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Lawsuit over control of family-owned MICO ends with $21.8 M award

Monday, April 1, 2013

The transition of power from the first to the second generation at family-owned MICO Inc. was more like a corporate version of Mortal Kombat, pitting two brothers against a third.

Rivalry among siblings is not uncommon in family-owned businesses, said Ritch Sorenson, academic director of the Family Business Center at the University of St. Thomas.

“Two-thirds of family businesses don’t make it to the second generation,” Sorenson said. “The greatest amount of conflict occurs when the second generation of a family business is run by siblings. Men tend to be more competitive and less willing to cooperate.”

Originally published: 04/01/2013, Mankato Free Press