Tommy Fulton
When Tommy Fulton became the third-generation president of his family's 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 author's 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 family's mistakes, and strive to work in a way that makes the "handing over of the baton" an exciting and fruitful experience for everyone involved.
Tommy has begun his new career as a professional speaker and author through his new company, The Forum For Family Business. His topic is...
Addressing the Real-Life Issues of Communication, Succession & Preservation in Family Businesses
Tommy Fulton was born in Mobile, AL, graduated from McGill Institute and received his Bachelor's degree in Transportation from The University of Alabama. He is married to the former Lane Young with whom he raised 5 children.He joined his family's business, The Finch Companies, Inc., in 1978, and worked his way up to President and Chairman of the Board, positions he currently holds. Tommy is also President of Interiors Now, a Division of The Finch Companies, Inc. He was recognized as one of Mobile's Top 100 Realtors in his first year as a Realtor in 1993.
Active in his local community, Tommy held several offices in the Mobile Jaycees and was elected President in 1983. After serving in statewide office, he was the first Mobile Jaycee elected President of the Alabama Jaycees since 1955. Following his term, Tommy traveled throughout the United States as a motivational speaker for the U. S. Jaycees. He was recognized with Life Memberships in the Alabama and U. S. Jaycees for his dedication to leadership training.
Tommy served as Vice-Chairman for the Alabama Republican Executive Committee from 1989-1991. He served as Governmental Affairs Chairman for the Mobile Area Association of Realtors and Chairman of the Governmental Affairs Committees of the International Warehouse Logistics Association. Tommy was a member of the Management Committee of the Mobile Bay National Estuary Program and served as Treasurer, Vice Chairman, and currently Chairman of the YMCA's of South Alabama. He also served on the Board of Directors for the Mobile Area Apartment Association.
His other activities have included Leadership Mobile, United Way, Mobile Kiwanis, Mobile Community Chest, Home of Grace for Women, Mobile Area Association of Realtors and the Mobile Chamber of Commerce. He has also coached 18 kid's teams in baseball, softball, basketball and volleyball.
When Tommy Fulton became the third-generation president of his family's 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 author's 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 family's mistakes, and strive to work in a way that makes the "handing over of the baton" an exciting and fruitful experience for everyone involved.
Tommy has begun his new career as a professional speaker and author through his new company, The Forum For Family Business. His topic is...
Addressing the Real-Life Issues of Communication, Succession & Preservation in Family Businesses
Tommy Fulton was born in Mobile, AL, graduated from McGill Institute and received his Bachelor's degree in Transportation from The University of Alabama. He is married to the former Lane Young with whom he raised 5 children.He joined his family's business, The Finch Companies, Inc., in 1978, and worked his way up to President and Chairman of the Board, positions he currently holds. Tommy is also President of Interiors Now, a Division of The Finch Companies, Inc. He was recognized as one of Mobile's Top 100 Realtors in his first year as a Realtor in 1993.
Active in his local community, Tommy held several offices in the Mobile Jaycees and was elected President in 1983. After serving in statewide office, he was the first Mobile Jaycee elected President of the Alabama Jaycees since 1955. Following his term, Tommy traveled throughout the United States as a motivational speaker for the U. S. Jaycees. He was recognized with Life Memberships in the Alabama and U. S. Jaycees for his dedication to leadership training.
Tommy served as Vice-Chairman for the Alabama Republican Executive Committee from 1989-1991. He served as Governmental Affairs Chairman for the Mobile Area Association of Realtors and Chairman of the Governmental Affairs Committees of the International Warehouse Logistics Association. Tommy was a member of the Management Committee of the Mobile Bay National Estuary Program and served as Treasurer, Vice Chairman, and currently Chairman of the YMCA's of South Alabama. He also served on the Board of Directors for the Mobile Area Apartment Association.
His other activities have included Leadership Mobile, United Way, Mobile Kiwanis, Mobile Community Chest, Home of Grace for Women, Mobile Area Association of Realtors and the Mobile Chamber of Commerce. He has also coached 18 kid's teams in baseball, softball, basketball and volleyball.
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