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. Listeners 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.
This is an incredibly helpful, succinct, and thoughtful book for anyone navigating the trials and tribulations - as well as the joys - of working in, running, or taking over a family business. Many thanks to the author and his family for sharing a treasure trove of advice on the topic! Truly, this is a must read for anyone involved in a family business. I’m asking that my parents, siblings, spouse and children read it immediately!!
There were many valuable topics in this book that could easily be applied to my small family business situation. It provided a lot of food for thought when beginning succession planning.