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US family businesses

December 2, 2015

Entrepreneurs in Asia are more likely to take a long-term approach to their enterprise, according to new research – less than a quarter in China intend to exit their businesses compared to half in the UK.

Entrepreneurs in Asia are more likely to take a long-term approach to their enterprise, according to new research – less than a quarter in China intend to exit their businesses compared to half in the UK.

They are also more likely to keep their wealth in the business, with the average turnover in the region sitting at $12 million, compared to $6 million in the West; while their personal wealth is averages $16.2 million – 26% lower than Western entrepreneurs in the US and Europe.

September 16, 2015

L.L. Bean, the All-American fashion retailer based in Maine, has closed its 24-hour flagship store to remember third-generation family member Leon Gorman, who died this month from cancer. The philanthropist and businessman was 80.

L.L. Bean, the All-American fashion retailer based in Maine, has closed its 24-hour flagship store to remember third-generation family member Leon Gorman, who died this month from cancer. The philanthropist and businessman was 80.

It is the third time the chain’s Freeport store has closed since its all-hours service started in 1951. The two other occasions were the deaths of US president John F Kennedy and the company’s eponymous founder, L.L. Bean.

July 27, 2015

Jeannette McNeil Cathy, widow of the founder of US family-owned fast food chain Chick-fil-A, has died in Atlanta, Georgia, aged 92.

Jeannette McNeil Cathy, widow of the founder of US family-owned fast food chain Chick-fil-A, has died in Atlanta, Georgia, aged 92.

In a statement, her son, second-generation chairman and CEO Dan T Cathy, said his mother was “the spiritual nucleus and encourager of our family”.

Cathy’s husband, S Truett Cathy, founded Chick-fil-A in 1946. Today the company remains privately owned and has revenues over $5 billion.

June 19, 2015

The Murdoch family likely had a considerable amount of discussion and debate about the succession of brothers James and Lachlan Murdoch to the helm of 21st Century Fox, a US family business expert says, and did well to keep those discussions contained.

The Murdoch family likely had a considerable amount of discussion and debate about the succession of brothers James and Lachlan Murdoch to the helm of 21st Century Fox, a US family business expert says, and did well to keep those discussions contained.

Earlier this month it was revealed that Rupert Murdoch was standing back as chief executive of the movie and entertainment studio, appointing his sons to top positions within the company, with James becoming chief executive.

June 12, 2015

Rupert Murdoch, the second-gen head of media empires 21st Century Fox and News Corp, has stepped back as chief executive of the former so his son James can step into the spotlight.

Rupert Murdoch, the second-gen head of media empires 21st Century Fox and News Corp, has stepped back as chief executive of the former so his son James can step into the spotlight.

The US media tycoon will remain chairman of both companies. James has been working as co-chief operating officer at the movie studio since last year.

His brother, Lachlan, who was last year appointed non-executive co-chairman of 21st Century Fox, will now be an executive co-chairman. He will move from Sydney to Los Angeles to take up the role.

May 8, 2015

Nonagenarian Viacom and CBS chairman Sumner Redstone has been forced to release a statement that he has no plans to retire, following media speculation he is in poor health.

Nonagenarian Viacom and CBS chairman Sumner Redstone has been forced to release a statement that he has no plans to retire, following media speculation he is in poor health.

Redstone added that despite press reports to the contrary, no decision on his successor had been made.

March 20, 2015

US philanthropist Marguerite Harbert, from the family behind Harbert Management Corporation (HMC), has died this week, aged 91.

US philanthropist Marguerite Harbert, from the family behind Harbert Management Corporation (HMC), has died this week, aged 91.

The Alabama-based family business started as construction firm Harbert Corporation, but diversified into financial services and investment management under the leadership of her son Raymond Harbert.

Harbert’s late husband started the business in 1949.

It was a number of large-scale projects such as the Riverchase Galleria in Birmingham and the Red Mountain Expressway.

February 18, 2015

A family-owned supermarket chain based in upstate New York has taken out multinational behemoths such as Google and Apple to be ranked the number one company for corporate reputation in the US.

A family-owned supermarket chain based in upstate New York has taken out multinational behemoths such as Google and Apple to be ranked the number one company for corporate reputation in the US.

Wegmans Food Markets knocked last year’s winner Amazon from the top spot in the annual Harris Poll reputation survey of more than 27,000 US consumers.

February 10, 2015

Months after Subway founder and president Fred DeLuca returned to work following chemotherapy for leukaemia, the fast-food chain has this week confirmed his sister has taken on increased leadership responsibilities at the fast-food chain.

Months after Subway founder and president Fred DeLuca returned to work following chemotherapy for leukaemia, the fast-food chain has this week confirmed his sister has taken on increased leadership responsibilities at the fast-food chain.

Suzanne Greco is already senior vice president, a member of the board of directors, and the strategic planning committee, and has been involved with the US food business since it was founded in 1965.

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