Tommy Fulton

Rudolph

2010-12-23T07:37:00.000-08:00

A friend (Bill Harris) forwarded this to me, and I don't really know
who originated it, so I can't give them the credit.

But, I really enjoyed it and think you will too.

** True Story of Rudolph**

A man named Robert L. May, depressed and brokenhearted,
stared out his drafty apartment window into the chilling
December night. His 4-year-old daughter Barbara sat on his
lap quietly sobbing.

Bobs wife, Evelyn, was dying of cancer.
Little Barbara couldn't understand why her mommy
could never come home. Barbara looked up into her
dad's eyes and asked, "Why isn't Mommy just like
everybody else's Mommy?"

Bob's jaw tightened and his eyes welled with tears.
Her question brought waves of grief, but also of anger.
It had been the story of Bob's life. Life always had to
be different for Bob.

Small when he was a kid, Bob was often bullied by
other boys. He was too little at the time to compete in sports.
He was often called names he'd rather not remember.
From childhood, Bob was different and never seemed
to fit in.

Bob did complete college, married his loving wife and
was grateful to get his job as a copywriter at Montgomery
Ward during the Great Depression. Then he was blessed
with his little girl. But it was all short-lived. Evelyn's bout
with cancer stripped them of all their savings and now Bob
and his daughter were forced to live in a two-room
apartment in the Chicago slums. Evelyn died just days
before Christmas in 1938.

Bob struggled to give hope to his child, for whom he
couldn't even afford to buy a Christmas gift. But if he
couldn't buy a gift, he was determined a make one - a
storybook!

Bob had created an animal character in his own mind
and told the animal's story to little Barbara to give her
comfort and hope. Again and again, Bob told the story,
embellishing it more with each telling. Who was the
character? What was the story all about?

The story Bob May created was his own autobiography
in fable form. The character he created was a misfit
outcast like he was. The name of the character? A little
reindeer named Rudolph, with a big shiny nose.
Bob finished the book just in time to give
it to his little girl on Christmas Day.

But the story doesn't end there.

The general manager of Montgomery Ward caught
wind of the little storybook and offered Bob May a
nominal fee to purchase the rights to print the book.
Wards went on to print, "Rudolph the Red-Nosed
Reindeer" and distribute it to children visiting Santa
Claus in their stores.

By 1946, Wards had printed and distributed more than
six million copies of Rudolph. That same year, a major
publisher wanted to purchase the rights from Wards
to print an updated version of the book.

In an unprecedented gesture of kindness, the CEO of
Wards returned all rights back to Bob May. The book
became a best seller. Many toy and marketing deals
followed and Bob May,now remarried with a growing
family, became wealthy from the story he created
to comfort his grieving daughter.

But the story doesn't end there either.

Bob's brother-in-law, Johnny Marks, made a song
adaptation to Rudolph. Though the song was turned
down by such popular vocalists as Bing Crosby and
Dinah Shore, it was recorded by the singing cowboy,
Gene Autry.

"Rudolph the Red-Nosed Reindeer" was released in
1949 and became a phenomenal success, selling more
records than any other Christmas song, with the
exception of "White Christmas."

The gift of love that Bob May created for his daughter
so long ago kept on returning back to bless him again
and again. And Bob May learned the lesson, just like
his dear friend Rudolph, that being different isn't so
bad. In fact, being different can be a blessing.

* MERRY CHRISTMAS 2010*

I wish the very best for you and your family.

I'm baaaaack!!

2010-12-02T12:47:00.001-08:00

I feel like I've just come out of an 18 month coma! Well, maybe not exactly. I wrote my last blog about a year and a half ago. I had no idea when I wrote it, that it would be this long before the next one. The changes we've all seen in the last couple of years have been dramatic, but life goes on regardless of the world around us.

Even though I've not blogged in all that time, I've prepared myself for dramatic changes in my own life. Birthdays can do that to you...my 55th was last Saturday. One of the suggestions I give out to other people is that you should pursue your passion. Just recently realized that I should take that advice.

I thoroughly enjoy speaking. The important part, though, is that others should enjoy "hearing", and truly benefit from what a speaker presents. This meant that my other lifelong passion, family businesses, would have to be combined with my passion for presenting. I wrote my book, "An Act of Congress, The Real-Life Story of Power & Politics in Family Business", in order to show what happens when families don't properly plan for succession. I desperately want to help other families avoid the heartaches and pitfalls that we experienced.

A good friend suggested that I do more than just advise, but to get involved in the solution in a productive way. He suggested that I get my insurance license, which has opened my eyes to even more examples in the family business arena. I've met so many people who have helped families prepare for success, not just succession.

So here's the point. During my time away from blogging, I've been able to focus my efforts, so that at the beginning of 2011, I'll have combined the strengths of my own family business, with the experts at Adams & Associates, and The Guardian. I will be announcing the grand opening of The Forum for Family Business soon.

As a Catholic Priest I know says at the end of his sermons..."That's enough for now!"

College Orientation

2009-06-30T07:07:00.000-07:00

I've just finished my last of five separate orientations for our five children who have, or will, attend the University of Alabama. Our twins had separate schedules for orientation, which meant that I attended two separate sessions for them. One of the best parts of each orientation occurred in the closing sessions. The speakers talked about the adjustment from living at home to becoming more self-sufficient. The adjustment is a two-way street. There is surely an adjustment for the student, but sometimes it's a bigger adjustment for the parent.

The irony for me was how similar those adjustments were to those needed when a business owner considers how to transfer power and responsibility from one generation to another. There were three main points presented by the speakers, which I thought were very apropos.

First, if the student has bad study habits, poor time-management skills or sloppy housekeeping habits before leaving for school, those habits will not suddenly change. Conversely, if the student has good study habits, a good understanding of the value of time and budgeting, and an appreciation for neatness, there is every reason to believe that those habits will continue.

Second, in many cases, students will be interacting with non-family members for the first time, on their own. In fact, a large number of incoming freshman will become roommates with someone they've never even met. Nowadays, at least they will have some time to "discover" more about their new roommate through Facebook, MySpace and all of the other social sites. The University takes that one step further and offers the roommates a written agreement, which forces the students to agree, ahead of time, on such issues as quiet times, how late the lights stay on, who can visit, best study habits for each, how clean and tidy the room will be kept, and on and on...

Third, and my favorite, was the independence of the new student from the parent. The speakers made it clear that some levels of independence should have already been practiced at home. It seems that in many cases, it's not the student rejecting their new "freedom", it's the parent(s) who seem to be unable to let go. There is a great article in the June 27, 2009 online edition of U. S. News and World Report that explains how to stay involved, but not become a "helicopter" parent. http://www.usnews.com/blogs/professors-guide/2009/04/17/how-not-to-be-a-helicopter-parentbut-still-be-a-parent.html#2692915 That parent stands ready to swoop in and solve whatever little problem their child has, denying that child the opportunity to grow and learn from their own experience.

Since I speak on family business succession, you can clearly see how translatable this information is in my specialty. As a third-generation business owner myself, and the father of five children, I can vouch for the similarity of the challenges of sending your children off to college, and planning the successful transfer of control from one generation to the next in the family business.

If the heir to the presidency of a small business has not shown the maturity and responsibility necessary for leadership prior to taking over, the chances are almost nil that suddenly those qualities will appear.

Even when people assume they know everything about those close to them, a change in circumstances can expose traits never before noticed. That is why the University offers a written document that forces students to answer questions which may expose differing expectations. That is even more important in closely-held family businesses.

In case after case, one of the most difficult challenges in family businesses is how and when to allow the "freedom to fail" to become a tool in the development of the successor. It's a long-term process, but in order to have real growth, there must be some level of trust and responsibility meted out in appropriate doses. That will be different in every situation, but it is absolutely necessary.

My wife, Lane, and I have learned so much from watching our three oldest children navigate the ups and downs of college life. We look forward with excitement and anticipation to the challenges awaiting our twin daughters as they begin their journey. The lessons mentioned during their orientations certainly are applicable to the successful transition of family businesses from generation to generation.

Please add whatever comments you have about either process...I look forward to hearing about your experiences or thoughts!

NAIFA Speech

2009-04-30T15:13:00.000-07:00

Last week I had the pleasure of speaking to the Mobile chapter of the National Association of Insurers and Financial Advisors. This was especially important to me because these professionals advise many of the small business owners I'm trying to reach with my book. Family-owned businesses and closely held corporations benefit greatly from their advice on how to plan for future succession. While these professionals help owner/managers with what they need to do, many of their clients won't act until they understand why they need to plan ahead.

I was thrilled that some of those I met with after the speech expressed a desire to buy large numbers of An Act of Congress - The Real-Life Story of Power & Politics in Family Business to send to their clients. They agreed that my book makes a powerful tool to encourage business owners to plan now rather than hope things work out over time. They don't!

I hope you enjoy the talk I gave to NAIFA - Mobile. I'd appreciate any comments you may have.

http://www.box.net/shared/oem05gqn1f

Government Takeover?

2009-04-09T07:37:00.000-07:00

More than one of the readers of my book, An Act of Congress - The Real-Life Story of Power & Politics in Family Business, made the point that our small family business experienced a government takeover, well before today's experiences. Their point is on-target! Way back in the early 90's, a government entity decided that they didn't like the way our family was running our own family business. The judicial sector of our government decided to take our ownership rights and transfer them to a court-appointed board and receiver, controlled entirely by the minority owner.

I won't use this column to rehash the details of our situation. I hope you will purchase the book at my website, www.tommyfulton.com, and take the opportunity to read how messed up life can get when government decides to take away the rights of business owners.

I will tell you how crazy this seemed to so many during the removal period. One of the biggest questions people had, whether they were paying close attention or not, was the same question we had. "How can the government just take your company away from you and give it to someone else...after all, this is not Russia?" Believe me, we wondered the same thing. There are some who believe that kicking my family out of our company and replacing it with the minority's board was a lifesaver for the company. They state that the financials of the company were in better shape than when we were kicked out.

Here's the problem...there is no way to prove what would have happened if we had been allowed to keep our company. We maintained that we would return to profitability soon, because we had already taken action to curtail the losing divisions. The only thing we needed was time to allow financial commitments to expire, which were scheduled during the next 12-18 months after we were removed.

The bottom line is that when the principles of risk and reward, inherent in our free enterprise system, are violated, a vital piece of our economic freedom dies. I'm not defending all of the leaders of today's companies, but I will never believe that the government is the best entity to decide who leads the companies. That is the sole responsibility and right of the shareholders who have invested in the company.

Lastly, one of the biggest problems comes about because the government decides to prop up failing companies, taking taxpayers money to decide who will succeed and who will be "small-enough" to fail. Ultimately, that takes the power out of the free market and gives it to politicians. Our family felt the negative side of government intervention well before today's foibles.

Book Signing

2009-02-09T11:35:00.000-08:00

I just had my first book signing this weekend @ Jesse's Restaurant in Magnolia Springs, Alabama. I would like to thank two people who were instrumental in the success of this event. Cynthia Rush handles the public relations for Jesse's and put this event together. Nicole Houser is the manager of Jesse's, and was very gracious as the host for the book signing. If you ever have the chance to eat there, I can promise you will enjoy their food & the atmosphere.
http://www.jessesrestaurant.com.

One of the most interesting things I've found since publishing my book, "An Act of Congress - The Real-Life Story of Power & Politics in Family Business", is how many families have experienced some level of consternation with businesses, estates and many other relationships. The common thread seems to be that those involved never anticipated the problems that occurred. Instead of communicating to their loved ones (and sometimes "unloved" ones) prior to a decision time (e.g. - death of majority owner in the family business, or estate holder), most of them assumed it would be easier to put off that uncomfortable conversation. The truth is that they were afraid of reality and simply felt that "hoping" was a valid strategy. It isn't!

As I tell the story of "An Act of Congress...", I'm offering others the opportunity to use my experience as an opening point for discussing how they can avoid future disaster. The "knowing" looks of those purchasing my book tells me that they have experienced some feud in the past, or in many cases, are expecting one in the future.

My wish is that my book can be used early in the process of starting a business, or any family venture, with the knowledge that no matter how unpleasant or awkward it may feel to talk now, the pain of unpleasant surprise is infinitely more hurtful! I'll talk about this a lot more in future blogs & articles, but for now, buy my book...read it...and, pass it on to those in your family or close relationships. It may just open the conversation that allows for a lifetime of pleasure rather than heartache!

An Act of Congress is ready!!

2008-12-15T13:37:00.001-08:00

I began writing this book several years ago with the idea that the lessons our family learned from this episode would help others avoid the heartache we experienced. It's turned into a new business venture for me. My new company is called The Forum for Family Business. In addition to the book, I've developed a keynote address featuring the real-life issues of communication, succession and preservation which are so important in a family business.

When I wrote and published, An Act of Congress - The Real-Life Story of Power & Politics in Family Business, I re-discovered the mistakes we made. Even though my new business targets relationships in family businesses, closely-held corporations and small businesses in general will benefit from our program. Had we learned and utilized the keys in my program, before going through the tragic and painful lawsuit, our families would have saved more than $1,000,000 and the destroyed relationships which can never be healed.

Every business owner or prospective entrepreneur needs to hear our story! An Act of Congress is an excellent tool for attorneys, financial advisors and accountants to put a fire under clients who swear they will eventually put together a plan for succession, but don't feel the urgency.

Over the next few weeks and months, I'll deal with some of the numerous ideas for preventing disaster from non-planning. I'll just end this blog with this advice...Even before you open a new business, make a plan for where you expect it to eventually go. Will you sell it, pass it on to the next generation or merge with others. The thought process should start at conception!

A Change is Coming!

2008-09-02T11:00:00.000-07:00

Lane and I recently met with a truly talented expert on branding. His name is Dick Bruso and he lives in Denver, Colorado. He truly changed our thought process on where my business is going. Dick did a wonderful job helping us focus on the best direction for my company. For that reason, there is no longer an "Adduco Presentations." We will be unveiling a new business name, as well as a renamed book which does a great job explaining why our new business is vital to family businesses and closely-held corporations.

In the next few weeks, the book will be finalized, published and ready to use as a graphic reference for the importance of communication, succession and preservation with regard to family businesses. In fact, the lessons of these real-life issues are useful to anyone who values relationships as a key part of life!

Dick's influence was important in allowing me to see that a real laser-focus is the only way to use my experience to help others avoid the expense and heartache of not planning for the continuance of business and personal relationships. So many times we hold on to all of the comforts of the "status quo", because it seems easier that way. My speaking business had fallen into that trap. Thanks to Dick, I've put aside all of the stories and speech lines with which I had become so comfortable. I am truly looking forward to the new direction we're taking, and can't wait to share those things with all of you!