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MasterClass™ on
THE ART OF INVESTING IN

FAMILY- OWNED COMPANIES --
How to Successfully Win
Their
Hearts, Minds & Shares

Featuring 20 Expert Speakers

Attendance for This Program is Limited--
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FULL-DAY MASTERCLASS
Thursday, July 19, 2007
8:00 am - 5:00 pm

New York City

HALF-DAY PRE-MASTERCLASS WORKSHOP (Optional)
Valuations of Family-Owned Companies -- How to Win the Economics


Wednesday, July 18, 2007

2:00 pm - 5:00 pm

New York City

Designed to Meet the Needs of GPs & LPs of Buyout, Venture Capital, & Hedge Funds, CEOs, As Well As Executives of Their Portfolio Companies, & the Bankers, Lenders, Lawyers, & Other Advisors Who Support Them.

Faculty | Schedule | Registration | Location | Sponsorship | Audio Package

If you’ve ever bought a family-owned company, you probably scoff at the pundits who prattle on about how hard it is to convince public shareholders to accept a take-private transaction.

After all, shareholders of Clear Channel and other such deals are just looking for a higher price.  On the other hand, family owners -- like the famous Bancrofts of Dow Jones -- often put a higher value on intangibles like the company’s culture, continuity, and reputation.

It is this emotional wildcard that makes any family-owned investment challenging at best, and downright difficult in most cases.  Moreover, such companies often have complex/indecipherable equity structures (“My brother-in-law owns .05%, but it becomes just 0.2% if he and my sister break up…”) that can require a healthy dose of patience and ingenuity.

If all of this sounds inefficient, that’s because it is.  That’s also why such deals -- of which there seems to be an endless pool of domestic and foreign targets -- can generate outstanding returns.  The key is you must understand not just what the company does, but also the particular needs and psychodynamics of the selling shareholders, then after the closing, how to harness and transform the particular corporate culture to drive growth and value.

To help you gain a better understanding of family-owned business psychology and finances, we’ve put together our first MasterClass on “The Art of Investing in Family-Owned Companies.”  The program has been designed for private equity sponsors, lenders, and service providers.

Our chairman is Ross Posner, who specialized in family-owned buyouts for over ten years at Ridge Capital and Heritage Partners.  Now he’s a senior member of Allstate’s alternative investment team where he makes global private equity fund commitments and direct investments.

Those attending the full-day MasterClass will learn about --

  • How to source and approach family-owned companies.
  • What family owners are -- and aren’t -- looking for in a private equity sponsor.
  • The types of companies that are best suited for recapitalizations, and which are best suited to be acquired outright.
  • Bird's-eye deal trends in the family-owned investment space.
  • Differences between family-owned structures in the U.S. and abroad.
  • If you should keep family executives in place following investment.
    If so, how to best incentivize them.
  • What types of debt structures are most common in family-owned buyouts.
  • How LPs view co-investments in family-owned companies.
  • How to value family-owned companies.
  • Specific legal issues that can arise in family-owned buyouts.
  • Specific accounting issues that can arise in family-owned buyouts.
  • Red light warning signs to beware of.
  • If you should retain a psychologist.
  • And much, much more…

We also encourage you to attend our pre-Masterclass workshop on Wednesday, July 18. The topic is:

  • Valuations of Family-Owned Companies -- How to Win the Economics.

You should attend this MasterClass if you --

  • Are a private equity sponsor
  • Are a lender to private equity firms that acquire family-owned companies
  • Are an attorney whose clients acquire -- or are -- family-owned companies
  • Are a forensic accountant whose clients acquire -- or are -- family-owned companies
  • Are a wealth management advisor whose clients own family businesses
  • Are an operating executive or owner of a family-owned company
  • Are a limited partner whose GPs acquire family-owned companies

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Faculty

Chaired By

  • Ross M. Posner, Associate Director, Allstate Investments LLC

Hosted By

  • Burt Alimansky, Managing Partner, Alimansky & Bethell Group, and Chairman, The Capital Roundtable

Speakers

  • John H. Bisack III, President & Managing Director, Performance Improvement Partners LLC
  • Gerald M. Caruso, Managing Director, Goldsmith Agio Helms & Co.
  • Everett R. Cook, Managing Director, Pouschine Cook Capital Management LLC
  • John C. Dickinson, Managing Director, Cobblestone Advisors
  • Robert J. Fitzsimmons, Managing Partner, High Road Capital Partners (masterclass & workshop)
  • David S. Gellman, Managing Director, FdG Associates LLC
  • Patrick M. Goy, Managing Director, Lincoln International LLC
  • Kenneth J. Hanau, Partner, 3i Group PLC
  • Mark J. Jrolf, General Partner, Heritage Partners Inc.
  • Sanford B. Kaynor, Partner, Ropes & Gray LLC (masterclass & workshop)
  • W. Pieter C. Kodde, Managing Director, Lincolnshire Management Inc.
  • Kenneth P. Kramer, Managing Director, American Appraisal Associates Inc. (masterclass & workshop)
  • Christopher A. Lawler, Managing Principal, Graham Partners Inc.
  • Robert A. Martin, Managing Partner, Excellere Partners
  • Christopher A. Masto, Managing Director, Friedman Fleischer & Lowe LLC
  • Brian M. Moloney, Managing Director, The DAK Group (workshop)
  • David S. Moore, Principal, David S. Moore Co.
  • James A. Murphy, Partner, de Visscher & Co. LLC
  • John E. Prunier, President, Petsky Prunier LLC
  • Devon M. Russell, Director, Madison Capital Funding LLC
  • Mark S. Shayne, Managing Director, Empire Valuation Consultants LLC (workshop)
  • Michael J. Solot, Managing Director, Wind Point Partners LLC
  • William A. Winn III, Principal, Winn Associates

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Schedule

MasterClass
07:30 - 08:30
08:30 - 08:45
08:45 - 09:30

09:30 - 10:15

10:15 - 10:45
10:45 - 12:00


12:00 - 01:00
01:00 - 02:15


02:15 - 03:00
03:00 - 03:15
03:15 - 04:30



04:30
- 05:30


              05:30

Workshop
01:30 - 02:00
02:00 - 05:00

  

Thursday, July 19, 2007
Registration, Networking, & Continental Breakfast
Welcoming Remarks & Audience Introductions
First Keynote -- High Level Trends & Forecasts (James A. Murphy, de Visscher & Co. LLC)
Second Keynote -- View from the Trenches (Ross M. Posner, Allstate Investments LLC)
Coffee & Networking Break

First Panel -- How We Do It, What We’ve Learned -- Perspectives from Prominent Private Equity Investors (This panel features five private equity managers who operate funds of different sizes & strategies)
Luncheon & Networking

Second Panel -- How We Coach Our Sellers -- Investment Bankers
& a Lender Share Their Insights (This panel features three investment bankers & a middle-market senior lender)
Keynote Interview (Michael J. Solot, Wind Point Partners LLC)

Coffee & Networking Break
Third Panel -- What We Tell Our Private Equity Clients so They Can Succeed -- Recommendations from a Range of Professional Service Providers (This panel features an industrial psychologist, an MIS specialist, a valuations specialist & a recruiter)
Fourth Panel -- Origination & Value Creation -- Perspectives from Prominent Private Equity Investors (This panel features four private equity managers who operate funds of different sizes & strategies)
Adjournment & Networking

Pre-MasterClass Workshop (optional) Wednesday, July 18, 2007

Registration & Networking
Workshop: Valuations of Family-Owned Companies -- How to Win the Economics
 (This workshop features a lawyer, a valuations specialist, a valuations analyst, & a private equity investor)

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Registration

  • The registration fee is $1595 for the MasterClass -- or $1995 for both the MasterClass and the Workshop.
  • At the door, if space is available, the fee is $1695 for the MasterClass -- or $2095 for both the MasterClass and the Workshop.
  • Special group rates -- The Capital Roundtable offers a special rate for 3 or more people from your firm.  For more info, please contact Heather Sote at hsote@capitalroundtable.com or 212/832-7333 ext 111.

Click Here to Register >>     Purchase Audio Package >>


You can pay by credit card (using the links above) or by check. Mail your check and business card to: New York Business Roundtable Inc., 12 East 44 Street, Penthouse, New York, NY 10017.

If the program is oversubscribed, we will notify you immediately and not charge your credit card.  (If you need to cancel, please do so by Thursday, July 12, at 5:00pm, and we will credit you for a future meeting.)


From time to time, for reasons beyond Capital Roundtable's control, program schedules and speakers become subject to change.  We make every effort to announce substantive changes by email to registrants at least 48 hours in advance.

Have a special question?  Please contact Heather Sote at 212/832-7333 ext. 111 or by email at hsote@capitalroundtable.com.

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Location

The University Club
One West 54th Street (corner of 5th Avenue)
New York, NY

Please Note: Dress code for the university club is jacket and tie for men and equivalent for women.

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Audio Package

Can't attend but want to hear the program? You can buy the audio package along with the handouts. Purchase the audio package online now.

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Sponsorship

The Capital Roundtable offers excellent sponsorship opportunities to reach the middle-market Private-equity community. For more details, visit our Sponsorship Page or contact Amber Mahood at 212/832-7333 ext. 103 or by email at amahood@capitalroundtable.com.

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