© 2011 FAMILY NAVIGATION STRATEGIES, LLC 1 FAMNAV.COM

WELCOME Family Navigation Strategies, LLC

is a unique and powerful resource for family enterprises, from your family business to your family office. We have run our own multi-generational family businesses and family offices and we know first-hand the challenges and complexities you face. From bringing outside advisors or directors on to your board, to putting together a next-gen enterprising team for your family office, to developing a trust structure to preserve your family’s legacy for generations to come – we can help you put in place creative yet realistic strategies to preserve and strengthen your enterprise and your family's most precious assets.

Working with families to plan for leadership, ownership, and management transitions is our core strength. Together, we offer our family business experience, professional skills in business and law, and practical frameworks to help you navigate family business hurdles. Family Navigation Strategies brings familiarity, perspective, ideas, and strategies to move your family enterprise forward and can help you clarify your bearings and chart a course for future success.

Put us to the test!

WHO WE AREWe are a team of three top-tier

industry professionals who have significant real world experience as our foundation. Each of us brings a unique set of strengths and capabilities to your family enterprise. The depth and breadth of our combined experience, academic rigor and skill sets enable us to provide practical, objective, and comprehensive ideas and strategies.

MEET OUR TEAM!

WHAT WE DO We can help you with:

FAMILY BUSINESS STRATEGIES & TOOLS

• Strategic Planning for Businesses• Compensation & Distribution

Strategies for Family and Non-Family Members

• Board of Directors/Advisors Formation

• Acquisitions, Divestitures & Liquidity Planning

EMPOWERING NEXT-GEN LEADERS

• Strategic Planning for Families• Aligning Human & Intellectual

Capital with Family Mission• Sibling Teams • Next Generation Engagement• Family Enterprise Structures

PROTECTING FAMILY ASSETS

• Family Business-centered Trust Planning

• Development of Fiduciary Structures --including Private Family Trust & Protector Companies

• Ownership, Leadership & Management Succession

• Family Office Assessment, Startup & Development

CONTENTS

1.1FAMILY BUSINESS STRATEGIES & TOOLSHow do you lead your organization? Do you think of your business as an asset? If so, when do you know when to keep it or sell it?

1.2EMPOWERING NEXT-GEN LEADERSInvesting in family while aligning the interests of individual members with your family’s collective purpose is a powerful tool for engaging members across multiple generations. What’s your family’s mission?

1.3PROTECTING FAMILY ASSETS It's about more than taxes! Why not think through all the angles before committing to an estate plan or succession plan?

1.4WHY ENGAGE US?Find out more about our beliefs as a team and how we might be able to help you. You be the judge!

BROCHURE 2011

FAMILY NAVIGATION STRATEGIES, LLCKeeping Family Enterprises On Course

Scott Wakeman, Gretchen Davidsen and Amelia Renkert-Thomas

© 2011 FAMILY NAVIGATION STRATEGIES, LLC 2 FAMNAV.COM

2nd Gen CEO SCOTT WAKEMAN

Scott served as the second generation CEO of Merriam-Graves,  a successful family held business in the industrial, medical and specialty gas industry. He and his two younger brothers, one of whom was his active partner in running the business, were shareholders and navigated many of the common issues and obstacles faced by family businesses.

 Scott's journey began at a very early

age, learning the ropes in the trenches during school vacations and weekends. Scott graduated from the University of Vermont with a B.S. in Mechanical Engineering, and a minor in business. Upon graduating, Scott recognized the importance of working outside the family began his career at Praxair as a field engineering representative in the industrial gas and welding products division, providing engineering support to customers in the Northeast. In 1981, Scott joined his father, Henry K. Wakeman, Jr., founder of Merriam-Graves, to continue his professional path in the family business.

 Taking over the reins in 1987, Scott

steered the company into several new markets, creating consistent profitable growth year after year, acquiring over a dozen related businesses.  Merriam-Graves grew to become one of the

industrial & medical gas industry’s leading and most reputable repackaging and distribution gas companies, servicing over 35,000 customers throughout the Northeast.   

With cautious family support (and a bit of trepidation), Scott formed an outside Advisory Board of Directors, which proved to be a powerful tool for the family and the business. The Board strongly advised that the company either close or sell a division focused on providing home respiratory oxygen services, which represented 22% of the company's revenue stream. This vertical industry had been seriously impacted by many large reimbursement rate reductions, increasing regulatory compliance, and a host of negative factors. While the top line of this division was growing substantially, the poor bottom line performance of this division did not justify the resources and financial assets being deployed. A successful divestiture of this division took place 10 months later to an industry consolidator resulting in an extremely lucrative transaction for the shareholders. After realigning the company, the remaining business proved to be much more profitable and streamlined.

 Constantly assessing the acquisition

climate, business value and future options for family shareholders, Scott recommended that the family consider selling the entire family business in late

2007. The shareholders unanimously agreed to do so, and a successful divestiture took place in early 2008, resulting in a 10x multiple of cash flow.

 Scott is now employing his family

business experience to assist other families as they navigate family business hurdles, bringing familiarity, perspective, ideas, and strategies for you and your family members to consider.

 Scott lives in Hanover, NH, has two

grown daughters and enjoys a host of activities and hobbies, including flying, skiing, salt water fly fishing, surfing, photography, cycling, sailing, and swimming. He is an active longstanding member of the International group Young Presidents Organization and is the moderator for his regional YPO CEO business forum. He serves on numerous non-profit conservation boards focused on the preservation of natural resources and is active in the United States Coast Guard Auxiliary.

Scott, Henry and Kit Wakeman (1997)

FAMILY BUSINESSSTRATEGIES & TOOLS

“Difficult emotional issues often arrive in family businesses, but there are core strategic processes that can mitigate emotion and keep your business running like a business. 

Asking yourself if today is the day to sell keeps you running your business effectively by assessing it like an investment. This question focuses your team on strategic initiatives to either reinvest, grow or sell your business. Do you think of your business as an asset?”

-Scott Wakeman 

BROCHURE 2011

© 2011 FAMILY NAVIGATION STRATEGIES, LLC 3 FAMNAV.COM

Strategic Family PlanningGRETCHEN DAVIDSEN

Gretchen developed a series of tools for family enterprises as a result of an absence she saw in the wealth management industry; there was no one offering to monitor the progress and performance of a family’s investment in the human and intellectual capital of its members.

After the sale of her family's business, Gretchen led the charge of family governance and planning across multiple generations and influenced family members to develop and grow the family’s human, intellectual and financial capital. Gretchen founded Family Enterprise Services Consortium in 2009, an online technology platform, to encourage collaboration among family members and their advisors on strategic family planning initiatives.

Previously, Gretchen served as a Director of Marketing and Client Service in her family's diagnostic imaging business, which was successfully sold in November 2007 to the nation’s largest diagnostic imaging and radiation therapy provider.

Prior to the sale of the company, Gretchen assessed her family’s business based on a six dimensional framework

looking at leadership, vision, strategy, governance, performance and relationships. The assessment included recommendations for strategic business initiatives, took an inventory of the resources and capabilities of the firm, and demonstrated how distinctive advantages or constrictive disadvantages positioned the business for sustained competitiveness in the marketplace. In addition, she led an MBA consulting engagement, which explored the options

continuum from succession to exit and ultimately confirmed management’s decision to exit the business. Enlisting the help of consultants built relationship capital among family members in preparation for a liquid environment and set the concept of a sibling team in motion. Through a collaborative effort with her siblings, Gretchen has implemented an enterprising structure for the family with a “pay it forward” mindset.

Prior to joining the family business, Gretchen accumulated over seven years of marketing and analytical experience for privately-held, family owned businesses that spans both the healthcare and financial service industries. She has an extensive background in financial services having been a Portfolio Analyst for Fidelity Management Trust Company and conducting due diligence on technology companies for Wit SoundView’s equity research team.

Gretchen earned her M.B.A. from Babson College, focusing on Entrepreneurship, Family Enterprising and Strategy. She completed Wharton’s Private Wealth Management Certificate Program at the University of Pennsylvania and earned her B.A. from the University of New Hampshire with a major in Communication.

Gretchen is an avid traveler and has visited over 40 countries throughout North, Central, and South America, the Middle East, Africa, Asia, and Europe. She enjoys entertaining friends and family, and an array of activities including sailing, golfing, water-skiing, yoga and rollerblading. Gretchen is also an active member of the Institute for Private Investors.

EMPOWERING NEXT GENERATION LEADERS THROUGH TRANSITIONAL TIMES

“Of all the various types of investment opportunities that avail themselves to a liquid investor, the one I believe is not always carefully considered or properly measured for its performance, is a values-based approach to investing in family as a way to encourage long-term wealth creation. I feel very passionately that this is an investment well worth a family’s time and attention.”

-Gretchen Davidsen

BROCHURE 2011

New England Health Imaging

© 2011 FAMILY NAVIGATION STRATEGIES, LLC 4 FAMNAV.COM

Objective Legal and Tax OversightAMELIA RENKERT-THOMAS

Amy brings legal expertise in estate planning, trust and investment structuring and tax law, as well as, deep practical experience developed while running her family’s fifth-generation family-owned and -managed manufacturing company.

Amy founded Fisher Renkert, LLC in 2009 to assist families facing a generational transition – whether in ownership, leadership or management, whether for their businesses, their family offices or family trust structures – to evaluate strategic alternatives and develop and implement plans for succession.   She specializes in developing trusts and fiduciary structures for business-owning families, building in robust multi-generational family decision-making mechanisms and ensuring that tax planning is coordinated fully with the needs of the business and the family.

Prior to founding Fisher Renkert LLC, Amy was a partner at Withers Bergman LLP, an international private client law firm, and remains Of Counsel to the firm. Amy’s practice at Withers focused on tax-sensitive wealth planning for individuals, their families and their family offices, including structuring of family trusts and investment holding companies, and development of multi-generational governance mechanisms to support and strengthen long-term family relationships. During her tenure at Withers Bergman, Amelia chaired the U.S. Families and Business practice group, and co-chaired the firm’s Family Office Special Interest Group.

Amy comes from multi-generational businesses on both sides of her family, and brings the lessons learned over more than 150 years of family business and investing to her own work with clients. Her maternal grandfather founded Fisher Price Toys, which was sold to Quaker Oats in 1969. As a beneficiary of several trusts created by her grandfather, Amy understands and respects the opportunities and challenges that inheritors face. Succeeding her father, Amy served as President and CEO of Ironrock, Inc., a 5th generation family-owned and -managed producer of ceramic tile and thin brick located in Canton, Ohio, from 1990 through 2002, which was then transitioned to her brother. She remains closely involved with Ironrock as a director and officer.

Amy received her B.A. cum laude from Yale College, her J.D. cum laude from Harvard Law School, and her L.L.M. in Taxation from Case Western Reserve University College of Law.  She currently serves in leadership roles on several non-profit boards. Amelia lives in Woodbridge, Connecticut with her two teenaged daughters. She and her daughters are active horsewomen, training and competing in dressage, show jumping and eventing throughout the Northeast.

SOPHISTICATED YET PRACTICAL FRAMEWORKSTO PROTECT FAMILY ASSETS

“I look at structures like PTCs and protector companies as laying the train tracks down before setting the train in motion. They are very useful tools for multi-generational families of wealth who are looking for long-term oversight that is in line with the interests of the family.”

-Amelia Renkert-Thomas

BROCHURE 2011

3rd Generation Fisher Price Toys

Ironrock Manufacturing Plant

© 2011 FAMILY NAVIGATION STRATEGIES, LLC 5 FAMNAV.COM

CONTACT USWe want to hear from you!

DIRECTLY

HANOVER, NH: Scott Wakeman, Partner scott@famnav.comPhone: (603) 491-1450P.O. Box 5075 Hanover, NH 03755

BOSTON, MA:Gretchen Davidsen, Partnergretchen@famnav.comPhone: (617) 875-9723P.O. Box 5075 Hanover, NH 03755

NEW HAVEN, CT: Amelia Renkert-Thomas, Partneramelia@famnav.com Phone: (203) 980-4084P.O. Box 5075 Hanover, NH 03755

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Family Navigation Strategies, LLCWHY ENGAGE US?

Our first-hand experience running our own family businesses and family offices gives us a unique viewpoint on family enterprise issues. To help you get to know us better, we have worked to put in words some of the beliefs and perspectives that make us unique: 

WE BELIEVE IN...

FAMILY ASSETSWe believe that a family’s most important assets are:

• CORE ASSETS: the health, happiness, values, and unique abilities of its members

• EXPERIENCE ASSETS: education, reputation, traditions and legacy

• CONTRIBUTION ASSETS: philanthropy, community participation and service

We believe that FINANCIAL ASSETS, while important, exist primarily to serve and enrich the family’s core, experience and contribution assets. We believe that the family is the ultimate asset class in which to invest time, money and intention. 

STRATEGIC FAMILY PLANNINGWe believe that focusing on the six functions of any family enterprise – fostering family connections, investing liquid assets, strengthening new or legacy businesses, educating and mentoring family members, encouraging philanthropy, and ensuring accountability through checks and balances – can give the family an opportunity to work together in a dynamic and productive framework. A family that can develop the discipline and habit of good decision-making – articulating its intention, defining its objectives, crafting sturdy, yet flexible, processes and procedures – is most likely to sustain its legacy for multiple generations.

FAMILY ENTERPRISEWe believe that a family enterprise is a dynamic and productive entity that, when combined with the voice and individual passions of its members and the family’s collective intention and goals, can be an engine for re-creating wealth for generations to come!

BROCHURE 2011

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FAM NAV NEWSLETTER

P.O. Box 5075Hanover, NH 03755

ARTICLES:• Preparing to Gift the Beach House?

• Should I Join the Family Business?

PRESENTATIONS:• Campden Family Business Conference:

Empowering Next Generation Leaders (Hallendale, FL)

• Rollins College-Next Generation Family Enterprise Leadership Forum:Lessons Learned from the Current Generation of Family Business Leadership (Winter Park, FL)

• Exit Planning Exchange:Shifting Sands: How Families Transition Through the Sale of a Business (New Haven, CT)

FAMILY NAVIGATION STRATEGIES, LLCKeeping Family Enterprises On Course

BROCHURE 2011