There is some exciting news, especially for smaller plan sponsors of defined contribution plans. The Department of Labor (DOL) has revised the Form 5500 and instructions for 2023, bringing about a substantial change in the criteria used to determine the requirement for an audit. Updates to Participant Count Methodology  Employee benefit plans that filed as a large plan in the prior year are required to have an independent audit of the plan if they have over 100 eligible participants. Historically, this number of eligible participants was based on the number of participants who ..read more

Since the COVID-19 pandemic, there’s been an enormous uptick in the number of cyberattacks and the amount of damage they cause. This damage, which has disproportionately affected small and mid-sized businesses is now a top-of-mind concern for any organization that values its long-term stability and profitability. While there’s been a lot of advice out on the Internet about the danger of cyberattack and the steps that businesses in Ohio can take to defend themselves before an attack occurs, there’s much less written on what practical steps an employee should take immediately afte ..read more

Family-owned businesses account for 59% of the United States’ private sector workforce, employing more than 83 million people, according to familybusiness.org. Suffice it to say, family firms make up a significant portion of the economy, with businesses large and small sharing common challenges with managing the employees that drive business growth. While family businesses, overall, are better at retaining these employees compared to non-family firms, according to Harvard Business Review, they also have unique dynamics that can make employee management challenging. In fact, adding family dynam ..read more

The judges met and the results are in! Here are the honorees we will be celebrating at our 25th Annual Family Business Awards program on November 15th! Community Engagement - Anthony-Thomas Candy Company Conway Center Champion - The Conway Family Family Business of the Year - West Ohio Tool Co. Lifetime Achievement - David Schoedinger, Schoedinger Funeral & Cremation Service Next Gen - Alice Martin, Martin Painting & Coating Rising Star - Julie Niziurski, PATH Succession Planning - Smoot Construction Company   Milestone honorees/Years in business: 5      ..read more

The 12th Annual Family Business Forecast survey, conducted by the Conway Center for Family Business, revealed that more than 8 in 10 Central Ohio family business leaders­ are satisfied with the current state of their family business at the midway point of 2023. Six in 10 (63.5%) Central Ohio family business leaders predict their business will be in an even better place by the end of the year, and eight in 10 (82.5%) expect to increase hiring in the last half of 2023. Encouraging responses about regional business performance show a positive outlook about the perceived direction of Central Ohio ..read more

We are deeply saddened by the passing of our dear friend and co-founder, J. Richard “Dick” Emens. Dick died peacefully at home on June 28 after a lengthy battle with melanoma. Dick was a partner of Emens, Wolper, Jacobs & Jasin Law, civic leader and philanthropist. An inquisitive person, Dick was a life- long learner—researching, studying, analyzing all subjects, especially history, education, investing and leadership. In 1998, Dick and his wife, Beatrice Wolper, founded the Family Business Center of Central Ohio (now the Conway Center for Family Business), a local non-profit organization ..read more

While the Employee Retention Credit (ERC) has been around for a few years, we are just now starting to see IRS audits of these credits begin in earnest. As Douglas O’Donnell, IRS deputy commissioner for services and enforcement was recently quoted in a WSJ article, “Just because a refund has been paid, it doesn’t mean you’re free and clear”. With more ERC Mills popping up and more aggressive approaches being taken, it’s a good time for a brief overview of what the IRS may request if your claim is audited. At this point, the IRS is issuing a new warning almost weekly, the most recent of wh ..read more

Family businesses are finding Entrepreneurial Operating System, or EOS, an incredibly useful approach that is flexible enough to evolve with their changing circumstances. If your family business is currently running EOS and you are an EOS Integrator or the equivalent on the leadership team, join our EOS Integrator Peer Group. Held quarterly, these facilitated sessions provide group members the opportunity to get and share advice on EOS best practices as well as implementation challenges and other issues they are facing. For more tips on EOS and family business, check out the blog TOP 10 WAYS T ..read more

Partner and Co-President Kelly Jasin has been named as President of Emens, Wolper, Jacobs & Jasin. Founding Partner Bea Wolper moves to CEO in what many Conway Center members know is the succession planning journey. As Conway Center President and Succession Planning Peer Group facilitator, Bea has spent many years teaching the owners of family businesses how to prepare for a successful transition and then, in turn, let go. VIEW press release. The post A Succession Planning Journey Complete – EWJ&J Announces Its Own Transition appeared first on Conway Center for Family Business ..read more

Opportunity for our small- sized family-owned businesses: The Columbus-Franklin County Small Business Recovery Fund will offer $8 million dollars in grants to small businesses specifically impacted by COVID-19. These grants are intended to help those in underserved communities, minority-owned businesses, disadvantaged businesses, and veteran-owned businesses. The program’s purpose is to protect our small business economy and also ensure entrepreneurship can flourish and grow in our region. This program seeks to provide relief to small businesses to help them: Maintain operations as ..read more