CHAPEL HILL, NC–(Marketwired – Oct 21, 2014) – A new book, “Dirty Little Secrets of Family Business,” (http://dirtylittlesecretsoffamilybusiness.com) by certified Family Business Advisor and founder of Family Business USA consultancy Henry Hutcheson, explores the unique challenges presented to family businesses.
“Why are family businesses so challenging? For one thing, family is about unconditional love, and business is about profit. Dirty little secret: These two goals do not always align,” Hutcheson says. “Family businesses, like relatives, come in many shapes and sizes.”
More than 66 percent of all family businesses don’t succeed to the next generation. Most family businesses begin with a single founder who either saw an opportunity or took action to make ends meet. However, this can quickly turn into a husband-and-wife team, or brothers or sisters.
The next generation comes along, grows up among the hustle and bustle of their parents trying to build a business, helps out where possible, and one day finds that they are working in their parents’ 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.
Ultimately, communication is the key to success for any family business and the book delves into how to achieve that on a consistent basis, Hutcheson says.
“Henry gets family business. I know, because I grew up helping my dad publish his magazine for the garden center industry,” writes Amazon reviewer Jeff Morey, who gave Hutcheson’s book five stars. “Family business can bring great joy — and many tears. This book will help you navigate through it all and help you maintain your sanity while doing so. Highly recommended.”
About Henry Hutcheson
Henry Hutcheson is president of Family Business USA and specializes in helping family and privately held businesses successfully manage transition, maintain harmony, and improve operations. His newest book is “Dirty Little Secrets of Family Business: How to Successfully Navigate Family Business Conflict and Transition,” (http://dirtylittlesecretsoffamilybusiness.com); he’s also quoted in “Kids, Wealth, and Consequences” and “Sink or Swim: How Lessons from the Titanic Can Save Your Family Business.” Hutcheson grew up working for his family’s business, Olan Mills Portrait Studios. He studied psychology and has an MBA from Columbia Business School, and is a popular speaker at professional, university and corporate-sponsored events.