June 6, 2016
Family Ties: The dynasties of the auto industry
Crain Communications Inc., the family-owned company that publishes Automotive News, celebrates its 100th anniversary this year. As part of our commemoration, this section spotlights the family businesses — from small to very large — that are a key strength of the auto industry.
For proof that family-controlled companies can work, just look around at the world of automotive dynasties. Ford, BMW, Toyota, Fiat Chrysler Automobiles, Volkswagen — all are steered in various degrees by the founder’s family.
They’ve survived monumental upheaval in the last 100 years for myriad reasons, sometimes going against the bottom-line principles of pure capitalism.
Henry Ford was almost persuaded to give the business to a nonfamily member.