A report says only one out of three family businesses succeeds to a second generation. Market Basket is a business that has excelled for decades.
Ted Clark, Executive Director of the Northeastern University Center for Family Business, talked about the intensity of family business.
Clark said he is one of the few that can find sympathy for Arthur S. Demoulas, who ousted his cousin and former CEO Arthur T. Demoulas out of the company. Now, employee protests and customer boycotts have ensued, demanding Arthur T. be reinstated.
"They love this guy. He's done great things for the employees. He's treated them well, he's treated them fairly. He's given them great opportunities within the business, he's expanded the business. He's done everything well. Family business at its finest right there," Clark said. "The flip side of that is he's treated his employees like family, now if he'd only treat his family like employees."
Clark also explained that when family business works, nothing works better; however, when they fail, not much is worse.
"I believe down deep inside that there's going to be a winner and there's going to be a loser," Clarke said.
Additionally, the future of family businesses were discussed.