Chamber Connection | August 2020
Reopening Resources & Information
A Message From Newsletter Sponsor,
Post University
Recognizing the 2020 Malcolm Baldrige Scholars
Congratulations to the 2020 Baldrige Scholars. The recipients of this distinction represent the top five percent of graduates from The Malcolm Baldrige School of Business at Post University. This year’s recipients consisted of 30 students in 11 degree programs (3 graduate and 8 undergraduate). While the majority of this year’s Baldrige Scholars reside within the United States, five recipients represented their home countries of Canada, Germany, and France.

“Earning the distinction of a Baldrige Scholar is relative to each graduating class, meaning the target moves each year. While grades play a role, they are only a part of the review process, which looks at the potential recipients holistically,” says Malcom Baldrige School of Business Dean Jeremi Bauer.

“The Baldrige Scholar distinction was born from the belief that those with the highest, holistic, scholastic achievement in the Malcolm Baldrige School of Business should bear the name of the School’s first major benefactor; our namesake, Malcolm ‘Mac’ Baldrige.”

Visit Post University online at
HR Corner: Now More than Ever, Attention to Business Succession Planning is Needed
This HR Corner is Brought to you by Carmody Torrance Sandak & Hennessey LLP.
Written by: Attorney Timothy S. Klimpl.
Atty. Kimpl is a new attorney at the law firm of Carmody Torrance Sandak & Hennessey LLP. Tim has extensive experience in the area of employee benefits, executive compensation and ERISA. He has assisted employers and employees with equity and incentive compensation, Section 409A compliance, and executive employment and severance agreements. 

During this period of deep uncertainty, it is especially important for businesses to develop an actionable plan for their continuation upon the departure of current owners, management and other key individuals. Such departures may, of course, be planned or unplanned, or come earlier than anticipated. Many owners, especially those in family-owned or other closely held companies, understand that a business succession plan is necessary for the continuation of their life’s work, and preservation of their hard-earned wealth. But, like other major life decisions, business succession planning often takes a back seat to more “pressing” needs of the day. A thoughtfully conceived, well-organized and actionable succession plan that is tailored to the ultimate goals of a business and its individual stakeholders can make all the difference when an inevitable change in the leadership occurs. 

Developing and implementing an appropriate succession plan may seem daunting. For example, an owner may want to eventually leave ownership and control of the company to an adult child. Or, the owner may prefer to grow the company, possibly with the assistance of one or more current key employees and then sell the equity or assets of the business. So, where does one start? What planning needs to be done?

Because no two businesses (or families) are the same, effective business succession planning requires a holistic view of determining the value potential successors might seek from involvement in the business, and a set of concrete action items to accomplish the desired succession. A succession plan should provide answers to the biggest questions surrounding the future of a business; remove ambiguities around future governance structures and monetary interests in the business; and minimize the risk of disputes, soured business or family relationships, and actual litigation. Below are some potential key elements of an effective plan.
1.    Determine the approximate value of the business by obtaining an independent valuation.

2.    Determine the specific objectives. For example, do you want to leave the company’s assets inside the company for a family member or other successor owner to continue the business? If so, do you have adequate personal savings and retirement income from other sources? Will you need to retain some income stream from the business?
3.    Identify the potential successor owner(s). Will the company pass on to a family member or other individual(s) currently affiliated with the business, or will you seek a sale to an outside party? 

4.    Determine what value (monetary or otherwise) potential future leaders of the company may seek in exchange for their involvement in the business. Bearing in mind the approximate value of your business and your own goals, determine what future leaders of the company may require to stay with, or join, the business. Is there a priority of ownership over salary, or vice versa? Participation on the board? Cash flow through passive investment in the business rather than active service? Don’t assume you already know without having a conversation.    
5.    Explore various legal arrangements to accomplish the objectives of each stakeholder. For example, restricted equity, stock options and long-term incentive compensation may be useful ways to attract and retain key employees. In the case of an aspiring sale, you may consider rewarding loyal employees with a “transaction bonus” based upon net proceeds from a “liquidity event”, by which the employee will receive significant compensation for their work toward accomplishing the sale of the company. 

6.    Consider the interplay between business succession planning and estate planning. Legal documents, such as a shareholders’ or operating agreement, should be reviewed to ensure they contain appropriate restrictions on transferability of ownership, buy-sell agreements in the event of one owner’s death, and an objective procedure for determining fair market value to redeem or purchase a deceased owner’s interest from a surviving spouse or other beneficiary. In addition, business owners who receive proceeds upon a sale may have several options for reinvesting those proceeds in the owner’s estate, family trusts or other investment vehicles to address income and gift and estate tax considerations.    
Perhaps the most difficult step in succession planning is getting started. Those who take this step and carry through a successful plan should sleep better at night knowing the fruits of their labor will pass on.

This information is for educational purposes only to provide general information and a general understanding of the law. It does not constitute legal advice and does not establish any attorney-client relationship. 
Welcome New Members:
A warm welcome to our newest members!* We encourage you to connect with them soon and see where your next partnership can be.

*Joined 7/1/2020- 8/4/2020
Upcoming Events
Duck Day Virtual Fundraising
NOW - August 31st
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Public Policy Committee Meeting
Friday, August 7th
8:30 AM
Naugatuck Chamber & YMCA 25th Annual Golf Outing
Monday, August 17th

Thank You for Your Support
Our sincere thanks go out to the following members who have supported our virtual event efforts over the past month through attendance donations. We could not do what we do without your support. THANK YOU!
Maria Joy,
Above Target HR Consulting

Craig Appel
Carmody, Torrance, Sandak & Hennessey

Steve Riggs,
Combined Insurance/CIT

Justin Golden,
Golden Technology Services

Molly Kellogg, Hubbard-Hall, Inc.

Richard Caporaso

Kevin McSherry
McSherry Law Office

Julie Clark,
Natural Health & Wellness

Barbara Kalosky,
North East Transportation Company

Mark Wrenn,
Platt Brothers Company

Diane Ploch,
Ploch Creative Communications

Pat Hayden,
UniMetal Surface Finishing

Dorinda Richitelli,
Spectrum Associates Markets Research
Health Care Council
Annual Award Recipients 2020
The Waterbury Regional Chamber’s Health Care Council celebrated its 15th Annual Awards Event this year virtually amid the COVID-19 coronavirus pandemic on August 3rd. Our keynote speaker was Dr. Peter Hotez, an internationally  respected expert on vaccines from Baylor University and the Baylor College of Medicine in Houston. It was especially hard to single out honorees this year, when so many healthcare workers have risen to the challenge presented by COVID-19. While the public is experiencing a renewed respect for our fellow healthcare workers, those of us on the Health Care Council have known and appreciated their value for years. Our honorees would stand out in any year, but given the current environment, their selections in 2020 are even that much more special. Did you miss the Virtual Event? Click here to watch it now!

Congratulations to Each of our Honorees:
Dr. Justin B. Lundbye,
Waterbury Hospital
Saint Mary’s Hospital
Jack Birtwell
Porter Preston, Inc
Trician Salmon, 
Benchmark Senior Living at The Village at East Farms
Leadership Greater Waterbury
Recruiting for the Class of 2021
Apply to the Class of 2021 Today!
What is Leadership Greater Waterbury?
Leadership Greater Waterbury is a personal and career development program which creates lifelong partnerships and develops community awareness among future leaders in civic, professional and community organizations in the Greater Waterbury area. Its goal is to provide a creative, interactive environment for the participants to meet regional leaders and discuss the challenges that affect Greater Waterbury.

Why Leadership Greater Waterbury?
• Business participants are exposed to multiple perspectives regarding Greater Waterbury’s business & civic arena, community challenges, opportunities and assets.
• Opportunities to give back throughout the Greater Waterbury region.
• Participants are introduced to regional leaders and facilitators from public, private and nonprofit businesses as well as 400+ alumni.
• Personal and business coaching through behavioral assessments provided by Cipriano Training, LLC.
• Professional skill-building trainings from Dale Carnegie Training on topics such as Crisis Management, Communication, Project &Team Management, Presentation Skills, and more.
Digital Networking
The Chamber is committed to keeping our members connected - digitally! We are using Zoom to hold digital networking meetings. Email Courtney at to get the details for the meetings below.

These dates and times don't work for you, but you're still interested in virtual networking? Let Courtney know so she can reach out to you with more opportunities.
Wake Up Your Business
Next Meeting: August 14th @ 8 AM
After that: August 28th @ 8 AM
Hiring & Training Programs Available
Do you need help finding qualified workers for your business? Could you use some financial assistance to offset the cost of hiring and training new workers, or training your existing workforce?

The Waterbury Regional Chamber is working with the Northwest Regional Workforce Investments Board to help businesses in Greater Waterbury learn more about the available hiring and training programs and whether they qualify for them. This includes providing information on posting jobs on the states website, as well as information about Manufacturing Innovation Fund Incumbent Worker Training, the apprenticeship program, hiring veterans and on-the-job training programs.

For more information, contact Dave Krechevsky, the Chamber's director of public policy and economic development, at
PLUS: Need a Job Now? contains over 400,000 job openings and continues to grow daily. While many employers are downsizing their staff, others are significantly increasing their hiring efforts due to current demands. Through this initiative, DirectEmployers and National Association of State Workforce Agencies offers a way to bridge the gap between job supply and demand by offering an easy way for job seekers to gain access to current open positions and for employers to fill positions quickly and efficiently during these difficult times.
Text "chamber" to (203) 496-4462 to receive a few updates or reminders from the Chamber. You can respond to any text and we will receive your response!
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