An overview of the principles, structures and processes that are a part of successful multi-generational family enterprises. This session will also offer tips on how to get the most out of the conference experience.
What do you think of when you read/hear the word “engagement”? How do you “engage” with your family members and shareholders today? Does your “engagement” pattern change depending on who you are engaging with? This session will take you back to the very basics of engagement by leveraging the strength of Jay Hughes’ five Family Capitals — Human, Intellectual, Social, Relational and Financial. We will learn:
How to (re)define “engagement” in the context of your family organizational and governance structure
Key elements for successful engagement through technology
How to create a phased approach and strategic plan to execute your engagement goals and maintain the family legacy
Now more than ever, #innovativethinking, #relevance, #passion&purpose are social impact markers NowGens and NexGens must navigate together. Leave inspired with tools that co-create cross-generational conversations, #empowerchange! Moderated by Jean Meeks-Koch and Lisa Morel, The Family Business Consulting Group
Harmony and communication within the family are critical components to a strong family business. This session will discuss strategies for a harmonious family dynamic and focus on what works and what doesn’t.
A conversation with René Ancinas, Chairman & CEO at Port Blakely
This session will review best practices for family constitutions, mission and values statements, shareholder agreements, buy/sell agreements and more, with examples that work and can be adapted by attendees.
How do you get and keep family members involved and engaged in a way that helps both the family and the business? Inclusivity, transparency and accountability can be powerful . And these can be fostered in a variety of ways, including through a family council. This session will discuss strategies for family members to get involved, strengthen ties with their cousins and learn about the business.
” Communication, it’s Not Me, its Everyone Else” Moderated by Aggie Johnson, WillKate Family Enterprise Office.
We have seen family businesses in which the failure to communicate effectively is the single biggest reason why they don’t last, and others whose communication excellence enables them to survive though times and thrive. One of the most valuable attributes of family businesses is their ability to build trusted relationships, which in turn help create the capital they need to thrive. By withholding information and lack of communication, the risk is depriving your family business of its ability to cultivate valuable relationships that can have a major effect on both the success of the business and the closeness of the family. WThis session will include examples of great and not-so-great results.
Making the Right Trade-Offs When Sharing Control of Your Business Moderated by Jonathan Quigley and Michael Drexler, Brightstar
Private equity firms have been active capital providers, accounting for nearly half a trillion dollars in deals per year in the U.S. middle market alone, many of which involve family-owned businesses.
These outside capital providers can bring many positives — strong balance sheets, operational expertise and an ability to scale the business. But there can also be frictions — their time horizons can be shorter, their incentives different, and their proposed changes potentially at odds with the family’s desires. This will be an interactive session.
7 Guidelines for Multigenerational Success Moderated by Karen Carlson, Pitcairn
Most families adopt and evolve a dedicated governance structure over the years and generations, with key triggers prompting an increased focus on how families come together and make shared decisions. Families
often take steps to formalize governance structures around significant transitions – for example, the sale of a business or other liquidity event or shifts in family leadership as new generations enter the fold. These inflection points serve as a chance to institute a better way to make decisions going forward. In this breakout session, we will focus on 7 established best practices for families to consider as they evolve and formalize their family governance practices, as well as conversation starters family members can use to explore their governance needs and priorities.
Preparing Family Businesses for 2022 Healthcare Cost Challenges: Are you ready? Moderated by Marybeth Gray, Marsh McLennan
As business owners, healthcare costs are one of the biggest financial challenges we face each year. It’s critical to have a strategic roadmap and vision of what lies ahead. Top performing companies are planning for the million-dollar treatments coming to market in the next 12-24 months and designing their programs to limit company liability. Are you ready?
In this session, we will present the updated healthcare landscape including an overview of marketplace trends, and highlight the next great challenges for employers. We will discuss how employers can develop a strategy to reduce their liability with new-to-market opportunities to reduce costs and exposure.
SHRM/ HRCI Credit given for this session
An M&A Due Diligence Framework for Family Businesses Moderated by Kama Moseley, Quinn Damon, and Aaron Weir, Lockton
A high level overview of items to consider when making a strategic or platform acquisition via family owned corporation or family office. Topics ranging from due diligence 101, transactional liability and purchase agreement reflections.
Diversifying Wealth Beyond the Operating Business Moderated by Bill Shannon and Jason Laurie, Altair
While it requires patience and foresight, there are multiple benefits to diversifying family holdings beyond the core business. Doing so leaves the family less exposed to the volatility of any single entity or industry, decreases reliance on the operating company as a source for distributions and provides additional ways for family members to be engaged in shared ownership. In this session, we’ll share examples of families who have utilized an “enterprise” approach to create long-term wealth stability.
Working with Capital Sources: Finding Partners Across Your Capital Structure Moderated by Aaron Blazer, Freedom 3
The cost of capital is a factor in a family-owned enterprise, but the value of having capital partners who understand the business and have a set of tools both to support growth and to constructively address challenges cannot be overlooked. This discussion including two owner-operators, Joe Garcia and Zulema Wiscovitch of Associated Supermarket Group, will focus on their experiences partnering and engaging with debt and equity capital providers.
Paths for Women In Family Business Moderated by Adrienne Penta and Ben Persofsky.
An exploration of BBH’s original research into the factors that influence the paths for women in family businesses. This session will explore what the research has shown for building an inclusive culture in both your family and your business!
Structuring the Ownership of the Family Business for the Long-Term. Moderated by Doug Raymond.
How to use shareholder agreements, statutory rights, and provisions in the organizational documents of the business (e.g., your articles and bylaws) to advance the long-term goals and vision for the family and the business. We will discuss how to decide what provisions to include, and where to put them, and how to protect against the unintended consequences of those choices.
Navigating the Personal Planning Process in Preparation for Business Transition. Moderated by Frieda Rakhan from Fifth Third.
While it may seem like the last box to check, personal preparation well in advance of a transition can optimize financial and business outcomes. That remains true whether the transition involves a sale to an outside buyer, passing to the next generation of family, or selling to employees. Business owners owe it to themselves, their family, employees, and customers to plan ahead. Yet, many owners find themselves not knowing how to carry out exiting their business, because the process seems overwhelming, and they simply don’t know where to begin.
Business transition planning is a process, not an event. It’s simply good business strategy, and with it, owners can make the most of their life’s work.
Questions to be discussed:
- What is business transition planning?
- How soon should business owners start planning?
- Regardless of where owners are in the process, what should they consider today?
- How has the sheer volume of tax reform proposals in 2021 impacted the planning process?
Repeated from 10:30 AM sessions
A keynote conversation with Mitchell Kaneff, 3rd generation chairman/CEO of Arkay.
Assessing and Clarifying Your Family Values: A clearly defined set of family values and supporting behaviors helps to strengthen communication, minimize conflict and guide decision-making. When it comes to successfully assessing and clarifying family values, the process is as important as the outcome. Learn the keys to achieving a more committed, cohesive and connected family through assessing and clarifying your family values.
Governance structures, in tandem with the business board, can help families prepare for succession. Panelists will discuss how governance helps ensure the family as well as the business is prepared to welcome new leadership.
Get deeper into the things that keep you up at night. Attendees who choose to participate will be organized into small groups of un-related family members, and under the guidance of an experienced family business consultant, will discuss key questions and issues that they face. Groups will be created around common questions and issues you identify in a pre-conference survey.
Those who choose not to participate in the peer groups are free to set up 1:1 meetings and network with other attendees.
Join us for a group dinner at The Rusty Pelican — a landmark , family-owned, restaurant overlooking the water. With opening remarks from John Tallichet, President & CEO, Specialty Restaurants Corp.
A conversation with Kevin Hancock, CEO, Hancock Lumber Company
This nuts-and-bolts session offers tips on designing a family meeting agenda that combines education and family bonding activities and will strengthen family engagement, resulting in a “can’t miss” event that brings family members together from near and far.
Where are You Going to Find the Next Generation of Family Leaders?
Your family may have great leaders today, but a far more important question is whether you have a pipeline of leaders getting ready for tomorrow. Are certain members of every family innately blessed with the leadership gene? If not, how are they created? What motivates them to “step up” into a leadership role? How does a family assess capacity to lead and build stronger skills? In this session, we will define “ family leadership,” compare it to leadership in other settings, and discuss ways to cultivate future leaders. We will explore when family members should lead, when they should share authority and when they should follow. The rewards for “doing the work” are endless.
In family business, culture is often described as “How we do things around here”. It can be experienced through three dimensions – behaviors, language and beliefs (both implicit and explicit). As generational change occurs, there is often a need to re-evaluate the language and beliefs associated with the family culture and to make changes to behaviors that align with the current needs of the business. This case study will explore how one family business tested their assumptions, clarified their shared understanding of culture as a family and modified behaviors to better meet the realities of managing their fast growing business. Moderated by Caleb White and Todd Smith, CFAR
How can structured family governance help a family solve its most challenging problems? Whether through a family council, owners council, foundation board or other group, family unity and harmony can be developed. What should the roles and responsibilities of these groups be? Should members be compensated? What potential pitfalls can be identified…and avoided?
