Henry Hutcheson quoted on family business conflict
Sibling rivalry opens rift at Chattanooga-based Kenco
….They’re counter-suing him for millions, saying Kennedy III has tried to smear the family-owned company and its executives.
“I don’t know what’s going on, obviously, but my speculation would be that he did something wrong and someone is so upset about it that they are willing to incur damage to the business by making it public to embarrass their son,” said Henry Hutcheson, a family business consultant who helps companies create smooth succession plans.
Hutcheson did not advise Kenco, but said that 66 percent of family businesses fail when family members can’t get along, or at least disintegrate into a series of suits and counter-suits.
“Once the attorneys are in, sometimes the bridges are so burned up that you can’t get back together,” Hutcheson said.”I’ve never heard of a deal where somebody pulls the attorneys out.”