Metro North Rotary Notes:
Thursday, December 19, 2019
Prayer & Pledge: Patti Kunz
Guests & Visitors:
Barb Randall (Downtown Rotary)
Andie Trotter (guest of Mike Trotter)
Kelly O'Hara (speaker)
Angie Hoover (speaker)
Rotary/Scoutmaster Minute:
Ask the group to answer these questions in their head:
Name the five wealthiest people in the world.
Name the last five Heisman trophy winners.
Name the last five winners of the Miss America contest.
Name five people who have won the Nobel prize.
Raise your hand if you could answer at least one of the questions. (probably no one)
Try these questions:
Name five people who have taught you something worthwhile.
Name five friends who have been loyal to you.
Name five people you respect.
Name five people you consider to be heroes.
People that achieve great things are famous for awhile - as long as they are the best. But, someone else wins and the memory of the previous star fades away. A ribbon, medal, or trophy collects dust.
Earning the respect, trust, and friendship of those around you has more long-term worth than personal achievement. People that care about others are the ones that really make a difference.
Announcements:
Speakers:
Introduced by Aaron Loan.
Kelly O'Hara with Folience and Angie Hoover with Rayser spoke to us regarding ESOP's, or Employee Stock Ownership Plan.
Angie Hoover assists current divisions with human resources and employee integration. Angie utilizes her operations experience to engage and on board new businesses focusing on continual improvement. Her varied leadership background provides a platform for assisting company leaders with formulating solutions. Angie loves spending time with friends and family when she and her husband are not shuttling their two kids between dance classes and ball practices.
Kelly O’Hara is the Chief Financial Officer in Folience’s Shared Services group, where she oversees accounting and the Finance Cohort. She also supports individual business unit leaders and participates in the due diligence of target brands. Kelly earned the Chartered Financial Analyst designation, one of the highest distinctions in the investment management profession.
Folience:
Diverse portfolio started in 2016
Started with KCRG sale of the Gazette
Rayser:
Owns Care Pro
Diversified due to health care changes
2018 start
ESOP:
Retirement fund
Typically in manufacturing and professional services
More common in Midwest
Features of an ESOP:
Succession plan
Tax benefits
Rewards employees
2x average retirement savings compared to similar workers
Greater employment stability
ESOP setup:
Attorney
Trustee
Audit firm
Valuation company
Board of directors
Benefits of an ESOP:
Doesn’t pay taxes, K1 goes to trust fund
Helps find leadership
ESOPs share best practices
ESOP owns shares but doesn’t have management power
Shareholders elect BOD to pick CEO and C-suite
Should have trustees outside of company
Is it the TRUTH?
Is it FAIR to all concerned?
Will it build GOODWILL and BETTER FRIENDSHIPS?
Will it be BENEFICIAL to all concerned?
Notes prepared by: Al Buck
