Family business
The Murdoch line of succession is now clear, but history shows us that the battles within family empires continue long after the first generation departs.
Creating a generational company, one that long outlasts its founders, is an exceedingly rare feat. Creating a thriving, generational family business is even more impressive. It means that not only have you built something strong enough to withstand the test of time, you have raised your children well enough to sustain and grow it.
Most family owned companies — be they small businesses like farms or much bigger enterprises — run into difficulties when they enter a new generation. As the old adage goes: it takes the first generation to make it, the second generation to spend it and the third generation to blow it.
There are countless examples of blown business decisions by heirs, and bitter family disputes involving heirs and heiresses: mostly over money but sometimes over control. One of the most popular TV shows of the year was based on this very topic (like others before it).
Which brings us to the biggest story of the day. Rupert Murdoch stepped aside and formally handed the reins to his eldest son Lachlan overnight. It was no surprise, but it is still highly significant. Murdoch built the most powerful global business to ever emerge from these shores. His media outlets have had an enormous impact on politics in Australia, the US and the UK. His legacy will be intensely debated for years to come.
