The Buss Family’s Bitter End: A Cautionary Tale for Family-Owned Businesses

The sale of the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger has left many wondering about the future of family-owned businesses in professional sports. For years, the Buss family was seen as a model of successful familial stewardship, with Jeanie Buss at the helm as governor. However, behind closed doors, tensions were brewing among the siblings, ultimately leading to the cession of control by Jeanie.

When Jerry Buss purchased the Lakers in 1979, he did so with a vision that his children would carry on the legacy. And for a time, it seemed like they were on track to do just that. However, power struggles and disagreements over how to manage the team led to a series of firings and lawsuits among the siblings.

The fact that Jeanie’s brothers facilitated her exit is telling. Rather than risking the possibility that her tenure would end eventually, the Buss family opted for a preemptive sale of their remaining shares. This move has left many scratching their heads – especially considering Jeanie’s own words from just over a decade ago, when she told an interviewer that the family would “keep this team forever.” Circumstances, it seems, changed.

The Buss family’s story is not unique in the world of professional sports. Family-owned businesses often face challenges when it comes to transitioning power and control between generations. The pressures of running a successful franchise can be immense, and differences in opinion on how to manage the team can lead to divisions within the family.

The recent sale of the Lakers serves as a cautionary tale for family-owned businesses. It highlights the importance of planning for succession and navigating the complexities of intergenerational power struggles. The Buss family’s story is a reminder that even the most successful families can face challenges when it comes to preserving their legacy.

The Dark Side of Family Business

One of the most striking aspects of the Buss family’s story is the way in which Jeanie’s brothers seem to have orchestrated her exit. Rather than working together as a team, they appear to have prioritized their own financial interests over their sister’s well-being. This raises important questions about the ethics of family business and the ways in which power can be used to manipulate others.

In many cases, family-owned businesses are built on trust and mutual respect among family members. However, when disagreements arise, the relationships within the family can become strained. The Buss family’s experience serves as a warning sign for other families who may be facing similar challenges.

A Lesson in Succession Planning

When Jerry Buss passed away in 2013, Jeanie took over as governor, and her brothers assumed roles within the organization. However, it soon became clear that they had different visions for the team. Rather than addressing these differences through open communication and planning, the siblings seem to have allowed their disagreements to escalate into full-blown conflict.

The Buss family’s experience serves as a stark reminder that succession planning is not just about choosing a successor; it’s also about creating a smooth transition and ensuring that all parties are on the same page. When power struggles arise, it’s essential to address them promptly and transparently to avoid the kind of chaos that has engulfed the Lakers.

What’s Next for the Lakers?

As the new ownership group takes the reins, many fans are left wondering what the future holds for the Lakers. Will Josh Kushner and Bob Iger bring a fresh perspective to the team, or will they simply continue along the same path? Only time will tell.

The sale of the Lakers marks the end of an era for the Buss family, but it also serves as a reminder that even in failure, there is often value to be gleaned. As the team looks to the future under new ownership, one can only hope that the lessons learned from the Buss family’s story will not be forgotten.