We Sold the Business… Now Who Are We?

For over a century, the Follett family stood as a fixture in American education. Their company was deeply embedded in the infrastructure of schools and colleges across the country, providing textbooks, learning tools, and library systems that shaped how millions of students learned. Their presence was so steady and widespread that Follett became a recognizable name on nearly every campus. In 2021, after almost 100 years of family ownership, the company was sold. Its three core divisions were split and transferred to separate investment firms, with no remaining ties to the family that had guided it for generations.

Todd Litzsinger, former CEO and Chairman of the Board, Follett Corporation, reflected on this monumental shift in a press release: “Our family-owned company has celebrated alongside our customers and is extremely proud of the successes we have achieved together. We are excited to hand off the baton to another group of families who believe as strongly as we do in supporting the post-secondary educational journey, extending the Follett Higher Education legacy into the future.”

Litzsinger positions the transition as both a celebration of the past and a confident step into the future. His message also underscores the emotional and generational significance of the handover. By framing the change in leadership as a “handoff” rather than an end, he reassures stakeholders that Follett’s core mission, which is to support students and institutions in their educational pursuits, remains intact. The reference to “another group of families” reinforces the idea that the values that sustained the company for decades will continue under new stewardship. It’s a message of continuity, trust, and purpose, aimed at ensuring that the Follett legacy evolves rather than disappears.

Selling a family business is often a difficult but necessary decision. Many founders eventually reach a point where they are thinking seriously about retirement. Sometimes their children or other family members may not want to take over, or they may not have the experience to run the company. At the same time, running a business today is more complicated than it used to be. Online competition is growing, markets are always changing, and managing daily operations takes more time and resources. These challenges can make it hard for even the most successful family businesses to keep going. As a result, many families begin to ask tough questions about who will lead the company next and how to keep it strong in the future.

This was the reality the Follett family faced. Ankit Shrivastava, Founder and Managing Partner of Enventure, notes, “After more than a century of family leadership, it [the Follett family] ultimately sold to private investors to secure its future.” Companies like Enventure focus on helping founder-led businesses navigate complex transitions, offering generational planning and support during times of change. Their goal is to preserve the values and vision that shaped the business while also making sure it can thrive in a new chapter of ownership.

The Follett name still lives on in the businesses that continue to operate under new leadership. Its presence in the educational world remains strong, with students, educators, and institutions still relying on the systems and services it helped build. But for the Follett family, the sale marked a deeply personal shift. The company had been more than a business. It was a shared legacy, a connection that tied generations together. Letting it go was not just a financial decision. It was an emotional one that redefined the family’s identity and their role in the company’s future.

While the sale may have secured long-term stability for the organization, it also signaled the end of an era. For the family who once led the company, it opened a new and unfamiliar chapter. A chapter where they would watch from the outside as the business they built continued on without them. The sense of purpose and connection that had once come from leading the company was now replaced with a quieter role, focused more on reflection than direct involvement.