We are family

Thursday 13th August 2020

So, farewell then Sumner Redstone – a true media mogul, and you don’t get a lot of those these days. Nick Ferrari and I were in memory lane on his LBC Breakfast Show. Mr R used to swim naked every day and surround himself with beautiful women. He died at 97. Must get a pool.

Mr F reminded me that Mr R, by the time he was devoid of the ability to speak, had an i-Pad with three indicators on it – ‘Yes’, ‘No’ and ‘Please leave’ – or words to that effect.

A story of wonderful copy..the buccaneering business tycoon who amassed a portfolio which included Viacom, MTV, Paramount and CBS. Even though he had funny hair.

But his latter days were apparently spent in conflict with his family. And this is the succession dilemma which faces every family business. It doesn’t just inhabit the moguldom.

You’ve spent your best years creating your baby, your business -and then along come the kids, and then the kids marry and then – big problems and big legal fees. Everyone either wants or couldn’t care less about Mum or Dad’s business – and one way or another the beautiful dream is wrecked. Or becomes a poisoned chalice.

Watch Succession with Brian Cox as Logan Roy. Then contact your lawyer.

Michael

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