This from the most recent Bloomberg Business Week:
“Last year revenue at the company grew 12 percent, to a record $9.7 billion, and while the Great Recession slowed rivals Neiman Marcus and Saks, Nordstrom gained market share. Nordstrom, it seems, is that rarity in American business: an enterprise run by a founding family that hasn’t wrecked it.”
Marriott, Smucker’s, Huntsman, Enterprise Car Rental and many more, often less well known enterprises, continue to be run quite successfully by founding families .As with Nordstrom, all businesses can learn from such families’ accomplishments. We urge Bloomberg Business Week to continue to tell the instructive stories of outstanding family firms and to lay off gratuitous criticisms of what remains a crucially important aspect of our economy and society.