Transitions East 2014, which took place March 26-28 at the Grand Hyatt Tampa Bay in Tampa, Fla., drew a record 281 attendees. Eighty-eight families were represented at the conference, which was presented by Family Business Magazine and Stetson University’s Family Enterprise Center. The conference theme was “Leading the Business and the Family: Succession, Governance and Legacy.”
Family business basics and recent trends
An optional pre-conference session, “Transitions 101,” introduced participants to basic family business concepts and best practices. Family Business Magazine’s editor-in-chief, Barbara Spector, provided an overview of why family business members come to Transitions. Peter Begalla of Stetson University and Dennis Jaffe of Saybrook University then offered some thoughts to help attendees structure their thinking during and after the conference. David Shaw, publishing director of Family Business, offered tips on how to get the most out of the conference.
Transitions East 2014 officially opened with a brief discussion by Family Business editor Barbara Spector and Stetson University Professor Greg McCann on recent developments in the fields of family business research and consulting.
The first panel discussion of the conference focused on family enterprise succession. Stan Sheetz, chairman of Sheetz Inc.; John Kittle, vice chairman of Kittle’s Home Furnishings; and Steven W. and Robert J. High, respectively chairman and president of H.J. High Construction, spoke about their family companies’ challenges and successes in transitioning to the next generation. The panel moderator was Martin G. Janowiecki of PwC. A welcome reception followed the panel presentation.
Non-family leadership
Keynote speaker Chris Herschend, vice chairman of Herschend Family Entertainment, kicked off a full day of conference sessions on Thursday, March 27 with an address entitled “Beyond ‘Agent’ of the Family: How Non-Family Leadership Helps Your Family Thrive.” Herschend’s remarks were followed by a panel conversation focusing on non-family executives and board members in the family business. Two pairs of family and non-family executives, both from Grand Rapids, Mich., served as panelists: Hank Meijer, and Mark Murray, co-CEOs of Meijer Inc.; and Tim Schad and Robert Bockheim, respectively the family chairman and CEO and the non-family president of Nucraft. Stephanie Brun de Pontet of the Family Business Consulting Group moderated the panel discussion.
Leading the family
Family councils, family foundations and family meetings were the subject of the next panel conversation. Panelists were Mary Schmid Daugherty, a board member of Crescent Electric Supply Co. and an associate professor at the University of St. Thomas; John Neretlis, property manager of Rowntree Enterprises; and Andrew D. Pitcairn, chair of the Pitcairn Family Council. Moderating the discussion was Rhona E. Vogel, CEO and founder of Vogel Consulting.
After lunch, attendees participated in breakout sessions that emphasized the unique family and business governance challenges faced by different generations of family leadership. Justin Zamparelli of Withers Bergman LLP and Doug Pugliese and Sue West of SEI Private Wealth Management facilitated sessions geared toward the founder and second generations. Dirk Jungé of Pitcairn and Professor Lloyd Shefsky of Northwestern University’s Kellogg School of Management facilitated sessions for those in the third generation. Marianne Mihalidis of the Family Office Exchange and Susan Mucciarone and Michael James of Glenmede facilitated sessions for attendees representing the fourth or subsequent generations.
Next, Arne Boudewyn of Abbot Downing moderated a panel conversation on key family documents, such as family constitutions, mission and values statements, shareholder agreements and family policies. Serving on the panel were Bruce Lemire-Elmore, a director of Port Blakely Companies; Alicia Clemens, a member of the Owners’ Advisory Council of the Clemens Family Corporation; and Marc Wittwer, COO of Boulevard Home Furnishings. Sample family documents were shared and discussed with attendees.
A second set of breakout sessions followed. Attendees chose from a variety of hot family business topics: “Teaching Financial Literacy to the Next Generation” (facilitated by Anna Nichols of Altair Advisers LLC), “Married-Ins: Creating Effective Intra-Family Communications” (facilitated by Greg McCann of Stetson University), “Family Dynamics: Managing Emotional and Sensitive Family Issues” (facilitated by Thomas J. Pauloski of Bernstein Global Wealth Management), “Wealth Management: Value Creation and Value Preservation” (facilitated by Susan Mucciarone and Michael James of Glenmede), “Trusts & Ownership: Setting Ownership Structures in Motion Now” (facilitated by F. Douglas Raymond III of Drinker Biddle & Reath LLP), “Tax and Estate: Tax Issues for Families and Family Businesses” (facilitated by Allison Shipley of PwC), “Next-Generation Roundtable: Making Meaningful Contributions to the Family and the Business” (facilitated by Arne Boudewyn of Abbot Downing) and “Prenuptial Agreements” (facilitated by Mark E. Haranzo of Withers Bergman LLP).
Optional sessions, including one-to-one meetings with a member of another attending family and group conversations on topics of mutual interest, followed the afternoon breakout sessions.
Dinner on Thursday evening was held at Ceviche Tapas Bar and Restaurant. Joseph Orsino, CEO of the family-owned restaurant, addressed Transitions East attendees before the meal.
Legacy and human capital
Friday, March 28 opened with a panel discussion on “Leveraging the Family Business Brand, Legacy and Human Capital,” moderated by Bryant W. Seaman III of Bessemer Trust. Panelists Kyle York, chief revenue officer of Dyn and a member of the family that owns Indian Head Athletics; Wendy Yuengling Baker, chief administrative officer of D.G. Yuengling & Son Inc.; and Wanda S. Ortwine, chief family officer of Luck Companies, discussed how family firms can leverage their brands and human capital to grow the current business, and leverage capital and legacy to create new businesses.
A subsequent panel discussed what next-generation members need from the family business in order to become major contributors. Speakers were Alex Schwan of the Schwan Companies; Erica Boyle, vice president, administration, at the Complete Logistics Company; William J. Barrett of Menasha Corporation; and Will Hollis of Hollis & Sons. Nancy Drozdow of CFAR moderated.
Campbell Brown, vice president and director, Midwest Division, at Brown-Forman, delivered Transitions East 2014’s closing keynote address. Brown’s talk was entitled “Building Family Engagement Through Strong Governance.”
Transitions East 2014’s Platinum sponsor was PwC. Gold sponsors were Bessemer Trust, Abbot Downing and Vogel Consulting. Silver sponsors were the Family Business Consuling Group, Glenmede, CFAR and Bernstein Global Wealth Management. Bronze sponsors were Withers Bergman LLP, SEI Private Wealth Management, Altair Advisers LLC, Drinker Biddle & Reath LLP, the Center for Family Enterprises at Northwestern University’s Kellogg School of Management and the Family Office Exchange.
Transitions West 2014 will take place November 12-14 at the Ritz Carlton Marina del Rey. For information, see www.familybusinessmagazine.com/transitions.
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