Let me start by recognizing the significant contribution by SEN Member Ray Schilling on his excellent presentation on “The Keys of Due Diligence/Initial Integration.” Ray’s presentation was rated as one of the best at our conference. Also, a big thank you to CEN Members Tracy Bilbrough, Rob Giebel, and Bruce Boczkiewicz for their invaluable insight into what it is like to work for a P.E. owned company. As I said at the Conference, we are indeed fortunate to have members who contribute so much.

Our initial M&A Affinity Meeting on Wednesday immediately preceding the Conference also went well. We are considering adding an additional subgroup to this M&A Affinity Group and you may be considered for inclusion by simply responding to this e-mail.

We very much appreciated your feedback on this conference. We are pleased that it was so positive, but of course we are always looking to improve. Some preliminary thoughts for future M & A Conferences based upon what we heard and sensed:

• Increase the timeliness…perhaps once every 12 to 24 months
• Look at the possibility of a separate conference dealing with liquidity, change of control, succession, etc.
• Concentrate on fewer topics and do a “deeper dive” on these topics
• Have more examples and discussions on “successes and failures” relying on member expertise

Please let me know your reactions to these or any other thoughts you might have.

Additionally, you may register for our annual Fall Conference on Human Capital Best Practices November 6 & 7, 2008 in San Antonio, TX by calling our office at (785) 832-0303.

Please don’t hesitate to call if you have any questions and thank you for participating in this important Conference.

Best regards,