As published in the September 1, 2015 Toledo Business Journal
Richard R. Faist
Legatus, Genesis Chapter
Legatus integrates business and faith
Richard R. Faist is the current president of the Genesis Chapter of Legatus. He and his wife Kathy joined Legatus in 2009.
Faist has been retired since July 31, 2010, having completed 46 years in public accounting. For the 15 years before his retirement, he served as managing partner of the Toledo office of Clifton Gunderson LLP (now CliftonLarsonAllen), a national CPA firm. Prior to joining Clifton Gunderson in 1995, he served a similar position with the Toledo office of KPMG, an international public accounting firm.
Toledo Business Journal: Can you explain exactly what Legatus is?
Richard R. Faist: Legatus was established in 1987 by Tom Monaghan. It is a not-for- profit 501(c)(3) association of Catholic business leaders and their spouses. The mission of Legatus is “To study, live, and spread the Faith in our business, professional, and personal lives.” The word Legatus means “ambassador”.
TBJ: As the president of the Toledo Chapter, can you provide some information on how the chapter was formed?
RF: Our Toledo chapter is known as the Genesis Chapter, meaning the first Legatus Chapter. The chapter was originally started in Ann Arbor, Michigan in 1988 since that is where Tom Monaghan lived and had his Domino’s Pizza business headquarters. For several years, a group of Toledo members would travel to Ann Arbor for the monthly chapter meetings. Around 2006, the number of Toledo members had grown and Mr. Monaghan asked the Toledo members to organize a Toledo chapter with the name of Genesis. That is how Legatus began in Toledo. The last two presidents of our club were Bob Savage and Phil Buerk.
TBJ: What are the requirements for someone to join Legatus?
RF: When Mr. Monaghan established Legatus, he wanted to follow the Young Presidents’ Organization (YPO) model for business presidents. As a result, Legatus has some very specific membership criteria. The criteria are as follows:
- The candidate must be a practicing Catholic who is in good standing with the Catholic Church.
- The candidate must hold a high management position in their company, such as chairman, president, CEO/COO, owner, managing partner, or executive VP. The candidate could be retired from one of the positions and still qualify.
- The candidate‘s company must have at least 40 employees, or 10 employees and an annual payroll of at least one million dollars, and the company must have annual sales of at least $5.5 million.
TBJ: This sounds pretty restrictive. How do you identify potential members?
RF: It may sound pretty restrictive, but, quite honestly, in the northwest Ohio area there are a large number of potential candidates. We rely on our current members and pastors of our local parishes to identify potential members. We encourage our members to invite potential members to one of our chapter meetings. We also invite local priests to attend one of our meetings each year so they can meet our members and better understand Legatus. Each proposed member must have a member sponsor and their application is submitted to the national office for review and approval.
TBJ: How many members are there in the Genesis Chapter?
RF: I am pleased to say that our chapter membership has seen much growth over the past ten years. We currently have 72 members, making us the third largest Legatus Chapter. This year we have added eight new members. Overall, Legatus has in excess of 90 Chapters and over 2,500 members. Each member’s spouse is also invited to attend all functions.
TBJ: Could you explain what a member of Legatus will experience once they become a member?
RF: Legatus gives members opportunities to deepen their relationship with God and discover how Catholic truth and values can help them meet the ethical challenges business leaders face each day. Since spouses also attend all chapter meetings, the Legatus experience can enhance marriages and strengthen family ties. Members receive the monthly Legatus national magazine and the weekly Legatus Insider, which is sent via email. These publications include a wide variety of current Catholic news from around the world. Our members also have the opportunity to attend a number of national summits, seminars, and organized trips each year.
TBJ: As a follow-up question, what can a member of the local Genesis Chapter expect to experience as a member?
RF: In addition to receiving the previously mentioned publications from national and attending various national events, each local chapter member is invited to attend our monthly meetings. These are generally held on the fourth Wednesday of the month. The timeline for each meeting (which is from 5:00 PM to 9:00 PM) is as follows: opportunity for participation in Confession, Rosary, and Mass, followed by a reception, dinner, and speaker.
Our speakers represent a mixture of renowned local, regional, and national individuals. While our members look forward to our speakers, I can also say that they always enjoy the opportunity to socialize with each other during the reception and dinner. This quality time with others who share common Catholic beliefs and concerns is greatly valued by our members.
TBJ: How has Legatus impacted your business and personal life?
RF: Belonging to Legatus for the past six years has had a very positive impact on me as a person. The opportunity to meet each month with some of the most successful Catholic business people in northwest Ohio has helped me grow in my faith and business knowledge. Legatus has made me realize that my Catholic beliefs can be incorporated into my business dealings, not just my personal life. In light of many disturbing national events and trends which are contrary to our Catholic beliefs, I have found that being around others who share my beliefs is very refreshing and provides me with the strength to continue living my life in accordance with the teachings of our church.
TBJ: Are there any examples of community impact that have resulted from Legatus that you might share?
RF: I cannot point to any direct examples of how Legatus has impacted our community. Our mission is not to raise dollars and take on a specific community project, like a Rotary Club might do, but rather to carry on our faith and beliefs in all that we do in our business and personal lives. We must always remember who we represent as ambassadors in our community. With the amazing group of business leaders we have in our chapter, I know that the employees and customers of the businesses represented by our members are treated fairly and honestly in their daily activities. I also believe that our Bishop of the Toledo Diocese knows that in Legatus he has a group of people who are faithful to the Church and who are willing to support him in every way they can.
TBJ: It sounds like the Genesis Chapter of Legatus is doing very well. Does the chapter have any specific membership growth goals for the next 3-5 years?
RF: We have no specific membership growth goals. While it is important to add new members each year as our membership grows older in age, that is not our primary goal. Our primary goal is to provide our members with thought-provoking speakers and the opportunity to meet and socialize with others who share the same religious beliefs. I like to think that we are doing a good job of meeting the needs of our members.