Minnesota Family Business AwardsApplication & Guidelines

The Minnesota Family Business Awards application is an opportunity to examine your business practices and identify your company’s strengths and weaknesses. The awards offer independent endorsement and recognition of your family business. In addition, they give your company the opportunity to recognize the valuable contribution of your employees, suppliers and stakeholders.

Honorees will be celebrated at an awards dinner and program on Wednesday, November 18 at the Hyatt Regency Minneapolis and featured in Twin Cities Business magazine.

Items to consider including with application: • Financial growth and sales• Charitable contributions• Business partnerships• Foundations• Educational tools• Press releases• Annual reports• Photographs• Awards + Recognitions

ApplicationBelow you will find the application questions. Please fill out each question in its entirety. Answers to narrative questions should be no more than 250 words in length.

DeadlinesApplication Deadline: Monday, June 15Honorees & Finalists Announced: Week of July 15, 2020

QuestionsIf you have any questions, please contact Sami Johnson at sjohnson@tcbmag.com or 612-336-9288.

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Application

Applicant Information The person completing this application and the person we can reach out to with questions.

NameCompany NameJob TitlePhoneEmail

Business SnapshotCompany NameFamily NameYear FoundedWebsitePrimary LocationNumber of LocationsNumber of EmployeesPrincipal OwnersType of Ownership

Introduction1. Company Description: Provide a brief description of the products/service it

produces/provides.

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2. History: Provide a brief history of your business, including any significant surprises and what was learned through them.

3. Qualities: What family qualities make your business unique?

Family Involvement in the Business

1. How many members are there in the family and how many are employed by/involved with the company? Of the family members involved or working with your business, what role and responsibility does each have?

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2. Number of generations involved since inception:

3. Which generation presently runs the business:

4. Do you have an active board of directors:

5. If so, how many family members are on the board and are there outside advisors:

6. How do you deal with equity ownership between family members working in the business and those who are not working in or for the business?

Family Business Structure1. How often does your family meet to discuss business matters?

2. How often does your family meet to discuss what the family wants to get out of the business?

3. What is your family’s vision/mission statement?

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4. What are your family’s most important values? Please provide at least one example of how these values resonate in how the company and its employees do business every day.

5. What are you doing to educate your children on what it means to be a family business, and how it’s structured – from shareholders to stewardship?

6. What type of leadership and skill training do you provide to younger generations who are active in the business?

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7. Please describe your transition strategy.

8. If asked to do so, what would you teach other family businesses to do – or avoid?

9. What goals do you have for your family, and how do you plan to achieve them?

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Business Success1. What measurements do you use to determine your business’s success?

2. How much has your business grown in the last five years (please provide specifics)?

3. Describe the culture of your business.

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4. If applicable, describe your involvement/impact in global business.

5. What goals do you have for your business, and how do you plan to achieve them?

Community Involvement1. What are your goals as a family for the community in which you live and operate your

business?

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2. What community organizations are your family and business involved in (local, national, global, religious, nonprofit, ethnic, etc.) and how are they involved?

Product Photos or Other Collateral InformationPlease send any additional information (press releases, new articles, awards) or photos via email along with your completed application to: mfbanomination@tcbmag.com.

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