A huge challenge to family-owned businesses arises in the passing of one generation to another. The unanticipated death of the patriarch or matriarch in his or her prime can wreak havoc on the company, even if inheritance tax liabilities aren’t overwhelming. Sometimes the heir apparent isn’t the best option, not all of the heirs want to be part of the operation, or bitter rivalries emerge. Getting through the fourth generation, with a spreading number of family members and interests, can determine the fate of the enterprise. As I saw in the newspaper industry, most nameplates sold out to media chains at this point, losing much of their underlying local connection in the process.
Do you know of any businesses that fit this description?