Smooth Successions (CONT’D FROM PAGE 28)
Board Converting NEWS INTERNET DIRECTORY
that are smart, capable, driven, respectful and able to com- municate. As we’ve all probably experienced, you find the best people when you’re not looking.” Being proactive through regular meetings with profes- sional advisors, attorneys, CPAs is important, yet Prisciotta said businesses often only call their attorneys when there is a crisis. Business owners should ask themselves what might be falling through the cracks or if there could be new opportunities or strategies they should know about. Working With Professional Advisors Cohen said that his company works with their advisors frequently and as a family one or two times a year. It was their insurance advisor that brought new case law to their attention that deals with life insurance and estate taxes leading them to change some of their life insurance pol- icies. “You want to talk to your insurance people and your attorney about that because that has changed the game a little bit,” he said. With shareholder agreements, Cohen said they need to be formally prepared by an attorney with close discussion between family members. “We’re working on those right now ourselves so it’s a constant work in process, but you need to make sure the I’s are dotted and the T’s are crossed. There’s so many variations on how these things can work, but you want to make sure that you’re protecting your business, you’re protecting your people and you’re protecting your share- holders,” he said. Welch says they meet frequently on a strategic level with an outside advisor and even the next generation with- in those firms so that they have the same trusted advisors within the same existing business relationship. As 100 percent owner, Nelson said she meets month- ly with her accounting advisor but that they are always reviewing the family trust and shareholders agreement which includes children who are not in the business. Though they have expressed no interest in being involved with the business, Nelson asks them to attend a meeting once a year to listen to attorneys, advisors, and bankers in an effort to educate them and help them understand the business they are a part of. “Because you never know, one day they may be in it, but it’s really important that they just can’t take a pass.” Succession plans as it relates to family shareholders is unique to each company. In Acme Corrugated Box’s case, Cohen said that family members who don’t work in the business must sell their shares back to the company. “My father is of the thought, and right or wrong and I do understand it completely, that he has seen families where there are kids who are in it and kids that are not in it, but they are both created with the same equity and it leads to a lot of disfunction so that’s his experience and that’s why he put it in, that if we’re out, we’re out,” Cohen said. Cohen said that the shareholders agreement also stip- CONTINUED ON PAGE 32
CORRUGATED REPLACEMENTS, INC. www.corrugatedparts.com
Corrugated Replacements, Inc. is a production powerhouse that manufactures high quality machine parts and replace- ment parts for the corrugated and paperboard converting industries. CRI can redesign, engineer, and manufacture any part while providing a rapid turn-around rate, keeping machines running at their peak performance and limiting down time.
C.U.E., INC. www.AnvilCovers.com
Makers of single and dual-width Timesaver® Anvil Covers, the premier urethane anvil cover for corrugated die cutting. Timesaver® covers feature construction of solid steel back- ing and solid steel locking components to ensure a precise fit every time. C.U.E., Inc. also offers Dura-Latch and Cor- Lock anvil covers, and urethane Lead Edge Feed Wheels.
EMBA www.embausa.com
The EMBA group supports a complete line of corrugated converting machinery for the worldwide market. EMBA’s Quick Set technology enables the highest productivity across a broad range of converting equipment, from mini to super jumbo. EMBA also includes the McKinley jumbo line of flexo folder gluers and rotary die cutters as well as ser- vice, rebuilds and upgrades for both EMBA and McKinley.
EAGLEWOOD TECHNOLOGIES, LLC www.eaglewoodtech.com
Eaglewood Technologies offers trusted cleaning technolo- gies for the world’s best printers and converters. Solutions include the award winning Sitexco+ Anilox Laser System, the Nanovis Parts Washing System, the Sitexco L10 Label System, the innovative Sanilox™ System or Alphasonics solutions. We also offer Xpress™ mobile cleaning service at your facility or ours. ESKO www.esko.com ArtiosCAD and Kongsberg are the most trusted names in CAD/CAM solutions. Esko’s ArtiosCAD is the most widely used CAD software in the world. Esko’s Kongsberg series of tables brings you reliable, outstanding quality for sample- making and short run production.
DOMINO www.dominodigitalprinting.com
Domino is a leading manufacturer and distributor of digital printing and product identification solutions. Celebrating its 44th year, Domino is headquartered in the UK and North America headquarters are Illinois. Domino has 25 subsid- iaries, representation in over 120 countries, and over 2,900 employees worldwide .
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