Again...Sears...REALLY?

[Gunslinger]

Don't get me wrong, I'm a staunch capitalist. But Wall Streeters generally have no interest in building businesses; when they buy a legacy corporation it's only with the intent of either merging it or selling the assets and then putting a stake into the corpse.

All too common. I've heard it said (this was many years ago) that Japanese business executives think strategically...years into the future...and American execs think no farther than the next quarter which is very short sighted for long term success.

I collect Colt firearms and their history is much the same...different corporate owners who suck the profits from military contracts without updating the commercial side and becoming non-competitive in the market and when the military contracts stopped, they more or less dumped the carcass of the company by the side of the road for someone else to pick and try and resuscitate.

I'm sure it won't be the last company mishandled this way. History means nothing to cooperate raiders...some companies have deserved to go under...some have it done to them. I'm a capitalist as well...it's been said that a true businessman will sell his own hangman the noose. Maybe there's something to that.

[556063]

Not to defend Wall Street at all, because there are some really clueless people disconnected from reality on Wall Street now. (the past 20 years in particular). This phenomenon also occurs in family owned businesses. It's called the Second (or Third) Generation Curse. When people are running a family business, and are emotionally involved, it succeeds because of their passion. And then, a child or grandchild comes along that isn't quite as passionate or takes it for granted. I've seen it happen way too many times.

It's part of the danger of taking a private company public. And believe me, it's more than Wall Street looking for an easy buck.

Sears had such a huge following over the years, it's ownership and management had to work to destroy it. And, they have. People who had no passion or in many cases even respect for it's Heritage ended up running and ruining it. Steeped in tradition, some of it's problems also came from fear of change. "If it isn't broke, don't fix it" often leads to breaking it even worse.

[DieselJim]

Got my first set of sockets from Sears. Still have some of them today. My grand father and Great uncle bought house kits from Sears some where around 1910.

[Gunslinger]

This phenomenon also occurs in family owned businesses. It's called the Second (or Third) Generation Curse. When people are running a family business, and are emotionally involved, it succeeds because of their passion. And then, a child or grandchild comes along that isn't quite as passionate or takes it for granted. I've seen it happen way too many times.

I've seen that happen locally...this was before shopping malls and chain stores moved in. Local businesses...department stores and smaller...did well in the downtown area for years...until about the third generation of the family decided it wasn't what they wanted in life. They wanted to pursue other endeavors, move...whatever. Then the company either sells out or closes. I guess it's just a fact of life...no law or desire on the part of the family can force following generations to follow in the same fashion. People have different passions, interests, ambitions and aptitudes and want to follow a different drummer.

Much of this resulted form our national experience of World War II. Many, if not most, of the population had travelled little beyond their area where they were born and raised. Relocating for jobs or military service exposed many to other ways of life and living they wouldn't have known otherwise and postwar they decided to move elsewhere and not follow in the family footsteps. My mom was raised in Augusta, GA where her parents settled when they immigrated here early in the century. During the war all four of her brothers served...three went back to Augusta after the war...one had seen California when sent there for training...he fell in love with it and returned to California following the war and made a life there. I'm sure that was repeated nationwide.

[Hawklover]

Believe it or not there are almost no mom-n-pop stores left in the City of New York. In a city with a huge Italian population, I defy you to find a real Italian restaurant.......they are 99% gone......only up in the Bronx are some family holdouts........I have found with every ethnicity, by the third generation the gestalt is gone.......and so is the desire to continue with the family business.

[firestoper 25]

Father - kids company hand down

Not to defend Wall Street at all, because there are some really clueless people disconnected from reality on Wall Street now. (the past 20 years in particular). This phenomenon also occurs in family owned businesses. It's called the Second (or Third) Generation Curse. When people are running a family business, and are emotionally involved, it succeeds because of their passion. And then, a child or grandchild comes along that isn't quite as passionate or takes it for granted. I've seen it happen way too many times.

It's part of the danger of taking a private company public. And believe me, it's more than Wall Street looking for an easy buck.

Sears had such a huge following over the years, it's ownership and management had to work to destroy it. And, they have. People who had no passion or in many cases even respect for it's Heritage ended up running and ruining it. Steeped in tradition, some of it's problems also came from fear of change. "If it isn't broke, don't fix it" often leads to breaking it even worse.

A rather interesting specialized club here in good old Green Bay WI.....the S.O.B's club. We have a lot of hand-me-down family industries in manufacturing, engineering, general goods, fuel, properties, auto dealerships, marine shipyards, boat building, paper & paper converting, etc. The S.O.B. stands for.....sons of bosses!!! They have a large problem base of: how to deal with dad / mom, maintain the forward progress of getting bigger / better, deal with change of ALL types (we have ALWAYS done it this way and we do NOT need to change), we have always used.....fill in the blank / of who - what - where - no advertising - political party - local elected officials and so on and so forth. Looking in from the outside this club, its topics and its members are a hoot! What is the old Groucho Marx quote......"I would never want to be a member of a club that would HAVE me as a member" ? Regards, Sherm / Green Bay