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Family Run Businesses
Family run businesses account for nearly 50% of the Gross Domestic Product. They also come with their own share of unique challenges and obstacles. However, they also have their own set of rewards. Join our panel of experts as they discuss how to survive your family and your family run business. This panel is perfect for entrepreneurs in family run businesses, and entrepreneurs who dream of handing their business empire to the next generation. This panel is co-sponsored by the Northwestern JD-MBA Association.
Julie S. Halperin (Moderator), JD/MBA Candidate, Class of 2009
Denis John Healy, Chief Executive Officer, Turtle Wax, Inc.
Denis Healy joined Turtle Wax, Inc. in March 1996 as Manager, Corporate Strategic Development to initiate a formal planning process that integrated financial performance criteria with the strategic direction for the company. He was later promoted to Director of Strategic Business Development to extend the strategic planning process on a global basis. In September 1997, he assumed the role of interim Managing Director of the Turtle Wax Inc. affiliate in the United Kingdom, Turtle Wax Manufacturing Ltd., to expand his knowledge base and experience in non-U.S. manufacturing and European retail markets. In January 1999, his responsibilities were increased to include information technology as Vice President, Worldwide Technical Services.
In December 1999, Mr. Healy was appointed as President and Chief Operating Officer of Turtle Wax, Inc. to focus on the financial and operational initiatives for the company. During the next three years as Turtle Wax grew its leadership position in the marketplace, total revenues grew to over $200 million and EBITDA increased by 29.5% to $27.2 million. S.G. & A. expenses were reduced by $5.2 million and contributed to an overall run rate improvement of 250 bps in operating income. Improvements in cash flow, through working capital and operating performance initiatives, enabled the company to reduce its bank debt by $21.3 million within a twenty-four month period.
In June, 2003, Mr. Healy assumed responsibilities at Board level to investigate strategic alternatives for the business. In addition to oversight responsibilities for the car wash operations, he developed the foundation to transform the company from a manufacturing based business model to a marketing based model for consumer products. Through a series of supply chain initiatives, the company secured procurement advantages to lower the chemical and component costs of manufactured goods. Storage and handling costs were substantially reduced through warehouse consolidation and inventory reduction programs that provided additional cash for the business through lower working capital requirements and proceeds from the sale of redundant facilities.
In June, 2005 Mr. Healy was appointed Chief Executive Officer of Turtle Wax, Inc. to directly oversee the global transition of Turtle Wax to a marketing driven consumer products company. The company announced the final phase of its U.S. strategy, namely the outsourcing of all domestic production to a network of mid-west service providers. Through this program the company will be positioned to realize manufacturing cost advantages, insure manufacturing continuity through a network of service providers and invest free cash flow in brand development rather than plant capital needs.
Mr. Healy graduated with a BS in Human Organizational Development from Vanderbilt University in 1995. He has attended several courses at the University of Chicago Graduate School of Business.
Caroline M. McConnie, Associate, Vedder Price
Caroline McConnie joined Vedder Price in 2007 as an associate in the Corporate Practice Area. Ms. McConnie's banking and finance practice is concentrated in secured transactions, commercial lending, cashflow financing and asset-based financing, primarily representing banks, commercial finance companies and other institutional lenders. Having a joint J.D./M.B.A. from Northwestern University and having worked in a management capacity at the Caterpillar dealership for Puerto Rico and the eastern Caribbean, Ms. McConnie is able to provide her clients with "value-added legal advice." She understands the business principles and motivations that drive business today and, as a result, her approach to the practice of law is pragmatic and straightforward. Ms. McConnie is a native Spanish speaker and fluent in French and Italian.
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