Today's biggest, best-known companies are mostly mere teenagers in the history books of business—not least because their main activities have become possible only since the industrial revolution. Microsoft, for example, was not born until the relatively recent 1975. We know that corporate longevity is highly unusual. An estimated one-third of the companies featured in the 1970 Fortune 500 disappeared by 1983, either due to merger, acquisition, bankruptcy, or dissolution.
Of course, it is difficult to accurately calculate the exact age of companies. We cannot always say with absolute certainty whether the companies are really old, continuous businesses, or newer firms that were once trade associations, state organizations, or the result of mergers or acquisitions.
Complex date calculations aside, we will have a look at a handful of the companies that have withstood the test of time, both at home and abroad.
Key Takeaways
- Energy firm Con Edison began in New York City over 200 years ago and is still a thriving business today.
- Insurance marketplace Lloyd's began in London 338 years ago and remains active.
- IBM was founded in New York 113 years ago and remains a technology powerhouse today.
- Tuttle Farm in New Hampshire was the oldest continually operating family farm in the U.S., for 381 years, before it was bought by another local farm in 2013.
- Like Tuttle Farm, Kongo Gumi has ceased trading, as of 2006, but for 14 centuries, it was the world's oldest continuously operating family business, building Buddhist temples and later coffins.
1. Consolidated Edison
Con Edison—Con Ed to generations of New Yorkers—started way back in 1823, when its earliest corporate entity, the New York Gas Light Company, received a state charter to install natural gas lines in lower Manhattan, replacing the whale oil lamps that dated back to the 1760s.
In 1824 New York Gas Light was listed on the New York Stock Exchange (NYSE), and it holds the record for being the longest listed stock on the NYSE. In the early years of the 20th century the firm expanded into electricity, and in 1936 was renamed the Consolidated Edison Company of New York. Today, Consolidated Edison provides gas and electricity to about 4.7 million customers in New York City and Westchester County.
2. Lloyd's
Today, Lloyd's is the world's leading insurance market, housed over the pond in London, England. However, its beginnings lie in the more modest surroundings of a 17th-century coffee house. London was growing in importance as a global trade center, which in turn led to increasing demand for ship and cargo insurance, and in 1688 Edward Lloyd's Coffee House became the place to purchase marine insurance. Lloyd's has grown and expanded over the 338 years to become the world's leading market for specialist insurance in a wide range of areas.
But in America, perhaps Lloyd's most famous moment came as a result of the San Francisco earthquake of 1906. After the earthquake, Lloyd's underwriter, Cuthbert Heath said: "Pay all of our policy holders in full irrespective of the terms of their policies." This message has since passed into insurance legend because the San Francisco disaster cost Lloyd's dearly—more than $50 million—a staggering sum in those days, the equivalent to more than $1 billion in today's terms. Lloyd's faced an enormous bill. But they honored it, and Lloyd's good faith was soon rewarded.
3. IBM
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A comparatively newer company—that is about to celebrate its 113th birthday—is IBM. International Business Machines—or its predecessor, the Computing-Tabulating-Recording Company—was founded on June 16, 1911, by the financier Charles Ranlett Flint. It was renamed International Business Machines in 1924.
IBM has had a colorful 113 years, acting as a pioneer in both the American "New Deal" on social security and in civil rights, yet also being accused of providing equipment to the Nazi regime during the Second World War.
For decades it was the biggest technology company in the world, but the firm suffered a near disaster in the 1980s when it failed to keep up with others' innovations. However, a new CEO, Louis V Gerstner, turned the company around during the 1990s, coinciding with the rise of the internet. Gerstner retired in 2002, leaving the company once again one of the top computing firms in the world. As of April 2024, Arvind Krishna is the new CEO.
4. Tuttle Farm
Tuttle Farm in New Hampshire has been an inspiring case of a withstanding American family business. Although it is no longer family-owned, after selling to and becoming a part of nearby Tendercrop Farm in Massachusetts in 2013, prior to the sale, it was run by one family for 381 years.
Run in its last incarnation by the 11th generation of the family, the farm was for many years the oldest continually operating family farm in the United States. It all began in 1632 when John Tuttle arrived in the New World bearing a land grant from King Charles II.
The farm saw many changes over the more than 381 years of its existence, especially in the last 50 or so with the rise of the supermarket and the closing of many "mom and pop" businesses. Although able to thrive for many years, by 2010 the fruit-and-vegetable farm was put up for sale. In 2013, it was sold to the owner of Tendercrop Farm for a little over $1 million.
5. Kongo Gumi
Although they have now ceased trading, no piece about historical firms would be complete without at least mentioning the Japanese temple builder Kongo Gumi. This business had been trading for 14 centuries and was, until 2006, the world's oldest continuously operating family business.
One of the secrets of Kongo Gumi's 1,428-year run was its flexibility. For example, when the temple building business suffered during World War II, the company responded and switched to building coffins.
Kongo Gumi's success also suggests that it's a good idea to operate in a stable industry. Few industries could be less volatile than Buddhist temple construction—where the belief system has survived for thousands of years and has many millions of followers.
Unfortunately, even these factors could not protect this historic firm from the downturn in Japan's economy. When the company's borrowings had ballooned to $343 million in 2006, the firm was acquired by Takamatsu, a large Japanese construction company, and Kongo Gumi was absorbed into a subsidiary.
What Company Existed the Longest?
There's many different directions and records that could point to one company over another. Very generally speaking, the oldest company in the world is usually recognized as Kongo Gumi, the Japanese construction company that was founded in 578 AD. It operated operated continuously for over 1,400 years until it was absorbed by another firm in 2006.
How Old is the New York Stock Exchange?
The NYSE was founded in 1792. Though the format of exchange has changed and many of the companies still do not exist, the exchange remains.
What Is the Outlook for the Oldest Companies?
A study by the International Institute for Management Development and McKinsey found the average life-span of companies listed on the S&P in 1958 was 61 years. Nearly 60 years later, the average life-span was 18 years. History may indicate that is may be more difficult for old companies to thrive, though this is obviously a case-by-case basis.
The Bottom Line
Some of the world's oldest companies have endured for centuries, defying the odds against corporate longevity. Among them are Con Edison, founded in 1823, Lloyd's, established in 1688, IBM, tracing its origins to 1911, Tuttle Farm, operated by one family for 381 years, and Kongo Gumi, which thrived for 1,428 years until its closure in 2006.
