Full Disclosure: I’m a Red Sox fan.
Despite this, I couldn’t help but notice the great “family business” story behind the “other” team in this year’s World Series, the St. Louis Cardinals:
- The Cardinals are a third generation family-controlled business. (the DewItts are majority owners, and there are also a significant number of minority non-family members)
- It is managed by a father-son team (father majority owner and son is President)
- No nepotism – Both worked their way through the organization
- Professionally managed – run like a business, outside non-family minority investors
- Long-term view – They have achieved a good balance between building a team over time and the impatience of fans wanting to win it now.
- Financial discipline – with a team payroll of $116 million, they are slightly above average. They passed on re-signing their franchise free agent Albert Pujols, deciding not to “break the bank” but rather keep to their long-term strategy
It must be working, they are consistently finishing in the top of their division, winning the World Series in 2011 and just missing in 2012.