Secrets of the Oldest Family

Businesses

Letitia Hussey Beauregard, Hussey Seating

Sam Freeman, Freemans

Debbie Brown, Laird Norton Company

Sylvia Shepard, Menasha Corporation

Jonathan Flack, PwC

Hussey Seating

Founded in 1835

6th Generation

Established as a Plow and

Agricultural Implements

Company in 1835

Entrepreneurial Years-

Searching for a niche

Today: Spectator Seating

Industry Leadership

Headquarters North Berwick, Maine. Manufacturing facilities in

England and China. Asian Sales headquarters in Ho Chi Minh

City, Vietnam. Installations in more than 80 countries.

Generations 5, 6 & 7

33 family members

Seven Generations: 1805-2013

Freeman’s is America’s oldest auction house

and, since its founding seven generations ago

by Tristram B. Freeman, continues to be a

family owned firm…?

“Be not fearful of competition. Be fearful of a

compromise with the ideals which have

allowed us to live for 150 years…we must

remember the obligation that is thereby put

upon us.” Addison B. Freeman, 1955

Samuel ‘Beau’ Freeman, sixth generation Chairman

Revenue Growth:1999 $5,000,0002015 $33,000,000

Locations: Boston, New York, Philadelphia, Charlottesville, Richmond, Los AngelesEdinburgh, London…and growing.

Employees: 70…and growing.

Ownership: Transitioning from controlling interest by the family to controlling interestby the management team with a minority interest still retained by thefamily.

History:Founded in 1805 by Tristram Bampfylde Freeman, Freeman’s has remained family owned and operated until the hiring of a management team in the late 90’s. Freeman’s has endured wars, economic depression, unexpected passing of family leadership and the tests of family relationships.

The latter part of the 20th century saw leadership looking forward and a way to transition the company in order to maintain it’s legacy while providing opportunities for future generations of the family.

“The more things change, the more they stay the same…” The French may have been right in some respects, but growth and evolution don’t come without pain and thoughtful reflection.

Freeman’s experience is unique unto itself…however, it is not alone in the world of transition(s).

Moral values not withstanding, legacy dilemmas are a function of commitment to the greater good of all concerned – to lose sight of any one stakeholder can also cause you to lose perspective in other areas.

476 Members/387 Shareholders

• 4th Gen – 25

• 5th Gen – 152

• 6th Gen – 207

• 7th Gen – 93

Annual Family Summit

• Same time; Different place

• Includes kids, spouses & staff

• Attendance voluntary;

Participation required

• Children & Teen Programs

• Board sets budget; Family

Council plans event; Company

covers cost

Family Definition Policy

• Defines participation rules

Unit Buy-Sell Agreement

• Defines ownership rules2015 LAIRD NORTON FAMILY SUMMIT

Introducing the Laird Norton Family7th Generation Business-Owning Family

Financial

Services

Next

Generation

Investments

Real Estate

THEN: NOW:

Mill Operations

& Manufacturing

Timberlands &

Related

Investments

New Investments &

Building Materials

Our Company

Board of

Directors

CEO

Council Committees: Communications

Next Gen Summit Selection Archives Youth Advisory

Board Chairman

Family President

Audit

Compensation

Governance

Nominating

Board Committees:

Family Council

Membership:

Board of Directors Family Council Committee

Membership:

• 12 Directors – 7 Family/5 Independent

• CEO – Independent Director

• Family President – Family Director

• Board Chair – Family Director

• Elected annually by ownership

• 12 one-year terms

• Individual annual evaluations

• Directors paid annual retainers

• Market-based executive compensation

• 12 Members – All Family

• Family President serves as Chair

• Family Director serves as Board liaison

• Membership by appointment

• 1 six-year term

• Committee evaluation annually

• Members paid annual retainers

Our Governance Structure

75 Years of Philanthropic Giving as a Family

• Foundation established in 1940

• 62 Family members currently involved

• Giving focused under 6 Fund Advisory Committees

Arts in

Education

Climate

Change

Global

Fundamentals

Watershed

Stewardship

Sapling

FundTaproot

Our Foundations

Menasha Corporation16

Business Units

Menasha Packaging—

Industry’s largest independent retail-focused packaging

and merchandising solutions provider (inc. corrugated

packaging, printing, P.O.P. displays, pack-out and fulfillment

ORBIS—

Manufactures reusable plastic pallets, totes, dunnage, and bulk

systems and provides reusable packaging management services

for automotive, food & beverage, consumer products, and

environmental/recycling/waste management industries.

Revenue 1.5B

Locations US, Canada, Mexico, Belgium,

Netherlands, China.

Employees Over 5470

Ownership 97% family owned. ~150 shareholders

Brief History17

• 1852 E.D. Smith purchased a pail factory in 1852

• 1871 Incorporated as Menasha Wooden Ware (with major assist from Julia M. Smith’s father)

• 1980s/90s Rough transition from 4th to 5th generations in the 80s/90s—family and company

struggle.

• 2000-2016. Board reorganization (Family chair elected. Family directors reduced from 7 to 3)

Family Council formed. Business recovers and grows under leadership of G5 family chair and G5

family president of Menasha Packaging. Only one G5 in operating position. 5 G6 join business.

Elisha Smith Julia Smith

18

18Gen 4 (DD 4)

84Gen 5 (DD 45)

109Gen 6

(DD 102)

30Gen 7

241Total family (181 DD)

Smith Family By Generation

19

49 0-17 years

9718-41 years old

9542 and over

Smith Family By Age

Leadership

In the Family Enterprise

Menasha Corporation

President of MP

5 G6 in Operating Positions

Family Interns

G6

Menasha Board

1 Family Chair

G5

2 Family Directors

G5

Menasha Foundation

1 Family Chair

G5

2 Family Directors

G6

Family Council

8 Council Members

3 G5, 5 G6

G6 Chair,

G5 Co-Chair

20