I wrote a white paper about a year ago on well-known companies that either failed or are currently a shadow of their former selves. In the interest of fairness, this blog lists a few of America’s oldest companies and briefly describes some of the reasons for their longevity. A number of the long-lived companies will be unfamiliar to most readers, so I have confined the list to a small number of household names.
Caswell-Massey (1752)
Jim Beam (1795)
DuPont (1802)
Citgroup (1812)
Macy’s (1843)
Cigna (1792)
JP MorganChase (1799)
Colgate (1806)
HarperCollins (1817)
Pabst Brewing (1844)
Of course, each company on the list deserves a thorough analysis of its strategy, but here are a few of the common denominators of long-term success:
• Intense focus on customers and the ability to adapt to changing consumer needs
• Strong relationships with suppliers
• Avoidance of introversion
• Avoidance of hubris and complacency. Focus on flexibility
• Focus on growing talent internally
• Avoidance of long-tenured management in top roles
• A clear statement of, and adherence to, corporate values
• Encouragement of innovation and avoidance of legacy thinking
• Engagement of younger generations in policy and organizational development
To place all of this in perspective, the average age of the companies in the S&P 500 is 21 years!