment to the Board of Directors for the International Road Federation (IRF), 1998 Master Entrepreneur of the Year Finalist, and Ohio Women’s Hall of Fame.

The Siekmann Company
Robert Siekmann, Aaron Siekmann
9000 Memorial Drive, Plain City, OH 43064
(614) 873-5200
www.siekmannco.com

The Siekmann Company specializes in group retirement and health care administration for small and mid-sized companies. President Bob Siekmann founded the company in 1981. His son, Aaron Siekmann, is the company’s sales manager for the retirement plan division. Located in Dublin, Ohio, the Siekmann Company customizes and administers employee benefit plans that meet the needs of both employers and their employees. The company also provides HR services including new-hire packets, carrier enrollments and terminations, and monthly billing reconciliation. Bob and Aaron Siekmann work hard to make sure their clients are fully educated, protected, and serviced in all areas of their benefit offerings.

MEMBER EVENTS

Build Your Brand DIY Workshop

Need to get ahead of your competition? Then it’s time to uncover your brand distinction.
GREENCREST CEO and certified brand strategist Kelly Borth will host a workshop for business owners who are eager grow the value of their business. The next workshops are: February 19, March 19, and April 16 from 1:00-4:00 p.m. at GREENCREST, 120 Northwoods Blvd., Columbus, OH 43235. Register here.

HR Excellence Awards Nominations Now Open

Nominations are now open for the HR Excellence Awards recognizing best practices and trendsetters in Central Ohio. Awards will be given in these five categories: Executive of the Year, HR Innovation, Lifetime Achievement, Good Works, and Future Leader. To nominate a professional or organization you believe is deserving of this honor, complete the editable form and return it to Columbus CEO by mail at 34 S. Third St., Columbus OH 43215 or by email to nominations@columbusceo.com. Nomination deadline is March 16. Last year’s winners are not eligible, but previous finalists may be nominated again. For more information contact: Kyle Pifher – Principal, Findley Davies, 614-453-4651 or kpifher@findleydavies.com.

$10 Million Available Through Ohio’s New School Mentorship Program

The Ohio Department of Education is extending the deadline for organizations to submit applications for the state’s new $10 million Community Connectors mentoring program grants. Applications will be accepted through March 6, 2015. Gov. John R. Kasich’s proposal brings together families, community organizations, faith-based organizations, businesses and others in support of our schools and to mentor students. Community Connectors provides $10 million in 3-to-1 matching grants that will help give more Ohio students access to role models who can help motivate and inspire them, as well as help them develop skills that lead to success in school and the workplace. More information about the program including a webcast and Frequently Asked Questions can be found at CommunityConnectors.Ohio.Gov. Email info@communityconnectors.ohio.gov if you have any questions.

Member News

Free Programming Classes Part Of AWH’s Grow-Your-Own Recruiting Strategy
Columbus Business First (blog)
Software and mobile development company AWH is on pace to nearly double its staff in 2015, so it’s taking a grow-your-own approach…

Donatos Pizza Shop/Bar To Anchor New Development In The Short North
Business First
A new bar is bringing craft beer and live music to the Short North, but with a twist – it’ll be a Donatos.

Highlights For Children Subsidiary Buys Phonics-Based Superkids Reading Program
Columbus Dispatch
Zaner-Bloser, the Columbus-based educational publisher and subsidiary of Highlights for Children, last week acquired Rowland Reading…

The Gardner Group To Merge With Hylant
Jacksonville Business Journal
Independent employee benefits agency The Gardner Group, based in Neptune Beach, has announced it will merge into Hylant, one of the largest…

Let’s Get Away From It All
Logan Daily News
Inn & Spa at Cedar Falls. Nearly 2,000 Visitor Guides were distributed to Expo attendees along with brochures from participating HHTA members.

Central Ohio’s Top-Selling Auto Dealerships – COUNTDOWN
Columbus Business First (blog)
“Honda wanted to break the record that was set in 2007 and they know that they need to keep the dealers on board to do that,” Lindsay Acura General…

How Reitter Stucco’s Trying To Keep The Business In The Family
Business First
A fourth generation of Reitters – Fritz, Jack, and Bobby – has run the company since 1992. Their work includes notable projects such as the Columbus Zoo and Aquarium’s Heart of Africa exhibit.

Wait is over – White Castle on the Strip opens
Las Vegas Review-Journal
Linda Kitchel of Las Vegas, left, was first in line for White Castle opening on the Strip in Las Vegas on Tuesday, Jan. 27, 2015…

Interesting Reading

When Family Meets Business: Conway Center Identifies Issues Unique To Family-Owned Firms
Columbus CEO magazine
In Family Business Basics, Beatrice Wolper and Richard “Dick” Emens provide insights into running a multi-generational family business. The husband-and-wife team are partners at Emens & Wolper Law Firm. They cofounded the Conway Center for Family Business.

Snatching Tax Relief From A Revenue Defeat
Holbrook & Manter, CPAs
The economy has picked up in many sectors. But a business can still find that its operating expenses and other deductions for a particular year exceed its income – otherwise known as incurring a net operating loss (NOL).

IC-Discs Offer Tax Savings For Exporters
CCFB Members Only Section
Interest Charge – Domestic International Sales Corporations (IC-DISCs) can be a powerful tax savings opportunity for companies that export goods primarily made, grown, or extracted in the United States. IC-DISCs also allow owners to take advantage of more efficient executive compensation structures and other wealth-shifting techniques. Visit the Conway Center Members Only Section to read the entire article from KeyBank. Not sure how to login? Email Heather Howell for details at admin@FamilyBusinessCenter.com.

Understanding The ACA Net Investment Income Tax
Columbus CEO magazine/Holbrook & Manter, CPAs
The Health Care and Education Reconciliation Act has presented us the Net Investment Income Tax, referred to by many as NIIT or the super Medicare tax. This tax exposes the net investment income of individuals, estates and trusts to a 3.8% tax when their modified adjusted gross income exceeds certain threshold levels.

Important Tax Figures for 2015
Rea & Associates
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2015, compared with 2014, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.

One Of The Biggest Obstacles In Succession Planning
CFO
Many family-owned business leaders stay long past their prime and even refuse to plan for a successor – often making the transition much more difficult for the next generation, according to the U.S. family business survey released Tuesday by PricewaterhouseCoopers LLP.

Family Business Succession Tips
Wall Street Journal (VIDEO)
Family Business Succession Tips…continue to close their doors, big-name tech retailers are helping high-end establishments stay in business.

New Tax Rules For Tangible Property
Family Business Resource Center
If your family business owns significant fixed assets or real property, these rules offer potential tax benefits and a number of planning opportunities.

Surviving In A Family Business When You’re Not Part Of The Family
Harvard Business Review
We see all kinds of office politics – the good, the bad, and the ugly – in family-owned businesses. Families can be intensely political organizations, and…

Signs Of Optimism Among Family-Owned Businesses
CNBC
Family-owned businesses are the original mom-and-pops of Main Street, and they’re feeling optimistic in the new year, according to new data.

3 Steps to Take Over the Family Business
Forbes
I’ve grown up in a family that has always owned companies. I’m used to the long hours, talking shop at the dinner table and making sacrifices…

Thinking Through The Process Of A Succession Plan
Statesman Journal
For as long as business has been around, the family business has been a mainstay. Businesses were created and passed along from one generation…

Family Meetings: Communication Or Governance Tools?
Family Business United
Governance of the family business is a complex area and the role of family meetings needs to be clearly understood in the broader context of the family and the business.