This is what the HBO show ‘Succession’ can teach us about the economics of family companies.
in the world meet that definition, including Walmart, which is controlled by the Walton Family; Samsung; Volkswagen; Berkshire Hathaway; Koch Industries; Ford Motor Company; and, of course, what is perhaps the inspiration forIn fact, more than half of the world's companies, both privately owned and publicly listed, are family firms, according to Villalonga and Amit.
that"Succession is the ultimate test of a family business." That, of course, is the central test that faces ailing Logan Roy, the family patriarch who built Waystar Royco, inIn the real world, the heirs of a family firm have three basic options after their founding patriarch or matriarch steps down: they can sell the company and get rich quick.
For a long time, economists have been perplexed as to why seemingly similar looking companies can vary so widely in their productivity. For example, economist Chad Syverson "We find that firms that hand down management within the family have worse management practices, particularly those that hand it down to the oldest son," Bloom says."They were managed extremely poorly and often ended up bankrupted by poor management practices."Bloom says the typical story goes something like this: Someone founds a company and builds it up over 40 years or so.
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