My thoughts exactly. Not enough to go around and some family members wanting out.
I have a modest background in acquisitions for a private equity company, and my experience tells me the "3rd generation curse" is more likely to be related to the larger number of family members taking income from the business than it is competency of those 3rd generation family members active in the business. With each generation you have more "mouths to feed" and with that comes complex and often competing strategies on how to keep everyone happy-which is of course nigh on impossible. The problem is compounded with smaller companies, like Morgan, where just a few million pounds, more or less, available for future product/compliance investment can make or break the business.
