Loyola University Chicago

The Importance of Strategy in Challenging Times
Thursday, Nov. 5, 2009  |  8:00am – 3:30pm  |  Westin O’Hare, Rosemont, IL.

Strategy in family businesses often grows organically.  The entrepreneur operates on gut instincts, and the sheer energy and momentum of the business creates opportunities leading to growth. That being said, as the business grows, in both age and size, and key decisions involve more than just the original entrepreneur, this same organically grown company needs to have a more structured approach to strategic planning.

This structure becomes even more crucial during challenging economic times.  It is during these times that there is an growing need for an increased focus on strategy, and the ability to be nimble and seize opportunities.  This one-day conference featuring strategy experts, family case studies, panel discussions, will uncover:

• New ways for management teams to think about strategy

• The role of the board in the strategic process

• How to best communicate, and work with, the Board and management

• How to prepare the next generation to understand strategic development

Opening Keynote: Using Blue Ocean Strategy and the Family Business
Ralph Trombetta, Managing Partner, Value Innovation Associates

Blue Ocean Strategy is about using innovation as a key lever for generating market-creating strategies. These strategies challenge the conventional wisdom in an industry and occur by putting together or constructing key elements in a way not done before. In short, Blue Ocean Strategy is not about strategic planning per se, rather looking at problems from different perspectives, challenging conventional wisdom and then formulating new ideas from these different perspectives.  In this opening keynote session, renown Blue Ocean Strategy expert, Ralph Trombetta will use case studies and real-life experiences to explore how to use this innovation to create new market space or expand existing space. You’ll learn:

• How to question widely held assumptions about compromises that exist inside industries

• Why the boundaries of an industry’s solution may not be correct

• When to challenge the customer and the context for how a product or service is used

Panel Presentation: Implications for Family Business
Graham Allen, President, Sloan Valve Co., Pat Tracy, Chairman of the Board, Dot Foods Inc., Mary Wall Yeager, Family Shareholder, Wall Family Enterprise/Demco Inc.

Building upon the morning Keynote, Ralph Trombetta returns and sits down with a panel of Family Business Center members to discuss how to incorporate Blue Ocean Strategy into the family business spectrum.  Learn how these families currently handle strategic planning, the challenges they face, and what insights they have learned along the way.  Take-aways include:

• Who should be involved in strategic planning

• How often the plan should be updated

• What measureables can be implemented

• How Blue Ocean Strategy can expand your business outlook

Lunch

Case Study: Crane & Co.
Lansing Crane, former CEO, Crane & Co., Executive in Residence, Loyola Family Business Center, Board Chair, Canal Insurance Co.

Throughout the 20th century, Crane & Co. had been a leader in three business categories: premium stationery products, specialty cotton paper products and U.S. currency paper.  When Lansing Crane took the reigns of the then 194 year-old company in 1995, their contract with the U.S. government was in jeopardy, and technology had rendered many key product lines obsolete or in decline.  In this case study, 6th generation member, Lanse Crane will share how he and his team assessed Crane's strategic position and revitalized the company turning technology to Crane's advantage.  He’ll share how he and his team at Crane & Co.:

• Objectively assessed their strategic strengths and weaknesses

• Overcame the challenges of making difficult choices with legacy businesses

• Developed a strategy to ensure a successful, sustainable, global business

• Addressed governance and cultural issues to align ownership with the needs of the business

• Incorporated liquidity options to further align ownership with the business strategy

Case Study #2: Raynor Worldwide
Ray Neisewander III, CEO, Raynor Worldwide

Since 1944, Raynor Worldwide has been recognized as an innovative and forward-looking company. As a third generation manufacturer of commercial and residential garage doors, Raynor, and its 70 shareholders, has used a focus on strategy to not only weather the current economic storm, but stay on the cutting edge of their industry.  In this case study, Ray Neiswander III will share the three components of their strategic process: (1) Corporate and Ownership Philosophy, (2) The Strategic Plan (3-4 year time horizon) and (3) The Tactical Plan (the year ahead).  He’ll reveal:

• The difference between vision and strategy

• What role the Board should play in the strategic process

• How to balance short term and long term objectives

• The best way to communicate the plan within the company

• The importance of educating the family about the strategy

For more information, and to register, call (312) 915-6490 or email us. Click here to register online, or download a brochure or registration form.