What billionaire fathers teach their children

What billionaire fathers teach their children

Father's Day, which is celebrated in the US on June 16, the Forbes gathered tips on business and life that Warren Buffet, Charles Koch and other billionaires have given to their children

When your father - one of the richest men in the world, one might think that the request for the new car will be performed with ease. But Howard Graham Buffett, son of Warren Buffett, it was different when he was a teenager. Buffett Jr. had to give up gifts for birthdays and Christmas for three years ahead, as well as a gift for graduation, his father contributed $ 5,000 for the Corvette, and Howard paid another $ 2,500 himself as Howard Forbes said in 1998.

Howard, who is now part of Berkshire Hathaway's board of directors, said that still grateful for their unwillingness to shell out her father.

"In fact, if the Pope has filled us with money, he would have to control us. And he has given us freedom. He always said, "Find something that you enjoy doing, and do," - Howard Forbes said.

If your father - billionaire, is in itself a huge financial gift, but such a relationship, there are other benefits that are much more important than a huge inheritance. Offspring ultrauspeshnyh Titans businesses often receive from their fathers a lot of valuable tips and other useful knowledge. In honor of Father's Day, we collected five lessons on business, which billionaire fathers taught their children.

What billionaire fathers teach their children

Charles Koch and Koch Chase "follows its own precepts"

Charles Koch, CEO and Chairman Coch Industries Board of Directors, as well as number seven on the list of the richest people in America, spent millions of dollars to US politicians shared his values. It is not surprising that these values ​​have been vaccinated and children. On the Startup Grind event in November 2018, his son Chase recalled how his father insisted that every day of his five children to follow the principles of family love, courage, faith, honor and loyalty. "Here it is responsible for compliance with these principles. You 5 or 6 years old, you're sitting at the dinner table, and you ask, "Tell me what you did today for the sake of these principles. And I want to hear the story. "

Today, when Chase Koch is not busy transmitting these values ​​to their children, he manages the investment division of the family business, Koch Disruptive Technologies, which invested in companies such as the developer of hybrid cloud tools Mesosphere and startup for 3D-print metal Desktop Metals.

What billionaire fathers teach their children

Micky Arison and Nick Arison, "Begin with the bottom"

Arison family has always worked in business. Mickey is the chairman of the board of directors and former CEO of cruise operator Carnival Corp, founded by his father Ted (died in 1999). This also applies to other assets of the family - the NBA team, "Miami Heat": Founded by Ted, now it belongs to Mickey, who is the managing partner of the CEO. He manages his son Nick team. However, despite the many generations of wealthy ancestors, Nick started baseman. In 2017, Shaquille O'Neal said in an episode of "Master Class" Oprah: "I come to practice late at night, and Nick Arison removed in the locker room ... I have never seen him in a suit." O'Neill told how Arison Jr. tried his hand at a variety of low-skilled work in the company before you became a member of management.

What billionaire fathers teach their children

Warren Buffett and Howard Graham Buffett: "You must understand how to apply your talents"

In his youth, Howard could not find his vocation: he dropped out of three colleges, he worked as a driver and a bulldozer in the firm See's Candies, owned by his father. Howard today - a successful farmer, wildlife photographer and writer, but also a future non-executive chairman of Berkshire Hathaway board of directors, which his father turned into a huge conglomerate. Part of the success is due to Howard's style of parenting Warren, who puts passion higher wealth: "The worst thing you can do - it is using the money to force children to behave in a certain way. I told my children that they do not owe anything ... to finish college to become doctors or lawyers ... I told them to use their talents where they are, in their opinion, will bring the greatest benefit to society, "- said Warren Buffett at the summit of Forbes Philanthropy 400 in 2018.

What billionaire fathers teach their children

Richard Yungling Jr. and his children: "Each member of the family has a lot to offer."

D.G. Yuengling & Son, America's oldest brewery, owned by the family of Yungling since its inception in 1829. But for the current generation of the dynasty would be better approached name Yuengling and daughters. When in 1985 his father bought Richard Yungling stake and gained control of the brewery, is experiencing difficult times. He brought the company back to life, launched the sale of a popular brand of Yuengling Lager. Production volumes have soared, and he turned to the four daughters together to start a new chapter in the history of the brewery. His eldest daughter Jennifer Yungling, Vice-President and COO of the company, last year told the Forbes, the business afloat thanks to the ability of nurses to learn from each other and from his father: "As in any family, sometimes we are disputes. But our specialty is how we deal with these differences. We are proud to grow and learn, not only from each other, but our dad. "

What billionaire fathers teach their children

Edward Johnson III and Abigail Johnson: "There is always room to grow"

Abigail Johnson succeeded his father Edward "Ned" Johnson III as CEO and chairman of Fidelity Investments Board of Directors in 2014 and 2016, respectively (her father founded the company Asset Management in 1946). After taking these positions, she became the fourth richest woman in America, and its wealth is estimated at $ 14, 8 billion. Johnson, who joined the company received an MBA degree from Harvard in 1988, said that her father had given her more than career opportunities . In 2014, she told the Forbes, Johnson Sr. instilled in her "tenacity in the quest to improve everything you do. No matter how high office you occupy, no matter what is your reputation, your work is never done. "