Thursday, October 27, 2016

2016-10-30 Getting The Family Business To The Next Generation with Henry Hutcheson & Ed Fulbright On Mastering Your Money Radio

Henry Hutcheson- Getting The Family Business To The Next Generation Interview 

Family businesses, like relatives, come in many shapes and sizes. More than 66 percent of all family businesses do not make it to the next generation.   Most family businesses begin with a single founder, who either saw an opportunity or simply took action to make ends meet. Maybe it was both. However, this can quickly evolve into a husband-and-wife team, or two brothers or sisters. Many family businesses are owned and run by women, who have the additional burden and conflict of being “mom” and the chief emotional support for the family. Then the next generation comes along, grows up among the hustle and bustle of their parents trying to build a business, helping out where possible, and one day finding that they are working in their parent’s business. Then the kids get married and bring in-laws into the business. Trusted and capable non-family employees are picked up along the way.

Joining us for our discussion on Getting The Family Business To The Next Generation is Henry Hutcheson who is in our Durham NC Studio.  Henry Hutcheson, comes from two renowned family businesses, Olan Mills Portrait Studios on his mother’s side and Peerless Woolen Mill on his father’s side. Henry has firsthand experience with many of the concerns that are unique to family businesses. Henry studied Psychology and has extensive business knowledge in the critical skills for working effectively with a family business. As a family business adviser and consultant, Henry can empathize with the family business and thus be more effective. Henry engages in a business mentoring and life coaching relationship with each family member and key stakeholders, and the scope of his work with the family and business is all encompassing. His latest book is Dirty Little Secrets of Family Business: Ensuring Success From One Generation To The Next.