Family Business Center
Professionalizing Your Business
Friday, October 25, 7:30 AM
As your family business grows, you may find a need to professionalize your management, policies and practices. This can often feel like a necessary evil. Hear from families that have successfully maintained their family business culture while also adopting valuable policies and procedures that help them manage their business as a professional organization.
This session will feature insights and commentary from Sarah Richards, president and CEO of Jones Metal Products; Tom Sween, president and COO of Deli Express; and Peter Latuff, president and co-owner of Latuff Brothers Auto Body. Mary Daugherty CFA, Ph.D., assistant professor of finance at the University of St. Thomas, will moderate.
Jones Metal Products is a family-owned business which was founded by Mildred Jones, Sarah Richards’ grandmother, in 1942Today, it is owned by the third generation of the Jones family: Jessica Richards-Palmquist, Sarah Richards and David Richards.
After a brief stint in education, Richards began a career in the golf business in 1987 as an assistant golf professional at Keller Golf Course. In 1995, she accepted the position of head golf professional and general manager at Cannon Golf Club, which she held through 2004 and which contributed to the club being named 2002 MN Golf Association Golf Club of the Year.
In July 2008, Richards accepted a general operations position with Jones Metal Products specializing in training, recruiting, communications and shareholder relations. Four years later, she took on the role of president and CEO. Richards earned a bachelor’s degree in Education from the University of St. Thomas.
Tom H. Sween
Tom H. Sween, a third-generation Sween, “officially” started with Deli Express in 1997 as a sales manager in the Wholesale Division and has since worked in and managed numerous functional areas of the company. He assumed the role of president in 2008 and added chief operating officer to his title in 2009. Sween received his bachelor’s degree in Business from Colorado State University and his master’s degree from the University of Minnesota’s Carlson School of Business.
Peter Latuff is the current president and co-owner of the 80-year-old Latuff Brothers Auto Body located in St. Paul, Minn. He joined Latuff Brothers in 1971 and began buying out his father and two uncles, having inherited a passion for the auto body industry from his dad that helped him take the business to the next level. Over the years, Latuff embraced technology as a way to make his business the most efficient in the industry: in the early 80s, he was among the first in the auto body industry to implement personal computers as a way to store and track data, and he is famous for saying “I want to be at the bleeding edge of technology.” By investing in the latest technology, Latuff has lead Latuff Brothers to be known in the industry as one of the most efficient and profitable auto body shops, leading Fortune 100 companies such as 3M and DuPont conduct tours of Latuff Brothers with auto body shop owners from across the U.S. and around the world. Most recently, he has lead Latuff Brothers in perfecting a lean production system, as well as implementing an environmentally friendly painting process and a paperless management system.
Mary Daugherty CFA, Ph.D.
Mary Schmid Daugherty is an associate professor of Finance at the University of St. Thomas and is actively involved in teaching, research and consulting. Daugherty teaches at the undergraduate, graduate and executive level in corporate finance and investment related topics. She also is the faculty director for the Aristotle Fund, a student managed portfolio which directly manages approximately $5 million of the University of St. Thomas endowment.
Daugherty’s research and consulting interests focus on the impact of board and family governance on valuation. She is a frequent speaker on a variety of investment management topics and consults with private family businesses on valuation and succession issues. She recently co-authored the book, Family Business (4th edition) with Ernesto Poza. This book is the most widely adopted textbook on the subject of managing the family business.
A note to family business advisors: The breakfast series is restricted to members of family businesses.