max1, Businessweek had a look-see at what was a well run long lived business -
....commissioned the study, ...to examine the question of corporate longevity
Long-lived companies were cohesive, with a strong sense of identity...their employees felt they were all part of one entity.... case histories repeatedly showed that
strong employee links were essential for survival amid change. This cohesion around the idea of "community" meant that managers were typically chosen for advancement from within; they succeeded through the generational flow of members and considered themselves stewards of the longstanding enterprise. Each management generation was only a link in a long chain. Except during conditions of crisis, the management's top priority and concern was the health of the institution as a whole.
...Long-lived companies were conservative in financing. They were frugal and did not risk their capital gratuitously. They understood the meaning of money in an old-fashioned way; they knew the usefulness of having spare cash in the kitty.
The Living Company