When Tommy Fulton became the third-generation president of his familys business, he dealt firsthand with the challenges inherent in succession from one generation to the next. In An Act of Congress, he describes in great detail the pain, frustration, and betrayal his family experienced with succession non-planning. The families involved found themselves in court in an embittered battle over the family business. There were several attorneys, some representing minority shareholders and some representing the majority, who were watching the case to see what precedent would be set. An Act of Congress is the authors recollection of true events, supported by thousands of pages of court documents, letters, audio recordings, and firsthand stories from those who were involved. It is a story of what happens when family businesses do not properly plan for the future. No matter how much one generation thinks, things will fall into place at the proper time, unless you plan for smooth succession, disaster is probably waiting. Any family succession expert will be able to point out at least a dozen moments in this story when either side could have made more effective and intelligent decisions. This book encourages the reader to learn from one familys mistakes, and strive to work in a way that makes the handing over of the baton an exciting and fruitful experience for everyone involved.
When Tommy Fulton became the third-generation president of his familys business, he dealt firsthand with the challenges inherent in succession from one generation to the next. In An Act of Congress, he describes in great detail the pain, frustration, and betrayal his family experienced with succession non-planning. The families involved found themselves in court in an embittered battle over the family business. There were several attorneys, some representing minority shareholders and some representing the majority, who were watching the case to see what precedent would be set. An Act of Congress is the authors recollection of true events, supported by thousands of pages of court documents, letters, audio recordings, and firsthand stories from those who were involved. It is a story of what happens when family businesses do not properly plan for the future. No matter how much one generation thinks, things will fall into place at the proper time, unless you plan for smooth succession, disaster is probably waiting. Any family succession expert will be able to point out at least a dozen moments in this story when either side could have made more effective and intelligent decisions. This book encourages the reader to learn from one familys mistakes, and strive to work in a way that makes the handing over of the baton an exciting and fruitful experience for everyone involved.
