On previous shows, we have touched upon the topic of Estate Planning.  The topic has proven to be of great interest to our audience, so on Thursday May 20th we will tackle the topic in great depth. 

Our guest, Lisa Glauber Shippel will provide insight on the current estate tax landscape—where uncertainty still reigns. She will also discuss how to tackle some of the more complex estate planning issues that are unique to family-business owners, especially when siblings have different levels of involvement in the family-business.

As always, we promise the show will be informative as we explore this vital topic.

Our Guest:

Lisa Glauber Shippel

Since 1994 , Lisa Glauber Shippel has represented sellers, builders, developers, purchasers and lenders in thousands of residential and commercial real estate transactions. She has experience in handling zoning matters in the City of Alpharetta, the City of Roswell and Fulton County, Georgia. A large part of her practice is devoted to Estate Planning and Probate. She drafts estate planning documents including wills, trusts, and family limited partnerships. She also administers and probates estates of all sizes. Her business practice includes the set up of new businesses including corporations, limited liability companies and partnerships. 

She assists clients in the sale or acquisition of businesses. Lisa is also a Certified Mediator in the State of Georgia. Lisa provides private and court appointed mediation services to assist parties in resolving legal matters and disputes. She acts as a neutral to help the parties involved come to a resolution controlled by them. By avoiding litigation, the parties will also save time and money associated with litigation. Mediation services are available after normal business hours and on weekends to further assist clients in resolving their matters efficiently.

Lisa obtained her Bachelor of Science in Journalism from the University of Maryland in 1991 and her Juris Doctor from New York Law School in 1994. North Fulton County has been her home since 1994 and she joined the firm that same year. She is active in the community and with her children’s schools and activities in Alpharetta. She was a founding member of and currently sits on the Board of the Alpharetta High School Foundation.

Lisa Glauber Shippel, Esq. , Rolader &  Shippel, P.C., P.O. Box 1357, Roswell, GA 30077, Phone: 770.442.0330, Fax: 770.442.0641, Lisa@RoladerandShippel.com, www.roladerandshippel.com

Sunset Family Business Radio

Recap: Maxine Burton of burton + BURTON™ - A Total Family Approach to Building a Successful Business

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On Thursday, May 13th, hosts Meredith Moore and Pat Romboletti were honored to welcome Maxine Burton, president and founder of burton + BURTON™, a family-owned and -operated business since 1982 based in Bogart, Georgia that is one of the largest suppliers of balloons and coordinating gift products in the world.  With husband Bob serving as CEO and with son and daughter working in the business, Maxine’s company offers more than 15,000 products including latex and foil balloons, ribbon, floral supplies, plush ceramics and baskets.

burton + BURTON™ is imbued with family. It is the essential characteristic of its corporate culture. “The business is important because it supports us, but family is the main thing,” said Maxine. Very early, she realized that since her customers were mostly family-owned businesses, they liked knowing her family. So her children often traveled to gift shows with her and Bob. Now her two grandchildren do. The children greet customers at parties and hand out cookies to them. Their pictures appear in catalogues and they inspire product design. And not to be out-done by the younger generations, her mother still works at the company—arriving every morning at 6:00!

This total family approach permeates the relationship with employees. “I want to know all my employees and their families,” Maxine said. “We like to say that we work hard and play hard.” She is a big proponent of in-house wellness programs, like high-blood pressure checks and mammograms. burton + BURTON™ also has had an in-house beauty salon since 1987. “It’s important for our employees to feel beautiful. They’re on the front lines—the clients are not only talking to me. Besides, any company can have a product. Our people are actually the number one thing we’re selling,” she said.

Because of Maxine’s collegiate background preparing to be a teacher, she is a big believer in education, even to the point of developing a Balloon University held each July at the Atlanta, Dallas and Chicago gift markets. “It’s where we educate our customers on how to use our products. We also hold business and design classes. It makes sense to us because we need our clients to be profitable. I see it as a big circle,” Maxine explained.

During the current recession, burton + BURTON™ had to make changes, like every other business. “We had to do more with less,” she said. “But we do see the recession coming to an end. We had tremendous January shows, especially compared to last year.” One tactic Maxine pursued throughout the downturn, though, was to continue to develop new products. “Our customers want to see what’s new, regardless of the economic climate,” she said.

There is so much more to the story—from philanthropy to the story of how Maxine and her company dedicate themselves to continuously designing new and exciting products.  So please download the hour-long discussion.  We are certain Maxine’s enthusiasm for her business, her family, her employees and her customers and her commitment to her community will inspire you.

Maxine Burton, President and Founder, burton + BURTON™, 325 Cleveland Rd., Bogart, GA    706-548-1588

On our May 13th broadcast, we are honored to welcome Maxine Burton, President and Founder of burton + BURTON ^TM,   a family owned and operated business based in Bogart, Georgia.  If you have ever purchased or received a latex or foil balloon—you have probably touched one of her products.

Maxine will share the story of launching her business in 1982 under the name of Flowers, Inc. Balloons.  Along the way from those very first days to building a business that is today one of the largest suppliers of balloons and coordinating gift products in the world, Maxine has also managed to raise a family, travel the globe, participate in her community and create a business where people love to work and where three generations of a family come together to build this thriving (and still growing) business.

A 2008 recipient of the Georgia Family Business of the Year Award, Large Category, burton + BURTON ^TM,  employs over 300 people—-all considered an extension of the Burton family.

Her company offers over 15,000 products including latex and foil balloons, ribbon, floral supplies, plush ceramics, and baskets. Maxine’s husband, Bob serves as CEO and her mother, son and daughter all work along side her to ensure their customers have—“the TOTAL gift Experience.”

You won’t want to miss a minute of this Bogart, Georgia and family business success story.  As always—there will be great insights as we feature this newest member of our Family Business Radio community.

Our Guest:

Since 1982, as president and founder of Flowers, Inc. Balloons, Maxine Burton has established her company as a leader in the balloon and gift industry.  Maxine earned a Bachelor of Science in Education and a Master of Education from the University of Georgia, where she was a member of Alpha Xi Delta sorority.  Se has continued her education at Harvard Business School, taking executive courses in 1998 and 2001.  Maxine has received numerous local and national awards recognizing her as a leader in her industry and for her service to her community, including the William E. “Billy” Hudson Distinguished Citizen Award, NE Georgia Council of the Boy Scouts of America in 2008, The Leading Woman Entrepreneurs of the World by The Star Group and Outstanding Georgia Citizen by Secretary of State Cathy Cox to name only a few.

Current Boards/Activities include:  Women’s Leadership Board of Harvard, Business School, University of Georgia Arch Foundation Trustee and Board Member, Georgia Ports Authority Board, St. Mary’s Foundation Board, First American Bank Board, One Georgia-Bank-Founding Board Member, Development Authority Athens –Clarke Country Board, Member of the Committee of 200, Member of Society of International Business Fellows, Leadership Athens and Leadership Georgia.

Maxine Burton, President and Founder, burton + BURTON™, 325 Cleveland Rd., Bogart, GA    706-548-1588 or 800-241-2094

Sunset Family Business Radio

Recap: Exit Strategy Secrets that Build Value

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Continuing Family Business Radio’s record of on-point topics for family-owned businesses,  Mark Dayman of Cap-Val LLC joined hosts Pat Romboletti and Meredith Moore on Thursday, May 6th to discuss exit strategies and company valuations.

From his perspective of working for a national appraisal-litigation support-exit strategy firm, Mark shared the good news that many deals are still being done today, albeit often in distress situations. “Buyers are looking for the low-hanging fruit,” he acknowledged. So now is a great time to make sure you don’t end up in that situation and instead come up with your personalized exit strategy. For family-owned businesses, “…the real objective is to build value over time,” he pointed out.

According to Mark, there are three main ways to build value:

• Identify your “value worlds,” that is, the people or entities that will most likely buy your company, and then plan accordingly. For instance, if you plan to sell to family members, you will probably use fair market value, which is one of the lowest standards of value. At the other end of the spectrum, you might seek a strategic transaction (targeting a business concern that sees the value of your company and prefers to buy a going concern rather than build a similar company from scratch). Other value worlds include management buy-outs and employee stock ownership programs (ESOPs).
• Enhance your company’s ability to produce income. Many owners think the first way to improve cash flow is to reduce expenses. And while it’s certainly important, a better way, according to Mark, is to work on the top line—ask and answer the fundamental question, “What are we selling to whom and at what price?” Another practical way is to clean up the P&L. For example, take out the personal luxuries, such as lake houses and boats. “Don’t operate as an incorporated personal checkbook,” Mark said.
• Reduce the risk in your business. Simply put, the higher the risk, the lower the value. There are many factors that will reduce risk, but one very important way is to create transparency by making yourself obsolete. (Swallow hard, entrepreneurs.) Buyers want to know, want to see, that the business they’re buying will survive once the founder is gone.

We took an interesting turn in the discussion about risk. In general, large businesses are perceived as less risky than small businesses. Mark said there are several reasons for this assumption. For one, it is presumed that large companies control their markets better. Also, they are perceived as having greater control over their production and distribution. Additionally, it is assumed that a large company has its second layer of management in place and therefore its existence is not dependent on one person.

Good news for small/smaller companies! You can address these issues, in the appropriate scale and ratio for the size of your business, thus building value and being competitive with the big guys. Start with a business plan. Set up a Plan B. Clean up your problems, especially any litigation. All things within the grasp of any business of any size.

Mark also discussed the team of trusted advisors best suited for developing an exit strategy action plan. No surprise to see a CPA and attorney. But he pointed out that a good financial planner—for both the company and your personal matters—is a good idea. Also a coach for key executives is often helpful. Finally—”Sometimes it’s not the owner’s best friends. You need right answers, not easy answers,” he said.

This illuminating conversation is available in its entirety as a download. You will appreciate Mark’s straight talk and insightful observations. Including his encouragement that now is a great time to plan an exit strategy. “The bad economy is forcing you to run your business more efficiently than ever and there’s money available for good value,” he said. “Take control.”

Mark A. Dayman, CPA/ABV/CFF, CVA, CapVal-American Business Appraisers, LLC,  The McLean Group LLC Investment Bankers  , 3525 Piedmont Rd  BLDG 7  STE 300, Atlanta, GA  30305, Telephone: 678-662-6478, mdayman@capval-llc.com

If the adage is true that knowledge is power (and we think it is)—we can guarantee you will walk away empowered by our May 6^th broadcast.

A few weeks ago Ray Pagano and Gary Anderson told a story about a very happy ending to Ray’s exit strategy for his family-business.  But that is not always the case.  Especially not in this economy—-but the picture is not as bleak as you might imagine.

Our guest on Thursday, Mark Dayman of Cap-Val LLC, will share his expertise as we discuss how to develop multiple exit strategy options.  With his guidance, you will learn how to have more control of your exit, will better understand the factors that drive value and price, and will learn how to reduce your risk—all from the perspective of a business valuation expert.

Listen live at 1:00pm on Thursday May 6th–or if you can’t be with us then–you will be able to download the full broadcast  on this site after the show airs.

Mark is a Partner in the Atlanta office of CapVal – American Business Appraisers, LLC, and a Managing Director of The McLean Group, LLC Investment Bankers.    For many years he was the Managing Shareholder of Dayman Lurie & Goldsbury (DLG), a New England affiliate of BDO Seidman LP.  Mark has over 30 years of experience in enterprise appraisals and pricing, capital formation, franchising, and transactions.

Mark’s appraisal experience focuses on exit strategies and enterprise pricing, estates and trusts, and Fair Value.  He also uses these skills in litigation support and forensics, and he is a qualified expert in litigation matters in Federal, Bankruptcy and various state courts.  Mark is Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) by the American Institute of Certified Public Accountants, and is a Certified Valuation Analyst (CVA) accredited by the National Association of Certified Valuation Analysts.  Mark is also a member of the American Society of Appraisers, the Institute of Business Appraisers, and the Vermont and Georgia Societies of CPAs.

In his capacity as a licensed investment banker, Mark has worked on transactions involving the sale of businesses in a number of industries with prices as high as $135 million.  His capital formation skills also extend to various forms of debt, as well as the use of franchising to form capital.  He holds Series 62 and 63 securities licenses.

A graduate of the University of Vermont, Mark is a frequent guest speaker to various user groups on matters of value, pricing, value enhancement, exit strategy, M&A, and franchising.  While speaking venues often include related professional associations and bar associations, he is increasingly asked to speak at franchisor corporate events and annual franchise conferences to help focus attention on franchisee exit strategies to preserve continuity in brands.  Mark is a member of the Board of Directors of the Southeast Franchise Association.

Mark A. Dayman, CPA/ABV/CFF, CVA, CapVal-American Business Appraisers, LLC, The McLean Group LLC Investment Bankers, 3525 Piedmont Rd  BLDG 7  STE 300   Atlanta, GA  30305  Telephone: 678-431-0775  Email: mdayman@capval-llc.com

Sunset Family Business Radio

Recap: Taking Your Family Business Global

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On Thursday, April Family Business Radio hosts Meredith Moore and Pat Romboletti were happy to welcome this week’s guests—Erick Papp, international executive for 28 years, and Richard Bennett, business and corporate law attorney with Kitchens Kelley Gaynes, PC.

The big take-away from this week’s discussion was that the seemingly treacherous waters of global business begins and ends with one’s own assumptions about the way things should be. Before venturing onto the global stage, you really need to be open to different, sometimes radically different, perspectives.

This insight first emerged when Erick talked about his stint in Ecuador as the manager of a banana plantation. In this capacity, he was actually responsible for a broad range of duties, across all functions, so that he was, in fact, fulfilling the role of what we would call in the States a CEO/COO. As Richard quickly pointed out, in different countries, titles mean different things, something that is true of a whole host of concepts. It is the wise business owner who scopes out as many of these differences as possible—and continues to stay alert to learning the local customs along the way.

Erick and Richard also discussed tax issues as relates to international business. Erick began by pointing out the big similarity—that is, all governments try to take as much money in taxes as they can. Sad, but true, across all cultures and countries. From there, though, taxation morphs into a thousand variations. For instance, in Ecuador, a manager is personally and legally liable for any discrepancies in the company’s taxes. Also, taxes are paid in advance in Ecuador.

Between the two of them, our guests developed a quick list of questions for business owners to address—before opening shop outside the U.S.:

• Does it make sense to expand internationally?

• If so, how is the best way to accomplish that?

• Should the expansion be done in large leaps or baby steps?

• What is the best way to structure the international business—as a subsidiary, joint venture, co-owned subsidiary, etc.? Is local ownership required?

• Who are the trusted advisors, both domestic and international, that are needed to help with the expansion?

As always, the complete podcast, including tips from our pros, is available as a download. Please take advantage of our guests’ expertise and knowledge in this exciting area of international trade and manufacturing. Especially as relates to this last bit of wisdom: The behavior of people in another culture may not—probably won’t—conform to your expectations.

Erick Papp, Telephone:  678-446-2055  Email:  egpapps@gmail.com

Richard Bennett, Attorney at Law, Kitchens Kelly Gaynes, P.C. – Telephone: 404-364-6630  Email: rbennett@kkgpc.com

Running a family business in the United States has its challenges, but things get very interesting when you also have family holdings and business entities outside of our borders.  There are many things to think about, from understanding the culture and customs to making sure that you have good financial and legal advisors who understand the laws and regulations where you are operating.

Our guests today both know this topic well and will be able to share valuable insights that can help you avoid costly mistakes if you decide that it’s time to take your family business global.

OUR GUESTS:  Eric Papp and Richard Bennett

Erick Papp is a Senior Executive with broad international management and operational skills. He has over twenty years experience running family owned businesses with full P&L and general management responsibilities.  He has led acquisitions, turnarounds, mergers, joint ventures and start-ups in a broad bandwidth of industries.  He has been directly involved in all the stages of growth and development of family owned businesses.  He has a proven track record of driving profitability through productivity, revenue increases and cost control.   As CEO of several organizations he has developed proactive working relationships with owners, board members, lenders, customers, vendors, and other personnel critical to overcoming the challenges particular to family owned businesses operating in the global market.

Born in Honduras, Erick lived half of his growing years in the Philippines and the United States.  He graduated from high school in Germantown, Tennessee. In 1981, after graduating from the Georgia Institute of Technology with a Bachelor of Civil Engineering he moved to Ecuador.  He began his professional career as a civil engineer in the petroleum industry.  Later he became an executive holding various management positions in multiple industries. Erick’s approach to diversity in the workplace and the global market has been positively influenced by his exposure to diverse cultures and environments.  He is fluent in English and Spanish.

Last year, in what has been his most daunting endeavor yet, he moved with his wife Sandra and their three sons to the United States.  He currently calls Alpharetta, Georgia home.

Erick Papp, Telephone: 678-446-2055 Email: egpapps@gmail.com

Richard H. Bennett is a shareholder with the law firm of Kitchens Kelley Gaynes, P.C., in Atlanta, Georgia. He joined the firm in 1998, and he practices primarily in the areas of corporate law, business transactions, and estate planning.

Mr. Bennett has lectured on the topics of business start-ups, business strategies, restrictive covenants, LLC operating agreements, Wills, and family limited partnerships. He is a member of State Bar of Georgia (Technology Section), the American Bar Association (Business Law Section; Real Property, Probate and Trust Section), and the Atlanta Bar Association.

Mr. Bennett earned his J.D. degree, cum laude, from the University of Georgia, his M.B.A. degree from the University of Georgia, and his B.A. degree from Emory University.

Richard H. Bennett, Attorney at Law, Kitchens Kelley Gaynes, P.C. – Telephone: 404-364-6630 Email: rbennett@kkgpc.com

Sunset Family Business Radio

Recap: How One Family-Business Owner Maximized the Multiples With the Help of Trusted Advisors

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Now that Family Business Radio has broadcast nearly a dozen interviews (all available for download here), one undeniable fact has emerged from our weekly conversations: there is no one personality type that goes out, starts a business and makes a success of it. This observation holds up as hosts Meredith Moore and Pat Romboletti welcome this week’s guests—Ray Pagano, founder of VideoAlarm, who sold his 33-year-old business in 2009 to a Fortune 100 company and Gary Anderson, who currently serves as Chair for three executive groups with Vistage, the world’s foremost CEO leadership organization.

Ray followed his own individualistic and thoughtful route to entrepreneurial achievement. Along the way, he gives credit to a host of people for helping him make his dream come true, including Gary, who advised Ray in the sell process, a journey that took many twists and turns, much planning and preparation.

VideoAlarm experienced slow early growth. (In fact, it sounded like during those early days, the most valuable employee was the shop dog!) The company was developing new technology and Ray ran into his share of nay-sayers. But “I didn’t know enough and being stubborn, I carried on,” he said.

Over time, the business flourished. When it became evident that no family members were going to take over the business, Ray turned to Vistage for personal and professional connections, outlets and advice. “They were an amazing help to the company and to me,” he said.

From his vantage point, Gary has seen the ups and downs, overs and unders of family-owned businesses, CEOs and key employees. He cited the four cycles of the typical family business:

• Blunder. Where the founder stumbles along, trying to figure out what’s next.

• Wonder. When you have a steady stream of months when you make the payroll (wow!), when you get your first line of credit (wow!).

• Thunder. The years where the company gains real traction, the years of making money and having fun.

• Plunder. This is the point when the entrepreneur is less willing to take risk, when the pilot light of the company gets dim or goes out altogether. Gary said, “This is the point where you need to re-calibrate or sell.”

Gary also pointed out that it’s an important step for the founder/entrepreneur to move from quarterback to coach and it usually happens “when 24 hours is just not enough time to get everything done.” He encourages his clients to delegate, to quit measuring employees’ behavior and instead focus on outcome. He tells them, “People will do things differently than you, but if a project gets done, is on time and on budget—then that’s OK.”

Once Ray made the decision to sell VideoAlarm, a fascinating seven-year story started to unfold. Upon the advice of his Vistage group, Ray issued phantom stock to his employees, telling them that the company was worth X and if they stayed with him and stayed productive, then they would get any appreciation from then until the time that the business sold. Additionally, he started monthly meetings with employees to educate them on the balance sheet and other aspects of ownership. And he initiated an outreach to the families of employees, sending out newsletters and hosting product demonstrations for them. In other words, he took serious steps to get serious buy-in.

Next came the ramp-up. Once again, Ray heeded the wisdom of trusted advisors. He gathered his supervisors at a three-day, off-site conference to develop the next steps for the company. The employees also got to air their grievances. “I really took a beating. A lot of hidden agendas got flushed out,” he confessed. But in the end, they walked out with 30 projects to be implemented and managed by the employees—not by Ray. It took five years, but the company grew and thrived. Ray said, “It was an amazing transformation from the first meeting to the end of that five-year period.”

When it came time to actively start looking for buyers, Ray was coached by his Vistage group to avoid getting caught up in the fever of the hunt. They urged him to stay focused on growing the business. “They pointed out that buyers actually want you to get distracted by the sell process because, if your business falls off, then they can get a better price,” Ray said.

By this time, the economy had crashed, but still VideoAlarm was able to get the deal done. The day before he signed the papers, Ray called his employees together and held up that long-ago phantom stock certificate—“do you remember this?” Needless to say, he made some people very happy that day. (One assembly-line employee used her bonus money to build a home for her mother in Mexico.) “It was a good way to do it,” Ray said modestly, “They helped me attain my dream for all those years, so they deserved it.”

Gary concluded by recommending a book that closely parallels Ray’s approach, “The Great Game of Business” by Jack Stack.

Please download our podcast and get the hour-long discussion with Ray and Gary. You are guaranteed to have plenty of “Aha!” and “Why didn’t I think if that?” moments. As Gary so succinctly put it, “One of us isn’t as smart as all of us.”

Gary Anderson, Master Chair, Vistage – Telephone: 404-520-0069 Email: gary.anderson@vistage.com

Ray Pagano, Founder, VideoAlarm

In an earlier broadcast (see archives for February 25th) our guest emphasized the importance of planning and preparing long before the time that you decide to sell your business.  Our guests on Thursday, April 22nd will tell a story that attests to the wisdom of that advice.

When Ray Pagano, Founder, VideoAlarm, decided that it was time to sell the family-business that he launched in 1976, he put a number of steps in motion to ensure that it would be a successful sale.  He also made sure that his loyal employees who had helped him grow the business benefited from the sale.

One of the first steps Ray took was to turn to Gary Anderson, Chair of Vistage International.  Gary had served as Ray’s trusted advisor through the Vistage, the worlds foremost CEO leadership organization.  With Gary’s guidance, Ray’s passion for doing the right thing, and with the help of other trusted advisors, Ray sold his business in 2009 to a Fortune 100 company (who says there are no deals being done).

You will hear all the highlights at 1:00pm tomorrow, and we guarantee you that Gary and Ray will share insights that you can use the minute the show ends.  We look forward to sharing this hour with you.

Our Guests

Gary Anderson’s earlier career includes senior-level positions with IBM, Honeywell, Coopers & Lybrand and Fulton Federal Savings & Loan. I founded and managed (for 17 years) Anderson & Watson, an executive search firm.

He currently serves as Chair for three Vistage groups—two Chief Executive groups and one Key Executive group.  Gary has the designation of Vistage “Master Chair”—marking a record of distinction in service to Vistage members.

Members of my groups are leaders in a wide array of industries, including engineering, consulting, banking, insurance, law, accounting, construction, building materials, fencing, printing, process automation, restaurants, psychology, landscape design, bus and car dealerships, software, HVAC, office furniture, surveillance camera manufacturing and warehousing.

Gary Anderson, Vistage International, Telephone: 404-520-0069

Ray Pagano was raised in New York City and received a BS degree from Eastern Kentucky University.  In 1974 he settled in Atlanta with his family and after a failed partnership started his own business in 1976 manufacturing an outdoor surveillance camera housing which he had patented.

During the next 33 years, Videolarm Inc. grew under his leadership with manufacturing facilities in the US and China.  Since no member of his family had an interest in Videolarm, Ray began planning to sell the company.  After 7 years of carefully executing his exit strategy, he successfully sold the business in 2009.  He has already started to write the next chapter of his entrepreneurial life as he builds a new business that incorporates his love for boating (listen to our show to learn more about Ray’s next venture).

Ray Pagano, Founder, Videoalarm, Inc.