Dirty Little Secrets of Family Business: Ensuring Success from One Generation to the Next

by Henry Hutcheson

If approximately 70 percent of all businesses are family businesses, and two out of three don't survive to the next generation, what can you do to make sure your business will survive and thrive? Dirty Little Secrets of Family Business comes clean with much-needed info on nitty-gritty issues such as entitlement; letting employees (even family members) go when they just aren't working out; compensation; including your kids in the business (when to bring them in, helping them move up, and prepping them to take over); shareholder agreements; selecting the next leader; deciding whether to keep the business or sell it; exit strategies for outgoing leaders; money matters; succession planning; communication; conflict resolution; establishing an effective board; and transitioning to the next generation. Readers can apply the numerous ideas and tips in this engaging guide to address any family business situation. Written for current and next-generation owners and utilizing multiple, firsthand stories of family business dos and don'ts, Dirty Little Secrets of Family Business gives you the top success strategies that you can use to build a better functioning family business. Acknowledging that every family is unique and a cookie-cutter approach is not the answer, experienced family business consultant Henry Hutcheson presents a deeper look at the underlying mechanics of what makes a family business work.

Genres: Business

232 pages, Hardcover

First published October 1, 2014

Reviews

[SallyStenger · Rating 3 out of 5]

Dirty Little Secrets of Family Business: Ensuring Success from One Generation to the Next. Henry Hutcheson, CMC, CFBA. Austin, Texas: Greenleaf, 2016. 218 pages. Hardback.

I decided to read this book after seeing it in the new books display at Sequoyah Regional Library in Jasper, Georgia.

The main part of the book has to do with transitioning a family-owned business from one generation to the next.

The book was a quick read - it is 218 (small) pages and I read it in 3 days. I didn't feel that the first 100 pages or so were that interesting but it improved in the last half of the book where it becomes more specific. It discusses issues involved in succession planning for a small business.

The author was part of the family-owned business Olan Mills and draws on his own experiences. He is the founder of Family Business USA which is a consulting service for family businesses.

[Gabriela Berger · Rating 3 out of 5]

The topic of mixing family with business is a difficult one as most new businesses, about 90% are doomed to fail. To have a successful business means thinking carefully not only about what kind of business is required but also do you have what it takes to succeed even if the market goes pear shaped? I wanted to pick up some tips but found some general ideas helpful, however, for someone wanting to set up their own business I would suggest seeking to speak with business owners in the line of business a person is interested in pursuing.

[Emilie Rose Thiessen · Rating 4 out of 5]

Great book for family businesses planning a transition of ownership to the next generation. Formating could have been tweaked a bit more to convey lists more clearly and succinctly, otherwise it was chock full of just the info I needed.

[Caroline]

I won a copy from Goodreads 3 months ago, but it has yet to arrive. :\