Worcester Business Journal

wbjournal.com | May 14, 2018 | Worcester Business Journal 17 Mergers & acquisitions, succes- sion planning, growth, start-ups and day-to-day working capital all re- quire financing. But who should you work with and how do you decide which bank is right for you? Money is green. No matter where you bank, money is money. You should find a bank that listens, prides itself on service, and promis- es to be there when times are tough. At Webster Five, we genuinely care about our business customers and have their best interests in mind. I just recently brought in a piece of business from a competitor at a higher rate. e customer came to know that I'll return calls and take the time to understand the business needs. A banker who serves as a trusted advisor is worth that extra cost. It takes a team. An accountant, a lawyer and a banker round out a business's professional team and should all work together. I always make sure we're working toward the same goal, whether it's creating that sister company, minimizing taxes or reducing liability to the owner. Our experienced team of lenders believe in the power of meeting with coun- terparts and discussing the business needs as a team. If everyone does their job, the result will be lower le- gal costs, lower taxes, less liability to the owner, the right succession plan and a better loan structure. Seek help from others. Your banker should know when to ask for help. Not every acquisition is the same. Your banker should know representatives at the local business development corporation (WBDC), SBA, Mass Development and many other quasi government lenders. ey can help bridge the gap and provide guarantees, subordinated debt and assistance to close the deal. In my 25 years of commercial banking, I've been part of many successful business relationships. It's fun to witness the mom and pop business grow to a multimillion- dollar business, ultimately providing jobs and helping our local economy! No matter the size of the deal, Webster Five wants to work with you to provide financial solutions. We hope it's only the beginning of your relationship with the Bank. As additional needs arise, our team recognizes the importance of main- taining relationships to help your business grow and succeed! THE ADVISOR: Thought Leadership Column Christopher Watson SVP, Senior Lending Officer https://www.web5.com ADVERTISING SECTION Working with a Commercial Banker 101 S U C C E S S I O N P L A N N I N G F O C U S 0 20 40 60 80 100 Planned CEO departures Forced CEO departures 86% 14% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 Source: Strategy& (2014) Among the world's largest 2,500 com- panies, forced CEO turnover is slowly decreasing. Forced turnovers decline find a replacement for Daniel Asquino, a 30-year president and a leader who had his name affixed to a new $40-mil- lion science wing on the Gardner cam- pus before he even le the job. "Any time there's a change in leader- ship, your team is going to be apprehen- sive," said Tina Sbrega, the president and CEO of GFA Federal Credit Union and the chairwoman of the board of trustees at Mount Wachusett when it was tasked with finding Asquino's successor. "e search committee took that responsibility very seriously," she said. Ultimately, the college chose as a suc- cessor James Vander Hooven, then the vice president for enrollment manage- ment at Landmark College in Vermont. Quinsigamond Community College in Worcester went through a similar challenge at roughly the same time. QCC was led by Gail Carberry for a de- cade until her stint ended in mid-2017. Like Asquino at Mount Wachusett, Carberry has a campus building named aer her. In her case, QCC's downtown Worcester space on Franklin Street was named the Carberry Center a few months before the end of her tenure. Much like Mount Wachusett, QCC chose Luis Pedraja – at the time, the interim vice chancellor of academic affairs for the 35,000-student Peralta Community College District in Cali- fornia – not because of any similarity to Carberry, but because of his ability to lead the college as its tackles the issues of the future. "Nobody gets replaced," said Sue Mailman, the QCC board of trust- ees chairwoman and the owner and president of Coghlin Electrical Contrac- tors and Coghlin Network Services in Worcester. "ere's a new person and a new set of skills who sits in that seat." In the cases of Mount Wachusett and Quinsigamond, the same processes — formation of a search committee, a formal search for candidates, reporting on a recommendation to the state for confirmation — needed to be followed because they are public entities. But those helping to lead those processes had been through something similar themselves. Sbrega replaced a 24-year executive, Charles Bowles, when she became CEO of GFA Federal Credit Union in 2009. Mailman took over her family's business from her father, Ted Coghlin. Mailman was shown the ropes during a long transition period but never felt like she was replacing her dad. "Sue's the next president," she said of the company's mindset, "but that doesn't mean she's going to be Ted." Daniel Asquino ran Mount Wachusett Community College for 30 years and was one of three presidents in the school's 54-year history before James Vander Hooven took over in 2017. W

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