Family business carries with it a unique set of responsibilities and requirements, and the story of Cloyce Box illustrates that clearly. Cloyce went from having a football career with the Detroit Lions to founding Oklahoma Cement and Box Energy. After raising four sons, Cloyce passed away suddenly in 1993.
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Prior to Cloyce’s death, a ten-year legal battle involved the cement firm and a new marriage presented serious issues. When Cloyce passed, his two brothers, serving in the roles of CEO and Chairman, were unable to get along with other siblings and had no shared vision.
Lawsuits led to an appearance in federal court and the sale of the company for $220 million. While this seems like an exciting tale ending in a good result for the brothers- the resale of the company by the new buyer yielded a price of $1.36 billion. That’s why Brother Doug Cloyce now works as a consultant, warning others with the cautionary tale of his family’s business arc.