It is a common trend among family businesses to only survive three generations. However, the multi-national pharmaceutical company Merck has not only defied this stereotype (they are currently in the 13th generation of succession); they have proved that keeping the business within the family can be the way to success.
At a session organized by the IESE MBA Family Business Club, with collaboration from the IESE Family Business Chair, Dr. Frank Stangenberg-Haverkamp, Merck family member and President of the Board of Partners of Merck, explained that a large part of their continued success is about strong values. Josep Tàpies, IESE Professor and Holder of the IESE Chair of Family Business, introduced the session.
Dr. Stangenberg-Haverkamp gave a brief overview of the history of Merck, which was started in 1668 by Friedrich Jacob Merck in Darmstadt, Germany. The business began as a small pharmacy, which is still run by the Merck family. In the last 338 years, the business has grown to become one of the largest global pharmaceutical companies, and has recently acquired Serono biotechnology, further expanding the diverse business areas of the company.
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