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The Bancroft Family Business Analysis

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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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As our country reached the late 1800’s, Americans found themselves face to face with era known as the ‘Gilded Age’. Companies were created and grew rapidly during this time period. Some of the most famous entrepreneurs were John D. Rockefeller and Andrew Carnegie, who seemed to be the perfect models for the ‘rags to riches’ story. Many people debate which entrepreneur was a better role-model. Due to his low prices, the high demand for his products, and the way he sought to eliminate any possible competition, John D. Rockefeller is clearly the better role-model for today’s entrepreneurs.

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It started in the late 19th century and ended in the early 20th century. During this period, the entrepreneurs Jay Gould, Cornelius Vanderbilt, John D. Rockefeller, J. P. Morgan and Anrew Carnegie founded large operations are known as trusts. These trusts helped them build their wealth and business empires and laid the foundation for modern America. To achieve this, the businessmen turned to methods that are seen as unscrupulous. Their methods and behavior led to a debate on wheter they are Captains of Industry, who contribute positively to the country, or Robber Barons, who utilized questionable tactics to reach their success.

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The late 19th century was full of growth, production, and business. People were craving power and seemed to achieve this through any means necessary. Consequently, a new business elite formed consisting of the richest men alive. The way in which these individuals acquired all their profits is something very contradictory even over one-hundred years later. Some historians characterize these businessmen as “robber barons” who used extreme methods to control and concentrate wealth and power, and being supported by multiple sources, this statement is justified but only to some extent.

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Entrepreneurs controlled the Gilded Age creating a growing economy with booming businesses and yet this has not changed over the years. John Rockefeller and Andrew Carnegie can be compared to those with the names Steve Jobs and Bill Gates. Multibillionaires, who know what the consumers desire, is what these men are best at. They knew and now know business well enough to be able to control our country’s’ economy. However, these successful business men do not do it together.

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The past indicates to people what processes and pathways are successful, and it highlights what needs to be changed in the future to make society better. The Wesley’s showed to individuals that perseverance and determination along with a tight-knit family can make a business successful. In addition to this, the Point Washington Lumber Company has also proven that lumber is not the steadiest field of business to go into as the demands of the product fluctuate. In retrospect, individuals can take this example of the past as trying a field of business and watch its growth to see if the outcome is greater than the initial

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Vanderbilt, Carnegie, Rockefeller and so many more greatly impacted America today for what they achieved during the Gilded Age. Defining what our businesses today would be run like. Putting a foundation on America for the Industrialism. Railroads, steel, and oil are just some of the great inventions or improved elements of America today. Though we forget it took people to master the certain things so we could still have it today.

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However, two members of the family kept working in the store, also working in leadership positions. The new owner himself explained that he still considers his store to be a family owned business and sees himself just as a member of the team, though this current situation also leads to problems. First of all, is it rather difficult

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The Business aspect thrived but was faulty. The term “robber barons” was coined to describe men who’d utilize malevolent tactics such as fraud, intimidation and networking to amass wealth and be at the top of the throne competitively. Men that fit the categorization of robber barons include Carnegie and Rockefeller. They were able to build monopolies and but contrary to a robber baron they did practice philanthropy. In addition to this, was also social Darwinism defining the classes.

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