Sabanci: towards the fifth generation
Unlike western Europeans and Japanese, who excel at operating as communities, the Turks are at their best as families. The family is extended, strongly male-dominated, patriarchal and autocratic. It commands more loyalty than the community or the state. During eight centuries of Ottoman rule - when all land belonged to the sultan and private-property rights were difficult to establish - the family was the main source of security. It still is.
The Turkish private sector is dominated by families. Outside state-owned businesses, banking and industry is almost exclusively family-owned. And with the founders of many companies dying or growing old, managing a transition to the next generation is becoming an acute problem. For Turkish patriarchs, consultants McKinsey's statistics about the survival rate of private companies are scary. Worldwide, more than a third of family-owned firms break up through bankruptcy or sale when the the founder dies. After...
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