2019 Family Business Retreat with Wisconsin School of Business Family Business Center

On May 21, Family Business Leadership Partners and the Wisconsin School of Business Family Business Center united for a second year to host a half-day Family Retreat in Oconomowoc. The event  featured four breakout sessions, a networking lunch, and a panel discussion with the Shully family from Shully’s Cuisine and Events.

Breakout sessions included:

Cathy Durham, the President of Capital Valuation Group talking about “The Story behind the Numbers: Understanding Business Valuation.” Cathy’s seminar included information for business owners to determine if their business is transferable, why every business has more than one value, and what really matters when valuing a privately owned company. She expressed how the devil is really in the details when determining a business’s value, and that you have to take many factors into account including risk factors. But in the end, if you know the value of your company and can truly justify it a potential buyer should be content to pay the price.

Dawn Adams, President of HResults, did a presentation on “Holding Other Accountable.” She provided techniques to help you hold yourself and others in your organization accountable in a professional and appropriate manner so that you can have the ultimate impact on your organization. Dawn talked about using the LIFT model when asking yourself or other why progress is being made. L – Listen for obstacles (what is getting in the way?) I- Identifying obstacles that can be affected (Which are the greatest?) F- Facilitate solving the problem (What else can you do?) T- Test – What action are you going to take? And by when?

Tracy Nelson, VP of Learning & Development Center for Professional and Executive Development of Payroll Data Services, Inc. talked about “The Leadership Advantage: Proven Practices for Create Next Gen Leaders through Coaching and Mentoring.” She covered the benefits of coaching and mentoring and how it can really help to develop the next generation. Tracy also covered the attributes of an effective mentor/coach, and what mentors/coaches should expect from mentees. She concluded by providing some helpful questions to maximize coaching and a leadership development plan.

Dr.Eric Weiner, Founder of Family Legacy Advisors presented on “Leaving Lasting Legacies.” He introduced the concept of using an Ethical Will as a way to define and add meaning to your legacy for subsequent generations.

At lunchtime, participants were able to sit at tables with the break out presenters and ask further questions about their areas of expertise.

The event concluded with a panel discussion led by Dr. David Borst with the family members of Shully’s Cuisine and events. It was a candid conversation about determining each family member’s value, determining a selling price from one generation to another, really empowering each family member to excel in their position.

Thanks to everyone who participated in this worthwhile event.