Publications
Publications
- March 27, 2013
- Wealth Management (website)
Downton Abbey: Real Life Lessons for Trust & Estate Advisors
By: Josh Baron and Devin Bird
Abstract
The article discusses how the TV series "Downton Abbey" reflects challenges and opportunities faced by business families. The show's storyline, centered around the aristocratic Crawley family and their estate, parallels real-world situations where business families grapple with inheritance and modernization. The heir, Matthew Crawley, seeks to revitalize the estate, but faces resistance from the older generation, particularly the Earl of Grantham. The article draws insights for real-life business families, noting the potential drawbacks of imposing restrictions on ownership, such as excluding talented female leaders. It emphasizes the importance of adapting to change, with advisors encouraging intergenerational collaboration and respecting each generation's contributions. The article also underscores the need for successors to balance innovation with appreciation for established successes. Ultimately, the article highlights the complexities of succession and advises thorough planning to avoid uncertainties in real-world business transitions.
Keywords
Family Business; Family and Family Relationships; Management Succession; Family Ownership; Adaptation; Transition
Citation
Baron, Josh, and Devin Bird. "Downton Abbey: Real Life Lessons for Trust & Estate Advisors." Wealth Management (website) (March 27, 2013).