On May 23 the Family Business Legacy Institute united with the UW Family Business Center to host a Family Business Retreat at Millford Hills in Jefferson. The half day program began with a breakfast and networking and then featured four break-out sessions.
Valerie Laufenberg from Profit Enhancement Solutions spoke in on “Profitable Growth in a Competitive Market.” She talked about the 80/20 principle which has proven businesses get 80 percent of their revenue from 20 percent of their clients. Therefore Valerie argues that this 20 percent of clients deserve to be treated differently. She also provided a road map for making your business more profitable by trying to achieve the following milestones: 1. Simplifying, 2. Segmenting and Aligning, 3. Strategizing, 4. Manufacturing Growth, 5. Driving Efficiency, and 6. Facilitating Accountability.
Dan Rashke from TASC spoking on “Approaching Innovation: Where Do I start?” He provided insights on how businesses of different sizes need to approach and manage the tolerance levels for innovation differently. He talked about how to maintain an entrepreneurial spirit while bringing your leadership and stakeholders on board for growth.
Sarah Reddin from Ascension talked about the importance of spiritual wellness and self-care in a presentation entitled, “You Can’t Pour from an Empty Cup.” She provided meditation techniques, tools to help clear the mind, and Mindfulness recommendations to help each person with their stress management, work-life balance and holistic self-care.
Matt Schefchik and Mike Noack of the QTI Group spoke on “Fresh Perspectives from Non-Family Executives: Hiring Outside the Family.” They talked about the advantages and disadvantages to hiring non-family business executives and how to attract candidates that will be a good cultural fit. They also addressed how to create compensation packages as well as motivation and retention factors to help non-family members non only assimilate into the family business but thrive in the business.
The event concluded with some members from the organizations taking advantage of the location of the event and going out to enjoy some clay shooting.