Portraits of Success: 9 Keys to Sustaining Value in Any Business

257 Pages·2002·0.86 MB·English

by  James Olan Hutcheson

This publication is designed to provide accurate and authoritative information in regard to
the subject matter covered. It is sold with the understanding that the publisher is not
engaged in rendering legal, accounting, or other professional service. If legal advice or other
expert assistance is required, the services of a competent professional should be sought.
The information about the people and organizations described in this book was gathered
from the author’s personal experiences; from family members and employees of Olan Mills,
Inc.; from books, articles, and published reports, including official company documents;
and from interviews conducted by the author’s research staff. To protect the privacy of cli-
ents and other people, the identities of some of the companies and executives have been
concealed by altering names, locations, and other identifying details.
Vice President and Publisher: Cynthia A. Zigmund
Editorial Director: Donald J. Hull
Acquisitions Editor: Mary B. Good
Senior Project Editor: Trey Thoelcke
Interior Design: Lucy Jenkins
Cover Design: Design Solutions
Typesetting: Elizabeth Pitts
© 2002 by Dearborn Financial Publishing, Inc.
Published by Dearborn Trade Publishing, a Kaplan Professional Company
All rights reserved. The text of this publication, or any part thereof, may not be reproduced
in any manner whatsoever without written permission from the publisher.
Printed in the United States of America
02 03 04 10 9 8 7 6 5 4 3 2 1
Library of Congress Cataloging-in-Publication Data
Hutcheson, James Olan.
Portraits of success : 9 keys to sustaining value in any business / James Olan Hutcheson.
p. cm.
Includes index.
ISBN 0-7931-5259-3
1. Family-owned business enterprises—United States—Management. 2. Close corpo-
rations—United States—Management. 3. Success in business—United States. 4. Busi-
nesspeople—United States—Attitudes. 5. Successful people—United States. I. Title.
HD62.25 .H88 2002
′
658.045—dc21
2002003513
Dearborn Trade books are available at special quantity discounts to use for sales promo-
tions, employee premiums, or educational purposes. Please call our special sales depart-
ment, to order or for more information, at 800-621-9621, ext. 4307.
IN HONOR OF
My grandfathers, Olan Mills and Lewis “Dutch” Hutcheson
My grandmother, Jean Hutcheson
My brother, Travis T. Hutcheson
My sensei, Master Robert A. Trias

CONTENTS
ACKNOWLEDGMENTS vii
PREFACE
My Business Story xi
Olan Mills, Inc. xviii
INTRODUCTION
Building Companies That Last 1
Legend Airlines 11
CHAPTER 1
The Secret of Great Business Leadership 21
Richard Wackenhut 37
CHAPTER 2
Make It a Meritocracy 48
Dennis Rodman 59
CHAPTER 3
Give the Next Generation Room to Grow 65
Carr Tilton 68
Robert Dedman, Jr. 73
Katz’s Deli 78
CHAPTER 4
Finding a Common Direction 81
George Steinbrenner 86
Dell and Compaq 99
v
vi PORTRAITS OF SUCCESS
CHAPTER 5
Make Communication Central 102
Warren Buffett 115
Newell Farms 130
CHAPTER 6
The Journey of Passion and Balance 134
Williamson-Dickie 135
J. Paul Getty 148
Jon Huntsman 159
CHAPTER 7
Create Business Traditions, Myths, and Shared Beliefs 164
Herbert Kelleher 165
Teresa Lever-Pollary 169
CHAPTER 8
Do the Strongest Really Survive? 184
Stora Enso 185
“Chainsaw” Al Dunlap 192
CHAPTER 9
Managing Risk 199
Robert Uihlein 203
Fred Smith 205
Gene Amdahl 212
CONCLUSION
Closing Reflections 215
INDEX 223
ACKNOWLEDGMENTS
You are holding the end result of a project that stirred in me for
several years. I had often thought about what it would be like to
write a book, but thinking and doing proved to be entirely differ-
ent experiences. Paraphrasing Churchill, writing a book is an
adventure—starting as an amusement, turning into a mistress, a
master, and ending as a tyrant that rules your life. After complet-
ing Portraits of Success, I can truthfully admit that my fondness for
Churchill’s insight has grown even deeper.
I was able to escape the maws of the tyrant only with the aid of
many others who, at just the right time, jumped in and gave me
strength and encouragement to press onward. I can recall few
experiences or projects in my life where my debts, and learning,
have risen faster. Although the words and concepts are mine, this
book is not mine alone. So many people have been a part of its
development and influenced me that it is inappropriate to not rec-
ognize those who helped shape my thinking, gave me support,
provided friendship and love, and fought for my cause.
vii
viii PORTRAITS OF SUCCESS
This book would never have moved out of the amusement stage
if it were not for the day in day out help from my ReGENERATION
Partners colleagues, Debra Krueger and Jerry McNabb.
Thanks to Tom Wilkinson, Nancy Lynn, Nancy Blackie, and Jo
Ann Alvarez, all of whom worked with me at Olan Mills, Inc. Their
service and loyalty is never taken for granted. Additionally, I
received help from many of my predecessors at Olan Mills who
took the time to pass and entrust the stories of my grandfather to
me. Thank you Tom Roberts, Ray Zbinden, Fred Tregaskis, Ollie
Collie, Ruth Clark, Jane Glass, Bonnie Williams, Bill Taylor, and
Olan Mills II.
Making the wholesale change from a corporate executive to a
full-time family business consultant was, at times, difficult. Thank
you to all of those who not only believed in me but also helped in
tangible ways, especially the three Davids—David Bork, David
Clanton, and David Waring.
I am indebted to some pros who with one hand held mine, and
with the other furiously maneuvered the editing pencil. Thank you
Mark Henricks, Ron Watkins, Dennis Jaffe, Ph.D., and Mary B.
Good. Among this illustrious group, more than 37 books have
been authored or coauthored. It is a good thing to have a few tal-
ented professionals as close friends.
Speaking of friends, one of the greatest joys of my adult life has
been to share the ups and downs with people I call my close
friends. I am blessed to have the laughter, competition, compan-
ionship, adventure, and unconditional support from Charles Wait,
Ed Elkins, Tom Box, Joe Best, Greg Baten, Greg Rohde, Gary
Meyer, and, of course, Mike Cofield, Ph.D., whom I have consid-
ered family, friend, and mentor for over 35 years.
This book would not have been possible without the added
learning that has come from clients of ReGENERATION Partners.
These are the people who trusted us with their family businesses
and provided the real stories and anecdotes that have enriched the
message of this book. Thank you, Nicki, for being one of our first.
Acknowledgments ix
And special thanks to Stan Baxter, Gerry Sullivan, and Jeff Sulli-
van, clients whose enthusiasm for this project, at times, exceeded
my own. Their perspective as business owners and CEOs provided
the truest test of relevance. I can attest that it is true that you gain
more in life by helping others.
Ordinary people with an extraordinary message have come into
my life at just the right moments to assume the mantle of mentor.
Their messages have helped to form my core values. Thank you
Stanley Albert “Buck” Frame, Don Benton, Jay Ekman, Vann Phil-
lips, and Master Robert A. Trias.
The tasks of this book and so many other projects in life would
not have been conceivable without the support and patience of a
caring family. Thank you to Carole Lou, Lewis, Laura, and Henry.
Thanks to all the Warrens, Mills, and Hutchesons that helped
shape me into the person I have become. With special thanks to
Sharon, the godmother of my children, my aunt, and part-time edi-
tor. To Pat and Skip, who at various times have been teachers, best
friends, advisors, playmates, and editors, but who have always
shared my pains and celebrated my joys as supportive and loving
parents.
Those that know me best say I am full of passion for whatever I
do in life. This is true. This passion comes from the love and sup-
port of a wife who has been traveling through life with me, often
at a sprint, for over 20 years. My greatest thanks are for Sarah, serv-
ing as a mother, teacher, friend, and wife. She keeps my zest for
new adventures alive.
And finally, the greatest source of joy in my life is our two sons,
Nathan and Warren. I have been blessed with children who have
not only overlooked my absence and made excuses for my exhaus-
tion, but have forced me to keep my priorities straight. Their love
and joy gives me strength.