We owe everything to those who came before us, however, we can’t repay them. We can only try to do for those coming after us what has been done for us, if not more.
I really enjoyed this quote and life advice from Moses Kagan to his kids, in the most recent Business of Family podcast.
When listening to his story, you can hear the passion, creativity and ideation of a founder, whilst also hearing how the dots connect back four generations, providing Moses with the foundation, network and opportunities to build upon today.
Family wealth isn’t always as clear cut as having one founding generation who passes wealth onto a second, third and fourth. In fact, most generational wealth that survives beyond the 3rd generation is the result of new entrepreneurial endeavours in subsequent generations replenishing and extending the wealth.
In this respect, many successful family enterprises aspire to have a founder emerge in each generation, ensuring the family focus remains on building, creating and contributing, rather than purely consuming the wealth.
This week’s episode is a great example of just that. I hope you enjoy the listen!