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frederick, MD | My family has been farming for 5 generations. According to my calculations we should be billionaires by now. But the fact is their are always these people that wind up squandering wealth. One bad seed can really bring the entire family down.
Sometimes it's very hard for the elders to accept the fact that some of the kids are just worthless. It's very difficult for a family to set up a structure that allows the kids opportunities but not the ability to destroy something.
Families that figure out how to successfully pass on the business do well and build extreme wealth though multi generation partnerships. If you own a bunch of farm land it's probably not a good idea to let your kids farm it for next to nothing. That won't build wealth and the kids won't learn how to run a business. Families that are successful seem to treat the children more as partners.
All this is very difficult to accomplish though. I know a few people that have built successful multi generational partnerships. I don't envy them. I admire them. I take every opportunity I can to learn from them.
Edited by behog 12/15/2017 10:45
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