Cathy Carroll is the granddaughter of an entrepreneur who led a Fortune 500 company and the daughter of an entrepreneur. Following a twenty-year corporate career, she led a turnaround of her father’s manufacturing business and encountered the distinctions between leadership in a corporate domain and leadership in a family business.In addition to an MBA from the University of Chicago Booth School of Business and a BA from Boston College, Cathy earned her certificates in leadership coaching and executive facilitation at Georgetown University. She maintains a Professional Certified Coach (PCC) credential through the International Coaching Federation. She founded Legacy Onward, Inc. to support family business leaders through the complexities of family business leadership.
Should you fire your deadweight brother-in-law or comply with your mom’s pleas to give him a raise? Should you pay all your kids the same, based on the market, or based on how many of your grandkids they raise? These are the questions family business leaders confront due to the opposing expectations of the family and the business.
Hug of War offers a new path forward. When the competing impulses of the family mindset and the business mindset are embraced as a polarity, leaders transcend either-or thinking and craft better solutions that embrace the best of both mindsets.
With stories that take you into the hearts and heads of real-life family business leaders, Hug of War offers a bridge to greater harmony in your family, greater clarity in your mind, and greater peace in your heart.
1. What has been the most shocking part of publishing Hug of War: How to Lead a Family Business with both Love and Logic? What did you not know before that you find to be a good lesson for those embarking upon the publishing process?
On the plus side, I was surprised at how much fun the cover design process was. In fact, in the writing/publishing/promoting triathlon of releasing a book, the entire publishing process has by far been the most enjoyable.
On the minus side, I’m surprised how long it takes to count book sales. I put lots of effort into the prelaunch and launch of Hug of War, so I’m eager to see how its selling, but that data won’t come in for a while yet. Happily, I was a #1 Amazon Bestseller in the Hot New Releases (for Corporate Governance), so indications are positive that the efforts are paying off.
2. What was the writing process like? Did you carve out time to write each day? Did it spill out of you? Did it require careful outlines and lots of notes?
My writing process was messy. I started interviewing leaders for the book ten years ago! After organizing themes from the interviews, I started writing during the next three winters, and the first draft was worse than awful. I quickly lost enthusiasm for writing because I lost confidence in the book. It was truly awful. Eventually, a colleague helped me normalize my experience and reignited my interest, but my energy for writing waxed and waned for a few years. Finally, after many, many edits and reedits, plus some helpful developmental editing support, I’d crafted a manuscript I was proud of.
3. Why did you feel like this was an important book to get out there? What inspired the need to create a book like yours?
Leading my father’s business after a twenty-year corporate career felt like entering a twilight zone. Leadership in a family business feels so different. So, when I left my father’s business to coach family business leaders, I kept experiencing ah-ha moments: oh, this is different, and this is different, etc. I wanted to understand what made leadership in a family business different, so I interviewed over seventy leaders and culled out themes. Once I understood the unique dynamics at play, I felt called to help others understand. I believe that family businesses cannot be run “like a business.” That mindset ignores the inherent complexities of family business leadership. However, framing family business as a polarity is transformational, and I believe anyone connected to the family business domain is well-served to understand it.
4. What’s the most challenging aspect of marketing Hug of War: How to Lead a Family Business with both Love and Logic? What’s the easiest part? What’s the most thrilling, exciting, or inspiring part? What has worked for you? And what are you still learning?
The entire promotional process has challenged me because I prefer to keep a low profile. But you cannot keep a low profile and promote a book! Plus, I wasn’t going to spend hundreds of hours writing and thousands of dollars publishing only to fumble on the five-yard line. So, I’m pushing myself through the discomfort of promotion through blogging, social media, guesting on podcasts, and now, speaking events. Just writing a regular blog feels awkward to me. And now I vlog! The podcasts have probably been the most enjoyable because there’s not much I can do to prepare, and I enjoy speaking with people. The most gratifying part is the genuinely enthusiastic feedback I’m receiving from colleagues who don’t know me well. That gives me confidence that the book is resonating.
5. What has it been like now that the book is out? How have readers responded?
Because I don’t yet have sales data, it feels like I’m on pins and needles. That said, the reader response has been extremely positive. I discount the feedback from family and friends, but the feedback from industry professionals has been thrilling to hear. It’s making me realize I have a strong secondary audience for Hug of War. It’s not just for family leaders but also the professional advisors serving family businesses.
6. Borrowing from Sophia Bush’s podcast, Work in Progress, what do you consider a work in progress in your life?
The inspiration for Sophia’s podcast is the “realization that you are allowed to be both a masterpiece and a work in progress, simultaneously.” What a beautiful polarity . . . both being and becoming! As for me, I see myself as a continuous work in progress, but my love for learning and growth is often a strength overused because I forget to stop and smell the roses. Therefore, my work in progress is slowing down to appreciate both the masterpiece that I am and the magnificent life that I live.