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Conference Notes: How Safe is Your Family and Business?

The Family Business Center’s September 20 Conference, Playing it Safe: Protecting the Family Business in a Public World, proved to be one of the year’s best. A big thank-you to Frank Abagnale for his bevvy of take-home tips and insights. And kudos to our panelists Joe Perrino, Bob Jordan and Janie Goldberg-Dicks. We couldn’t have done it without you!

Frank Abagnale provides useful tips to protect against personal and business fraud.

The Art of the Steal

Frank Abagnale, known as one of the world’s most renowned con men, and whose life was the subject of the film, Catch Me If You Can explained how family businesses and their members can protect themselves from white collar criminals. His presentation was chock-full of great info—funny, educational and occasionally shocking—and while we can’t list all of it here, we can share some key takeaways:

  • Shred everything. From obvious documents (credit card statements and personal finance records) to the not-so-obvious (catalog mailing labels and credit card promotions), shredding with a micro-cut security machine will make it impossible for would-be thieves to get your information.
  • Get rid of debit cards. They do nothing for your credit score and every time you swipe one, you allow someone access to your personal information and money. Instead, use credit cards. They’re the safest form of payment out there as it isn’t your money, and you’re covered against fraudulent activity.
  • Scanning and reprinting checks is one of the simplest forms of forgery. If you want to keep your business safe, look into buying Safe Checks. They’re crime-proof and cost about as much as any other type of check on the market.
  • Your copier machine has a hard drive in it. That means everything you’ve ever scanned is stored inside. Before you decide to sell or exchange your old machine for a new one, remove the hard drive first.

Check out more helpful hints and publications by visiting Frank’s site.

Our panelists shared varying points of view on how to best work with the media.

Managing Your Relationship with the Media

Joe Perrino (G-3, CEO of Home Run Inn), Bob Jordan (anchor/reporter on WGN-TV) and Janie Goldberg-Dicks (President of Margie Korshak Inc.) discussed how family businesses should—and shouldn’t—engage the media during a crisis and the benefits that come with hiring a PR firm. Lots of great ideas were shared. Here’s a look at just a few:

  • Appoint a family spokesperson. This should be the main contact with the media and/or PR agency. While one family member (or representative) should do all of the talking, make sure the rest of the family is informed and know what to say—and not to say—if approached.
  • Form a Core Management Team. This is a group of people prepped to handle any type of crisis (business or family) that might arise. Team members should be composed of one individual from each part of the business.
  • Before a crisis hits, write-up a plan. “It surprises me how many established families have no protocol for dealing with crisis,” says Bob. “Come up with a set of guidelines. Who is the family’s spokesperson? Form a phone-tree so communication can move quickly. Simple steps like these can make a world of difference.”
  • PR firm can be a huge plus to a family business. “A PR Firm will help you develop a crisis management plan.  Every crisis is different, but there are ways to create a plan so that the crisis doesn’t manage you.”

Family businesses have a lot to think about when it comes to protecting themselves and the business. What is your family doing to combat white collar crime? Had any success using a PR firm? Or maybe you’ve got a few tips of your own on how to handle the media during a crisis? Leave a comment below—we love to hear from you.

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