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next gen

June 7, 2012

It was a case of in with the old and out with the new at Carlson this month, as two next-gens replaced older family members at the travel and hospitality company.

Barbara Carlson Gage, the daughter of the family business’s founder Curtis Carlson, and her brother-in-law Glen Nelson both stepped down after a combined 40 years on the board.

Their replacements were named as Geoffrey Gage, 45, and 43-year-old Wendy Nelson, grandchildren of the founder.

Governance important to ‘break shirtsleeves paradigm’

May 14, 2012

Family businesses should break the paradigm of ‘shirtsleeves to shirtsleeves in three generations’ by focusing on good governance in the family business.

That’s according to Rupert Phelps, director of family office services at BNY Mellon Wealth Management, who was speaking at a conference in London last week.

Control issues affecting wealth transfer to next-gens

May 11, 2012

More than $25 trillion (€19.32 trillion) is expected to pass from one ultra-high net worth generation to the next by 2050, but issues over giving up control and empowerment are affecting decisions about wealth transfer.

That’s one of the findings of new research conducted by Morgan Stanley Private Wealth Management and Campden Wealth. Entitled Next-Generation Wealth: The New Face of Affluence, the study of more than 50 very wealthy families in North America suggests there are control issues affecting wealth transfer to next-gens.

US family office launches next-gen programme

April 27, 2012

A new programme to boost young next-gens’ knowledge of finance and leadership has been launched. Developed by a US-based multi family office, the programme will use interactive games and family meetings to help high net worth families teach next-gens how to manage wealth.

A new programme to boost young next-gens’ knowledge of finance and leadership has been launched.

Developed by US-based multi family office Pathstone, the programme will use interactive games, workbooks and family meetings to help high net worth families teach next-gens how to manage substantial wealth.

Steve Braverman, managing director of the family office, said in a statement that the course, called Path2Responsibility, will target children “from three years old through young adulthood”.

Next-gen returns to Brown family business

April 26, 2012

Powell Brown, the next-gen member at insurance group Brown & Brown, has returned to the helm of the family business following almost three months of medical leave.

On 25 April, 40-year-old Powell was reinstated as president and chief executive of the Daytona Beach, Florida-based group, which is the seventh largest insurance provider in the US.

Next-gen and the media

April 26, 2012

The ongoing scrutiny into press ethics in Britain is a serious affair no doubt, but the Leveson inquiry turned into a next-gen meeting this week, when the sons of three of the biggest owners of media groups showed up at the High Court in London.

Aidan Barclay, son of billionaire father Sir David Barclay, who has owned the Telegraph Media Group since 2004, turned up at the Leveson inquiry on 23 April. He was followed by fellow next-gen Evgeny Lebedev, the offspring of Russian tycoon Alexander Lebedev.

Next-gens to take up top spots in Indian family business

April 10, 2012

The next generation of the Hiranandani family, which controls the eponymous construction company in India, is reportedly taking up top positions at the family business.

Second-generation Darshan, currently managing director, will head up the group’s energy operations, according to Indian newspaper Mint.

Next-gens rise in European and Asian family businesses

March 1, 2012

Robert Maersk Uggla is 33 while Henry Cheng is 65 years old, but both next-gens, from different parts of the world, have made headlines this week for taking up top roles in their family businesses.

Danish industrial conglomerate Moller-Maersk said on 29 February that fourth-generation Uggla has been appointed head of the family business’s tugboat subsidiary, Svitzer. Until now, Uggla was chief executive of the group’s tanker operations.

Why Chinese next-gens can learn from family business founders

February 22, 2012

Family businesses in China might not be as old as their western counterparts – Chinese family firms are just nine years old on average – but there is plenty of opportunity for next-gens to learn from founding family members.

Tony Gao Hao, director of executive education at Tsinghua Alumni Association, part of the Tsinghua University, reckons that despite numerous challenges in the Asian country, family businesses in China are powering ahead.

Daughter rejoins water company and says family business is “not for sale”

February 6, 2012

Jayanti Chauhan, daughter of the founder of bottled water-maker Bisleri, has rejoined the Indian family business more than a year after she quit.

The 27-year-old is being groomed by her father, Ramesh, to eventually take the helm of the family-run water business, according to a report in the Economic Times, a local newspaper.

When contacted, a spokeswoman for the company wasn’t available to comment.