My friends, whose parents own wealthy businesses were not well set up to take over those companies.
Some finished college and went back to work for their parents, but the dad told them “no, you can have a job within my company, but I’m not gonna hand it to you because I’m still young and you know only 25 years ahead of you in life.” In china they say, “when the grandfather dies, the children prosper.”
The kids either stayed working for their dad, giving him additional agency over their lives as he controls their career, or the kids left to go start their own business within their means using his funding.
Other kids just have no interest in their parent’s industry. They decided not to be a dentist because they like art more. They don’t wanna run a landscaping company, they would rather work for Google in an air-conditioned office and a 40 hour week job.
Some finished college and went back to work for their parents, but the dad told them “no, you can have a job within my company, but I’m not gonna hand it to you because I’m still young and you know only 25 years ahead of you in life.” In china they say, “when the grandfather dies, the children prosper.”
The kids either stayed working for their dad, giving him additional agency over their lives as he controls their career, or the kids left to go start their own business within their means using his funding.
Other kids just have no interest in their parent’s industry. They decided not to be a dentist because they like art more. They don’t wanna run a landscaping company, they would rather work for Google in an air-conditioned office and a 40 hour week job.