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Inheritance and the Life-Cycle of Family Firms in the Early Industrial Revolution

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  • A. Owens

Abstract

This article examines the impact of businessmen and businesswomen's inheritance strategies on the life-cycle of family firms in the early industrial revolution. Focusing on three key occupational groups - cotton manufacturers, tailors and drapers and publicans and brewers - in the industrialising town of Stockport over the first half of the nineteenth century, it demonstrates that inheritance was an important reason why many firms were 'closed'. Businesses were terminated to fund family provision strategies and to provide offspring with alienable legacies. It is suggested that such strategies led to both the recycling and eventual widening of business capital. More broadly, the article calls for business historians to assess and evaluate the strategies of small firms within the context of family ambitions and priorities, rather than against more abstract, economistic and potentially anachronistic notions of business performance.

Suggested Citation

  • A. Owens, 2002. "Inheritance and the Life-Cycle of Family Firms in the Early Industrial Revolution," Business History, Taylor & Francis Journals, vol. 44(1), pages 21-46.
    • Handle: RePEc:taf:bushst:v:44:y:2002:i:1:p:21-46
    DOI: 10.1080/713999259
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    Cited by:

    1. Smith, Harry & Bennett, Robert J. & van Lieshout, Carry & Montebruno, Piero, 2020. "Households and entrepreneurship in England and Wales, 1851-1911," MPRA Paper 102647, University Library of Munich, Germany.
    2. Sonia Baijot & Charlotte Le Chapelain, 2022. "Reassessing women’s participation in entrepreneurial activities in the nineteenth century: A review of the literature," Working Papers of BETA 2022-24, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    3. Sonia Baijot & Charlotte Le Chapelain, 2022. "Reassessing women’s participation in entrepreneurial activities in the nineteenth century: A review of the literature," Working Papers 07-22, Association Française de Cliométrie (AFC).
    4. David r. Green & Alastair Owens, 2013. "Geographies of wealth: real estate and personal property ownership in England and Wales, 1870–1902," Economic History Review, Economic History Society, vol. 66(3), pages 848-872, August.
    5. Sonia Baijot & Charlotte Le Chapelain, 2022. "Reassessing Women’s Participation in Entrepreneurial Activities in the Nineteenth Century: A Review of the Literature [Réévaluer la participation des femmes aux activités entrepreneuriales au dix-n," Post-Print hal-03932307, HAL.

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