Meet The 2022-2023 EFBC Board of Directors

Meet your 2022-2023 Board of Directors! EFBC’s board establishes the organization’s strategic direction. Learn more about each position and board member below. As well as few of the reasons our newly assembled board members said they wanted to join EFBC Board of Directors.

President – Andy Sanghani

“I joined the board to be more involved and to engage with all members of the EFBC” – said Andy Sanghani, the President and 2nd generation owner of Systematics Inc. Since joining EFBC and Illuminati Forum in 2013, Andy has served as a Vice President, Forum Moderator, and participated on the Membership and Marketing Committee.

As President, Andy presides at board meetings, creates meeting agendas, appoints committees and committee chairs, serves as the primary contact for the board, as well as holding other board members accountable for attending meetings and participating. Andy said as a board member that, he hopes to use his position to make a positive impact that will enhance the experience for years to come. He is also looking forward to getting to know his fellow board members better as, they’re all amazing individuals.

Vice President – Dave Horvath

Dave Horvath is CEO/Co-Owner of DTE LLC, a remanufacturer of PowerTrain equipment for the Energy & Mining sector with 11 locations in the US. Dave joined the EFBC in 2007 as a member of the Inspiration Forum. Major reason for his desire to join the EFBC board is to help others experience the same benefits he had over the last 14 years with EFBC. He is currently a member of the Lighthouse Forum. He has served as Forum Chair, Treasurer and Governance Director.

As Vice President, Dave prepares to assume the position of President next year, and fulfills board chair duties when the President is absent. He assists the board chair in executing duties, and serves on committees to learn board operations. Dave plans on assisting Andy in growing the EFBC, Membership, content, and making EFBC a more diverse organization.

Past President – Neil O’Donnell

Neil O’Donnell is a Business Developer at Larson Equipment. He had worked in the family business – Progressive Industries, Inc for over 15 years. In 2007, Neil joined the EFBC and Tau Forum. He has been with the EFBC community for years, sharing with us that he wanted to join our board because he believes it was his time to give back and volunteer. Also, as a great time to step up, as EFBC was transitioning into a non-profit. 

As Past President, Neil serves on the Governance Committee and aids in board succession. He said he’s looking forward to providing support to the Board, helping to facilitate the new Forum Pro level and other exciting enhancements that will support our current and future community.

Treasurer – Bill Angsten

Bill Angsten is the owner and President of two businesses in the manufacturing industry – Shopware and Midwest Power Products. In 2017, Bill joined the EFBC and spent over two years in Quantum Forum. I’ve learnt so much through shared experiences and new friendships from my time as a member of the EFBC, mentions Bill, I wanted an opportunity to pay it forward and grow this community. He has served as chair of the Emerging Leaders Committee, Moderator of his Forum and Education Director.

As Treasurer, Bill oversees bank accounts and financial statements, serves as finance committee chair, assists in preparing the annual budget, and reviews the annual audit to present it to the board. He looks forward to addressing the challenge of educating and empowering our community with rich content in a world where our members have scarce time and competing interests. 

Governance Director – Darrin Shillair

I joined the EFBC originally to gain access to a support network of like-minded peers. I chose the EFBC over other peer group organizations due to their non-profit status and commitment to the emotionally intelligent meeting protocol. Darring is the current the President of Specialty Sales LLC. Darrin also added that he found the experience to be extremely valuable for himself and his business. And the core reason he wanted to join the board is to help grow the reach of the EFBC to more entrepreneurs.

As Governance Director, Darrin reviews Bylaws annually, ensures legal forms are filed on time, assures that documents are filed and accessible, oversees the Board calendar, and is responsible for board succession. He shared with EFBC that he’s looking forward to meeting more of the EFBC members and helping the organization grow it’s offerings and membership base.

Education Director – Alex Argianas 

I enjoy being around other business leaders who are passionate about business. Regardless of the conversation, I walk away with unique and new perspective and I really believe and champion the EFBCs mission, vision, and approach to business.  Alex is the Vice President and Corporate Liaison at Argianas & Associates, Inc. He joined the EFBC in 2017 as a member of Arete Forum, and is a current member of Nirvana Forum.

As Education Director, Alex oversees programming, emerging leaders, curriculum, and emeritus groups, addresses programming needs, creates curriculum around family business and entrepreneurship. Alex said he is excited to participate and continue to grow unique programming that represents and demonstrates why the EFBC is a one of a kind business group.

Membership Director – Patty Rioux

Forum Director – Dave Westerman

Dave Westerman is President and Owner of Carbit Paint Company, which was founded by his grandfather in Chicago in 1925. When was asked about why he wanted to join the EFBC Board, he said he has tremendous gratitude for the people that have led EFBC in the past. Though I will never be able to repay for the experiences that I have been given, I want to contribute to EFBCs future, however I can. Dave is a member of Lighthouse Forum.

As Forum Director, Dave oversees Forum health, chairs the Protocol Committee, and addresses issues around Forum participation, process, and management. He shared his excitement to work with the newly assembled board. Dave believes that board members are passionate about the organization and willing to work hard for its betterment, and downright smart.

Strategic Partners Director – Mary Beth McLean

Mary Beth, Senior Advisor, CFP®, MBA at Private Vista, LLC, shared that she’s excited to be a part of the EFBC board to strengthen her commitment to the organization and learn how to help it grow. She devotes much of her current practice working with women, often in transition, to take control of their financial matters. Mary Beth has been a strategic partner of the EFBC since 2019.

As Strategic Partner Director, she chairs the Strategic Partner Committee and is responsible for recruitment, engagement, and retention of the Strategic Partners. Mary expressed: “I look forward to deepening my relationship with both the members and other strategic partners”

DePaul University – Bruce Leech

Bruce Leech leads the Coleman Entrepreneurship Center at DePaul which helps students and alumni develop their entrepreneurial skills, launch and grow ventures, and network with Chicago’s vibrant entrepreneur community.  As a faculty member, he teaches courses in strategic entrepreneurship and business plan development. An experienced entrepreneur, Leech is the founder of CrossCom National, an information technology data/voice company, and co-founder of Evolve USA, a membership organization for business owners. He has been inducted into the Chicago Entrepreneurship Hall of Fame.

Summer Social Recap

A blog by EFBC

Embracing the Discomfort

I recently started watching Ted Lasso. For those of you who have not watched, it is a sitcom about an American college football coach who is recruited to coach an English Premier League soccer team. Despite having no experience coaching soccer, Ted Lasso, played by Jason Sudeikis, transforms into an incredible and inspirational leader, while remaining true to himself and using humor as he muds through an unknown terrain of professional soccer. While sometimes his ‘inspirational’ quotes make you scratch your head, they are also great. Was being put into a completely unknown situation comfortable for Ted? Absolutely not, but he leaned into the discomfort and challenged himself.

Growth comes through discomfort. As I think about my experience in EFBC thus far, and my goal looking forward as president, I want my focus to be something that forces me to think outside the proverbial box.

Joining a forum, and being vulnerable with a group of, at the time, strangers was extremely uncomfortable for me, especially in the beginning. I am grateful for my group. They have made the experience welcoming and rewarding, and I have met some of the best people. Additionally, volunteering to serve on the Board was not comfortable but I have learned and been able to apply that knowledge to grow as a better leader.

An area of discomfort for many business owners and EFBC is diversity. We, as a board, have collectively agreed that it is important to focus on diversity initiatives but taking that step and defining those initiatives makes for uneasy conversations that folks tend to shy away from. As a minority, I never thought discussing diversity would make me feel uncomfortable, but it has.

Math was always my strongest subject, so I came up with a formula. I will need a professor to check my work though 😊

Diverse members = Diverse backgrounds = Diverse shared experiences = Winning

Andy Sanghani
EFBC President 2022-2023

Emotional Intelligence and Strategic Planning

This month, EFBC-er Danielle Reidel, was inspired to write about the nuances of how EI is woven throughout every fiber of EFBC. Read below her insights.

A quick visit to our website, you are met with our menu, and one of the first two items you will see is a link to an entire page dedicated to Emotional Intelligence (EI). What sets EFBC apart from other peer organizations is the deeply rooted understanding and appreciation of EI. EI allows us to manage our emotions, while understanding the emotions of everyone we meet.

In June of this year, with the onboarding of a new Board of Directors, we had time to brainstorm and evaluate the mission, vision, and values of the organization. The board developed five, unique strategic goals to implement over the next three to five years and woven throughout those strategic goals is EI. Check out our strategic plan and goals here.

We had an opportunity to not only talk and plan programming, but to ask the question “Why?” Why do spend so much time and money executing, planning, and organizing our educational and social programs for our members? What do we want members to take from our programs? How do we want members to feel at our events and after?

An outcome of EI is improved leadership. Through our high impact educational programming, we work to cater our programs that leave members with tangible action items, that they can take back with them to their organizations for them to be successful. For example, we are in the final stages of planning a spring keynote program, for May of 2024, and, hopefully, the goal is that when we bring in a speaker to talk about accountability in leadership that our members will leave feeling inspired and energized. The discussion for who to choose as a speaker came down to content. We want to know what our members are asking about. What are they talking about with their peers? All these conversations drive our programming.

Peer groups. It’s what we do. It’s what separates EFBC from other organizations. Our peer groups are deeply rooted in EI and protocol. Our peer groups create a safe, confidential space for members to open up and gain shared experience from each other to help them work through the problems that are keeping them up at night. EFBC has a high retention rate, about 90% of our members remain with us year after year, and a large part of this is in large part to our peer group model. Membership relationships at EFBC run deep and the Board determined that ensuring the health of these groups is maintained to be a priority and discussed at length how they planned to do this. Our forum director took this goal and developed a plan to “elevate” the health of these groups. Are members leaving these groups? Are they adding new people to freshen up experiences? Are members expressing satisfaction with the organization? When members have a successful peer meeting, they go back to their companies energized and excited to face the tasks ahead of them. Peer groups optimize opportunities to work on the business rather than in the business.

Lastly, with the discussion of these strategic points coming to an end, the last and most important piece of the puzzle is organizational affinity. That is, one’s deep-rooted connection and loyalty to the group to which they subscribe. Group members share common interests and goals. We know our members stay here. But we want to know why, and we want to ensure to keep that up as we move from year to year. We want them to exude how they feel about the organization to hopefully refer future members to us. They can be open with colleagues and share the ways in which EFBC has helped them. When someone confides in them, “it’s lonely at the top”, our members can empathize and demonstrate the actionable ways EFBC membership has helped them.

EI is sprinkled throughout our entire organization. It is who we are and what we do. At the staff and committee level, in our programs, with our peer groups; we are our biggest supporters and cheerleaders and truly committed to the growth and development of our members. Our members have expressed how being a part of this organization has grown them not only in their businesses but holistically improved their lives. We’ve heard direct testimonials that EFBC membership has improved the lives of our members and their families, their spouses and children, their relationships with friends and peers; that it has been life changing. We truly feel this is in direct result of our commitment to and understanding of the importance of Emotional Intelligence. Interested in learning more about membership? Check out our join now page, don’t wait!

Strategic Partners Spotlight

This month were celebrating Cray, Kaiser LTD. & Burke, Warren, Mackay & Serritella

Helping Our Businesses Weather Inflation

A blog, from our friends and strategic partner ODEA.

Getting Yourself Ready To Buy Or Sell

Over the past three years, Cray Kaiser has continued to assist clients on the buy-side and sell-side of their transactions, even amidst the challenges of COVID-19. 

As key advisors to these transactions, we observed some best practices in getting your team ready to buy or sell. 

On the Buying Front  

Whether you have acquired a business over the tenure of your company or are looking to expand your footprint, there are nuances to buying a business and readying yourself for the process.  

• Review your own internal HR and financial reporting policies and procedures. Your ability to absorb another financial operation and its people will be a challenge. Having sound policies and procedures in place will enable you to implement your procedures with the target entity and obtain results sooner post-close. 
• Review your loan agreements and have conversations with your bank to ensure you have the lending capacity. With new debt, new financial covenants may be created with additional debt extended to you. Your bank may need to participate in reviewing the target’s financial statements and may have its own due diligence procedures. 
• Leverage your legal advisors to assist you in this process. They should be involved in any of the legal agreements, from non-disclosure to the purchase agreements and through the closing date. Trying to navigate these agreements solo could lead to a misunderstanding with the target entity and more legal review later in the process. 
• Engage your outside accounting professionals in this process. While you can divide and conquer the due diligence procedures, having your CPA assist with specific tasks will allow you to stay focused on the operations and people aspects of the acquisition. The CPA can provide you with objective analytics of the deal and ensure you are optimizing your cash flow (pre and post-tax). 
• Create a timeline for your internal team and external advisors to create reasonable expectations on your side, which will enhance the communication and experience of the target entity’s team as well. 
•  View the letter of intent (LOI) as the framework of the ‘deal.’ While these are non-binding agreements, it does set the ‘sail’ for how you see the target. If you cannot get past agreeing on the LOI objectives, it’s likely the target is not a good fit for your company’s financial and operational culture. 

On the Selling Front  

Selling your company may be the single largest transaction of your career. You’ve created a legacy for your clients and employees and will be leaving them in the hands of your buyer. So, preparing for this event may take longer than you think. 

• Get your financial house in order. You may need to consider increasing the financial attestation services with your outside CPA. If your outside CPA is only preparing your annual tax returns, you may need to engage them to perform a financial review or audit. A buyer looks to your financial statements as the start of any conversation. Seeing that your financial statements have been reviewed or audited enhances the buyer’s ability to rely on the financial statements, reducing due diligence procedures and may even shorten the timeline to close. 
• Know WHERE you do business. Your brand and facilities may be in one location however you may sell your services or products throughout the United States. Have your CPA review the state nexus issues to ensure you are compliant with all state tax reporting. With the Supreme Court decision in the Wayfair case in June 2018, how each state views how you do business within their borders may have changed since you last reviewed the requirements. (https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdf)  
• Review your lease agreements to better understand the timing requirements of communicating with your landlord or other lease arrangements. These agreements may need to be transferred or terminated and there may be costs associated with doing so.  
• Create job descriptions for each level of your team. People are one of the most important assets associated with a company’s value. The buyer is looking to determine your team’s tenure, expertise, and integration into their team. 
• Involve your legal advisors as early in the process as possible. Dinner conversations are one thing, but starting to share your financial statements with a potential buyer is another. 
• Leverage your CPA to assist you in determining your after-tax cash flow of the sale of the business. Not all transactions are treated the same for tax purposes. The allocation of the purchase price will determine your after-tax cash flow. Having these computations done early in the process will allow you to communicate your expectations to the buyer. 
• Prepare to negotiate how and when you receive your cash. You might get a full cash deal at closing, or you may have the opportunity to receive more cash (earn out) after the closing. 
• Share this opportunity with your executive team sooner than later. The potential sale may create concern and they may require significantly more time to assist in the transaction. Keeping the process confined to the executive team will require a level of confidentiality and trust. Select your internal team wisely. 

Whether you are looking to expand your footprint or sell to the right synergetic buyer, these best practices can help you prepare for the process and keep you on track throughout what is bound to be an emotional transaction (for either side!).  Should you have any questions or need assistance in your process, Cray Kaiser is here to help. 

-Deanna Salo, CPA, Cray Kaiser