The Finance Series from CFBN
How Finance Fuels Innovation & Growth: Innovating, Embracing Opportunities, and Understanding the Landscape to Better Grow Your Company and Brand in the Chicagoland Food & Beverage Industry and Beyond.
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Your company’s Enterprise Value allows investors a clearer picture of the real value of your company, beyond typical market capitalization. You and your team’s ability to drive and harness innovative approaches to growth across all departments in your company - from product, customer service, in-market performance, leadership and culture, down to finance and planning - are what set your valuation apart from your competitors as an emerging, growing, or established brand in the Chicagoland food and beverage industry.
Join us for a powerful conference designed for leaders of emerging brands, leadership from established mid-size brands, CEOs, Founders, Owners, and Directors. Our half-day workshop is specifically designed for leadership to participate in conversations, workshop sections, and personalized content focused on your growth, innovation, and determining and creating enhanced value in the modern marketplace and industry landscape.
Invest in a conference designed to give you new tools and insights from leadership from within your own industry. We’ve gathered together influential leaders from food industry companies, as well as the industry experts who can help you construct new pathways on your roadmap to navigating the best route to higher Enterprise Value for your company or growing brand.
OPENING & WELCOME REMARKS:
Alan Reed, Executive Director - Chicagoland Food & Beverage Network
Alan Reed is the Executive Director of the Chicagoland Food & Beverage Network, a startup, nonprofit organization that brings industry players together, provides a forum for collaboration and support, and better connects the 4,500 companies in the industry across Chicagoland to drive innovation and growth in the region. The group leverages the power of the food & beverage industry in Chicagoland to grow the industry, and the local economy.
Prior to this new role, Alan was Executive Vice President, Strategy & Innovation at Dairy Management, Inc., and was responsible for creating and driving innovative strategies to grow dairy demand. Before joining DMI, Alan was a strategy consultant working with a variety of Fortune 100 companies. He also spent years in advertising working with clients including Procter & Gamble, Kellogg, United Technologies, and a host of retail, foodservice and high tech businesses. Alan has a degree in Telecommunications from Indiana University, an MBA in Management & Strategy from Northwestern University, where he has taught innovation and new product development, and a certificate in Non-Profit Management from the University of Notre Dame. He currently resides in Oak Park, Illinois with his wife and 2 children.
Sean Fox, Commercial Banking Team Lead & Senior Vice President - Wells Fargo .
Sean is a 24 year commercial banking veteran in Chicagoland and will soon begin his 13thyear at Wells Fargo. He leads a team of middle market commercial bankers in the Wells Fargo downtown office at 10 S. Wacker Drive. While his career experience spans working on banking and business solutions with company decision makers of many industry types, he also leads the Illinois Food & Beverage strategy and market outreach effort on behalf of the Wells Fargo Commercial Banking team in Chicagoland. Sean and his broader team enjoy bringing experienced credit structuring, industry knowledge and familiarity, timely ideas, and proactive industry focused networking and connections to every relationship.
Sean is an active high school student mentor with www.iMentor.org in the city of Chicago public schools. He has a degree in Finance from the Gies College of Business at the University of Illinois Urbana-Champaign, and an MBA in Management & Organizational Behavior / Accounting from the Northwestern Kellogg School of Management.
OPENING CONVERSATION/PANEL:
The Growth Mindset Part I: How some of Chicagoland’s leading food & beverage industry companies are challenging expectations, driving innovation, and harnessing growth.
Chicago often sets the pace for innovation and growth in the food industry for the rest of the country – if not the world. Our city is filled with some of the most disruptive emerging brands, growing and pace-setting established brands, and brands emerging as leaders across channels.
Join us for an opening conversation with leadership from 3 of Chicagoland’s growing brands – brands who have embraced the Growth Mindset in their approach to a major capital move that changed the course of their company. Innovation in terms of product development, capital approach, and overall approach to operations has enhanced their market value and helped them to grow. This conversation will look at how their companies needs and the needs of emerging brands are different – both locally here in Chicagoland and from a national perspective. What are the lessons learned, and the insights they’ve taken away from their own personal path?
Joining us for this conversation will be:
Brock Furlong, CEO & President - Stampede Meat
Brock Furlong brings more than 25 years of food industry experience to Stampede Meat. He joined the team in 2010 following robust marketing, sales and leadership roles with The Quaker Oats Company, Pillsbury and Maple Leaf. In five years as President of Maple Leaf Poultry, Brock grew the company from $270M in sales to over $600M, making it the largest poultry company in Canada. Following suit at Stampede, Brock was named President within a year. Brock is Canadian originally and graduated from Wilfrid Laurier University in 1990. He now lives in the suburbs of Chicago with his wife, Jill. They have been married for more than 20 years and have three children.
Neal Schuman, CEO - Schuman Cheese
Since 1985, Neal Schuman has served as CEO of Schuman Cheese, a fourth-generation family-owned specialty cheese company headquartered in Fairfield, New Jersey. Under Neal’s leadership, the company is currently the 17th largest privately held company in New Jersey with 1,300 employees and has grown to over $650 million in revenue. Schuman Cheese is recognized globally as a leading U.S. cheese maker specializing in Italian and mountain cheeses and is also one of the largest importers of fine cheeses from around the world.
Schuman Cheese’s passion for quality is evident by the numerous national and international 1st place awards in hard Italian cheese, soft cheese and alpine cheeses. Schuman is also renowned for its innovations in the cheese and snack space. In addition to their cheese business, approximately three years ago Schuman Cheese created a Business Unit to produce, market and sell Cello Whisps. Sticking to Schuman Cheese’s core purpose, this item is made with Schuman’s award-winning cheeses today. Whisps are the leading, 100% cheese, snack in the U.S. Two months ago, Schuman Cheese spun off a majority share to Kainos Capital, to provide the additional capital to further grow this business. Neal and his wife, Liz, have three children, Allison, Ian and Keith, all three of whom have joined the family business. Allison is the Senior Director of Sales, Ian is the Import Business Manager and Keith is a Risk Management Analyst and an important leader in Schuman’s cheese and dairy consulting business, Optimally.
David Starr, CFO - Edlong
David Starr joined Edlong in 2012, bringing over 20 years of finance and accounting experience. As Chief Financial Officer, David is responsible for all of the accounting and financial aspects of the company. His background includes managing the finance and accounting departments of both private and publicly traded companies. David serves on the board of the Chicagoland Food & Beverage Network as its Treasurer and is also on the board of Chicago Spirit Foundation of NAWBO. David was a 2016 Ernst and Young Entrepreneur of the Year® Midwest finalist, and is also a regular speaker at several food and beverage conferences. David has an MBA from Northwestern’s Kellogg Graduate School of Business and a BS in Accounting from Indiana University, Bloomington.
(Moderator) Mary Ellen Shoup, Senior Correspondent - William Reed Business Media (FoodNavigator-USA & NutriIngredients-USA)
Mary Ellen Shoup is the senior correspondent for FoodNavigator-USA reporting on a daily basis on emerging trends, startups, and the latest innovation in the food, beverage, and nutrition sectors. Based in Chicago, Mary Ellen joined the editorial team in 2016 as the US correspondent for BeverageDaily and DairyReporter. She graduated from DePaul University with a B.A. in multimedia journalism.
BREAKOUT SESSIONS:
Breakout Session #1: The Food and Beverage Industry M&A Landscape: Updates, Deal Insights, & Activity
Join us to navigate the M&A landscape focusing on the food and beverage industry trends, insights, recent activity, and drivers moving deals forward! Our panelists will discuss recent examples of in-market industry transactions, do a quick dive into industry metrics, and answer questions related to “How can you think about your company based on how others may view your business?” Well versed in ownership merger, acquisition, and sell side transaction advice, panelists will share their strategies for how F&B owners should think about preparing themselves for all of the above - including potential game changing, enterprise value growing moves they may be considering! This is an industry play-book you don’t want to miss from four industry insiders!
Joining us for this panel will be:
Robert Biodrowski, Managing Director - Regional Investment Banking; Wells Fargo Securities
Rob Biodrowski is a managing director in the Regional Investment Banking group at Wells Fargo Securities. He joined Wells Fargo in 2001 and is based in Chicago. Rob joined the Regional Investment Banking group in 2013, after spending more than six years with the Wells Fargo Securities Industrials Investment Banking group. Rob is responsible for the origination and execution of investment banking services for companies and financial sponsors based in the Midwest. While on the Industrials platform, Rob covered mid- and large-cap companies across the capital goods vertical, including automotive suppliers and heavy machinery manufacturers. Prior to joining Wells Fargo Securities, Rob was with Wells Fargo’s Real Estate Merchant Banking Group – serving in a principal capacity on structured debt and equity transactions. Rob received a B.S. in finance from the University of Nebraska. Rob serves on Wells Fargo’s Illinois Leadership Council. He is married with three children.
Randy Bridgeman, Partner - Perkins Coie, LLP
In his counsel to public and private companies, Randy Bridgeman often serves as outside corporate counsel and deal steward, quarterbacking the deal process from pre-sale preparations through to closing and positioning clients for expansion, strategic partnerships and changes in ownership. Randy’s recent acquisition and sales counsel includes a series of cross-border, co-manufacturing joint-ventures for a global food manufacturer; a multibillion-dollar public-private partnership involving the private management of the Illinois Lottery; the sale of a multinational, family-owned manufacturer; several corporate venture investments; brand acquisitions for multinational companies with complex intellectual property assets; a series of dealership roll-ups for an industrial equipment OEM; and a range of complex commercial contracts.
Randy has structured numerous traditional and non-conventional transactions to help clients realize long-term strategies. His deal experience and background includes a full range of corporate issues and strategic transactions. Additionally, in his role as go-to outside counsel, Randy often advises and steers clients toward legal resources and resolutions related to litigation strategy, labor and employment, intellectual property, regulatory compliance, estate planning and real estate issues that arise in his clients’ legal matters. Randy is a founding member of the Privates Directors Association, which strives to create value through board formation, promote practices in board governance and provide a network to connect qualified board candidates with private companies. He is also active in the Chicago Bar Association and formerly served as co-chairman of it mergers and acquisitions and business and corporate law committees.
David Kim, General Counsel & Vice President - Griffith Foods
David Kim serves as General Counsel for Griffith Foods, a large private multinational developer and manufacturer of customized food ingredients and blends with a manufacturing network and presence in more than twenty countries. Mr. Kim joined the Griffith companies as Assistant General Counsel in 2014 and was promoted to his current position in 2018. Prior to joining the Griffith companies, Mr. Kim held various counsel positions at K&L Gates LLP (formerly Bell, Boyd & Lloyd LLP) in Chicago, Illinois, and SK Telecom Co., Ltd. in Seoul, Korea, where he advised on international merger and acquisition and joint venture transactions throughout the Pacific Rim. Mr. Kim holds a B.A. in history from the University of Michigan and a J.D. from the University of Michigan Law School.
Moderator: Helana Robbins Huddleston, Partner - CohnReznick Transactional Advisory Services
Helana Robbins Huddleston, CPA, CIRA, is a partner with CohnReznick Advisory who specializes in providing clients with transactional advisory and restructuring services. She has over 17 years of expertise in financial due diligence, restructuring, cash flow budgeting, financial auditing, internal control evaluation, and business process improvement. Helana leads buy-side and sell-side financial due diligence engagements with strategic and financial buyers for private and public companies with enterprise values ranging from $20 million to $500 million. She assists clients with calculating standalone costs for carve-out transactions, synergies costs and transition service agreements. Helana advises within a variety of industries including food and beverage, hospitality, healthcare, manufacturing, distribution, logistics, marketing, media, and professional services. She is also a member of the Firm's Private Equity and Venture Capital Industry Practice.
BREAKOUT SESSIONS:
Breakout Session #2: Creative Ways to Fund Innovation & Growth
Innovation has long been the driving force of successful companies. Being the first to market, improving product performance, sustainable manufacturing and packaging, and production efficiency all help position companies for growth and increased value. However, these actions can come with a large upfront investment of time and capital creating an obstacle for companies of all sizes.
In today’s ever changing financial landscape, companies can find opportunities to offset and/or recapture these investment costs through innovative funding resources - from tax credits, crowdfunding, and more! These mechanisms can help companies maintain the competitive edge in the market and manage cashflow.
Our panel of industry experts will discuss the innovations they have used to keep their companies on the leading edge of the food industry. Recent changes to the tax code have created even more beneficial credits and incentives to promote innovation and growth in the U.S - allowing companies focused on innovation of product, process, and sustainability to capture tax savings. Crowdfunding is another innovation disrupting the norms of capital investment relationships. We will discuss real examples of the activities companies use to stay on the forefront of the food industry. Join us for lively discussion that will benefit your bottom line and cashflow - and perhaps help you find the best resource for funding innovation in your company!
Joining us for this panel will be:
Ryan Vaughn, Director - Tax, Mazars USA, LLP
Ryan has over 10 years of diversified public accounting experience providing tax and consulting experience to emerging, mid-market, and large multi-national companies. Ryan leads the Chicago Tax practice and Tax Credits & Incentives practice providing tax services to companies in a multitude of industries including manufacturing and distribution, energy, technology, real estate, retail, financial services, and health care. As the lead of the Tax Credits & Incentives practice, Ryan provides cash tax planning solutions to clients focusing on the Research and Development Tax Credit, Energy Credits & Incentives, Tax Cash Planning, and various other Tax Credits & Incentives. Ryan graduated from Illinois Wesleyan University with a Bachelor of Arts in Accounting. He received his Master of Science in Taxation and Master of Business Administration from DePaul University Kellstadt Graduate School of Business.
Ben DiScipio, Chief Strategy Officer - FUNDopolis
As Chief Strategy Officer at Fundopolis, Ben DiScipio brings 30 years of leadership in client services, marketing and technology. Ben is a co-founder of Fundopolis, working for the past three years to help the vision come to life. He began his career at Standish, Ayer & Wood, a Boston-based money manager, completely revamping their marketing materials and technology and helping to point them toward sustained growth. From there, he became a founding member of The Lab, a business process re-engineering consultancy in Cambridge, MA where he served as a consultant and Director of Operations - responsible for all aspects of the startup including technology infrastructure, design, marketing and client services. He was the VP of Client Services for Vizy Interactive, an interactive media consultancy with offices in NY, London and Paris. He has served in various capacities as director of client services, marketing, operations and sales. It is only fitting that his career has ended up back in the financial industry combining his experience with startups, marketing, client services and technology.
Alan Reed, Executive Director - Chicagoland Food & Beverage Network
(bio posted above)
BREAKOUT SESSIONS:
Breakout Session #3: The Newest Venture Capitalists - Food Companies
Packaged-food companies and big names in the food space are developing a more exciting sideline business—venture-capital investing. Their results have been mixed, but when paired smartly with a company’s core strengths, it can be a powerful tool to stay on top of fast-moving trends. The last few years have seen industry brand giants, distributors, food tech, food service all jump into the arena of corporate venture - perhaps with some under pressure from challenger brands, driven by shifting consumer tastes and e-commerce growth that makes it easier for upstarts to reach households directly.
Big companies can benefit in multiple ways from investments in the space - aside from financial returns they bring, startups can also help legacy players learn about emerging trends and observe how entrepreneurs excel in areas like social-media marketing. At the moment there is no shortage of private-equity and venture-capital funding available to entrepreneurs, so being able to lend this kind of expertise can help investors land deals.
Join us to explore the new dynamics of corporate venture and industry investment - and how your company’s plan for innovation and growth might find the perfect partner. Some language excerpted from this Wall Street Journal Article (Aug 2018).
Joining us for this panel will be:
Tommy Gordon, Director of Partnerships & Perspectives - Relishworks/Gordon Food Brands
Mel Gaceta, Director - Ventures - Mondolez International
Mel Gaceta is the Director of Ventures at Mondelēz. He oversees and executes early stage investments as part of their innovation hub, SnackFutures. Previously, Mel helped establish and was Managing Director for Synchrony Ventures, the venture arm of GE Capital’s former retail finance business. Mel started his career in corporate venture in 2000 as part of the founding team at Motorola Ventures.
Moderator: Steve Gaither, President - JB Chicago, a CA Fortune Company
Steve Gaither is the president of JB Chicago, a division of C.A. Fortune. JB is an integrated marketing agency focused on CPG whose clients range from larger brands like Smithfield Foods and Tetrapak and emerging brands including Real Good Foods and Protes. As a mentor at the Good Food Business Accelerator, ICNC and The Hatchery, his relationships with the entrepreneurs led him to co-found the Windy City Troublemakers, an early-stage food brands group in Chicago. Steve was formerly a partner in Spiral Sun Ventures and Windy City Food Brands, where he and his fellow CPG experts provide the operational know-how and go-to market strategies that help brands accelerate their growth. Steve graduated from Ball State University (1994) with a degree in Architecture and Planning. He resides in Munster, Indiana with his wife and three children.
CLOSING CONVERSATION/PANEL:
The Growth Mindset Part II: How some of Chicagoland’s leading food & beverage industry companies are challenging expectations, driving innovation, and harnessing growth.
Joining us for this conversation will be:
Katlin Smith, Founder & CEO - Simple Mills
Katlin Smith is the founder & CEO of Simple Mills, a Chicago-based company at the forefront of a clean food movement that is shaping the next generation of natural foods. Named to the Forbes 30 Under 30 Class of 2017, Smith launched Simple Mills in 2013 to provide a cleaner alternative to baking mixes then on the market. Simple Mills products, which include baking mixes, frostings, almond flour crackers, sprouted seed crackers, ready to eat crunchy and soft baked cookies, are currently distributed in more than 16,000 conventional and natural grocery stores.
Moderator: Mary Ellen Shoup, Senior Correspondent - FoodNavigator - USA
(bio posted above)
We appreciate the support of our sponsors for hosting, supporting and funding this inaugural finance event:
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