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.
UPSIZE GROWTH CHALLENGE :: MIDWEST EAP SOLUTIONS
Founder taps son-in-law
as COO, adds executives,
even plans month-long trip
by Sarah Brouillard
Doug Adamek, founder of Midwest EAP Solutions, entered the Upsize Growth Challenge in 2006 with a goal to create a succession plan for the St. Cloud company he founded. At the time, he admitted the impetus came from his managers more than from himself.
After work with the contest experts, an independent family business consultant, his family members and management team, the plan is in place. ?My son-in-law has now been named COO,” Adamek says, referring to Mitch Best. A buy/sell arrangement is going to be implemented, to transfer ownership over time.
?I am moving out of the day-to-day and I?m directing new-client development,? Adamek says.
?And we hired two more executives, a director of marketing and a director of account management.? The former is charged with gearing up the company for the next level of growth, while the latter will oversee the existing book of business.
Adamek says revenue increased 12 percent in 2007, to just over $2.7 million, ?despite the economy … Our goal is to double within five years. I?m confident we will.?
?It?s all very new. We carefully strategized this over the last six months,? Adamek says about the transfer of day-to-day management. And it?s not perfect: An invitation to attend the Upsize Growth Challenge anniversary event went to Adamek, who couldn?t attend, but didn?t make it to Best until it was too late.
But Adamek?s making changes. ?I?ve started to cross off time on my calendar for next year,? Adamek says. He and his wife will be gone for a month, rather than his customary two weeks.
?It?s very scary so to speak, but very exhilarating as well. There?s excitement? among the newly elevated and hired managers. ?Some folks have said, we built the platform and we have the next generation ready and we?re going to go,? Adamek says.
Doug Adamek, Midwest EAP Solutions: 320.253.1909; do**@********ap.com; www.midwesteap.com
