Why Family Businesses Lose Control

When the patriarch of a third-generation media company* died suddenly, the family believed the business was secure. The patriarch had built a fledgling operation started by his father into one of the largest privately-held newspaper empires in the country. Revenues were strong. A $1 billion valuation was within reach. His five adult children, all talented in their own fields but lacking closeness after a lifetime of competing for their father’s affection, joined the board determined to protect what he had created.