Page 11 - NECO News

Wayne Rivers, President of The Family Business Institute
EMPHASIS ON EDUCATION
Education was strongly emphasized and there were several training sessions that went on throughout the show. Wayne Rivers, President of The Family Business Institute hosted one of the sessions. Wayne is a well known author who has written many books and articles on the subject of family businesses and is a Wall Street Journal expert panelist. Wayne’s presentation focused on planning for the future of your business. It is esti- mated that 75 of NECO member companies are family owned. More than 80% of family businesses are still controlled by their founders and about a third of these companies have a chief executive that is 60+ years old. Up to 70% expect a leadership change in the next 10 years. These statistics are sobering and Wayne’s message of careful and deliberate planning was well received. Topics discussed included defining objectives, business valua- tion, family conflict, estate planning, wealth transfer, tax strategies and leadership development.
The NECO group is committed to helping its members navigate this process. We are beginning a program called “Transitions” addressing these many issues. Stay tuned for details.
Attorney Ken Carlson who specializes in employment law offered a session en- titled: What Laws Will I Violate? Ken specializes in employment law and litigation. He covered a variety of employment laws and legal pitfalls that relate specifically to the retail employer. The importance of not only knowing these laws was stressed but also the penalties - which could prove to be fatal to your business. Emphasis was placed on laws prohibiting discrimination. Also covered were the essential prac- tice of documentation as it relates to termination and discipline. One area that was covered extensively was the New Department of Labor Overtime Rules that have thankfully been scuttled for the time being – This ruling has not yet been finalized and may change at a later date. Stay tuned for any further updates.
Jennie Gilbert of Retailer Web Services did a wonderful presentation on manag- ing your digital reputation online. She outlines simple and specific steps to do so. Look for an in depth profile on this topic in an upcoming issue of NECO News.
Attorney Ken Carlson
Other featured speakers included Furniture and Bedding workshops hosted by Mike Allen, NECO TV training with Greg White and Dave Meekings and Digital Marketing Education with Mark Baird.
Jennie Gilbert Dave Meekings, Greg White and members Mark Baird
There were a record number of attendees at the event (attendance was up 30%). All were treated to an awe- some event that was informative as well as enjoyable. The food was great, the presentations were fantastic and most of all connecting with all of the people in the group was awesome. In summary the Foxwoods event was a resounding success. The three words I most often heard regarding the event were “Best Show Ever.” I guess that sums it up best. I am already looking forward to next year! N
Andy Kriege - Publisher