The Ferre Media Group
The Ferre Media Group case talks about a family business starting out as the Puerto Rican Cement Company in the 1940s, with a grandfather and son, Luis A. Ferre or Antonio’s father. But, Over the years and a few generations on, by the mid- 1960s tension and sibling rivalry started. Antonio Luis Ferre and his brothers divided the companies and their shares rather than to risk further family disharmony. After 8 years one sibling, Antonio Luis Ferre bought his father dying newspaper El Dia, in hoping to turn the newspaper company into the largest and most influential newspaper in Puerto Rice. After 2 ½ years into it, El Nuevo Dia had become an important editorial voice. The Ferre Rangel family represents the fourth generation of long line of business and civic leaders. Antonio and his wife Luisa believed that the succession process began before the beginning. His children were educated in hopes to achieve excellence and do things well, for hope in the future the adult siblings considered business, since they could all conceivably want to be president of their company.
Antonio Luis Ferre struggles with the fact on how well the future generations will nature a culture of cooperation and communication without having the typical sibling and branch rivalries. Antonio knew this will be a factor knowing from past experiences. He did not want all his hard work or his dream to fail and fall right before him. He wanted to make sure that the company will stay within the family. How was he going to be able to keep them all together was the question. In 1993, the Ferre Rangel family began to meet regularly as a family to discuss family and business issues. Over the next several years the family developed a family constitution. An in it, it established guidelines for the involvement of the family members and eventually for future generations. Another one of Antonio’s struggles was how they were going to integrate their spouses into what they are doing....
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