by | | 2017 Mid-Market 500, News
As a CEO or company president (or both), you operate in the busy, often unpredictable, rapid-growth realm of the mid-market. You bring your best self to the workplace each day and contribute the the lion’s share of your energy, time, and passion to the organization you care about the most: your own. Given these demands, many company leaders simply feel maxed out, to put it mildly.
So if you’re asked to join the board of a non-profit or corporation, your first response might be, “I wish I could, but it is not not a priority for me right now.” Yet, you have noticed that some of the most respected CEOs with the widest and highest levels of influence often have a long list of board responsibilities reflected in their profiles.
Why do they take on such additional responsibilities?
Here are a few reasons why they do. After reading them, you may rethink your priorities, and perhaps even proactively seek a board seat when an opportunity opens in your network.
Broad Experience Matters
Theodore Roosevelt famously criticized those who dedicate their entire lives to one business endeavor, sacrificing all other forms of curiosity, wisdom, and interdisciplinary engagement. He called such people “dull.” But the reality can be worse—focusing on only one thing for years at a time cuts us off from the world and limits our growth and credibility. Expand your knowledge and you’ll travel farther, both as a CEO and as a person.
Solving New Problems Is Beneficial
Even if you think your responsibilities as a CEO have shown you every imaginable leadership challenge, joining a board exposes you to a wider range of unique personalities, different markets, diverse corners of our culture, and new problems to tackle. Adding fresh air and oxygen to your daily and yearly rounds enhances the depth of your experience, and is good for your company and your employees.
More Exposure Brings More Opportunities Your Way
Board responsibilities add an element of polish to any CEO’s resume. Non-profit and corporate board positions demonstrate your ambition and your values, setting you apart from other business leaders. This exposes your company and your career to new corners of the market.
Expanding Your Network
Joining a board brings you in contact with new people. That’s a given. But making contributions to the growth and direction of the organization can leave a lasting impression. Your board position may not last forever, but while you occupy the role you will have regular opportunities to make a meaningful difference for a community of organization members and stakeholders. Board participation brings connections with others, but more significantly it creates a legacy that will continue to bring you associations with people you otherwise would not have met.
For more on resources to join a board of directors—as well as reasons to consider the option—email us at boardconnection@ceoconnection.com. Our thriving community of CEOs connect with one another during collaborative, high-energy seminars, dinners, and speaking events throughout the year. Be a guest or become member and you will gain access to opportunities that will grow your business and expand your personal portfolio as a mid-market leader.
by | | 2017 Mid-Market 500, News
Strategic Partner of CEO Connection, RSM US LLP, released its Middle Market Business Index Cybersecurity Special Report this week, in partnership with the U.S. Chamber of Commerce. Among other findings, RSM indicates that the number of mid-market companies reporting breaches nearly tripled in the past three years, yet executive confidence in their security measures has risen to a staggering 93% from just 75% three years ago.
In the spirit of our CEO Connection Mid-Market Convention’s theme, where talk leads to action, convention speaker Daimon Geopfert, principal and national leader of security & privacy services with RSM, commented that our mid-market sector “is a major target for data breaches, and organizations need to channel additional resources to understand, detect and protect against a sophisticated evolution of threats.” Join Daimon as he co-presentsCyber Security and Protecting Your Trade Secrets at CEOC’s Mid-Market Convention, September 23-25 at The Wharton School.
Read the full MMBI Cybersecurity Special Report HERE (Link to: https://rsmus.com/economics/rsm-middle-market-business-index-mmbi/rsm-us-middle-market-business-index-cybersecurity-special-report.html)
by | | 2017 Mid-Market 500, News
Mid-market companies must work to serve their clients while also developing a sustainable and socially responsible path toward growth. Without the broad reach of industry giants or the nimble agility of startups, mid-market CEOs often find this challenging.
Those CEOs who meet this challenge are worthy of recognition, which is why CEO Connection® annually presents a Social Impact Award to the mid-market CEO who excels in public service, social enterprise, and philanthropy.
We are proud to announce this year’s recipient: Eric Green, President and CEO of West Pharmaceutical Services, Inc.
Green oversees and implements West’s priorities of environmental and social accountability and the company’s “culture of giving.” The company provides yearly charitable grants to organizations supporting children, the disabled, healthcare and STEM education, and sponsors an employee-led giving initiative that has collected millions of dollars for charities dedicated to cancer research, education, and local programs for children with special needs. Under Green’s leadership, West also supports the Herman O. West Foundation, which provides scholarships and a matching gift program.
We proudly lend our support and heartfelt congratulations to a CEO whose company works every day to make a difference in so many lives.
“At West, contributing to a healthier world and acting as a good citizen is ingrained in our DNA,” Eric Green said. “We are honored to be a recipient of this Award which is a testament to the commitment our team members around the globe and the considerable volunteering time and resources they give each year to help create a better and healthier world.”
Though Green stepped into his current role in 2015, he began his career years earlier with a degree in Chemistry and an MBA from Washington University in St. Louis, not knowing he would eventually head one of the world’s leading creators of innovative packaging, containment, and delivery systems for healthcare therapies. Green’s proven leadership now helps West earn the trust of pharmaceutical, biological and medical device companies looking for ways to deliver safe and effective patient care.
Candidates for the Social Impact Award are nominated by the community at large before being referred to the selection committee that reviews and identifies a short list of finalists. A second committee, comprised of all living prior award recipients, makes the final award selection. Previous Social Impact Award Recipients include Raj Mamodia of Brillio (2017), John Replogle of Seventh Generation (2016), Jostein Solheim of Ben and Jerry’s Homemade (2015).
Eric Green will be honored at the 2018 Mid-Market Convention Awards Dinner on September 25, 2018, at the Wharton School. Other recipients—Company of the Year, Young Leader, and Social Impact Award—will be celebrated at that time. The dinner will be attended by members, sponsors, and guests of CEO Connection.
For more information about the awards, go here.
Go here for Awards Dinner details and registration.
by | | 2017 Mid-Market 500, News
In the fast-paced, rapidly evolving world of the mid-market, turnover happens– even at the board level. Growth means change, and agility means staying on your feet as your company faces the unexpected and current board members say goodbye.
If you’re a director or company leader and you need board members to occupy your seats—due to growth, mergers, departures, or anything else—CEO Connection can help. We maintain ties with a vast network of elite business professionals and industry experts. If you need a certain set of qualifications and/or an explicit alignment of values and goals, we can connect you to a seasoned leader with strong interest in the role.
Pay No Recruitment Fee
This is one of the core benefits of CEO Connection membership. You won’t pay a recruitment fee to connect with a network of experienced CEOs who have the skills, time, and knowledge you need. Just contact us, explain what you’re looking for, and we’ll connect you.
CEOs In Search of Board Seats
Meanwhile, CEO Connection members who are actively searching for board seats are invited to participate in our exclusive, interactive How to Get on a Board Workshops in San Francisco (June 26th) and Miami (December 4th). Engage in small group sessions with up to eleven other CEOs and learn how to best position yourself to join a board and thrive in the role. You will leave each session with a personalized plan to identify your goals, pursue open opportunities, and step into your next board position.
Learn more here.
by | | 2017 Mid-Market 500, News
May Issue:
Housing demand in the United States remains brisk even as issues with supply and affordability mount, particularly in the West. RSM US forecasts solid sales and consumption throughout the economy this year, with housing starts sustained near their current level of 1.25 million at an annualized pace.
The Real Economy also offers a look at government resources available to companies for cyber reporting, provided by U.S. Chamber of Commerce. Finally, examine how growing trade tensions with China are impacting some middle market companies’ supply chains. Download the full issue for access to all insights.
About The Real Economy
The US middle market makes up nearly 40 percent of the country’s economy and employs one-third of its workforce, yet this economic growth engine is often overlooked. As the leading provider of assurance, tax and consulting services to middle market businesses, RSM wants to change the conversation.
The Real Economy is a monthly publication to help the middle market anticipate and address the unique issues and challenges facing their businesses and the industries in which they operate. Written by RSM’s chief economist, Joe Brusuelas, and including the insights of professionals throughout the firm, The Real Economy is RSM’s answer to making sure the unique needs and opportunities of this important segment of our economy are given the attention they deserve.
by | | 2017 Mid-Market 500, News
Is your company currently engaged in philanthropic giving? Maybe you have a corporate social responsibility (CSR) initiative or a workplace giving platform for your company and employees. Or maybe you’re interested because you’re tired of supporting nonprofits in an unorganized fashion, not receiving the recognition deserved for charitable support, or your employees don’t feel engaged with your corporate philanthropy. Perhaps it’s time to look into other opportunities?
Donor Advised Funds are a great option that allow for both corporate and employee philanthropy, satisfying both parties while increasing employee retention and customer recognition. Below is a summary of the benefits of the three top options and how they can benefit your company:
- Corporate/Donor Advised Fund
- Direct Giving Program
- Corporate Foundation
Option 1: The Best of All Worlds – Corporate Advised Funds
With Corporate Advised Funds, “I have seen companies truly deepen employee engagement and loyalty and even attract a wider client base,” said Scott Jackson, CEO of Global Impact.
Accordingly, he is offering a special package for CEO Connection members called Growfund that allows companies to easily set up a DAF. This philanthropic giving option is called a Corporate Advised Fund (a type of Donor Advised Fund or DAF). It allows your company to reap the benefits of a traditional Direct Giving Program and a Corporate Giving Program. Traditionally these were established through a Community Foundation, but times have changed. DAFs are now an inexpensive and easy way to create a Corporate Foundation and include your employees. DAFs are established for each employee and integrated with the company foundation.
DAF benefits for employees:
- The company matches gifts. Employees can contribute to their own DAF, or to a separate company account.
- Contributions are immediately tax deductible.
- The funds can be invested and grow in value until distribution to a registered nonprofit.
- Distributions can be made at any time to any registered nonprofit.
Option 2: Direct Giving Program
Another approach is to establish a Direct Giving Program (or “workplace giving”). Direct Giving Programs are not separate legal entities and do not allow the employee to save or accumulate money to later direct towards a nonprofit. Funding flows from corporate and employee contributions, and funds are usually dispersed to employee-selected charities or to local community organizations. Corporate Foundations (see below) and corporate Direct Giving Programs are usually closely tied to the company’s business interest, but this is not a requirement.
Option 3: Corporate Foundation
A Corporate Foundation is another form of corporate giving. A Corporate Foundation is a separate legal entity from the corporation, which maintains close ties with the company and follows the laws governing private foundations. Funding for the Corporate Foundation flows from the parent company and can be invested until distributed.
One of the benefits of establishing a corporate foundation is the ability to spread the ups and downs of yearly profits contributed to the foundation over good and bad years. Thus, philanthropic support can be leveled out even during bad economic times. Here, the foundation will receive requests for support versus the C-Suite leadership receiving them. Replying to solicitations for support can be time-consuming and sometimes awkward for mid-market companies. As a separate legal entity, the foundation can relieve the executive of this burden. Contributions made to the foundation are tax deductible.
Summary of Options
In summary, establishing a Corporate Foundation allows a mid-market company to strategically develop a corporate philanthropic initiative. This initiative can be centered on a CSR issue or conceived as a broader, community-focused tool for giving. Corporate Direct Giving Programs generate employee participation but limit the direct corporate engagement. Donor Advised Funds combine the best of both. DAFs allow corporate and employee philanthropy tailored to the needs and desires of both parties—thus generating increased company recognition and increased employee satisfaction.
Click here to learn more about the Growfund DAF program for CEO Connection member companies.
