Gratitude

Reflecting, both in terms of serving on the board and the decade since I joined EFBC, I am met with deep feelings of gratitude. I can confidently say that this has been the period in my life where I have learned and grown the most as a person. I have served on the board for two years, first as vice-president and this past year as president. The experience gained forced me to adapt to the needs of and allowed me to be an advocate for change to meet the demands of our growing and evolving membership. I am eager to see what the upcoming board has in store for the coming months. We have great leadership in place for the upcoming year, and even with some members stepping into new leadership roles I am confident that they will do amazing things for the organization. Serving on the board, and on the EC, has been a powerful force in my life.

Special thanks to my wife, Annette, and mom, Val, who encouraged and supported me in the decision to join the board. They knew that this would challenge and push me in ways outside of my comfort zone, and the invaluable experience I would gain as a result, and for them I am forever grateful. I have gained so much from my membership, and I hope I was able to repay, even slightly, in service back. Thanks to my children, Mikayla, Hunter, Alexandra, and Greyson, for allowing me the time away from you all to serve EFBC, and forgiveness for missing some of your events. I will do my best to make that up. To Liz, Danielle, Cha Mi, the Board, the Executive Committee and Strategic Partners – Thank you for stepping up, for embracing change, and for making hard decisions for the future of EFBC. You all made the time fly by, in a good way through your constant support and unabated persistence. To Tau, Gina, Paula, AJ, Darrin, Scotty, Chris, and Arty – My people! You also helped cement my decision to serve on the board. Thank you for the encouragement, and a little pressure, in this endeavor. It was no easy feat, but your support and guidance were vital to my success.

The last two years were for me to push the proverbial envelope, both professionally and personally and to challenge myself in ways I never thought possible. I hope I did what was best for the organization, and I tried my hardest to work in the best interests of EFBC. My future self will thank me for the gained experiences from these years. A few final words are me encouraging you to step out of your comfort zone and to join a committee, or the board. This has been one heck of a wild ride, but I would wait in that line to do it all over again in a heartbeat.

As my final president’s message, I just want to humbly say thank you for entrusting me. I appreciate all of you.

Signing Off…
Neil O’Donnell
EFBC President 2021-2022

Now Hiring! From Anywhere!

Two of EFBC’s Strategic Partners share considerations when hiring employees who live out of state.

It seems like everywhere you look these days you see “Help Wanted” and “Now Hiring” signs. We know that many EFBC members are also trying to add talent to their teams, and for some, that has been a challenging process. With more and more companies adopting flexible work arrangements, expanding the talent pool and hiring employees outside of Chicagoland and even out of the state is becoming a more feasible option. But it’s not without complications. That’s why we went straight to the experts! EFBC’s Strategic Partners Karen Snodgrass at Cray, Kaiser Ltd and Rachel Bossard, at Burke, Warren, MacKay & Serritella give actionable guidance from a tax and legal perspective when contemplating hiring a team member from out of state.

Understanding Inflation & What To Do About It As An Investor

Inflation is headline news in the US and around the world. Consumers are experiencing price increases on new cars, used cars, housing, food, energy and more. The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) was up 8.5% in March and 8.3% in April, the highest increases since December 1981. Inflation reduces consumers’ buying power and often generates increases in interest rates, which impact stock and bond markets.THE HIGHEST INFLATION IN A GENERATION

To help you make the right decisions in your portfolio, as markets react and alarming headlines abound, gaining a firm understanding of inflation and its implications may prove useful. Here are answers to key questions to help, including: What is inflation? What causes it? How can it be managed? How do markets react to it?

What Is it? Defining Inflation

Inflation is defined as the rate of price increases of goods and services in the economy. In the US, we follow several measures of inflation:

CPI

which measures prices for a basket of goods and services over time

CORE CPI

which excludes food and energy, whose prices tend to be more volatile, from the CPI calculation

PRODUCER PRICE INDEX (PPI)

which reports changes in the prices of inputs for US producers (e.g., fuel, commodities)

What Causes Inflation?

A variety of factors can cause prices to rise, and we believe that the current inflationary environment is a result of many of those factors acting together:

• Supply chains remain disrupted, making it more difficult to ship and receive both raw materials and finished If demand stays stable but supply is constrained, prices tend to rise.
• Increases in demand when supply is relatively constant or constrained can cause prices to The global pandemic changed many shopping and living patterns, which in turn changed demand patterns for a wide range of goods from groceries to housing.
• The pandemic also put a strain on labor, as many people who left the workforce have chosen to stay out of it, even as the economy More jobs and fewer workers mean that employers need to pay higher wages, which are typically passed on in the form of higher prices.
• Geopolitical issues, especially the Russia/Ukraine conflict, have put a crimp in the global supply of oil, driving energy prices higher.
• Fiscal policy can drive inflation, as government spending and subsidies create more demand for goods, services and labor, making them more scarce and consequently more
• Monetary policy can drive Under some circumstances, when the Federal Reserve takes action to increase the supply of money by reducing interest rates or purchasing bonds, consumers and businesses have more money to spend, and they drive prices higher.

MORE JOB OPENINGS THAN UNEMPLOYED WORKERS

“Non-farm” refers to Nonfarm payrolls, the Bureau of Labor Statistic’s measure of the number of workers in the U.S. excluding farm workers and workers in a handful of other job classifications.

“Thous Persons” = thousands of persons “SA” = seasonally adjusted

What Can Be Done To Control Inflation?

Controlling inflation is one of the most important mandates for the Federal Reserve, the central bank of the United States. It has a variety of tools at its disposal, but the most critical ones are the federal funds rate (fed funds rate) and quantitative easing. Both of those tools relate to regulating interest rates.

The fed funds rate is the interest rate that commercial banks use to borrow or lend their reserves overnight. This rate can influence short-term interest rates for credit cards and a variety of different loans. When interest rates are low, borrowing money is inexpensive, and consumers and businesses tend to spend more, driving prices up. When rates go higher, borrowing is more expensive, which tends to slow spending and, in turn, can slow price increases.

Quantitative easing (QE) takes place when the Fed (or any central bank) purchases financial assets — typically bonds but sometimes including stocks — on a large scale. This practice, first employed during the Great Recession, increases the amount of money in circulation, stimulating economic growth, and keeps long-term interest rates low by creating demand for bonds. After employing QE, the central bank may move to quantitative tightening

(QT), when it sells the bonds that it has purchased. This increase in supply should cause an increase in long-term interest rates, which, in turn, slows economic activity and reduces inflation.

The Federal Reserve is employing both of those tools to manage the current inflationary environment in the US. In March, it announced that it would increase the fed funds rate by 25 basis points (abbreviated bps; each basis point is 1/100 of one percent), and in April they announced an additional 50 bps increase — the largest such increase since 2000. With inflation still running high, most economists believe that the Fed will increase the fed funds rate by another 50 bps in June, with additional increases to come depending whether data shows inflation has slowed. In general, the Fed tries to keep inflation in the 2% range — which is dramatically lower than the 8+% that we have seen during the first four months of 2022.

How Do the Markets Typically React to Inflation?

STOCKS: Rising prices can benefit earnings of

companies, which can pass on increasing costs to their customers and maintain their margins. At the same time, inflation and rising rates make borrowing and investing more expensive for businesses, which may hamper capacity and growth going forward.

According to a recent CNBC article, “When inflation exceeds 7%, the median return of U.S. stocks over the next year was 7.3%, compared to 10.3% when inflation was below 7%. And if we examine every yield curve inversion since August 1978, the median inflation-adjusted return of

U.S. stocks was only 4.7% over the next year, compared to 9% during every other period.”1

“Inflation and rising rates make borrowing and investing more expensive for businesses, which may hamper capacity and growth going forward.”

1 Maggiulli, Nick. “Op-ed: Will high inflation hurt stock returns in the long run? Not really,” CNBC, April 5, 2022, retrieved from https:// www. cnbc.com/2022/04/05/high-inflation-wont-really-hurt-stock-returns-in-the-long-run.html on May 13, 2022.

BONDS: Does that mean that investors should reduce exposure to equities in favor of Treasuries? Not necessarily.

Bond prices inversely correlate to interest rates, so as rates rise, bond prices go down. Since inflation usually generates higher interest rates, it is typically bad for bonds. We note, though, that while this short-term shock is bad for the market, the higher interest rates paid by bonds can make them more attractive to investors, especially to investors focused on income rather than capital appreciation.

The CNBC article also notes that “when inflation exceeds 7%, the median inflation-adjusted return on five-year US Treasuries was -2.6% over the next year, far below the 7.3% return on US stocks during the same time period. And, following every yield curve inversion since August 1978, the median inflation-adjusted return on five-year US Treasuries was 3.9%, compared to 4.7% for US stocks over the next year.”1

Investor Considerations

As discussed above, inflationary periods have historically put pressure on short-term equity returns and on short-term bond returns — and we know that inflation reduces the buying power of cash. So, what should investors do when facing an inflationary environment? Here are some time-tested suggestions:

• Consider your investment horizon: Conventional wisdom suggests that staying the course usually benefits investors — provided they have an investment horizon that can tolerate short-term Nobel laureates Eugene Fama and Kenneth French, in their famous paper describing their three-factor model, note that investors who can tolerate short-term volatility and who have an investment horizon of 15 years or more are often rewarded for their short-term losses.
• Have a Plan: Inflation and rising interest rates happen, and a good financial plan anticipates and protects against such Too often, investors without a plan may engage in the “panic trade” and sell indiscriminately when markets are down.
• Focus on Quality: Rocky market environments often create During turbulent times, we believe it is more important than ever to seek to invest in companies with strong market positions, experienced management teams, strong balance sheets and the ability to generate free cash flow.
• Most Importantly, talk to your advisor: First and foremost, turbulent markets can be confusing and We suggest investors have frank, open conversations with their financial advisors at all times, and especially during stressed markets when the advisor’s experience provides crucial perspective.

-PRIVATE VISTA, EFBC STRATEGIC PARTNER

Meet Patrick Cotter, COO of Cotter Consulting, Inc.

Get to know Patrick, a new member of the EFBC.

President’s Letter: Purpose

On May 19^th, several members, along with EFBC staff attended the Coleman Entrepreneurship’s Sixth Annual Purpose Pitch Competition. EFBC, you missed out! Everyone watched four startups pitch their greater purpose and how they plan to fulfill that purpose through their business objective. There was a theme around ESG (Environmental, Social, Governance) throughout the pitches. The passion these startups exhibited inspired me to consider my purpose especially around social. A part of our purpose as an organization is to maintain a relationship with a university and champion their students.

I live to care for and serve my family. I strive to be a loving father to my four children and instill in them the values that I believe in. I encourage them to listen and empathize with others, so the world is a more compassionate place. I want my kids to try new things and to get out of their comfort zones because that’s where growth happens. I aim to be a devoted husband to my wife, Anette, who inspires me every day to be strong and captivates me with her sparkle. I love my wife and I live to see her joy.

Our company values are to be capable and dependable. Corporations and municipalities rely on our quality service and professionalism to serve them. I also bring that to my team and employees. I want to create a company culture that excites my employees to come to work. I aspire to be a great leader and the first step is showing up for my team, my customers, my vendors, and mostly for my family. I even have the privilege of working with my mom every day so I get to merge my family and company values daily, as we do in family business.

I’m thankful to the Purpose Pitch teams for inspiring this reflection. To remind me that my purpose is to take care of the people that are important to me, pursue lifelong learning and continuous growth, and be kind to others and myself. And I’m excited to continue elevating our relationship with Bruce Leech, Director of the Coleman Entrepreneurship Center, and DePaul University. We are grateful to call them home. Lastly, I’ll leave you with this question – what’s your purpose?

Neil O’Donnell
VP of Business Development, Progressive Industries
EFBC President 2021-2022

25th Anniversary Celebration Highlights

As most of you know, EFBC was founded in 1994. Since inception, EFBC has been a resource for family businesses and entrepreneurs alike. Those seeking opportunities to connect with colleagues, grow their professional networks, and gain valuable leadership insights and skills have always found a home within our organization. As we take a step back to look at our phenomenal growth, being an organization of 138 members and the countless other individuals that were instrumental in our success, we cannot help but be humbled and inspired. Both by those who came before us in the  families we’ve had the honor of serving and the ones that will follow us when we leave.

As our 25th anniversary came and went, we were inspired document our history. From the beginning, the intention of EFBC was to construct an independent organization that serve the unique needs of this community and to grow with our members. Far and beyond, those initial goals have been met, and we felt that both our mission and community deserved to be celebrated, especially as we approached the quarter-century mark. The organization saw many changes over the years, especially given the total turnover of ownership and leadership with the EFBC, and we are just as strong, if not stronger, than we were >25 years ago.

In honor of our >25th Anniversary Celebration, we held a Gala Dinner that brought over 150 people to the stunning Renaissance Schaumburg Hotel. The gala was full with stories from our past and toasts to the future, and sprinkled with lots of laughing and dancing! One of the highlights of the night was an awesome band, which quickly became crowd favorite, who got the crowd out of their seats and on the dance floor. Our personal highlight of the night was the photo booth that easily had some of the best shots of the night, many of which are not appropriate to share publicly.

After enjoying a delicious 3-course dinner, EFBC’s Executive Director, Liz Fidanovski, took the time to acknowledge EFBC members and our brilliant community. Some of our members have been with EFBC for as long as we have been in business, back in the Family Business Council days! That sort of longevity reflects EFBC’s integrity and how we truly care about the communities we serve. We hope your loyalty will remain for the next >25 years…. and then some!

Cheers to >25 Years! ?
>25 years of educating and empowering the people of family and entrepreneurial businesses
>25 years of commitment to support and strengthen family-owned businesses
>25 years of learning together
>25 years of shared experiences
>25 years of serving over 200 business leaders from different companies in a wide array of industries

Do you have a transition plan? Let EFBC help!

In this Q&A EFBC’s Executive Director, Liz Fidanovski, shares what you need to know about TPA and why it is one of the most important EFBC member benefits that you should take advantage of.

Do you have a transition plan? Let EFBC help!

In this Q&A Liz Fidanovski shares what you need to know about TPA and why it is one of the most important EFBC member benefits that you should take advantage of.

What is TPA?

TPA stands for Transition Preparation Assessment. At some point, we all must transition. It could be in five years, 10 years, or even 20. TPA starts the dialog within your company around transition.

The first step of TPA is completing an online survey facilitated by JSA Advising. The survey only takes about 20 – 25 minutes to complete and we strongly encourage you to complete the assessment in one sitting. But if that is not possible you will receive a link to revisit and complete the survey if necessary.

The assessment survey will identify where you are in terms of transition and where you think the company is going. The rest of the leadership team completes the survey as well so we can see where they are in terms of transition and where they think the company is going.

A composite report is prepared that will identify where there are gaps and where you are in sync. From there we build a roadmap to help guide you through the transition process. TPA aligns the team and identifies things that need to be done to prepare for the transition and gives you the time to do it right.

Along with the survey and roadmap, TPA includes 10 hours of consultation from the Emeritus Group and EFBC Strategic Partners.

How many people can be involved in TPA?

Up to five company members can participate in the assessment survey. We encourage you to have multiple members of your business and family take the assessment to obtain a broader, more detailed transition roadmap.

How are the assessment survey results shared?

Once your assessment has been processed, someone from EFBC will arrange a time to meet individually with you to review a summary and interpretation of your TPA results. Then you meet as a cohesive group to review composite results and identify some initial next steps.

How long does the TPA process take?

Once you initiate TPA, you have two weeks to complete the assessments. Then it takes about two weeks for the reports to be compiled.

The entire TPA is typically a year-long process. Depending on where you are as a company, it may take a bit longer. Or if everyone is pretty much in sync it may be a shorter process.

When should you begin the TPA process?

It’s never too soon to think about transition! But we recommend that you start the assessment at least five years before you anticipate transitioning. Even if you may be 10 years out, take it. You may be thinking 10 years, but your partners are thinking 20. The assessment will uncover if you are or are not on the same timeline.

How much does TPA cost?

This amazing resource is free of charge for EFBC members. The cost for non-members is $3,000.

What is the Emeritus Group?

The Emeritus Group is a team of current EFBC members who have already embarked/completed the process of transitioning their business. Their experience is an invaluable resource as you make your transition plans.

Why is TPA such a valuable resource for EFBC members?

Approaching transition can be very overwhelming. TPA helps you narrow your focus. This is the first step in the process. Having key team members acknowledge where they are at and where they think the company is going helps to identify where there is alignment, or where there is not.

And it provides support from a neutral party. Emotions can run high when tackling weighty issues like transition, so it’s helpful to have an unbiased point of view outside of that emotional world.

There is also value in accountability. The Emeritus team checks in with you throughout the process and is there to help hold you accountable.

TPA allows you to take a stance on where you think the company and you are going. But nothing is set in stone. We help facilitate the tough emotional (and sometimes scary) conversations.

It also opens opportunities. For example, if it is determined that the transition is 10 years out there are more opportunities to choose from.

To find out more about EFBC’s TPA program Click Here!

Cyber Security and Emerging Tech Blog

Why Cybersecurity and Other Emerging Technologies Are Even More Vital to Your Business Health

This month we teamed up with a new-to-EFBC member, Matt Kaseeska, CEO of Net Works Consulting, to hear his thoughts on cyber security.

In 2022, it is redundant to say technology has changed every aspect of how we run our businesses. So, what’s next you ask? Guest contributor and new EFBC member Matt Kaseeska of Net Works Consulting Services shares his thoughts on why the health of your business is tied to your adoption of emerging technology and the importance of cybersecurity.

Deploying innovative technology solutions, such as artificial intelligence is crucial to retaining a competitive edge. Technology has always been necessary on a functional level — for tasks, communications, security, and so on. But these days, it can make or break your business. The ready adoption of emerging technology is simply a necessity for business growth and success.

The implementation of new digital technology can help accelerate progress toward business goals, such as financials, workforce diversity, and environmental targets. Companies that incorporate three or more emerging technologies reported growing net income 80% faster than non-adopters, according to Oracle.

To ensure you are in a position to take full advantage of emerging applications it is important to assess your current technology stack.

Top 5 Things a Tech Check Catches

From outdated solutions to cybersecurity that’s not up to the task, there are plenty of convincing reasons to discover where improvements could be made to your IT. A technology assessment will reveal:

1. Aging Solutions: If you haven’t updated in 6-12 months, you’re probably using at least one outmoded solution.
2. Decision-Making Lags: 75% of companies that use AI experienced an improvement in decision-making.
3. Old Equipment: New technology improves productivity, enhancing workflows.
4. Weak Security: Strong security is a must to avert cyberattacks, which average costing a company about $200,000.
5. Technological Deficits: A technology audit can identify areas that hold your team back.

Agility Matters

When it comes to your IT infrastructure, ask yourself if your technology enhances your ability to make data-driven decisions and if it provides value for your clients. Is it scalable? Do your employees have all of the tools they need to do their jobs successfully?

Agility is how prepared you are to adopt available technology innovations. To attain optimal agility, Forbes suggests you have a strategy with objectives, broad agreement on the technology path, IT processes in place and adaptable personnel who appreciate what new technology brings to the table.

While most executive managers believe agility to be important to their success, less than a third of executive managers believe their companies fit the profile, according to Project Management Institute.

Stay Ahead of the Cybersecurity Threat

The United States, Ukraine, the UK, and several other western nations have been the target of brazen Russian cyber operations in recent years. Hacking activity is anticipated to increase with the current unrest.

Cybersecurity is the protection of Internet-connected systems, including hardware, software, and data, from cyberattacks. Ensuring cybersecurity requires the coordination of efforts throughout the information system, which includes email, infrastructure, and network security as well disaster recovery/business continuity and operational security.

Russian hackers deploy many of the common types of cyberattacks used by domestic hackers. Cybersecurity threats you might have heard of before or perhaps encountered in the past include backdoors, phishing emails, ransomware, etc.

If you have yet to run a cybersecurity audit, now is a great time to do so.

About Matt:

Matt’s parent’s instilled in him the importance of hard work, honesty and delivering on what you promise. These principles have been carried over to his business. He created Net Works Consulting Resources based on transparency, simplicity and results. Over the past 25 years, Matt has led major companies forward with strategic IT leadership and transformed clients from a chaotic environment to a streamlined one that allowed for stability and growth.

President’s Letter: New Connections

The EFBC is always looking to improve upon ourselves, Whether it’s internally through the Executive Committee, Board of Directors, Strategic Partners, Forums, fellow members, or via potential partnerships. I’m proud to announce that we have collaborated with Goldman Sachs 10,000 Small Businesses program (10K SB). This program serves as an educational opportunity that was founded and supported by Goldman Sachs, to “help entrepreneurs create jobs and economic opportunity by providing access to education, capital and support services.” The “education” piece of this, along with the entrepreneurial base and job creation goals, aligns with the EFBC and our overall mission, vision, and values. 99% of all employer firms are small businesses, 10K Small Businesses is there to help these fledgling companies or businesses that are looking to take it to the next level. They do this by providing businesses with a practical business education and curriculum that covers the fundamentals of business growth. They also provide access to capital for organizations that need assistance for expansion.

Join us on Tuesday, May 24th at Goose Island Brewhouse for a happy hour with 10K SB associates and alumni. We’ll hear shared experiences from participants of both programs to learn how our programs support one another. Our hope is to enlighten 10K SB alumni on Forums and experience comradery with the EFBC community. As Liz and Patty would say, we want to “share the brilliance” that is the EFBC members and partners! I very much look forward to the opportunity to engage with fresh entrepreneurial cohorts of a top-tier program, that exists to help others, much like our own.

Neil O’Donnell
VP of Business Development, Progressive Industries
EFBC President 2021-2022

A Look Back: >25 Years of EFBC and the Community of Members That Make Us.

As we anticipate our >25th year anniversary Gala, we thought it would be fun to take a trip down memory lane. We want to highlight what was going on in the world, the states, Chicago, and with some of our members who are also celebrating milestones this year in our first year, 1994. What was everyone up to in 1994?

But while the world looks vastly different now, in 2022, than it did in 1994, we are grateful to our humble beginnings, to where we are now. Jim Liautaud was setting the foundation for the Entrepreneur and Family Business Council in Chicago, IL at the University of Illinois at Chicago, under the old name of the UIC Family Business Council. And in a garage in Bellevue, Washington, Jeff Bezos was founding Amazon.com, Inc, which at the time was called Cadabra, Inc (luckily, that name only stuck for a few months). Sounds like it was a pretty good year for entrepreneurs!

Nationwide gas prices averaged at $1.11 at the pump. Schindler’s List won Best Picture. Whitney Houston took home both Record and Album of the year at the 36th annual Grammy Awards. The Cowboys defeated the Bills in the 29th Super Bowl. The Lion King was released, marking Disney’s 32nd animated film release, to critical acclaim and raking in approximately $951M worldwide at the box office, where it quickly became the highest grossing traditionally animated film of all time. And who can forget Nancy Kerrigan being clubbed by the ex-husband of rival competitive figure skater, Tonya Harding.

In Chicago, in 1993, the orange line opened, connecting folks from downtown to Midway airport. And in 1995 Chicago experienced a deadly 5-day heatwave, where temperatures reached up to 110 degrees Fahrenheit.

Meanwhile at UIC, in 1994, then-UIC Chancellor (and later UI President) James Stukel launched the Great Cities Initiative to join UIC teaching and research with community, corporate and government partners in tackling urban challenges. Renamed the Great Cities Commitment at its ten-year mark, the signature program integrates research with genuine community engagement.

While the EFBC did not officially move to DePaul University until 2012, in 1994 the Kellstadt Graduate School of Business announced the creation of an 18-month international MBA program in marketing and finance, the first of its kind in the country. In addition, DePaul saw it largest fall enrollment in university history, with 16,747 students registered.

This year marks some special anniversaries for some of our members, so we reached out to them and asked what they were up to in 1994. The response was overwhelmingly positive, and we received responses in regards to both their professional reflections and well as personal. Some businesses were just getting started while others had been booming for decades. Let’s fire up the DeLorean and read below what our members have shared.

Celebrating 100 Years:

Plant Marvel Laboratories, Inc

In 1994 I [B.J. Slater] completed my freshman year at Munster High School in Munster, IN. That summer, like most, I worked at Plant Marvel weighing ingredients for fertilizer batches, installing new computers in the office, and running quality samples in the lab.

Established in 1922, Plant Marvel Laboratories pioneered and popularized the use of water-soluble fertilizers. We introduced our original 12-31-14 General Purpose Hi Phosphate formulation over 90 years ago helping to fuel the growth of soilless growing and hydroponics. Some years later we found a way to incorporate soluble forms of minor and trace elements into our expanding line of soluble N-P-K fertilizers. This became the first commercial fertilizer to deliver a total nutrient feed to crops without fear of burning and with unparalleled ease of application.

Roscoe Company Uniform Services

Founded in 1921, Roscoe provides uniform rental services. In 1994, Roscoe’s President Jim Buik added barcodes to garments and installed an automated garment sorting system. Julia Buik, Jim’s daughter, started Kindergarten that fall. Roscoe joined EFBC in 1998.

Celebrating 50 Years:

Cray Kaiser LTD

In 1994, Cray Kaiser was already 22 years young. Our named partners, Jim Cray and John Kaiser, had put us on the path to serving closely held and family businesses with the same core values that still guide our firm. As we celebrate our own 50th anniversary this year, caring about the people as much as the numbers and striving to educate, not just instruct, clients remain core to who we are at CK today.

Nuance Solutions

In 1994 The Lion King was the #1 movie, Ace of Base the #1 song and NBA Champion Michael Jordan signed a Major League contract to play for the Chicago White Sox. Nuance Solutions, at that time our name was Bullen Midwest, was 22 years young. John J. Flanagan (Founder & Entrepreneur), had been gone for just over 4 years, passing away suddenly from cancer at the young age of 62. The 2nd Generation, led by Jim Flanagan (President) and John Flanagan (Plant Manager) , completed the acquisition of Federal International Chemicals Institutional division from Valspar Industries. This was a feather in the Flanagan Family cap as it was this company that Nuance’s founder left in 1972 to found Nuance Solutions.

We were located in Bridgeport neighborhood of Chicago at 37th & Ashland, a 4 story manufacturing plant we shared with a food spice manufacturer. Not the most efficient for chemical manufacturing, if an elevator went down we were in trouble. We made it work and Bullen was well known in the rust belt for innovative industrial cleaning solutions, janitorial cleaners/floor care products used in schools/universities and contract cleaners in buildings like those of our EFBC friends. We had just started developing adjuvants for the agriculture market. This was the beginning of our NuVation Brand of development/manufacturing chemical solutions.

Neil Houtsma, Executive Vice President and recent 2021 retired owner, was mentoring Matt Ahrens & myself [Sean Hoffman] as we hit the road every week as Regional Salespersons. Twenty-eight years later Matt & I are still selling!

Three years later Jim will join the FBC and we now have 6 persons in Forums! Nuance is honored to be a part of the EFBC.

Celebrating 30 Years:

Burke, Warren, MacKay & Serritella, P.C.

In 1994, Burke Warren (founded in 1992) was a 25-attorney law firm located in the Loop and adhering to its founding principles: the highest quality of legal services, delivered with a personal touch, at fees that provide real value to our clients. Rachel Bossard started college in the Fall of 1994.

Covenant Services Worldwide, LLC

1994, the glory days. Not a care in the world for me [Max Jacobson]. I was coming into my own…as a 6 year old in Mrs. Morris’ kindergarten class at Walden Elementary! At that point in my life, my biggest concerns were making sure my parents didn’t find my explicit copies of Green Day’s Dookie or The Offspring’s Smash (both provided to me by my cooler older cousin). Something about third studio albums by pivotal 90s rock bands seemed to be the key to their success in ‘94. At 6 years-old, I knew and cared little of what was going on in the world outside of the playground.

However, elsewhere in a parallel universe, my father was working his tail off as a lawyer in his father’s law firm while getting his feet wet in various independent business endeavors. Little did he know that one of them, Covenant Services Worldwide, would still be thriving 30 years after its founding (and 13 years after his untimely passing in 2009). I’d like to think I spent those days absorbing his knowledge and business experiences via some strange form of osmosis, but we all know that methodology is flawed.

Just as true in 1994 as it is in 2022, Entrepreneurial and Family businesses continue to be the backbone of the American economy. While a lot has changed since 1994, my mom is still using AOL for her email, my older brother is still giving me noogies, and Green Day is set to headline Lollapalooza 2022…

Osorio Metals Supply, Inc.

In 1994 we made it to two years of being in business with only two employees working out of a small fabrication shop that my father [Adriana Osorio] was barely able to purchase. Little did he know then that the very same shop where they took on small fabrication orders for a nearby pizza manufacturing company and where they began building and installing metal fences throughout Chicago, would one day grow to become the go-to place for fabricators to access their metal supplies. My sister remembers being dragged out of college to help my father run the business. She would ride with him all over Chicago in his little pickup truck to the estimate appointments where she needed to translate back and forth from Spanish to English. She explains having a hard time with this as she did not know the industry jargon very well, much less in Spanish. My father would tell her “Didn’t they teach you this in college”?!!!! Those were the days!

ShopWare Inc

ShopWare started in 1992 in the early years of CAM (Computer-aided manufacturing), offline software used to program CNC machines. Mastercam software was only a handful of years old (as was I [Bill Angsten] in 1994 ?) and looking to expand its sales geographically from the east coast and was bringing on resellers for their distribution channel. Greg Sump started ShopWare, covering the states of IL and WI. The business grew year over year and my father, Jeff Angsten acquired the company in 2007. We provide the software, training, and full customer support for the product, as well as some other manufacturing technology products. I joined in 2017 after selling my manufacturing automation startup. ShopWare added the state of IA and acquired the reseller based out of Indianapolis, adding the IN and KY territory and a terrific office of employees. We are also the educational reseller supporting Mastercam in high schools, trade schools, and colleges – trying to grow the skilled workforce! We’re now the third largest value-added reseller in the world. I became the third owner after buying the company in 2020. Greg’s son Matt is celebrating his 15th year of working at ShopWare during our 30th anniversary!

Celebrating 25 Years:

Net Works Consulting Resources

1994, I [Matthew Kaseeska] had been married for 5 years and had two beautiful daughters, Jordan 4 and Madalyn 2. I was working for Canon USA at the time and was building my career. I was a national support sharp shooter for all connected products for Canon across the USA. I traveled a lot and with a young family, it was hard. I kept learning, growing and getting more certifications that led me to a Consulting firm. Here I felt like I was “home” and in my element. I really enjoyed coming in and helping clients figure out tough issues with creative solutions. I ended up leaving the consulting firm a few years later and started Net Works Consulting Resources in 1997. By 1998, I had over 40 people working for me and never looked back?

We cannot thank our members enough for sharing their past experiences and once again congratulate them on these milestone anniversaries. We are excited to celebrate with everyone on May 7th, 2022 for our Gala.