The TNFBC Fall Membership Drive is underway. If you are a member of a family-owned business, we want to hear from you! We are an organization of family business owners who recognize the unique concerns of running a family business. Our members firmly believe that taking time away from the business to work on the business is invaluable to them as individuals and to their companies. Come meet our members and learn how the TNFBC can benefit your family and your business! For more information contact: Lindsey S. Trella, Executive Director P. O. Box 121085 Nashville, Tennessee 37212 615-460-0151 ltrella@tnfbc.org Mark Your Calendar! NEXT EVENT: The Road Less Traveled: An estate and business succession plan that works Long Term! Thursday, November 16th 7:45 a.m. – 10:30 a.m. (Continental breakfast served) KraftCPAS 555 Great Circle Road Speaker: George W. Hester, Chairman & CEO of Navitas, ltd. The largest intergenerational wealth transfer in the history of this country, conservatively estimated at $41 trillion, began in 1998 and will continue until 2052. Created by the success of post war entrepreneurs and enhanced by the economic boom of the 1990’s, this wealth bequest will make baby boomer retirees more affluent than any previous generation in America. There is an old saying in speaking of family owned businesses, “Shirtsleeves to shirtsleeves by the third generation.” The statistics that underpin that oft heard statement are historically 65% to 70% of wealth transferred to the second generation is lost by that generation, and 90% of wealth that is transferred is lost by the third generation! Why does that happen? With all of the money that is at stake, wealth preservation and transfer are key concerns of business owners, and finding out the “why?” of generational wealth loss should be of utmost importance to you! If you have never heard George Hester speak, you do not want to miss this chance to hear him. George was born and raised on his family’s farm in central Mississippi. He and his wife raised their four children on that same farm and are the proud grandparents of six grandchildren. George brings to the succession and estate planning discussion a sense of holistic integrity when considering business, financial, personal and community wealth. His dynamic presentation is grounded in the concept that “your life’s wealth is an integrated and comprehensive view of all of the value you have created in your life.” Among the points George will cover in his presentation are: What is wrong with the wealth transfer system in this country? Why such a high mortality rate for family firms? What are the components needed for a successful transfer preservation of the family’s wealth and the business? How do you integrate family dynamics and non-financial issues into wealth planning? What do you do when some children are involved in the business and others are not, yet you want to be equitable to all family members? How do you determine the best exit strategy for you and the business if you do not have a family member interested or capable of managing the business? How do you protect the business if it is more mature than the next generation who would ultimately own it in the event of your death? Reservation deadline: Noon, November 14th. Call 615-460-0151 or ltrella@tnfbc.org  *** UPCOMING: TNFBC BOARD MEETING FRIDAY, NOVEMBER 1Oth, 11:30 a.m.-1:30 p.m. Host: T. W. FRIERSON *** NEXT GENERATION AFFINITY GROUP WEDNESDAY, DECEMBER 6TH, 11:30 a.m.-1:30 p.m. Host: T. W. FRIERSON *** PAST EVENTS: NEXT GENERATION AFFINITY GROUP THURSDAY, NOVEMBER 2ND, 11:30 a.m.-1:30 p.m. Host: STANSELL ELECTRIC *** TNFBC BOARD MEETING TUESDAY, OCTOBER 17th, 11:30 a.m.-1:30 p.m. Host: STANSELL ELECTRIC CREATING AN ENVIRONMENT FOR ENCOURAGING EFFECTIVE LEADERSHIP Thursday, October 12th 7:45 a.m. – 10:30 a.m. (Continental breakfast served) KraftCPAS 555 Great Circle Road Speaker: Sandra Lipsey, Professional Certified Coach Developing employees who were job description focused to employees who managed effectively was the management growth progression of the 20th century. In the 21st century, company officers are using coaching to develop their managers into leaders. Our program will introduce you to some outcomes of coaching that encourage leaders to use coaching skills more. It will also help you identify situations where coaching can be effective and ones where coaching is not appropriate. Coaching skills can inspire commitment and align others to the long term plan for the business. They support an environment where all employees originate ideas and processes. Empowerment is a fundamental part of coaching and results in employees being more self-directed, less dependent, and more accountable. Coaching is not hard, yet it takes focus. While it looks easy when you see someone do it, without practice one can revert to telling and directing rather than developing. There are some particular challenges when leaders use coaching in a family business. This program will help you spot sticky situations and offer you an opportunity to be an effective coach. Coaching has at its foundation a commitment to training, learning new things, and being in a place of discovery, all in the interest of supporting the success of the company. This leads to richer conversations in the workplace about problem solving. Coached employees voice new self-awareness and increased pride about their skills and their value to the company. Effective coaching assures that the skills valued by the company are the skills developed by the individual. This program is for anyone in your company in a leadership position. RESERVATION DEADLINE: TUESDAY, OCTOBER 10TH *** NEXT GENERATION AFFINITY GROUP WEDNESDAY, SEPTEMBER 27th, 11:30 a.m.-1:30 p.m. Host: ENCO MATERIALS *** TNFBC BOARD MEETING MONDAY, SEPTEMBER 18th, 11:30 a.m.-1:30 p.m. Host: T.W.FRIERSON *** Staying out of the Poor House and Jail House! Creative Retirement Plan Ideas For the family business Thursday, September 7th 7:45 a.m. – 10:30 a.m. (Continental breakfast served) KraftCPAS 555 Great Circle Road Speakers: Sean Sullivan, attorney, Waller Lansden Dortch and Davis Jason Carpenter, president, Midsouth Consulting Group Kevin Roddey, financial advisor, Smith Barney Malcolm Liles, Smith Barney, Moderator Maximizing retirement savings is a goal of any family business owner looking forward to a secure life after growing and transitioning a family business. Offering employees a retirement plan opportunity is a benefit most business owners and their employees consider important, too. However, it can be an overwhelming challenge given changing tax laws, business costs, and the complexities of plan options. New 2006 tax legislation will now allow business owners to offer employees a 401k that allows tax-free growth. Other legislative changes are aimed at encouraging employee retirement savings as well. How do these new laws impact your company’s retirement plan? If your company has a defined benefits plan, should you change to a defined contribution plan? What is your fiduciary responsibility under each? If you currently offer a 401k to your employees, are they participating? Is explaining your plan to employees a challenge? Financial and legal advisors Kevin Roddey, Sean Sullivan and Jason Carpenter will clarify retirement plan options available for family business owners and offer creative ways to simplify retirement benefits so that your employees can make the best choice for their families and, at the same time, lessen the burden on you as a business owner. Their presentation will cover: Creative Plan Designs for Family Businesses and their Owners- Jason Carpenter, President, Midsouth Consulting Group Comparing and Contrasting the Right Retirement Plan Platform for My Business- Kevin Roddey, Financial Advisor, Smith Barney Managing Your Fiduciary Responsibility and Liability- Sean Sullivan, Attorney, Waller Lansden Dortch and Davis This program will also give you a chance to talk with other family business owners and share ideas. *** Next Generation and Breakfast Affinity Groups Combined Meeting! FRIDAY, AUGUST 23RD, 11:30 a.m.-1:30 p.m. Host: STANSELL ELECTRIC *** Next Generation and Breakfast Affinity Groups Combined Meeting! FRIDAY, JULY 14th, 11:30 a.m.-1:30 p.m. Host: T.W. FRIERSON *** Next Generation and Breakfast Affinity Groups Combined Meeting! TUESDAY, JUNE 20th, 11:30 a.m.-1:30 p.m. Host: GHERTNER & COMPANY *** NEXT GENERATION AFFINITY GROUP TUESDAY, MAY 16th, 11:30 a.m.-1:30 p.m. Host: ENCO MATERIALS *** May 10, 2006 THE FAMILY BUSINESS SYMPOSIUM Hilton Nashville Downtown SCHEDULE 8:00 - 8:30      Registration: Online at www.nashvillebusinessjournal.com under Events 8:30 - 9:15      Welcome & Introduction Opening Remarks: Jack Faris, Past president of NFIB   9:30 - 10:45    Breakout: Round One 1.         Problem Employees: How to Handle Them and How to Avoid Them Hank Yost, President, Results Through People 2.         Turnaround Management: Recovering from Financial Trouble and Market Vagaries Kevin Crumbo, Principal,Kraft Corporate Recovery Services, LLC 3.         Communication: The Keys to Resolving Family Disputes Kaka Ray, LMFT   11:00 - 12:15 Breakout: Round Two 4.         Succession Decisions: Important Role Opportunities for Retiring CEOs Bill Lindsley, President, Bill Lindsley & Company 5.         The Family Office: Wealth advising and management of family investment strategy, multigenerational educational and philanthropic initiatives Albert D. Perkins, IV, Senior Family Office Advisor, Synovus Family Asset Management 6.         ESOPs: A Viable Option for a Family Business? Gordon Nichols, Chair, Employee Benefits and Executive Compensation Practice Group Boult Cummings Conners & Berry   12:30 - 2:00 Luncheon Guest Speaker: Jim Ethier, CEO of Bush Brothers & Company, on Leon Danco’s 12 Commandments for the Family Business Owner   2:15 - 3:30 Breakout: Round Three 7.         Professionalize the Family Business: Strategies for Upgrading Your Hiring Practices Kim Troup, Vice President, Century II 8.         Business Killers: Making Positive Choices for Maximizing Growth Jason Bach, Certified Financial Planner Capital Financial Group, LLC 9.         Guidelines for Family Meetings and Use of Outside Boards Bill Bellet, Bellet, Sieveking & Associates   3:45 - 5:00 Roundtable: Use of Consultants on Strategic Family Business Issues Panel: Advisors to and owners of family businesses Bill Lindsley, Moderator *** Next Generation and Breakfast Affinity Groups Combined Meeting! friday, april 28, 11:30a.m. -1:30p.m. Stansell Electric Company *** next Generation and Breakfast Affinity Groups Combined Meeting! friday, march 31, 11:30a.m. -1:30p.m. t.w. Frierson *** Next Generation and Breakfast Affinity Groups Combined Meeting! Thursday, February 23, 11:30a.m. -1:30p.m. Stansell Electric Company Audio Conference Topic: Effective Leadership in the Family Business The family structure can be complicated and leadership in a family business is a far different challenge than leadership in any other kind of business. Effective Leadership in the Family Business will help you understand the kinds of leadership needed both within the business and within the family. You will be provided with tools for sharpening your leadership skills, and you'll find tips and strategies for gaining the credibility you need to put yourself on the path to leadership. Our panel of experts for this audio conference is led by Craig E. Aronoff, Ph.D. and Otis W. Baskin, Ph.D. of the Family Business Consulting Group, Inc. Drs. Aronoff and Baskin wrote the book on leadership in the family. Additional panelists include Kent Johnson, CEO of Highlights for Children, Inc. Our moderator is Drew Mendoza, managing principal of the Family Business Consulting Group, Inc. Leadership is about action. Leadership is focused on making things happen and getting things done. The February 23rd conference will discuss: how demands on family business leaders change from generation to generation; how to deal with the unique challenges that confront family business leaders; how to fulfill the variety of leadership needs--business, family and ownership--that family businesses experience; how different leadership styles can be used leading family, business and ownership groups; the requirements for becoming an effective family business leader; how you can prepare yourself for family business leadership; how the family can best support its leaders; and how to overcome impediments to family business leadership. *** STRENGTHENING THE FAMILY SYSTEM: HOW FAMILY MEMBERS CAN CHANGE THE RELATIONSHIP RULES TUESDAY, FEBRUARY 21st 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTERS: KAKA RAY, LMFT Every family has rules. We can all remember how our parents would teach those rules to us: “Don’t you do this!” or “We don’t do that!” Did you know there are many family rules that are never verbalized? These unspoken rules, and the messages behind them, are often referred to by psychologists as covert, and have major implications in the way in which family members behave or relate to one another. These hidden rules can be a source of confusion and, very often, conflict. In the family business, covert rules and messages may show up in a number of ways, such as unintentional pressure to join the family business, marginalization of some family members (usually girls), or a mid-life golden handcuffs crisis. Kaka Ray, a Nashville-based licensed marriage and family therapist, will present a workshop on the roles and rules of family relationships. In a discussion based on family systems theory, she will help you discover how your own family system works. You will gain an understanding of the roles family members play in their interactions with one another and learn how flexibility, rather than rigidity, in role relationships can be healthier. Families are dynamic, and this session will address issues that can keep your family moving toward optimal health. You may even discover some family rules you might want to change! *** EXPERT ANSWERS TO YOUR TRANSITION QUESTIONS!!! THURSDAY, NOVEMBER 17th 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTERS: SPONSOR PANEL Vic Alexander, KraftCPAs Steve Ainsworth, SunTrust BAnk Jason Bach, Capital Financial Group Terry Fairfax, Synovus Trust Company Succession planning is perhaps the greatest challenge a family business must face. It involves a complex set of issues and tasks that when handled well can move a company forward in a revitalized manner, addressing new growth ideas, directions, and opportunities. Historically, the family business succession pattern was for the eldest son to take over the business. That is certainly no longer the norm. Transitioning a business in today’s marketplace is far more difficult than in past generations because there are many more possible outcomes: the business can be sold to any number of different types of buyers, or any child or several can inherit ownership. Differing family member needs, the future of the business and the individuals in it, and family wealth must all be considered. Ideally, the succession process takes place in stages over time and involves consulting with everyone in the family and the business, developing management talent, making difficult choices, addressing conflicts, and, for founders, learning to let go and allow others to run the business. Realistically, the succession process can be fraught with deep emotions, as the realities of business needs meet conflicting wants, dreams and concerns of family members. Succession becomes the ultimate communication test for a family business! To help navigate the challenges of the succession process, our expert panel will offer answers to some of the hard questions owners and family most often ask. You will also have the opportunity to ask questions from the floor. This is a terrific opportunity to get expert advice from professionals we think are exceptional resources for family business owners! In a recent TNFBC straw poll, 95% of family business owners admitted to not having a contingency plan for succession! Don’t miss this chance to do something about it! *** BREAKFAST AFFINITY GROUP THURSDAY, OCTOBER 27th, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, OCTOBER 18th, 11:30 a.m.-1:00 p.m. Host: STANSELL ELECTRIC *** DANCING ON THE DECK OF THE TITANIC: LESSONS FOR FAMILY BUSINESSES ON THE ART OF STRATGIC LISTENING WEDNESDAY, OCTOBER 12th 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTER: DR. BILL LINDSLEY How well do you listen? Are all of your family members being heard? How well does your company listen? Do you know what your customers are really saying? How about your employees? Do your answers to these questions cause you to sink into despair? Have no fear, Dr. Bill is here! Dr. Bill Lindsley is an accomplished consultant, speaker, author, teacher, and manager - and expert in the art and science of strategic listening! In this presentation, Bill distills his years of expertise and experience into a dynamic, practical, and highly entertaining delivery that will give you real-life strategies and solutions that are always practical, creative, and marketplace-tested. You will remember his stories for years to come - stories about the tango and the Titanic, Starbucks and Digital River, the parent and the professor. With his energy, passion, and humor, Bill will challenge you, inspire you and delight you. Ernest Hemingway said, “Most people never listen.” How do you measure up? When others are speaking, are you truly focused on what they are saying? Or are you “multi-tasking?” Do you come to meetings prepared to listen? Do you ask questions that raise the level of discussion – or do they shut off meaningful exchange? Perhaps you need to visit with Dr. Bill!? Bill will offer practical ideas to improve your personal management skills and the effectiveness of your company. Family relationships within businesses present their own challenges to organizational function – or dysfunction. Good communication – among family members and between family members and non-family employees is essential. It is too easy to fall into old patterns that frustrate business effectiveness. Bill will suggest ways to strengthen family communication. Not only is personal listening important, but history is replete with examples of companies that simply were not listening, companies like Arthur Anderson, Enron, and others (the Titanic?!). The consequences were disastrous – both for the leaders and for all employees and stockholders. At the same time, there are many examples of companies who do a great job of listening – to their customers, their employees, their marketplace, and the world around them. Where are you? Do you have mechanisms in place to turn what you’re hearing into appropriate strategic action? Bill will help illuminate areas where you can enhance the effectiveness of your key people and your organization as a whole. *** BREAKFAST AFFINITY GROUP THURSDAY, SEPTEMBER 22ND, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, SEPTEMBER 20th, 11:30 a.m.-1:00 p.m. Host: ENCO MATERIALS *** MANAGING YOUR FAMILY BUSINESS EXIT: THE ROAD MAP TO A LASTING LEGACY WEDNESDAY, SEPTEMBER 14th 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTERS: DONALD J. DILUCCHIO, THE CHRISTMAN GROUP Eventually, you will leave your family business. How you leave needs to be thoughtfully considered. Several questions such as when to leave, what exit option is the best alternative, what is the true value of my business and how do I maximize value need to be addressed. Formalizing your wishes through an appropriate planning process so that your desired outcomes can be achieved is called exit strategy planning, and it involves many personal, financial, legal, and business issues. It is not something you do alone or in your spare time. It is complex and at times overwhelming to a business owner. “Where do I start?” is a frequent owner’s lament! To help you understand all of the parts and pieces to planning your exit, and to create a workable framework to this process, Don DiLucchio of The Christman Group will offer his experienced insight as a succession planning coach. This session will cover: • Why should you plan your exit? • What should a good exit plan include? • Who should be on your exit advisory team? Successfully planning your exit will pay off greatly by achieving a smooth company leadership transition, obtaining optimal value for all stakeholders, giving the owner peace of mind, and unifying family members. Understanding the exit planning process is the first step. *** BREAKFAST AFFINITY GROUP THURSDAY, AUGUST 25th, 7:30 a.m.-9:00 a.m. Host: T.W.Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, AUGUST 23RD, 11:30 a.m.-1:00 p.m. Host: ENCO MATERIALS *** EMPLOYMENT LIABILITY IN THE FAMILY BUSINESS: PART TWO WEDNESDAY, AUGUST 3RD 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTER: WAVERLY CRENSHAW OF WALLER LANSDEN DORTCH & DAVIS A follow up to June’s presentation, this session will identify proactive and preventive techniques to avoid employment liability. The floor will be opened to you to address any question or concern you may have relating workplace issues. Some of these areas may include: • Unintended age discrimination • Requirements regarding military reemployment • Workplace misconduct including sexual harassment • Alcohol at the company picnic or Christmas party This session is for family business owners who desire to understand some of the issues that can trigger unexpected financial liability, both to the company and personally. HR managers are also welcome. To make a reservation, please reply to Lindsey Trella at 615-460-0151 or ltrella@tnfbc.org Reservation deadline is July 29th. *** NEXT GENERATION AFFINITY GROUP TUESDAY, JULY 26th, 11:30 a.m.-1:00 p.m. Host: Stansell Electric *** BREAKFAST AFFINITY GROUP THURSDAY, July 14th, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, JUNE 28th, 11:30 a.m.-1:00 p.m. Host: T. W. Frierson *** EMPLOYMENT LIABILITY IN THE FAMILY BUSINESS: HOW EXPOSED ARE YOU? THURSDAY, JUNE 23RD 7:45 a.m. – 10:30 a.m. (Continental Breakfast Served) KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTERS: WAVERLY CRENSHAW AND ANDREW NAYLOR OF WALLER LANSDEN DORTCH & DAVIS Last August, the overtime exemption rules of the Fair Labor Standards Act were revised. If you think you’ve got this covered, think again! For example, even if the exempt/non-exempt employee status is clear to you, the employer, you may not have taken the appropriate action to make it clear to your employees, and you could be in for a costly legal battle with the Department of Labor and a civil action by your employees! Our presenters, both legal experts in labor and employment issues, will identify soft spots in your business that make it susceptible to unnecessary legal exposure. There will be a heavy emphasis on state and federal wage payment statutes and regulations. These rules deal with every facet of how your employees are paid, such as who is entitled to overtime compensation, who may earn "comp time," how to compute bonuses, what time is compensable time, and dozens of other important details that, if overlooked, can lead to substantial employer liability. This program will identify proactive and preventive techniques to avoid employment liability. Finally, the floor will be opened to you to address any question or concern you may have relating workplace issues. Some of these areas may include: • Unintended age discrimination • Requirements regarding military reemployment • Workplace misconduct including sexual harassment • Alcohol at the company picnic or Christmas party This session is for family business owners who desire to understand some of the issues that can trigger unexpected financial liability, both to the company and personally. HR managers are also welcome. To make a reservation, please reply to Lindsey Trella at 615-460-0151 or ltrella@tnfbc.org Reservation deadline is June 20th. *** BREAKFAST AFFINITY GROUP THURSDAY, May 26th, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, May 17th, 11:30 a.m.-1:00 p.m. Host: ENCO Materials *** BREAKFAST AFFINITY GROUP THURSDAY, April 28th, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, April 19th, 11:30 a.m.-1:00 p.m. Host: Ghertner & Company *** EFFECTIVE LEADERSHIP IN THE FAMILY BUSINESS TUESDAY, APRIL 5TH 7:45 a.m. – 10:30 a.m. KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTER: DEBRA M. FISH, Ph. D., PEAK ACHIEVEMENT ASSOCIATES Leadership is easily one of the most analyzed, discussed, sought after and ambiguous issues in the business arena. One’s leadership style is affected by a myriad of factors. Personality, ability, company culture, and situational factors are just a few of the influences at play. In the family business, the picture is even more complicated as generation, birth order, and both spoken and unspoken family rules become important influences. Interestingly, the leadership style that worked for the founding generation is not the most effective style for successor generations. Dr. Debra Fish of Peak Achievement Associates will provide fresh insight to help make your family business leadership more effective. We will look at the forces impacting one’s leadership style and explore how to capitalize on those that enhance strengths and minimize those that create liabilities. Finally, we will discuss the unique aspects of family business leadership that just are not covered in most current business models. Whether you are a company leader or a team leader, you will gain benefit from this session. To make a reservation, please reply to Lindsey Trella at 615-460-0151 or ltrella@tnfbc.org Reservation deadline is April 1. *** NEXT GENERATION AFFINITY GROUP TUESDAY, MARCH 29th, 11:30 a.m.-1:00 p.m. Host: Stansell Electric *** BREAKFAST AFFINITY GROUP THURSDAY, MARCH 3, 7:30 a.m.-9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, MARCH 1st, 11:30 a.m. 1:00 p.m. Host: ENCO MATERIALS *** THREE STRATEGIES TO AVOID BIG HIRING MISTAKES THURSDAY, FEBRUARY 10th, 7:45 a.m. to 10:30 a.m. Host: KRAFTCPAS FEATURED PRESENTER: HANK YOST, PRESIDENT OF RESULTS THROUGH PEOPLE Most of us have participated in hiring decisions we later regretted. While hiring mistakes are painful and costly, most organizations haven’t learned how to prevent making those mistakes. This seminar will cover three strategies that will help your organization dramatically improve its hiring success rate and avoid costly hiring mistakes. Hank Yost, president of Results Through People, will share proven strategies that work equally well for Fortune 500 companies and family owned businesses. Hank will also share his thoughts on how to manage underperforming employees, often a difficult issue for family business owners. To borrow a quote Jim Collins, find out what you can do to “get the right people in the right seats on your bus!” Whether you are growing your business and adding new employees, or have determined that your business could benefit from tweaking current personnel, this session will give you insight on how to maximize results through your people! Reservation deadline: February 7th. *** NEXT GENERATION AFFINITY GROUP & BREAKFAST GROUP TUESDAY, FEBRUARY 2, 11:30 a.m. 1:30 p.m. Host: Lane Motor Museum with Jeff Lane *** NEXT GENERATION AFFINITY GROUP THURSDAY, DECEMBER 21st, 11:30 a.m. 1:00 p.m. Host: Ghertner Properties *** AFFINITY GROUP BREAKFAST THURSDAY, DECEMBER 2nd, 7:30 a.m. 9:00 a.m. Host: T.W. Frierson *** NEXT GENERATION AFFINITY GROUP TUESDAY, NOVEMBER 30th, 11:30 a.m. 1:30 p.m. Host: Stansell Electric *** MANAGING ESTATE PLANNING FOR FAMILY BUSINESS OWNERS AND SUCCESSORS TUESDAY, NOVEMBER 16, 8:00 a.m. to 10:30 a.m. Host: KRAFTCPAS 555 GREAT CIRCLE ROAD FEATURED PRESENTERS: DAVID HELLER AND MEL BOND, CFP, CFA A good estate plan, proper preparation of the next generation with a well executed plan for a smooth transition to that next generation, and the necessary funding to pay estate taxes is every family business owner’s dream. How does a business owner make that dream come true? The cold reality is that a great number of family businesses, over 800 in recent years, have failed because of inadequately addressing these three things before a crisis occurred (e.g. founder’s death – expected or not). Talk about lost dreams! Estate planning in the family-owned business encompasses unique challenges. Not only are there considerations for the senior generation pre- and post-retirement, but it is important for the next generation at any stage to secure their futures as well. When transition of ownership occurs, the cycle begins again, and children working in the business will need to review their goals and make necessary adjustments in their own planning. David Heller, an estate planning attorney with Husch & Eppenberger, and Melner R. Bond, a certified financial planner, will offer advice and insight on estate planning for every family business member. This session covers the following: • Senior generation: A review of estate planning for owners pre-retirement and present a timeline / checklist for estate planning tasks and post retirement issues; • Next generation: What you need to have in place while dad/mom is still in control; • Successor generation: Now that you have taken the helm, what do you need to do in your estate planning to secure your family’s future and the future of the business? Spouses are highly encouraged to attend as this information is very important for them as well. *** NEXT GENERATION AFFINITY GROUP THURSDAY, OCTOBER 28th, 11:30 a.m. 1:30 p.m. Host: Enco Materials *** NEXT GENERATION AFFINITY GROUP THURSDAY, SEPTEMBER 30th, 11:30 a.m. 1:30 p.m. Host: Stansell Electric *** BREAKFAST AFFINITY GROUP WEDNESDAY, SEPTEMBER 29th, 7:30 a.m. 9:00 a.m. Host: T. W. Frierson *** HOW FAMILY FIRM SUCCESSORS LEAD CHANGE THURSDAY, SEPTEMBER 23rd, 8:00 a.m. to 11:00 a.m. Host: SUNTRUST BANK at SunTrust Financial Center Drew Mendoza of the Family Business Consulting Group, explores ways to preserve the best of the past while creating a company that is able not only to accept, but to initiate changes. Family businesses that endure over a long period of time are those that do not just learn to respond and adapt to a changing environment. They also learn to take the initiative and create change. If you are the leader of a family business or expect to assume leadership in the near future, your number one challenge? Preserving the best of the past while creating a company that is able not only to accept, but to initiate changes. FEATURED SPEAKER, DREW MENDOZA. managing principal of The Family Business Consulting Group, will present an interactive session exploring these areas: • The ideal transition sequence in a family firm and what to do when your own experience and situation is less than ideal; • Attributes of an effective change leader in the family business; • A framework for creating change; • Roles of the senior generation; • Roles for other shareholders, including those who weren’t selected as the next CEO; • The role of the board; • Succession conspirators who may not support the new CEO, the rationale for their reality, and options for coping with resistant stakeholders; • The pros and cons of waiting for permission, or seeking forgiveness, from the senior generation. As a family business consultant, Mendoza specializes in working with adult sibling and cousin teams of family business owners/managers and larger shareholder groups. He was the founding director of the Loyola University Chicago Family Business Center, recognized as a leading think tank on issues unique to business-owning families. He is co-author of the book Making Sibling Teams Work: The Next Generation. *** AFFINITY GROUP BREAKFAST: ADDRESSING GROWTH & CHANGE ISSUES, PART THREE TUESDAY, SEPTEMBER 1st, 7:30 a.m. 9:00 a.m. Host: T.W. Frierson. *** AFFINITY GROUP BREAKFAST: ADDRESSING GROWTH & CHANGE ISSUES, PART TWO TUESDAY, JULY 27th, 7:30 a.m. 9:00 a.m. Host: T.W. Frierson. *** HEALTHCARE ISSUES IN THE FAMILY BUSINESS TUESDAY, JULY 20th 8:00 a.m.-10:30 a.m. Host: Mass Mutual Financial Group/Capital Financial Group, LLC Unhealthy increases in the cost of healthcare continue to plague the bottom line of today’s business owners. Marketplace volatility adds the headache of shifting product lines that vendors offer, making benefits review time consuming and constant. Do you have a healthcare management strategy? Do you take pro-active steps to achieve your goals? Do you actively evaluate your company’s healthcare coverage and make incremental changes as needed? In the family owned business, addressing benefits issues with employees can be particularly uncomfortable when rising costs force a cost-containing change in the type or amount of benefits coverage offered. Not only do owners want to give their employees good benefits, sometimes it is that benefits package that helps retain key people. Are your benefits competitive with the marketplace? Do you pay more than your fair share of the employee cost? What are your competitors doing with their benefits package? To bring some order to healthcare chaos, TNFBC sponsor David Moore of Capital Benefits Group has invited several guests to discuss current healthcare issues in Tennessee and help you to develop a cost-control strategy for your company. • Jimmy Hersman of Care 125, a leading TPA of Section 125 plans from Dallas, TX will discuss tax-advantaged programs you and your employees can utilize to reduce costs and/or pay for medical expenses and premiums with pre-tax or tax-free dollars. He will talk about the new Health Savings Accounts and how they can impact your health plan and the costs involved, Health Reimbursement Arrangements, Flexible Spending Accounts, and Childcare programs that can save your employees up to 25% on their childcare costs. You can add value to the company, you family and employees by utilizing some simple strategies. • Brian Shipp, President & CEO United Healthcare TN & AK, will discuss topics related to the state of healthcare in Tennessee including: What is causing the large rate increases each of us have experienced in past three years? Will the current trend continue, or is the worst behind us? Association Health Plans: Is this the answer to the small business healthcare crisis? What impact has TennCare had on the commercial market and will those problems continue? Prescriptions, formularies, Canadian imports, price controls, limiting advertising: What can be done to slow down utilization and cost increases? • David Widmer & John Schneider from Colonial Benefits will lead the discussion on the true value of benefits, taxes and other incentives you provide your employees and how to educate them on their entire pay. Additionally they will share ideas how each of you can help manage your employee benefit plans to help control costs while providing a quality level of benefits for your employees. This will include specific ideas you can take back to your companies and incorporate into your plans. This session is for any family business owner wanting tips on how to tailor a plan for your specific company needs: what makes sense, what doesn’t. We’ll discuss how to monitor your plan (find underused benefits and nuisance costs) and maximize results from your healthcare provider to get meaningful, but cost-controlled benefits. *** AFFINITY GROUP BREAKFAST: GROWTH & CHANGE, PART ONE TUESDAY, JUNE 29th, 7:30 a.m to 9:00 a.m. Host: T.W. Frierson. *** COMPENSATION STRUCTURE: MAKING FAMILY PAY FAIR TUESDAY, MAY 18th 8:00 a.m. - 11:00 a.m. HOST: SUNTRUST FINANCIAL CENTER A good compensation plan in a family-owned business should be grounded in the company’s core business philosophy and reflect its principles, goals and values. One of the challenges for family business owners is to work through the hot spots, or triggers, that often cause compensation troubles. Some of these situations include: • Entry of other children into the business (I want to treat my children equally.) • Having shareholders for the first time who do not work in the business (Why does Bill get a big bonus?) • Hiring non-family key management (We’ve never paid anybody market rate!) • Owner retirement (What kind of paycheck am I going to need?) • Employee expectations of annual pay raises without consideration for profits, (Should we tie pay to company performance?) FEATURED SPEAKER STEPHEN L. MCCLURE, PH.D. A principal of The Family Business Consulting Group, Steve will present an interactive session with real life case studies that will help you to develop a compensation framework to optimize consistency in addressing tough issues, making management run smoother and with less conflict. You will learn the steps in building a fair compensation plan. You will have an opportunity to examine your company’s compensation philosophy and receive input on pitfalls that may be looming! Steve will provide workable answers to your compensation questions. *** THE INGRAM FAMILY BUSINESSES, AN INTIMATE PORTRAIT THURSDAY, MARCH 25, 7:47 a.m. - 10:30 a.m. KRAFT CPAs, 555 GREAT CIRCLE ROAD A presentation and discussion of the challenges faced and strategies chosen in guiding a collection of leading U.S. companies, featuring John R. Ingram, chairman of Ingram Distribution Holdings. For more information contact: Lindsey S. Trella, Executive Director P. O. Box 121085 Nashville, Tennessee 37212 615-460-0151 ltrella@tnfbc.org