Carlos Rodríguez Braun analyzed the Santa Cruz family cloth business featured in Benito Pérez Galdós' novel Fortunata y Jacinta. Baldomero Santa Cruz founded the cloth enterprise at the end of the 18th century. His son, Baldomero II, inherited the business in 1848 and expanded it by taking advantage of commercial liberalization and military uniform contracts.
Galdós recorded that the Santa Cruz family enriched themselves honestly, describing them as progressives, moderates, and monarchists. Baldomero II became a successful businessman, accumulating a clean capital of 15 million reales. Rodríguez Braun noted that this sum could equal about 16 million current euros, or significantly more according to other calculations.
Despite his wealth, Baldomero II made the unusual decision to retire and transfer the business to two workers who were relatives of his and his wife. Galdós explained that he did not retire solely because he was rich, but because he recognized that he lacked the capacity to innovate and had no successor to take over.
Business Transformation and Retirement Decision
The shop maintained traditional habits, never placing an advertisement in the Diario newspaper or employing traveling agents to extend trade into neighboring provinces. Baldomero II stepped aside because he understood that commerce was about to undergo a profound transformation that he was not called to lead down its new paths. Rodríguez Braun described the exit as a wise decision given the complicated succession process in family businesses.
The succession challenges became clear in the following generation, as Baldomero III chose not to work in the cloth business. While Baldomero III effectively managed the inherited capital, his son Juanito Santa Cruz, the novel's protagonist, lived as a frivolous slacker. Galdós described Juanito, also known as the Delfín, as a completely idle man.
Family Business Succession and Wealth Management
Baldomero III offered his son a small capital on several occasions so that Juanito could start his own business. Juanito rejected these offers, remaining content with his golden indolence and refusing to take on headaches.
Baldomero III then suggested investing in projects or purchasing shares. The young man accepted the initial trial but was dissatisfied, deciding to completely avoid business ventures that bring uncertainty and sleepless nights. Galdós noted ironically that Don Baldomero could not escape the Spanish concern of parents working so that their children can rest and enjoy.
