2021 BBNC LEADERSHIP & COMPLIANCE VIRTUAL CONFERENCE – culture of integrity
BBNC hosted its Annual Compliance and Leadership Conference virtually once more on Nov. 16, 2021. The Conference live-streamed from BBNC Corporate’s headquarters in Anchorage, Alaska. Attendees heard strategic and financial updates from BBNC Executive Leadership, a compliance update from the BBNC Compliance Department, a Keynote Presentation from Ann Rhoades, and the presentation of this year’s Leadership and Compliance Conference Awards.
Congratulations to this year’s Awardees:
Travis Woods, President & CEO of Bristol Alliance (High Character Leadership Award)
SES Group (Ethical Leadership Award)
Angela Lowe, Director of Corporate Development, Bristol Alliance (Emerging Leader Award)
CCI Alliance of Companies (Culture of Safety Award)
2021 Conference Stream
2021 Keynote Address
Fireside chat q & a
The BBNC Executive Team and the BBNC Senior Management Team engage in several economic and social issues in conjunction with leaders of Bristol Bay villages. Jason Metrokin currently serves on the Bristol Bay Partnership, a group of non-profit and for-profit leaders focused on the development of Bristol Bay. Additionally, BBNC hosts an annual Bristol Bay Leadership Forum (BBLF) to gather hundreds of leaders from Bristol Bay to discuss critical economic and social issues of the day. BBNC also serves as a liaison for Bristol Bay villages when discussing common issues with state and federal government leaders.
BBNC believes that our commitment to a servant leadership philosophy is the ‘secret sauce’ to our tenure of success. At BBNC, we do not have a centralized command and control model of leadership. Instead, we embrace a decentralized model built on trust and accountability. Whether it is our parent-subsidiary relationship or supervisor-to-direct report interactions, BBNC promotes an upside-down hierarchical approach that puts our top leaders in a position to serve others.
BBNC corporate is focused on serving subsidiaries by removing various roadblocks and obstacles in their day-to-day business. As a parent entity, BBNC corporate knows we are on the right path when our subsidiaries reach out to us more than we reach out to them. In part because our subsidiaries trust we have expertise in our various skills and are also focused on providing resources and support to our subsidiaries.
Our employees are curious about Bristol Bay and what it means to work for an Alaska Native Corporation. What is your "elevator speech" for describing BBNC and its unique corporate model to those unfamiliar with Bristol Bay and ANCSA.
Alaska Native Corporations (ANCs) are rooted in an economic opportunity for the Alaska Native people and a critical mission to preserve and enrich cultural values, traditions, and ways of life. BBNC embodies its mission of “Enriching Our Native Way of Life” by increasing profits in our various business lines to fund our multiple shareholder benefits and programs. We are deeply committed to our purpose, which allows us to work diligently on behalf of our 10,000 plus shareholders.
BBNC corporate is not considering a COVID-19 mandate. After careful consideration led by the BBNC Board of Directors and Executive Team, BBNC corporate has focused on supporting its various business lines to navigate the ever-evolving COVID-19 mandate. In addition to upholding the law, our subsidiaries are in the best position to consider both the political and economic landscape and our employees’ health, safety, and well-being across the world.
Subsidiaries can engage with BBNC shareholders in several ways. First, subsidiaries can participate in numerous opportunities to share employment and general information about themselves with our shareholders. Sharing knowledge is primarily done through social media and career fairs. Subsidiaries can also employ shareholders on a temporary or permanent basis through internships or recruitment efforts. Our shareholders are deeply invested in the success of BBNC subsidiaries. Subsidiaries can successfully engage with shareholders, whether it is a cultural heritage trip to Bristol Bay or actively participating in various opportunities.
Succession planning is a critical component of BBNC maintaining its Culture of Integrity. Every level of BBNC must consider the importance of succession planning. Recently, the BBNC Board of Directors transitioned leadership from Director Joe Chythlook to Chair Russell Nelson. After his long tenure as Chair of the Board, Director Joe will continue to support and serve the BBNC family. His professional transition is a true testament to how BBNC can turn to the next chapter.
Likewise, our subsidiary leaders continue to identify expectational talent. BBNC is focused on building a bench of leaders ready to serve the BBNC shareholders in several capacities. While there is ultimately one leader, having a bench of talented employees set for success is key to ensuring our future.
It appears that $292 million is available for possible acquisitions and that $144 million is needed for current acquisitions and private equity investments. What is the strategy for the sort of businesses that will be targeted for the approximate $150 million that may still be available for acquisitions?
The BBNC acquisition strategy is twofold. First, BBNC will expand its existing businesses by bolting on to the services that we do well. Second, BBNC actively vets opportunities to diversify our portfolio into new business lines. BBNC may use its available financial resources for both prongs of the acquisition strategy.
How has the Covid environment effected our business models--more remote working, margins in the various business lines, the path forward in this new normal? (Ethan/Ryan)
COVID has affected every aspect of our lives. At BBNC, we provide practical support to our subsidiaries. Whether tapping into our resources from various law firms or keeping up to date on the ever-evolving federal mandates, the BBNC Legal Department provides key information to subsidiaries so subsidiaries can determine the appropriate business and workplace environment model.
We are fortunate that our margins have remained steadfast during the pandemic. In some cases, our margins have increased due to excellent subsidiary leadership.
As BBNC has utilized acquisition to grow and expand it footprint, what steps are being taken to manage saturation in the marketplace?
BBNC is home to nearly 200 subsidiaries. Our subsidiaries remain diverse in their location, business relationships, and terms. While we have some limitations to our business growth (i.e., NAICS Code limitations), our subsidiaries have done a great job of leveraging their expertise, relationships, and service to experience tremendous growth.
BBNC plays a role in the advocacy of all of its business lines. Whether on the political or regulatory front, BBNC relies on its relationships with start, federal, and business leaders to advocate for all of our business lines.
Moreover, BBNC has focused its time and attention on the inclusion of ANCs in the Small Business Administration 8(a) program. In addition to operating with integrity with the federal government, BBNC builds critical relationships with federal agencies to ensure they appreciate our mission, vision, and purpose.
In what ways does BBNC plan to leverage their size and financial position to further support and empower village corporations in the region?
Bristol Bay is home to 25 village corporations. As the regional corporation, BBNC works with our village corporations to promote common interests for our shared shareholders. In many ways, BBNC plays a mentorship role to its village corporations and can provide valuable insight to village corporation leaders on the successes and failures of business.
Does BBNC play a role is managing potential conflicts between subsidiary companies that perform similar services?
In the past, BBNC’s business structure and leadership were different. Each business line had a clear swim lane and could only conduct business within the assigned swim lane. Today, BBNC has adopted a ‘more net in the water’ approach to business. Subsidiaries can operate in the same space. When one of our subsidiaries wins a big contract, BBNC wins because profitable operations support various shareholder benefits and programs.
For future growth, will BBNC be focusing on new acquisitions or the quality of revenue for current business units?
BBNC continues to focus on a two-prong approach to acquisitions. For our existing subsidiaries, BBNC leverages its expertise to expand into new businesses (i.e., MBE certification) and reduce overhead (i.e., utilize shared services). For potential subsidiaries, BBNC looks for profitable opportunities with business leaders who understand BBNC’s unique business and mission intersection.