Transcript
Introduction
This is a book about family and business. At its heart is the dynasty, the succession and interaction of family members over generations and the firm, the business unit that embodies and expresses this interaction. I shall define the dynasty as three successive generations of family control, no small achievement. Growth, diversification, and technological advance can all work against the continuity of the family firm. To these factors, I shall add another, success. Simply put, as the firm develops power and prestige, the heirs find many interesting and amusing things to do rather than run their business.
Typically, rather than wear the shirt sleeves of their forefathers, they finish in silks and velvets and focus on politics, culture, and the unabashed pursuit of the good life. As a historian, I was drawn into the drama of these stories and larger than life qualities of many of these competitors for wealth. These tales trace the entangled histories of legendary lineages such as the Fords, the Rockefellers, and the Guggenheims. But one that need not be a Rothschild or a Toyoda to have use for the lessons in this book. Our own families play central roles in most of our lives, and the successes, failures, and cautionary notes of these narratives can inform and inspire us all.