CFO of the Year 2015

GREATER FORT WAYNE

Business Weekly

Name Letter from theCompany Editor

3306 Independence Drive, Fort Wayne, IN 46808 (260) 426-2640 Fax: (260) 426-2503 www.fwbusiness.com

Randy C. Mitchell randymitchell@kpcmedia.com Publisher

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ACCOUNT EXECUTIVES

Nathan Hensley Bobbi Jenks Wendy Krzyzanowski Nate Woenker

They don’t just count the beans Welcome to Greater Fort Wayne Business Weekly’s inaugural CFO of the Year lineup. We are honoring northeast Indiana’s financial leaders because this executive position often goes unrecognized. But, in most n companies today, the CFO is often the one person who can see the big picture.

From the submitted nominations, a group of outside Lucretia judges chose the executives to Cardenas honor.

The judges considered the nominees’ impact at their organizations and in the community, as well as considered their ethics and influence as managers.

We received nominations in all four categories: private companies with revenue over $50 million, private companies with revenue under $50 million, public companies and nonprofit organizations.

The nominations we received were impressive, which is evident in this

special section that features questions and answers with this year’s honorees.

CFOs are taking on more roles than traditionally associated with the role.

No longer are the executives simply counting the beans. They are determining turnaround strategies, overseeing human resources and information technology and keeping all of the department spokes connected to the company’s wheel.

We at Greater Fort Wayne Business Weekly recognize this evolving role and that is why we wanted to be sure to take time and recognize these intelligent individuals who are an integral part of an organization’s success.

We thank Spiece Fitness for also wanting to highlight these executives by allowing us to use their facility to take photos. We thank Ray Steup, with INfortwayne.com, for shooting the photos of our winners.

We want to especially thank event sponsors Crowe Horwath LLP and Gibson Insurance, as well as contributing sponsor R3 Composites for generously supporting this inaugural event that showcases northeast Indiana’s top CFOs. We congratulate this year’s honorees and look forward to their continued service at their companies and in our communities.

George O. Witwer Publisher Emeritus

Terry Housholder President

Randy C. Mitchell Chief Executive Officer

S. Rick Mitchell Chief Financial Officer

Andy Eads Advertising Director Greater Fort Wayne Business Weekly

is a publication of KPC Media Group Inc. ©2015 All rights reserved

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CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

Nameof Contents Table Company Matt Fortney .............................................................4 Jack Gochenaur ......................................................5 Jeanette Hyndman .................................................6 Heidi Ludwig .............................................................8 Mike Martin ...............................................................10 Successful evaluations ............................................11 Jay Miller ...................................................................12 Brian Moore ..............................................................14 Embracing change .................................................15 Karen Richter ............................................................16 Kirby Stahly ................................................................18 Mark Veerkamp .......................................................20 Misty Woltman ..........................................................22

THANK YOU TO OUR SPONSORS:

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Top Honoree Private Companies, Revenue under $50 million Name Matt Company Forney Group Delphi What does the organization do?

Group Delphi custom designs and builds exhibits for trade shows, museums and corporate interiors.

However, we are not a traditional trade show company. We create engaging customer experiences by pairing state-of-the-art technology with rich artistry, expert handcraft, and strategic expertise. As a result, our work is known for fostering deeper connections between brands and their customers.

What is your favorite Excel function and why?

The best Excel functions are not part of my knowledge base. There are a lot of great Excel gurus who can do some amazing things. My favorite functions that I use are VLOOKUP and HLOOKUP. Having this bit of automation in a spreadsheet can be a huge time saver.

What led you to the role of CFO at the current company?

Early in my career, I was hired at Group Delphi as cost accountant.

I felt like this was the experience I needed as a stepping stone to get me closer to the controller role and, at the time, I had no idea I would get there at Group Delphi. After a short time as cost accountant, I took on more Age: 44 Company: Group Delphi Title: Chief financial officer Years with company: 17 plus Family: wife, Linda; sons, Dylan and Ben; daughter, Katie Education: bachelors, Indiana University-Purdue University Fort Wayne Hometown: Fort Wayne Civic involvement: Big Brothers Big Sisters of Northeast Indiana board member from 2006 to 2012; Midwest Chapter of the Exhibit Designers and Producers Association chapter president; Fort Wayne Chapter of Financial Executives International vice president Hobbies: golf, attending the events of my kids Page 4

responsibilities and was promoted to accounting manager.

Part of my plan was to pass the CPA exam and earn my CPA license.

While I did not want to go into public practice, I felt this designation would be something to help open doors.

After earning my CPA license, I became controller and took on human resources, information technology and warehousing/transportation.

After six years as controller, my focus changed to operations and I became the general manager of our Indiana operation. Over more than eight years as GM, my passion for the finance/administration side of the business never died. As of April of this year, I assumed the CFO role for our entire company.

The operations experience gave me a brand new perspective and appreciation of many areas of the business I had not focused on before. I find these experiences have made me a more well-rounded CFO. Where do you see the company in 10 years?

As a high-growth company, we look forward to building on our successful heritage of creativity paired with

innovation as we continue to expand our business. One thing will never change: our commitment to “insanely great service,” which is at the heart of everything we do. Our clients are not just customers — we view ourselves as their strategic partner in experiential marketing success.

How do you make the tough decisions when setting the budget?

What is your philosophy?

Budget setting is not easy.

Everyone has ideals of what they want to accomplish in the coming years. Unfortunately, they all cannot be supported. The key is to balance expenses for long term initiatives with short term profitability. When this can be done, it is a beautiful thing.

Is your life as balanced as your budget? Why or why not?

I don’t know that a true work/ life balance exists. The CFO role demands a lot of time. My approach is to get up early and start my day while the rest of my family is sleeping or getting ready for their day. Then, at the end, I make a priority of getting to as many family events as possible.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

Jack A. Gochenaur - Top Honoree Nonprofit Manchester University

What does the organization do?

We are an institution of higher education whose mission is to “respect the infinite worth of every individual and graduate persons of ability and conviction who draw upon their education and faith to lead principled, productive and compassionate lives that improve the human condition.”

What is your favorite Excel function and why?

I find this hard to pick because this entire application is so fantastic for a person in my role. One that is most helpful for analysis would be the data tab using the sort and filter functions. Considering that my career started when we were still using columnar hand written spreadsheets and electric erasers, then came Lotus and then the wonderful development and functionality of Microsoft Excel. What a productivity enhancement.

What led you to the role of CFO at the current company?

The opportunity presented itself in 2003 when I was released from Fortis Health Insurance as a result of an organizational change directed by a newly appointed president.

What has been the most challenging feat during your time as CFO for the current organization and why? How did Age: 67 Title: Vice president, chief business officer, treasurer Years with organization: 12 Family: wife, Dianna; children, Heather, Heidi and Hans Education: bachelors, Manchester University Hometown: Howe, Ind. Civic involvement: (Past) Fort Wayne Area Youth for Christ, board chair; Fort Wayne Rescue Mission, treasurer; Fort Wayne Rotary Club; Quest Club; Junior Achievement, volunteer; Fortis Health Insurance Foundation, president 1991-2003; Westown Association of Milwaukee Wis., president; Kettle Moraine Church, board of elders; Wisconsin Economics in Education, treasurer; (Current) none Hobbies: woodworking and landscaping

you handle that situation?

Challenges/opportunities: • Planning for and building two buildings at the same time — the Academic Center on the North Manchester campus and the College of Pharmacy building on the Fort Wayne campus. Both were constructed in one year or less and were ready for fall 2012 classes.

• Refinancing existing debt into a new tax-exempt bond and taking advantage of excellent interest rates.

• Focusing on keeping Manchester affordable for current students and prospective students.

• Leveraging the resources with which our donors have entrusted us and maximizing their usefulness - stewardship.

• Supporting the financial needs of a number of our students at the same time that average state aid and the expected family contribution have declined.

Successes: • Both buildings - the Academic Center and College of Pharmacy - were completed on time for students arriving in the fall.

Both buildings greatly enhance our ability to advance the university’s mission.

• Building teams on campus to problem solve problems and improve the delivery of services to students.

• Maintaining a very reasonable debt level with a very low interest rate.

• Building a culture of financial transparency with our faculty and staff.

• Having a board of trustees that has confidence in the financial reporting and compliance work that we do to support their fiduciary responsibility as board members.

• Active engagement with collaborative efforts within the Independent Colleges of Indiana has resulted in two active programs today.

Which has been the most rewarding part of the job and why?

• The opportunity to participate and lead in teams that are successful and productive.

• Educating students. Each year, Manchester graduates students who have the ability and conviction to change the world in which they live. This is a result of what we do.

Where do you see the organization in 10 years?

Obviously, some changes. I see the university being involved more with our regional effort to grow. I see the opportunity for much more collaboration with both our peer institutions and the employers of our students.

The college schedules will likely change to year-long schedules rather than two semesters as the primary teaching time. I see more integration with online learning/ teaching and instruction in classroom. Also, I see an increase in opportunities for students to participate in “experiential” learning as they prepare for the career.

How do you make the tough decisions when setting the budget? What is your philosophy?

I prefer to build budgets by using the actual results of the past two or three years and comparing projected increases to activities supporting the strategic initiatives of the organization. One also needs to account for the ever-changing and increasing compliance requirements and the resultant impact budgets that could most likely be outside of strategic initiatives.

Is your life as balanced as your budget? Why or why not?

My spouse would likely be the best person to accurately assess this for me. It has not always been but, having the opportunity to look back at the past 45 years, I would admit there were times I have been over committed in serving but still taking time to be involved and connected with my family.

I am a man of faith and my commitment to faith and family has been a critical part of who I am. Today, I would say, yes, I have my life in balance.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Honoree - Jeanett Hyndman McIntosh Energy

What does the organization do?

The company is a petroleum distributor operating a chain of convenience stores, commercial card activated fueling locations and delivering fuel to customers that have on-site fuel tanks.

What does she do for the company?

Jeanette does the payroll, accounts payable, human resources, reconciles the bank and generates company financials for the company. She communicates with the bank and the accountant regarding a line of credit, loan payments and covenant reporting as well as any and all taxes the company is obligated to pay. She is instrumental in bringing new technology both software and hardware

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to keeping the company in the forefront as a top tier fuel provider and convenience store operator in the Fort Wayne market.

What has been the most challenging feat during her time as CFO for the current organization and why?

Jeanette started working for the company at a time when the future viability of the company was a concern due to a bank deciding the petroleum and convenience store business was not something they wanted to be a part of. It was also a time when the economy was turning down with the financial fall out from 2008 and the

escalating price of petroleum products was having a devastating effect on gas and diesel volumes and inside store sales.

Which does the company most appreciate about her efforts?

Jeanette has made herself into an invaluable resource for our company.

Through her efforts and professionalism the company was able to find a new bank, consolidate loans, save on taxes, and allowed us to develop the most costly project the company has ever undertaken. Jeanette is richly deserving of this award.

Note: Information provided by Ray McIntosh.

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Honoree - Heidi Ludwig Community Foundation of Greater Fort Wayne

What does the organization do?

The Community Foundation is a public foundation that has served Allen County for 93 years. The Community Foundation builds permanent endowment funds to sustain philanthropy in the community for current and future generations. We help donors fulfill their charitable goals by connecting them with nonprofit organizations, we promote effective and wise use of grant-making resources and we stimulate community dialogue around pressing community needs. In 2014, we facilitated $5 million in charitable grants and scholarships.

What is your favorite Excel function and why?

Pivot tables are amazing because of the ability to sort data into well-organized spreadsheets for analyzing and summarizing.

The information can then easily populate charts for dashboard reporting.

What led you to the role of CFO at the current company?

Having been in the nonprofit field before coming to the Community Foundation, it was an honor to join the staff of a well-respected organization serving the nonprofit community.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

When I joined the organization, my position was newly created and staff was expanded to five – we are now at 12 staff members and our charitable assets have nearly tripled. It is always challenging to manage growth and ensure resources are Age: 45 Title: Associate director Years with company: 17 Family: husband, Rick; children, Alexis and Ryan Education: bachelor’s, Ball State University Hometown: Avilla Civic involvement: Taught Sunday school and vacation Bible school at my church for the past three years.

Hobbies: children’s activities, walking family’s adopted rescue dog, working on landscaping projects

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used wisely, especially when entrusted with the community’s dollars. Upholding the Community Foundation’s reputation is always at the forefront of everything I do, ensuring that everyone on staff is a good steward of the resources that have been entrusted to us to manage for the generations to come.

Which has been the most rewarding part of the job and why?

It is extremely rewarding to see the difference the Community Foundation makes in the lives of people who are served by the nonprofit agencies we support. The transformational impact of scholarship awards on students who likely wouldn’t have the opportunity to go to college is equally rewarding.

One part of my job that is very impactful is attending scholarship award announcements every spring for our Lilly Scholar award winners. The recipients are phenomenal kids who’ve overcome challenges in their 18 years of life that most people don’t face in a lifetime. Yet, these kids rise to the challenge and it makes each of them a better person. It is amazing to be the one to announce they are the recipient of a full tuition scholarship.

Where do you see the company in 10 years?

It is a very exciting time for the Community Foundation – probably the most exciting time span in the 17 years I’ve

been on staff. We are involved in various community leadership roles through involvement in a community health improvement plan for children, support of educational needs of preschool age children, focusing on the improvement of downtown through fundraising efforts for riverfront development and strengthening our local nonprofits through capacity building trainings held at the Community Foundation. My hope for the Community Foundation is that in 10 years we are able to see improvement in these key areas, to have “moved the needle,” and continue to build on this momentum to make Allen County a stronger community for all its citizens.

How do you make the tough decisions when setting the budget? What is your philosophy?

The challenge in setting the budget for the Community Foundation is that there are misconceptions that we are sitting on a stock pile of money, so the budget must be endless. Nothing could be further from the truth. We are very diligent with setting a realistic operating budget based on modest administrative fee revenue generated from the funds we manage.

Is your life as balanced as your budget? Why or why not?

Absolutely. Life, just like a budget, is all about balance. We have to make investments of time in planning efficiently each day in order to reap dividends.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Honoree - Michael (Mike) Martin Concordia Lutheran High School

What does the organization do?

Concordia Lutheran High School provides a Christ-centered high school academic experience for 770 students in grades nine through twelve. CLHS has provided high school education to the greater Fort Wayne area for 80 years.

What is your favorite Excel function and why?

I use the “IF” function extensively to create a variety of relationships within a student data base filled with fee, aid, third party affiliations and other data. The “IF” function supports the development of trends, eligibility criteria, and comparative data.

What led you to the role of CFO at the current company?

Credit goes to Terry Breininger, executive director. He made the decision to create the high school’s first CFO position. A friend sent me a copy of the want ad Terry placed in the newspaper.

Having worked in another faith-based organization, Concordia’s mission and service history was very appealing. After completing the application and interview process, Terry made me the offer. It would be the first time the high school had a non-Lutheran in a senior administrative position.

What has been the most challenging Age: 65 Title: Chief financial officer Years with company: five Family: wife, Julie; son, Bryan; daughters, Melinda and Jan Education: bachelors, Indiana University Hometown: Kokomo Civic Involvement: Warsaw Community Church; Entrepreneurs’ Alliance of Northeast Indiana, board member 1999-2000; Warsaw Community School Corporation, board member 1988-1991, president 1991; Kokomo Kiwanis, distinguished president; Kosciusko County United Way, campaign chair 1986, board member 1986-1990, president 1988, governor’s appointee to three state advisory councils Hobbies: hunting, HO scale model railroading, travel Page 10

feat during your time as CFO for the current organization and why? How did you handle that situation?

The school had been in operation for 75 years and had relied on history and traditions as the basis for budget and spending decisions. It was a challenge to identify and quantify critical metrics that could be analyzed and used to support decisions. In order to gather the data, a new accounting software package was implemented which helped produce timely and accurate financial statements. A number of Excel documents were designed to identify data trends and relationships.

As information was generated, decisions were made to implement a new compensation plan and benefit package, significant maintenance and capital projects were completed, and student financial aid programs modified. The changes were made possible thanks to a supportive board of directors and a management team that oversaw implementation.

Where do you see the company in 10 years?

Concordia Lutheran High School will be educating over 1,000 students on a brand new campus.

Which has been the most rewarding part of the job and why?

I have had the opportunity to work with a very caring, dedicated staff. Most have been with the school for decades

and believe strongly in the mission of the school. It has been a privilege to work with them.

How do you make the tough decisions when setting the budget? What is your philosophy?

As CFO, it is my responsibility to provide multiple budget scenarios based on alterations of various input assumptions. Two critical elements are behind my assumptions and recommendation, promote: 1) that which is best for our students, and 2) that which best insures our sustainability. Since our product is a human service, most of our costs are personnel related. Therefore, the toughest decisions are related to staffing and compensation levels. Ultimately, the executive director approves the budget that is proposed to our finance committee and board of directors.

Is your life as balanced as your budget? Why or why not?

One of the benefits of aging is improved perspective. Early in my work life, it was important to tip the balance toward employer outcomes. This tipped the time balance toward my work life. As time passed, it became far more important to devote time to my family, especially grandkids, and to many long term friends.

Overall, I feel balanced and have no regrets. Now if only nonprofit budgets could be so easily balanced and controlled.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

Successful evaluations depend on frequencies

BY LAUREN CAGGIANO

Employee evaluations are tools that are only as effective as their application in the modern workplace.

Emily Bernard, regional human resources director with ResCare in Fort Wayne, offered some advice on best practices for managers.

First, she stressed, evaluations are only effective when used effectively.

For example, it’s common for managers to only review performance annually and reward or discipline monetarily through raises or lack thereof. The danger in this approach is that managers oftentimes only recall fresh incidents from recent weeks − whether good, bad or indifferent. Then the appraisal only captures one point in time and carries “little weight,” as Bernard put it.

Instead of relying exclusively on annual performance reviews, Bernard suggests companies consider adopting quarterly reviews.

“You get a better picture of what (the employee) did throughout the year,” she said.

Employee goals, as well as the company’s, can change throughout the year, so reviewing quarterly provides an opportunity to reassess and retool, if needed, she said.

Bernard’s preference is backed by research.

The April 2015 Harvard Business Review article, “Reinventing Performance Management,” by Marcus Buckingham and Ashley Goodall, presents some of the recent challenges professional services firm Deloitte has faced in performance management. In their words, “although it may be great to be able to measure and reward the performance you have, wouldn’t it be better still to be able to improve it?”

Internal research provided a case for change. For example, “in a public survey Deloitte conducted recently, more than half the executives questioned (58 percent) believe that their current performance management approach drives neither employee engagement nor high performance.

They, and we, are in need of something nimbler, real-time and more individualized — something squarely focused on fueling performance in the future rather than assessing it in the past.”

But what is that catalyst for change? Among the themes the article discusses is the need for frequent

BLOOMBERG NEWS

Job seekers wait in line to enter the Choice Career Fair in San Antonio, Texas.

manager-employee contact to boost morale and productivity: “Research into the practices of the best team leaders reveals that they conduct regular check-ins with each team member about near-term work,” the article says. “These brief conversations allow leaders to set expectations for the upcoming week, review priori-

ties, comment on recent work, and provide course correction, coaching, or important new information. The conversations provide clarity regarding what is expected of each team member and why, what great work looks like, and how each can do his or her best n

See EVALUATIONS on PAGE 13

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CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Top Honoree Private Companies Revenue Over $50 million Jay E. Miller Perfection Bakeries Inc., DBA Aunt Millie’s What does the organization do?

We bake and distribute fresh bread and bun products throughout the Midwest primarily under the Aunt Millie’s brand. We use 3.5 million pounds of flour per week at our six high-speed producing plants. Our bread lines produce 150 to 180 loaves per minute. Our bun lines produce 800 pieces per minute. We produce nearly 250 million packages per year. That is a lot of “dough.” We have 700 company owned and independent operator routes that distribute to groceries, restaurants and institutions. Our fleet travels nearly 500,000 miles per week to deliver freshness.

What is your favorite Excel function and why?

It used to be undo and redo. I am by no means a power user but I have several on my staff that are and they teach me enough to be dangerous. I guess now my favorite Excel function is getting others to do what needs to be done. I’m also really good at save, close, logoff and go home.

What led you to the role of CFO at the current company?

Perfection was an audit client and I was familiar with the company and the owners. The opportunity for change was available and my thinking was to get a few years of corporate experience.

Well, that few years has turned to a few decades.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

Wow, that is tough to say. Like all business, there are new challenges each year and, sometimes, each week. No one situation stands out above another, Age: 66 Title: CFO, secretary, treasurer Years with company: 37 Family: wife, Pam; children, Jayda and Justin Education: bachelors, St. Joe College Hometown: Fort Wayne, Ind. Hobbies: golf, fishing, biking and grandchildren

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but probably maneuvering through all of the changes in the banking industry over all these years has been an ongoing challenge. I handle challenges by gaining a full understanding of the situation and getting input from the staff and owners, and sometimes other professionals. Then, an informed decision is made.

Which has been the most rewarding part of the job and why?

Having the opportunity to make a contribution that has helped the company to expand, grow and be successful is rewarding. But more rewarding than that is being able to assemble and develop a loyal staff of six department team managers that average over 20 years with the company. They along with their staff have helped not only me but the company achieve positive results. I have been very fortunate.

Where do you see the company in 10 years?

The company is family owned and has existed since 1901. The fourth generation is in place and learning the business in management positions. In 10 years,

the fifth generation will come of age to continue the long tradition of providing quality baked goods to many communities throughout the Midwest and beyond.

How do you make the tough decisions when setting the budget?

What is your philosophy?

My philosophy has always been to be conservative. Our business is seasonal with summer being our prime time.

Communication with all departments is a very key element in the process.

Everyone needs to know the constraints and buy into what we call the “thick and thin.” Tough decisions are normally arrived at by consensus.

Is your life as balanced as your budget? Why or why not?

That balance has evolved over many years. For the most part, my life is in balance and I try to maintain an even keel. I hate to compare life to our budget because commodity and fuel prices are very volatile, the weather unpredictable and other outside factors can turn our budget upside down. I don’t feel balanced upside down.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

n

EVALUATIONS: Employee’s input is just as important as frequency

Continued from PAGE 11

work in the upcoming days — in other words, exactly the trinity of purpose, expectations and strengths that characterizes our best teams.”

Just as important as frequency is taking into account the employee’s input about his or her performance. To that end, a quarterly self-evaluation tool can be helpful.

“I think it’s a really good tool to see what employees think (about their performance),” Bernard said.

Regardless of the frequency, Bernard says goal setting is critical to employee evaluations. She suggests setting goals using the acronym SMART: specific, measurable, achievable, realistic and timely. These goals provide an unbiased way to measure performance and encourage accountability.

Bernard says goal setting should also be specific and relevant to the position. For example, a health-care professional will have different goals than an administrative assistant. Also,

a supervisor should meet with the employee to set goals within 90 days of hire.

Another way to approach employee evaluations, Bernard says, is by thinking about what they are not.

“An evaluation should never be a surprise,” she said. “Quarterly assessments can and should address any issues. (An annual evaluation) should not be the first time you let them know about an issue.”

Employees should know what to expect and not be shocked, she added.

An employee evaluation is not a time for generic comments. Bernard says so often managers don’t tailor their feedback to the individual.

Instead she calls for constructive language that can motivate people.

The Harvard Business Review article also addresses motivation, offering a look at how Deloitte fosters a culture of employee engagement: “Our design calls for every team leader to check in with each team member once a week. For us, these check-ins are not in addition to the

work of a team leader; they are the work of a team leader. If a leader checks in less often than once a week, the team member’s priorities may become vague and aspirational, and the leader can’t be as helpful — and the conversation will shift from coaching for near-term work to giving feedback about past performance.

In other words, the content of these conversations will be a direct outcome of their frequency: If you want people to talk about how to do their best work in the near future, they need to talk often. And so far we have found in our testing a direct and measurable correlation between the frequency of these conversations and the engagement of team members. Very frequent check-ins (we might say radically frequent check-ins) are a team leader’s killer app.”

The key takeaway for managers is that human, biased elements are probably impossible to completely remove from evaluations, but there are tools and techniques to minimize their occurrence.

Relationships are built on many things...

Like working together to make our communities better.

Our clients share our sense of pride in building value within the broader communities where we live and work. Like many of our clients, Crowe Horwath LLP supports the civic organizations and charities that provide the backbone for economic progress.

Crowe congratulates Jay Miller, CFO of Perfection Bakeries Inc., for being recognized as a CFO of the Year honoree.

To learn more about our commitment to building lasting relationships, visit crowehorwath.com or contact Tom Jones at +1 260 487 2320 or tom.jones@crowehorwath.com.

Audit | Tax | Advisory | Risk | Performance In accordance with applicable professional standards, some firm services may not be available to attest clients. © 2015 Crowe Horwath LLP, an independent member of Crowe Horwath International crowehorwath.com/disclosure

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Honoree - Brian More Micropulse Inc.

What does the organization do?

Micropulse is a full-service precision manufacturer of medical devices for the orthopedic industry. We manufacture implants, instruments and delivery systems, and provide packaging and inventory management.

We employ 275 full time workers.

In 2014, we shipped 5,500 jobs which consisted of 230,000 individual implants, 97,000 individual instruments and 14,000 individual sterilization cases and components.

What is your favorite Excel function and why?

Net present value. As I analyze various projects, purchases and investments, it’s all about the cash. The NPV function objectively allows you to look at the situation.

What led you to the role of CFO at the current company?

I started at Micropulse in 1996 as a staff accountant. The company employed 35 peoples at the time. Over the years, Micropulse has seen constant, consistent growth which created opportunity. This allowed more responsibility for those who are up for the challenge and willing and able to keep up with the learning curve.

Over the years my responsibilities continued to grow and transition from controller to CFO. Along the way, I was able to fill the role of management representative for our quality management system and oversaw our information technology department.

Age: 41 Title: CFO Years with company: 19 Family: wife, Robin; daughters, Madison and Brinnan Education: bachelors, Huntington University Hometown: Columbia City, Ind. Civic involvement: Camp BLAST, director 2000-2015; Sunday school teacher; Whitley County EDC investment committee, member; Junior Achievement, volunteer; Interfaith Mission finance committee, member; Leadership Whitley County finance committee, member Hobbies: woodworking, building/ remodeling, helping on brothers farm Page 14

Through all the transitions, God put some outstanding mentors and teachers in my path that helped me understand the CFO role and helped give me tools to meet and exceed the expectations of the role.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

From 1999 – 2003, the company faced some pretty difficult times. Our markets and customers were offshoring and pricing was extremely competitive for U.S. tool makers.

Over a 12- to 18-month time period, we thoroughly examined processes, markets and product/service offerings. We put forth a plan to transition the entire business from 20 percent to 100 percent medical devices.

Times were very stressful. The management team and employee base grasped the plan and actually completed the transition in half the estimated time - 18 months versus 36. It was also during this time I assumed the responsibility of CFO and took a more active role and financing structure and strategic management. To help me handle not only the company’s transition but my own, I had a couple mentors who came along side and taught me tons.

Which has been the most rewarding part of the job and why?

A few things: • Continued consistent growth that is directly related to the company’s culture; a culture of doing things right; • Watching young people grow up in the organization and be duly rewarded with added responsibility because the earned it, worked for it, showed a passion to master it; • Having the opportunity to learn and do many different task depending on the current need; and • Laying out a plan and watching in come to fruition.

Where do you see the company in 10 years?

Based on current plans, the company could very well exceed 400 employees and the addition of a couple more product lines.

How do you make the tough decisions when setting the budget? What is your philosophy?

I view budgets more as a planning tool to help set expectations. Budgets can be very tedious to prepare. I prepare budgets to act more as a financial model for the business that can provide significant aid in decision making and “what-if” analysis. For our company, the budget process is used to help set expectations with owners and financial

institutions. Typically, we use the adage of “under promise and over deliver.” I believe in being ultra-conservative. If expansion or project plans work in this scenario, it will definitely work if things are better. I also believe finance professionals seldom take the time to learn the actual process of what drives revenue and expenses in their organizations. In my career, I worked on the shop floor for six weeks before I ever stepped foot in the office. It gave me an excellent foundation to build upon and today still helps me understand the inner-workings that ultimately help build better budgets.

As far as tough decisions in the process, you have to be able to objectively prioritize projects based on as many facts that are available and incorporate them in the budget as appropriate. I think a multidisciplinary team that understands the why and can help communicate it throughout the organization is a big plus a well.

Is your life as balanced as your budget? Why or why not?

Try to be. God has blessed me with an amazing wife and kids. He has also blessed me with an amazing staff. Both make it easy to balance work and life. I love my job and the people I get to do it with. I am very excited to go to work and very excited to go home. I received one of the best gifts from God mentioned in Ecclesiastes: “Moreover, when God five someone wealth and possessions, and the ability to enjoy them, to accept their lot and be happy in their toil – this is a gift of God. They seldom reflect on the days of their life, because God keeps them occupied with gladness of heart.”

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

Embracing change essential for success

BY LAUREN CAGGIANO

If companies do not adapt to change, they can become obsolete. Managing that change, however, isn’t always easy.

Two local experts offer tips for how small businesses can better adapt to change.

According to Susan Burns, senior partner with Michael Burns Consulting, there are two types of change.

“If you’re lucky, the change realization can dawn on your slowly,” she said.

“Incremental change is what everyone is used to.”

However, disruptive change − while hard to swallow at times − can have a lot of potential. In her words, “sometimes it’s the big leap that will pay off the most.”

“The bigger the leap, the bigger the success,” she said.

While disruptive change might not be appropriate for every company, both types of change must be taken into account when developing a strategic plan, Burns said. She challenges her clients to ask the following: Where do you want to end up? Begin with the end in mind. Where should you be when it’s all done?

Then, it’s necessary to take a step away and return with an action plan. Burns said it’s essential to consider questions such as: Who will I need to reach out to? Who do I have already on my team to call on? Who will manage the tasks?

These questions are widely accepted as part of change management. The Harvard Business Review’s article, “Meeting the Challenge of Disruptive Change,” by Clayton Christensen and Michael Overdorf, addresses such considerations: “One of the hallmarks of a great manager is the ability to identify the right person for the right job and to train employees to succeed at the jobs they’re given. But unfortunately, most managers assume that if each person working on a project is well matched to the job, then the organization in which they work will be, too. Often that is not the case. One could put two sets of identically capable people to work in different organizations, and what they accomplished would be significantly different. That’s because organizations themselves — independent of the people and other resources in them — have capabilities. To succeed consistently, good managers need to be skilled not just in assessing people but also in assessing the

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See CHAMGE on PAGE 21 CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Honoree - Karen Richter Asher Agency

What does the organization do ?

Asher provides advertising, marketing, and public relations services through nine offices in seven states and the District of Columbia. We serve over Age: 60 Title: Vice president, CFO Years with company: 12 Family: husband, Robert; sons, Matthew and Michael; daughter, Emily Education: bachelors, Indiana University; post-baccalaureate certificate in accounting, Indiana University Hometown: Millersburg, Ind. Civic involvement: United Way of Allen County Standards Committee member, 15 years; Allen County 4-H club leader, fivc years Hobbies: travel, hiking, reading, custom alterations Page 16

40 local, regional and national clients, with annual sales of over $25 million.

What is your favorite Excel function and why? @SUM because, as my son the engineer says, “What’s the big deal about accounting? It’s all just addition and subtraction.” Excel gets me where I need to go with no problems.

What led you to the role of CFO at the current company?

I worked in public accounting for nine years, performing audits and preparing tax returns for large and small for-profit and non-profit local businesses. That experience helped me understand Asher and contribute to its growth.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

The economic downturn in 2007-08 was difficult for many businesses. Asher lost a large client and others scaled back their advertising. We had to make some staff reductions. It’s very difficult to let

good people go.

Which has been the most rewarding part of the job and why?

The amazing, brilliant, creative and fun people I work with at Asher.

Where do you see the company in 10 years?

Bigger and better. The growth of digital media has opened a new era in advertising and Asher is committed to staying ahead of the curve to best serve our clients.

How do you make the tough decisions when setting the budget?

What is your philosophy?

Our philosophy is to invest in a strong staff and give them the tools that will help them do their best for the clients. Advertising folks dream big and sometimes the CFO has to bring the dreams to a more realistic level.

Communication and respect is the key, as in so many aspects of business.

Is your life as balanced as your budget? Why or why not?

Family comes first. Everything else falls into place.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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CONGRATULATIONS Mr. Kirby Stahly ‘CFO of the Year’ Honoree We applaud you for your devotion, dedication and commitment to East Allen County Schools

An “A” District!

Thanks for all you do for kids!

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

Page 17

Top honoree Public Companies - Kirby W. Stahly East Allen County Schools

What does the organization do?

East Allen County Schools is a public school district that educates more than 9,000 students in the eastern half of Allen County.

What is your favorite Excel function and why?

Pivot tables and that it allows one to extract specific information from the data.

What led you to the role of CFO at the current company?

The opportunity to work for a larger public school district. I love to continually learn new things and being a CFO today, means that there are always new requirements or changes that we have to incorporate into our operations.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

Because of decreasing enrollment and reducing revenue, being involved in the process of closing schools was difficult.

Through that process, I learned to listen very closely to the concerns expressed, keeping an open door and staying true to the mission of East Allen County Schools.

Which has been the most rewarding part of the job and why?

In knowing that what we do positively affects the education of our students. It has been an honor to attend high school graduations and see the well-deserved recognition given to the graduates. Also networking with other school business officials throughout the state and the strong willingness to share information and help each other succeed.

Where do you see the organization in 10 years?

I see East Allen County Schools continuing to improve and utilizing data to strengthen the instruction of our students. People talk about the glory days of East Allen County Schools and I believe that the framework has been established to make EACS the district of choice.

How do you make the tough decisions when setting the budget?

What is your philosophy?

The bottom line is the education of our students. Our priorities (not in any specific order) are: • Data driven instruction; • Home developed curriculum that addresses Indiana standards; Page 18

• Hire, develop and retain qualified, committed and diverse staff; • Employ and further implement technology to support innovation and excellence; • Communicate and connect with parents and the community on student learning and school/community activities; and • Ensure a safe and caring learning Age: 57 Title: Assistant superintendent of administrative services Years with company: Nearly 10 years.

Family: wife, Denise; daughters, Jessica and Emily Education: bachelors, Goshen College; masters, Indiana University; MBA, Indiana University - Fort Wayne Hometown: Wakarusa, Ind.

environment for students and staff.

Is your life as balanced as your budget? Why or why not?

I strive for my personal and professional life to be in balance and sometimes it is difficult to achieve.

I believe that my personal interests, faith and family provide that needed balance when the various pressures occur.

Civic involvement: EACS Educational Foundation, treasurer; Allen County Educational Partnership, finance committee member; Real Men Read volunteer; volunteer soccer coach at Huntertown and Roanoke Youth Soccer Organizations (when children played); upward soccer referee at Grace Point; and volunteer meal server at the Rescue Mission Hobbies: golfing, fishing, reading, walking the dog

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Page 19

Honoree - Mark A. Veerkamp Shambaugh & Son L. P.

What does the organization do?

Shambaugh & Son L.P. is a customer-driven, single-source, self-perform construction and engineering firm headquartered in Fort Wayne.

Shambaugh was founded in 1926 and has annual revenue of approximately $525 million with 1,800 employees.

We are currently the largest mechanical, electrical and plumbing construction services contractor in Indiana and ranked the third largest specialty contractor in the United States.

Shambaugh specializes in a full range of new and retrofit construction for industrial, food processing, commercial, institutional, healthcare, pharmaceutical and bio-fuel projects. Self-performed services include mechanical, plumbing, process, refrigeration, electrical, process controls, water and waste treatment, fire protection, temperature controls, high and low voltage systems, street lighting and signals, and computer consulting.

Shambaugh is a subsidiary of EMCOR Group Inc., a Fortune 500 company with estimated 2015 revenues of approximately $6.6 billion.

What is your favorite Excel function and why?

Undo – has saved me many times.

Age: 58 Title: CFO Years with company: 26 Family: wife, Patty; sons, Greg, Brian and Mike Education: bachelors, Indiana University; associates, Purdue University; bachelors, University of Texas Hometowns: Cincinnati, Ohio; Fort Wayne, Ind. Civic Involvement: Northeast Indiana Regional Opportunities, council member; Building Contractors Association of Northeast Indiana, president; Financial Executives Northeast Indiana, past president/ board member; Construction Financial Management Association, past president; Midland Jaycees, past president/board member; Midland Texas Chamber of Commerce, board member Hobbies: boating; time at my farm, the lake and in Florida; watching IU basketball, Colts, Bengals and Notre Dame football; the grandkids; business/investment ventures Page 20

What led you to the role of CFO at the current company?

I had a desire to move back to Indiana with my young family. I was hired by Shambaugh & Son as controller in 1989 and named CFO in 1990.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

The economic and construction cycles are quite challenging for a large construction company. Controlling costs, diversifying the business and watching cash flow allowed the company to maintain and actually grow during challenging times.

Which has been the most rewarding part of the job and why?

Shambaugh & Son has grown revenue from approximately $45 million to $525 million in the last 25 years. Our employees, who are truly our greatest resource, made this possible. The daily interaction with our team, the integration of the 11 acquisitions with which I have been involved, developing efficient processes and assisting in construction projects and corporate strategy make my job constantly rewarding.

Where do you see the company in 10 years?

Shambaugh will continue to prosper, continue to grow, continue to provide

excellent service to its customers and continue to attract and retain very talented individuals. I see Shambaugh as an industry leader in 10 years – as it is today.

How do you make the tough decisions when setting the budget?

What is your philosophy?

Each of our division leaders is involved in the budget process – that is important. The division sets the budget for their group and, therefore, has ownership. I review the budgets submitted and question and challenge, as needed. My philosophy is that we must make sure there is a return on investment on all expenses incurred.

Is your life as balanced as your budget? Why or why not?

I work to keep a balanced life, but have found myself spending a lot of time on work, business ventures and professional and civic organizations. I have adjusted my schedule over the years to be sure that I did not miss my sons’ football games, baseball games, swim meets, Boy Scouts, school programs or any other activities. For the most part, this has been successful, although sometimes I am late to an event. I tell my staff to be sure to attend their children’s activities. I do need to work on putting the cell phone and email aside on occasion.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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CHANGE: Discuss

CONGRATULATIONS!

influencing factors Continued from PAGE 15

abilities and disabilities of their organization as a whole.�

The last piece Burns said, is to determine how you will gauge success. “It’s your business and you want certain results,� she said. “Being as clear as you can about what change you want to implement is essential.�

Evan Wood, with Evan Wood Consulting, calls for a bolder approach. He said most companies become stagnant over time through systems and policies.

Again, the Harvard Business Review article touches on this reality: “One of the dilemmas of management is that processes, by their very nature, are set up so that employees perform tasks in a consistent way, time after time. They are meant not to change or, if they must change, to change through tightly controlled procedures. When people use a process to do the task it was designed for, it is likely to perform efficiently. But when the same process is used to tackle a very different task, it is likely to perform sluggishly.

Companies focused on developing and winning FDA approval for new drug compounds, for example, often prove inept at developing and winning approval for medical devices because the second task entails very different ways of working. In fact, a process that creates the capability to execute one task concurrently defines disabilities in executing other tasks.�

The authors’ findings hit home for Wood. In his consulting, Wood has observed that the tendency for companies is to shy away from change to avoid potential failure. In his words, they are “change adverse.� This is a detriment to their success, he said. Instead, companies should approach change as a challenge. It doesn’t have to be perfect the first time. There are plenty of lessons that can be learned from mistakes made along the way.

In order to fully embrace change, Wood says companies and their stakeholders must understand and discuss the factors that influence change. For example, the competitive landscape, government regulations and technology all can influence change. The more people understand these factors, the more they can be comfortable when change does occur, he said.

Wood also said decision makers must recognize that change is personal.

So, change management must occur on a personal level. Stakeholders need to understand what high-level changes mean for them personally in their day-to-day work.

MISTY WOLTMAN CFO of The Year Award Honoree Helping people with disabilities live, learn, work and play in the community takes as much as heart as financial resources. Thank you for ensuring that what’s best for our clients is just as important as what’s best for our budget. www.eastersealsarcnein.org ɾ 260.456.4534

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CFO of the Year • October 2015 • fwbusiness.com • ŠKPC Media Group Inc.

Page 21

Honoree - Misty Woltman Easter Seals Arc of Northeast Indiana What does the organization do?

Easter Seals Arc provides a variety of services to teens and adults with intellectual and developmental disabilities to help them become as independent as possible. Our programs include employment services, supported living, day programs, behavior management, respite and caregiver support, wellness coordination, and recreation.

We have revenues of approximately $20 million and serve more than 1,000 clients annually. Medicaid is approximately 80 percent of our total revenue, other state and local contracts make up 12 percent, with private pay and fundraising representing the other 8 percent.

What is your favorite Excel function and why?

This question is so funny, only because everyone at work makes fun of how much I love Excel. My CEO even gave me a T-shirt once that says, “I love spreadsheets.” I am not sure I have a favorite function though. I do however love how you can just highlight columns or rows and without even entering a formula be able to see the sum and average in the bottom right corner. Several times I have had people think I was a genius because they didn’t know about it and thought I was just doing that math in my head. I probably shouldn’t have told them my secret.

What led you to the role of CFO at the current company?

I had worked with my CEO at another nonprofit organization, and when she took her job at Easter Seals Arc and needed a new CFO she immediately called me. We have a lot of trust with one another. I think that is extremely important, because trust Age: 43 Title: CFO Years with company: four Family: married; children, Sam and Abbey Education: bachelors, Indiana University-Purdue University Fort Wayne Hometown: Ligonier, Ind. Civic involvement: Shuttling children to swim practice and meets; volunteering at children’s schools and activities Hobbies: reading Page 22

in your CFO is crucial. Not only that the numbers you are producing are correct, but also that the lines of communication can be open and honest.

What has been the most challenging feat during your time as CFO for the current organization and why? How did you handle that situation?

It is hard to pick one. There are several feats that have been extremely challenging.

I would like to say implementing an entirely new payroll and billing system when I was only three months into the job.

But I think the most challenging feat that was also the most rewarding was moving 53 clients at once to Fort Wayne from the Gary area. A provider in the Gary area needed a place for them to go fast.

In one week, our team found temporary housing and transportation, and we had all 53 clients safely moved to Fort Wayne in one day. It was remarkable how we all came together, not just our team, but the community as a whole. There wasn’t much rest that happened after that either. Extra staff, overtime, food, clothing, shelter costs were all something that needed to be dealt with for a three-month time period. It was a little hard to juggle the regular operations along with the influx of 53 new clients all at once, but it was a true test of teamwork that turned out remarkable.

Which has been the most rewarding part of the job and why?

When I left the for-profit world, it was a huge learning curve, but I love it. Knowing that what I do every day in some way helps another person is the best. When I am tired and frustrated, I can always talk myself out of the mood by walking around and talking to the clients and seeing how happy they are. I know we are doing good things that mean a lot to families and our clients.

Where do you see the organization in 10 years?

I see our organization as one of the leaders in innovation in Indiana. We are constantly looking for new ways to partner with the community to provide new and meaningful services for our clients that will help move them forward. In 10 years, I see several new services being available across the state because of the pilot programs we are starting. I see community activities and employment for our clients being much larger than they are today. We have great community partners who are going above and beyond to help give our clients the skills they need to be employed and integrated in our community. I hope that

the models we are piloting are replicated across the state.

How do you make the tough decisions when setting the budget? What is your philosophy?

I am lovingly (at least I think it’s lovingly) called the “destroyer of all fun.”

It is really hard to tell someone “no” when I know they want to spend money for all the right reasons. I try to offer up alternatives and look at all the areas of our business to see where one program can make up the loss of another. We involve all the program directors in the budgeting process and ask them to budget to break even. If we know they are doing the right things but budgeting for a loss, we look to see where we can find the extra funds before just cutting expenses. We are lucky to be able to raise funds, so when someone comes to me with a new idea or need, we look at everything to see where the top needs with our clients and the community are and try to raise funds where we can to make up the difference. Sometimes a new project or initiative has benefits for our clients that are so obvious, we just have to take an initial financial risk knowing that eventually it will pay off. Establishing an on-site medical clinic last year was that type of risk. Balancing the mission with the money is always a struggle. Operating within the Medicaid rates while providing true meaningful experiences for our clients is tough. I have been lucky and gotten to sit on several advisory committees that work closely with the state to look at new ways to pay for services. Several of those have been implemented, and knowing I have been able to take our voice to that level helps. I try to keep those channels open and respect the hard choices they have to make.

CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.

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Audit | Tax | Advisory | Risk | Performance Crowe Horwath LLP is an independent member of Crowe Horwath International, a Swiss verein. Each member firm of Crowe Horwath International is a separate and independent legal entity. Crowe Horwath LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Horwath International or any other member of Crowe Horwath International and specifically disclaim any and all responsibility or liability for acts or omissions of Crowe Horwath International or any other Crowe Horwath International member. Accountancy FWO15219C services in Kansas and North Carolina are rendered by Crowe Chizek LLP, which is not a member of Crowe Horwath International. © 2015 Crowe Horwath LLP

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CFO of the Year • October 2015 • fwbusiness.com • ©KPC Media Group Inc.