The secret to keeping a family business intact across generations
The Pitcairn family offers several lessons on how you can sustain a family business across not one, not two, but several generations
Some people are just born to be entrepreneurs—like John Pitcairn, a Scottish immigrant who landed on the US shores in the 1840s at the age of 5. Despite the fact that he came from a poor family, he was good at spotting business opportunities—and making the most of them. As a teenager working on the Pennsylvania Railroad, Pitcairn envisioned how land prices would rise due to the railroad. At 17, he took his life’s savings and bought a farm in the countryside—and ended up tripling his money in six months.