Another good read and confirmation that for family firms to be successful and sustainable they need a family business leader that can drive change, innovate and adapt, making sure that the firm remains relevant.
The story of the Bancroft family reinforces the need for family harmony, shared vision and the need to retain family values that help to determine the very essence of what the business is all about. Family unity is key and an essential element for creating a long and enduring, sustainable business too.
Enduring family businesses cannot rely on history; each new generation must remain active and committed if the firm is to stay relevant and strong. When the Murdoch phone-hacking saga hit the headlines in July 2009, senior members of the Bancroft family were aghast at the thought that Dow Jones, a company which had been a source of wealth and pride to their family throughout most of the twentieth century, was now part of an organisation being exposed for using methods which were both dubious and morally repugnant. “If I had known then what I know now, I would have pushed harder against the Murdoch bid,” Christopher Bancroft, reportedly told his cousins Leslie Hill and Elizabeth Steele.