View profile

On the Shoulders of Giants

The Business of Family
On the Shoulders of Giants
By Mike Boyd • Issue #44 • View online
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!

Spotlight: The Merck Family
The Merck family is a German family of industrialists and bankers, known for establishing the world’s oldest pharmaceutical company Merck in 1668, as well as the Hamburg merchant bank H. J. Merck & Co.
When founder Friedrich Jacob Merch died, the pharmacy was passed on to his nephew and it has been owned by the family ever since.
The Merck family still controls a majority of 70.3% of the company’s shares. An American former subsidiary of the Merck company, Merck & Co. (MSD), was also established by the Merck family and still carries the family’s name, but, unlike its former parent company, is no longer owned by the Merck family, since it was nationalized by the American government in 1917 because of World War I and the stock was bought back by George F. Merck in 1919.
Recommended Reading
Four centuries, one family: Merck
Latest Podcasts
Moses Kagan - On the Shoulders of Giants
Sean Lang & Jeff Watters - Appointing a Non-Family CEO & Selling a 5th Generation Business
Interesting Links
Wealth Shame: When Wealth Changes Your Life (and Not Everyone Else's)
How Family Business Leaders Make Room For New Generations: The Right Time And The Right Way
The real family drama behind ‘Succession’
Stay in touch
Mike Boyd is the co-owner and CEO of the Vroom Group, Founder of Prosura insurance, Investor at Mudbrick Capital, Host of The Business of Family Podcast and an active member of YPO.
Did you enjoy this issue?
Mike Boyd

I'm inspired by multi-generational businesses and the families who steward them.

Join me as I learn how some of the world's most interesting families share values, knowledge, resources, and wealth with the next generation.

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue