Family Business Center
Friday, May 16, 7:30 AM
Whether you’ve been planning for succession in your business for years or are just starting to consider passing it to the next generation, the list of decisions you need to make can feel overwhelming. Hear from local families about how they have organized their estate planning, developed the next generation of leaders and what they consider when hiring next generation family members.
Terri McEnany, Bailey Nurseries
Terri McEnany is current president and fourth generation owner of a family-owned business, Bailey Nurseries, Inc., a nursery serving customers throughout the U.S. and Canada. They are widely recognized as one of the United States' largest wholesale nurseries, with products distributed by more than 4,500 independent garden centers, landscapers, growers and re-wholesalers. Their main offices and growing fields are located in Newport, Minnesota. McEnany currently serves on the board of trustees of Hill Murray Foundation and Gillette Specialty Care, and is also involved as a board member of the Bailey Nurseries Foundation. Previous civic involvements include the South Washington County Education Foundation, Catholic Youth Group and Meals on Wheels.
Tim McGough, McGough Construction
As principal-in-charge, McGough manages partner relationships for many of the company’s most significant clients, with a focus on higher education, medical technology and health care sectors. Tim is a fifth-generation McGough family member who began his career at the age of 14 working in the company’s warehousing operation. Starting in his college years, he worked as a laborer but transitioned to carpentry once he joined the company full-time. He rose through the ranks of McGough, always building on what he learned during his early years in the field. McGough provided key leadership in developing the firm’s information technology capabilities and was instrumental in implementing its project management and estimating systems and protocols. He is active in the community and serves on numerous boards for both civic and industry organizations.
Ritch Sorenson, Ph.D., is a full professor and the Opus Endowed Chair in Family Business at the University of St. Thomas, and the academic director of the Family Business Center. Before beginning his academic career, he was a third generation owner in a bank. Prior to his tenure at St. Thomas, Sorenson was the Trinity Company Professor of Management at Texas Tech University, where he was recognized for excellence in teaching, served as area coordinator for Management (department chair) and directed the centers for Entrepreneurship and Family Business, and for Communication. At Texas Tech University, he was an early pioneer in establishing a family business emphasis in management. Sorenson continues to build courses and education programs in family business at the University of St. Thomas.
A note to family business advisors: The breakfast series is restricted to members of family businesses.