Slow down, calm down, work the process.
Dear FBC members and friends,
It's natural to feel overwhelmed right now. The stream of information coming in every day can take your breath away. In today's FBC member email we will try to be of help. We've compiled a series of helpful and easy-to-digest resources from trusted advisors and partners. We've also put together a series of free webinars to support you through the next few months.
Unlocking Us: a short podcast from Brené Brown
Topics include comparative suffering, the 50/50 myth, and settling the ball.
Listen to the podcast
Free Webinar: "New Normal: Work, Life, and Personal Wellbeing"
Loyola's Executive and Professional Education Center is hosting a free webinar about finding balance in your life during today's paradigm shift of remote working, e-learning, and social distancing. Two sessions are being offered on April 8th and again on April 13th.
Learn more about the webinar
For many of you, this week has been all about understanding and taking action on the CARES act. Julie Jacobs (one of our talented peer advisory group facilitators and NGLI coaches) shared a practical CARES Act spreadsheet template, developed by one of her CFO clients. Her client has kindly shared it with us to help companies track steps for the 2020 Paycheck Protection Loan Program. Email me if you'd like a copy.
If you're looking for resources to navigate the CARES Act, we've assembled some useful tools sent to us by some of our coaches, trusted advisors, and Illinois Family Business of the Year partners. Check them out below.
The Women's Business Development Center (WBDC) put together a handy checklist for the U.S. SBA Economic Injury Disaster Loan (EIDL) Program. This two page document is easy to work through and has practical tips like "Leave no blank spaces - use NA." Shout out to BMO's Jennifer Schlott for sharing this resource!
Wiplfli has opened up it's COVID-10 resource center where you can find practical and useful guidance segmented by industry and size-of-business.
The Illinois Manufacturers Association also has a helpful page for COVID resources and information.
When it comes to the COVID-19 pandemic, businesses and families are being encouraged to prepare for a marathon instead of a sprint. Not knowing when we will flatten the curve, hit bottom, and begin the recovery upswing means we are living with a lot of ambiguity. Laura Clark of Oxford Financial Group sent a thoughtful article on how we might view the market and become comfortable with uncertainty.
Lastly, FBC member David Yep (TRIUNE Health Group Ltd.) emailed the Loyola community about resources and services that TRIUNE is offering. triune_health_email_covid-19.
FBC Member Services
We are fielding calls and emails throughout each day from members seeking resources and connections to manage new challenges. Andrew Keyt and Anne are working with members of the FBC coaching team to triage and respond appropriately. Email Anne (email@example.com) or call at 312-915-7738.
FBC Programming Support
- Peer group and Institute meetings will move to Zoom format. Most groups have already experienced successful first Zoom sessions.
- All new 2020 Institutes will move to later start dates. We will launch our Next Gen Leadership Institute in August or September, our Governance Institute in November, and our Stewardship Institute in January.
- Illinois Family Business of the Year Awards. It's hard to think about celebrating when you're in the middle of the storm, but we know this time will pass and when it's over we want to recognize the courageous and resilient Illinois family businesses that persevered. Please take a minute to nominate a family businesses (yes, you can self-nominate) that you think deserves this prestigious recognition.
Free and Upcoming Family Business Webinars
More info will be sent out soon regarding registration, but for now, please mark your calendar!
- Friday, April 3: Family Resiliency with Andrew Keyt (registration closed)
- Friday, April 17: Leading Through Crisis
- Friday, May 1 (proposed): Why Family Governance Matters
- Tuesday, May 12: Peer Advisory Group Summit (this event has been moved to Zoom call with breakout rooms; topics will include "contracting your business" and/or "dealing with excess demand: two strategies for two markets")
- Wednesday, May 20: The Responsible Company, co-branded with Cornell University and featuring Vincent Stanley, Director of Philosophy, Patagonia, Inc.
- Friday, May 29: Workforce Strategies
- Wednesday, June 3: Business Recovery
- Friday, June 12: Next Gens and Crisis
Results from our recent survey
From March 13-17 we collected responses to a member survey to see how family businesses were impacted by COVID-19. We received 22 responses; the results are below. Please note that the survey took place prior to the passage of the CARES act.
- Every company was still operating and moving to a remote workforce. Some closed their international offices.
- 63% of the 22 companies were operating at full capacity and anticipated decline.
- 86% of responses have no plans to shut down, unless forced by Government decree.
- 14% were deemed non-essential by the government. They planned for no longer than a one month shut down.
- Biggest challenges reported:
- Converting to and managing a remote workforce
- Employee compliance with CDC guidelines
- Adapting to new technologies
Please take care, and remember, if you, your family or your business needs support or resources don't hesitate to contact the center.