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:
[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
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