Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
James E. Hughesamazon.com
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
What did seem important was that leaders follow the principles of longevity, including embodying the corporate culture and its values, and having a stewardship approach to running the company so it survives to the next generation.
French and German extended families are able to hold capital collectively and run mid-sized family businesses without any individual nominally owning and controlling it all. These form permanent intergenerational estates. They work together with diverse portfolios and pool multiple incomes to ensure their eggs are never all in one basket. They prov
... See moreThese values to some extent inhibited growth: as a general rule, teaching and stipulations about legacies meant that families found it hard to accumulate capital over successive generations because inheritance was progressive and egalitarian; in Europe, primogeniture concentrated resources in the hands of one child, and paved the way for great fort
... See moreVicki TenHaken • 1 highlight
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