The Bancroft Family Business Analysis
In the past, we have seen many examples of family business dynasties surviving and flourishing for more than 100 years like the Rothschilds, the Fords and Merck family in Germany. But we have also experienced big failures in continuing some family business. David Bain in his essay (10 Sept. 2015) listed five examples. The Bancroft family are the former owners of Dow Jones & Company and publishers of the Wall Street Journal, which is now owned by Rupert Murdoch's News Corporation (NewsCorp). The reason behind this failure is that they relied too much on outside managers and were thinking only on collecting dividends and thus lost control of their business which led to sell their shares. Barings Bank was the UK’s oldest merchant bank based …show more content…
According to Forbes researches, less than one third of family businesses survives the transition from first to second generation ownership. Another 50% don’t survive the shift from second to third generation. Therefore, statistically, only around 15% of all family companies manage to stay in the hand of the founder’s heirs. As these types of firms account for a large percentage of the economy (although many are very small, their aggregate creates an estimated 70%-90% of global GDP annually) it is really crucial to study the reasons behind these difficulties in achieving intergenerational succession. There are many reasons that have been held responsible for these high failures rates. Studies have found that the most usual causes were the lack of a well-structured succession plan, in-family rivalries that spilled over to the company, while in many cases the successors were not adequate for their predetermined role or not prepared enough. “Often […] the choice of a successor is predetermined by blood. Then it becomes a matter not of finding the right successor, but quickly identifying the problematic outcomes of a succession and helping the incumbent deal with them” (Danny Miller et al , Lost in time: intergenerational succession, change and failure in family …show more content…
In order to achieve a successful transition, family business has the urgency to adopt effective strategic planning tools and to raise most of the communication barriers between family members. Sometimes the employment of external advisors may be the key to implement those measures. But what specific steps can family business adopt to actually achieve these
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