Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
www.stthomas.edu
When a former boss of Pam Moret told her she needed to “work on her appearance,” and suggested she follow the style of spike heels and ankle bracelets favored by a co-worker, Moret got angry. But she turned the negative advice into a positive experience by developing a plan for image consultants to visit her workplace.
Moret, who is now the executive vice president of marketing at Minneapolis-based Thrivent Financial, used this experience as an example of her own personal development and perseverance at the Executive Women’s Networking Breakfast put on by Hollstadt & Associates of Burnsville in June. Personal development is something Moret has learned from detailed experiences of her own and from years of keen observation of other men and women.
One big motivation for personal development is “the impact you might have on others,” Moret said. “Working on your own strengths and weaknesses can help your family and your work or organization just as much as it helps you.”
While people have different approaches for developing their strengths and improving their weaknesses, Moret has her own list of “gotta haves” for personal development.
1. Personal commitment. “Without it, don’t bother getting started. You’re unlikely to be successful.”
2. Objective assessment. “How are things going in my workroom, my company, my own job? Really try to assess what I am good at and what I’m less good at.”
3. Accountability structure. “Or the Weight Watchers approach. It’s like believing the cookie I ate last night won’t count for calories because I slowly ate it in smaller pieces. You need to be accountable for your decisions.”
4. Goals and metrics. “Work on two or three specific things. Remember your strengths. Persistence is important.”
Try to make it to: Check out the Hollstadt & Associates Inc. Web site for information on upcoming women’s networking breakfasts, offered every nine to 12 months: 952.892.3660; www.hollstadt.com
Intellectual property — trade secrets, trademarks, copyrights and patents — is the strongest asset a company can have, according to attorney Jim Patterson of Patterson, Thuente, Skaar & Christensen in Minneapolis.
“Patents are perhaps the most tangible of intangible property, something you can understand,” Patterson said. “They are also for most companies, the most powerful piece of intellectual property.”
Not only do patents create assets through licensing and royalty income, but they also can be used as marketing tools and for recognition, Patterson said, adding that patents make a statement to the investment community.
Along with Patterson, William Hogan spoke at a summer seminar called “Unleashing the power of your intellectual property.” Presenters were Patterson, Thuente, Skaar & Christensen and Minnesota Technology Inc.
Hogan, CEO of The Hogan Co., an investment firm in Minneapolis, stressed how important building intellectual property portfolios should be for companies as well as universities.
Hogan recently began serving on the Board of Regents at the University of Minnesota, which he said houses a rich trove of intellectual property. “You’d be surprised what some of the intellectual property can do for some of your companies if you could figure out what it was and the university could figure out how to get it to you,” said Hogan.
“If you’re an older company, you’re not up for venture capital,” Hogan said. “If you’re really going to qualify for money then having intellectual property makes you all the more strong.”
Try to make it to: Minnesota Technology Inc. hosts Technology Awareness Forums the second Wednesday of each month: www.minnesotatechnology.org/events
“It’s a wonderful life, isn’t it,” Karen Oman said about owning your own company. “You have to stop being nervous for a minute and realize you’re living the American dream.”
Oman is the founder of Certes Financial Pros, a St. Louis Park company that places high-level financial people temporarily in client firms. Her company posted about $8 million in revenue last year.
“As I pass the $10 million mark I got nervous again,” Oman said. “But I said, ‘No, I’m going to have fun.’ I’m breaking the rules inside my company and that’s hard.”
Oman was the keynote speaker at a Minnesota Entrepreneurs event in July. Among her “rules” for building a successful company, which she encouraged her listeners to break if they wished:
• Encourage employees to say anything. “Everybody has to care enough to make me mad,” she said. When staff members speak up, she finds out where the problems are in her company
• Be thankful and appreciate your employees and co-workers
• Always assume there’s enough for everybody. “It’s the theory of abundance,” she said, which allows business owners to thrive.
• And the kicker (proving she is a certified public accountant, after all): “There’s nothing like monthly accrued financial statements.” In other words, get detailed, updated financial info and dig into it every month.
Try to make it to: Minnesota Entrepreneurs hosts monthly events. Dave Aasen, founder of Visuel, is president: 612.267.0362; da**@*******lc.com; www.mn-entrepreneurs.org
