The Hutchinsons didn’t sell their family business once but twice, this is the story of their growth. Ed Hutchinson speaks with Michael about how he and his family grew and differentiated their business in a crowded contracting market. How did they do things differently after they bought their family company back? Why did they sell it again? Tune in for the full scoop.
Ed Hutchinson is the President and rainmaker of his family business Hutchinson Energy Services. Hutchinson Energy Services is a plumbing company turned HVAC full-service provider.
Tune in until the end to learn:
- Navigating family dynamics when many people are involved
- How to position your family business for recurring growth
- Why you should prepare your family business for sale even if you don’t plan on selling it
[00:40] Who is Ed Hutchinson?
[04:07] How did Hutchinson’s HVAC business start?
[06:14] How working with the Federal government made them change their business model
[08:59] Dividing the roles between family members
[10:30] Aha moment that made them take the business across state lines
[14:25] Challenges and success when the family business was passed down
[18:10] Advice for transitioning a business to a second-generation family business
[20:27] Should you have a vision and mission statement for your family business?
[22:34] How did the Hutchinsons differentiate their family business?
[25:12] Selling the family business for the second time (building up to the final sale)
[28:55] What if you were starting a family business from scratch? (and the 24 hour rule)
[30:40] Retiring after running the family business
[32:23] Understanding the value your partners bring (and other parting words of wisdom)
4 Key Highlights
- Working with the Federal government compels you to be versatile.
- You have to have a process for how things get done in your family business no matter how stubborn your family members are. Running your company with discipline is a necessity for the survival of the business.
- Each family member in a family business has a unique ability. Empower each family member to play to their strengths and avoid pressuring them to rely on their weaknesses. Allow your family members to leverage their unique abilities.
- If you’re angry or in a negative mental state, don’t make any decisions for 24 hours.
Connect with Ed Hutchinson:
Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)
Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite