Lessons from America’s Oldest Family Companies
1. Stay small. “The meek shall inherit the Earth” is more than a Biblical platitude; it may actually be sound long-range business advice. About half of our listed companies employ fewer than 15 people, and many have fewer than ten. Conversely, only seven of our “largest” family companies (Autumn 2002) also made this “oldest” list.2. Don”t go public. Offering stock to the public is a tempting way to raise capital, but it”s also a temptation for takeover artists. Only three of our listed companies are publicly traded, and they”re near the bottom of the list (Corning ranks 65th, Anheuser-Busch 88th and R.R. Donnelley 94th).
3. Avoid big cities. Only 27 of our 102 oldest companies are based in metropolitan areas large enough to house major-league sports teams. Of our 50 oldest companies, only seven are located in major urban areas.
4. Keep it in the family. “Blood is thicker than water” is one cliché that still rings true. As a rule, families outlast nations, corporations and other organizations. So it”s no surprise that family firms, by and large, outlast non-family firms.
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