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FamilyBusiness
 
Private Equity and the Family Business:
Conflict or Collaboration?


Tuesday, December 4, 2012
2:00pm - 7:00pm
The Westin Boston Waterfront Hotel
 
Conference Agenda

2:00pm - 2:20pm Opening Remarks
2:20pm - 3:00pm Keynote Address: Aron Ain, Kronos Inc.  
3:00pm - 3:45pm Session I: Can Private Equity & the Family Business Work Together?
3:45pm - 4:30pm Session II: Private Equity Financing Solutions for the Family Business 
4:30pm - 7:00pm Networking Reception
 
Keynote Address

Aron Ain
CEO
Kronos, Inc.

Founded in 1977 by brothers Mark and Aron Ain, Kronos grew rapidly to become the global leader in workforce management solutions, achieving over $800 million in revenues in 2011 and employing more than 3,400 people worldwide.  In 2007, the Ains sold Kronos to the private equity firm, Hellman & Friedman, for $1.8 billion.  Today, Mark and Aron continue to be actively involved in the operation of the business with Mark as Chairman and Aron as the CEO.  Hear Aron’s story of how he and Mark grew and positioned the company for its ultimate sale to Hellman & Friedman and what it is like to lead the company they founded while in the hands a private equity owner.
 
Session I:
Can Private Equity & the Family Business Work Together?

This panel will be led by two renowned family business experts:  Richard Narva and Dirk Dreux.  Richard and Dirk will provide a point/counterpoint as to the advantages and challenges private equity firms face in working with family businesses and what it takes for a successful, productive relationship.  

Collectively, Richard and Dirk bring over fifty years of experience working with and advising family businesses.  Richard is the founder of Narva & Company, a firm which advises multigenerational family controlled enterprises on issues of strategy, governance and control.  Dirk is a former president of State Street Bank and Trust Company and is recognized as one of the leading authors in the field of family controlled enterprises.  Both men began their careers in their family’s business. Richard was the third generation president of his family’s business, Morton Shoe Companies, an American Stock Exchange listed company founded in 1921.  Dirk began his career in his family’s agriculture business.
 

Panelists:
Richard Narva, Founder
Narva & Company

Richard L. Narva, Founder and Senior Advisor of Narva & Company, leads an interdisciplinary team of advisors helping family controlled enterprises preserve their values and vision while addressing organizational, strategic, governance and human capital issues. Mr. Narva received an A.B. degree from Brown University and a J.D. degree from Boston University School of Law, where he also served as Book Review and Articles Editor of the Boston University Law Review. He has been a member of the Massachusetts Bar since 1975 and practiced corporate law specializing in mergers and acquisitions before succeeding his father as president of the American Stock Exchange-listed firm founded by his grandfather in 1921. He has designed and taught continuing professional education courses for lawyers and other professional organizations, conferences, and universities for many years. He is the author and editor of many publications on the general theme of improving governance and management of family controlled enterprises, including a recently authored chapter, "Appreciating the Role of the Outside Director/Non-Executive Director in a Family Controlled Enterprise," for the soon to be published book for legal and business professionals, Legal Risk Management, Governance and Compliance. Mr. Narva also serves on the boards of both public and private family companies and as a trustee of a trust for the benefit of the family shareholder group that controls an international retail company.

Dirk Dreux, Principal
Dreux Consulting LLC

Dirk Dreux is the Principal of Dreux Consulting LLC, an advisory firm he founded in 1998 to address the unique needs of family and owner-managed businesses. 

Prior to Dreux Consulting, he was President of State Street Bank and Trust Company of Connecticut, N. A. having previously been Director of U. S. Trust’s national Private Business Advisory Services practice. His professional involvement with family-owned businesses began in 1987 when he was Vice President in the Corporate Finance Department of Smith Barney, Harris Upham & Co.’s Investment Banking Division. During the 1970’s Mr. Dreux spent eight years with Hartford National Bank in their Classified Loan and Branch Administration Departments.

In addition to his consulting activities, Mr. Dreux has been on the Advisory Boards of thirteen family businesses. Also, he continues to foster his long-standing commitment to entrepreneurial education lecturing at numerous university and industry programs. Mr. Dreux spent four years as the Associate Director and Lecturer-in-Residence of the University of Connecticut’s Family Business Program and was intimately involved in the installation of eight university-based, family business programs around the country. He lectures frequently on the subjects of business succession, governance, boards of advisors, management / organizational development and strategic marketing.  Most recently, he co-authored a book for the American Bar Association on succession planning for family-owned businesses which is presently in its third printing.

Mr. Dreux lives with his wife and two daughters in Greenwich, Connecticut. Both he and his wife grew up in agri-businesses started by their grandfathers.

Session II:
Private Equity financing solutions for the family business

Family business owners and investors will participate in an engaged discussion where they will share their experiences in how they financed their growth and the role private equity can play in their plans.   They will discuss the considerations they faced in deciding to use outside funding to achieve their growth goals or to go it alone without outside capital.  The panel will also discuss the suitability of various types of private financing alternatives including mezzanine financing or direct equity investment and why one may be more suitable than the other in aligning the investors’ objectives with the controlling family’s goals.


Panelists:

Greg Buscone, Senior Vice President - Market Manager
RBS Citizens


Greg Buscone is Senior Vice President and Market Manager for MA Middle Market Lending and Specialized Lending for RBS Citizens.

He began his commercial banking career in 1986 at Shawmut Bank that was acquired by Fleet Bank in 1995.  He joined Citizens Bank in 2000.
 
During his career, Greg has held responsibilities in retail banking, small business lending, commercial real estate and middle market and specialized lending.
 
Buscone is on the Board of Directors at Bay Cove Human Services, Board of Overseers at Newton Wellesley Hospital, Financial Services Committee for the Boston Chamber of Commerce and Board of Advisors for Woodland Partners.
 
Greg has his BA from The College of the Holy Cross and his MBA from Northeastern University.
Greg resides in Medfield with his wife Megan and their six children.  

Lorn Davis, Managing Director
Hancock Capital Management

Lorn Davis is a Managing Director of Hancock Capital Management, LLC and John Hancock Financial Services. He is currently responsible for sourcing, evaluating, structuring, negotiating, and managing junior capital investments.
 
After joining John Hancock in 1998, Mr. Davis spent six years as a member of the Consumer & Industrial investment team within John Hancock’s Bond & Corporate Finance Group ("BCFG"). In that role, Mr. Davis led BCFG’s fixed income and junior capital investment activities in the chemicals, plastics, and plastic packaging industries. Mr. Davis also completed investments in the pharmaceuticals, commercial printing, and specialty machinery industry sectors.
 
In 2004, Mr. Davis became a partner of Hancock Capital Management, a subsidiary of John Hancock responsible for mezzanine investments, equity investments, and private equity fund investments. Transactions completed by Mr. Davis and Hancock Capital Management include several direct junior capital investments in family-owned and entrepreneur-owned companies.

Prior to John Hancock, Mr. Davis was a Vice President for Research at the Initiative for a Competitive Inner City ("ICIC"), a national, not-for-profit organization founded by Harvard Business School Professor Michael E. Porter. Mr. Davis also spent nearly seven years in commercial banking, focused primarily on lending to Fortune 1000 companies across a broad range of industries.
 
Mr. Davis received a Bachelor of Arts Degree in Economics from The College of the Holy Cross, where he was a co-captain of the men’s basketball team. Mr. Davis graduated with distinction from the Leonard N. Stern School of Business at New York University with a Master of Business Administration degree in Finance and Economics. Mr. Davis is a CFA charterholder and he has received the Certificate of Director Education from the National Association of Corporate Directors.
 
In addition to serving as a board observer of several private companies, Mr. Davis is currently a director of MA Holdings, LLC, Integracolor, Ltd., and Outlook Group Holdings, LLC, where he serves as the Chair of the Audit Committee and as a member of the Compensation Committee. Mr. Davis is also a director and member of the Audit and Finance Committee of the Pine Street Inn.

Robert Kenney, Executive Vice President of Sales
OnProcess Technology

Robert Kenney is the Executive Vice President of Sales for OnProcess Technology, initially a family-owned business, now a global business-process outsourcing firm headquartered here in Massachusetts.  Prior to joining OnProcess in 2007, Robert was a founding member of three high growth technology firms.   As the President and Co-Founder of Alpine Computer Systems, a $35 million revenue systems integration firm, Robert managed the business through several transactions, including a sale of the business (to Computer People in 1996), a management-led buy-out in 1999, and recapitalization with $25 million of new capital from William E. Simon & Sons, a private equity firm, in  2001.  Following the recapitalization, Alpine became "Aimnet Solutions" – focused on building out the Company’s remote monitoring business.  Robert continued to play a key executive role with the business, tripling the firm’s recurring revenue before selling the business to Cognizant in 2007. Robert is active in many civic and youth sports organizations and resides in Medway, MA with his wife and three children.

Dave MacKeen, CEO
Eliassen Group

For the last 13 years, David MacKeen Jr. has been charting the upward trajectory of Eliassen Group, one of the largest IT and Life Sciences staffing and consulting firms in the country. Starting as the company’s CFO, then ascending to president, and now Eliassen Group’s CEO, Dave has overseen the company’s growth from $27M in revenue in 2002 to $153.7M in 2011, following four acquisitions and two private equity recapitalizations.  He has also expanded the company’s market-leading services beyond IT and Life Sciences into Agile and Workforce Management.

With offices in Wakefield, Mass., Mansfield, Mass., New York, NY, Philadelphia, PA, Baltimore, MD, Bethesda, MD, Charlotte, N.C.,  and Columbus and Cincinnati, Ohio, Eliassen Group has been recognized by Staffing Industry Analysts’ as one of the largest staffing firms and IT staffing firms in the country, and been named to the INC. 500/5000 list as one of the fastest growing private companies for the last seven years.

Dave also serves as the president for the New England Chapter of TechServe Alliance and is a mentor in the national YearUp program, which began in Boston. He is a graduate of the Elkin B. McCallum Graduate School of Business at Bentley University and has served as a board member of the Bentley Executive Club since 2008.

Dave lives with his wife, Kelly, and two children, Kate and Ryan, in Boxford.

Moderated by Jamie Grant, Partner
Mirus Capital Advisors, Inc.


Jamie Grant is a partner Mirus Capital Advisors (www.merger.com), a boutique investment bank serving middle-market clients throughout North America.  Jamie  heads the firm’s Family Business Advisory practice, and has advised more than 50 family-owned firms since joining Mirus in 1997.   Over his career, Jamie has managed engagements for clients in a variety of industries including manufacturing, industrial services, building products, electronics, capital equipment, distribution, and business services. He has a wealth of experience in negotiating, structuring, valuing and closing mergers and acquisitions, financings, restructurings and leveraged buy-outs.   Beyond his transactional work Jamie has been called upon to speak to professional organizations including the MIT Enterprise Forum, the Association for Corporate Growth, ABI, CapitalVenue, XPX, the Turnaround Management Association, MIMC, and a variety of continuing education programs.  He is the creator and editor of the Mirus blog at www.FindCapital.org, and has been a resource to the media providing analysis of corporate finance trends to the Boston Business Journal, Boston Herald, The Daily Deal, The Eagle Tribune, Bankrate, Upside, Board Member Magazine, CNET.com, Mass High Tech and the Austin American-Statesman. He has also served as both a consultant and an expert witness on the valuation of companies and intellectual property.   Prior to joining Mirus Capital Advisors, Jamie held management positions with Newmarket Software (now Newmarket International) and Starwood Corporation. 
 
Conference Committee

Jeff Lucas, Committee Chair Corporate Financial Insight 
Andrew Crain Mirus Capital Advisors
Bob Emmert McCarthy Capital
Christine Lynch Goulston & Storrs
Mary Beth Parker Boston Private Bank & Trust Co.
Lori Stanger
Mark Synnott Legal Seafoods
John Talvacchia Eckert Seamans
Philip Taub Nixon Peabody LLP
Bob Vecchiotti BeamPines, Inc.


  
 
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