Читать книгу Complete Family Wealth - Keith Whitaker, James Hughes E., James E. Hughes Jr. - Страница 41

One of the great virtues of family enterprises is that their lives far exceed the lifespans of individuals. And yet, when it comes to thinking about complete family wealth, people often fail to apply the appropriate time frames. The focus is too short-term and individual, and family goals for achievement are set far too low.

Time should be measured by the generation. Otherwise, how can a family address whether it will still be together in the fourth generation? Short-term for a family is 20 years, intermediate-term is 50 years, and long-term is 100 years or more.

Most of us know that abandoning a process too soon, because it seems too hard, is the most common reason that endeavors fail. Families who choose to start the journey of long-term wealth growth—and the growth of their complete wealth—face the daunting fact that, if they are successful, this process will never end. They must decide to continue the process literally for all the generations to come.

To help you decide whether to begin this process, we offer our favorite metaphor for growing family wealth: the copper beech tree. If you don't know what a copper beech tree looks like and you want to see one, go to Rhode Island and look in the front yards of many Newport mansions. When fully mature, a copper beech tree is one of the largest trees in the northeastern forest. It may take five or six adults, or 10 children, holding hands to ring its trunk. Once mature, a copper beech tree will live for centuries.

Why is this beautiful tree our favorite metaphor for successful long-term wealth preservation by a family? Because it takes courage to plant a tree that takes 150 years to mature. No one who does so will ever see it full grown. And it takes good fortune for it to mature. Think of the hurricanes, ice and snow, pests, and fire that may consume the tree while it is too young to withstand those hazards. Further, it takes care. It must contend with humans who want to cut it down for its wood, and with governments that want to put a road or a new housing development where it stands. Families, too, need courage, care, and good luck.

We'll close here with a story told in Family Wealth about a copper beech tree. In the nineteenth century, Marshal Lyautey, one of Napoleon III's generals, was reported to have the most beautiful garden in France. Standing with his head gardener, looking out over his estate, he observed the wonderful specimens of the world's great trees planted there. Lyautey then turned to the gardener and said, “I see no copper beech tree.” His gardener replied, “But, mon général, such a tree takes 150 years to grow.” Lyautey, without a second's hesitation, said, “Then we must plant today—we have no time to waste.”

Like the planting of a copper beech tree, to embark on the journey of complete family wealth is an extraordinary act: the members who initiate the process will never know whether they were ultimately successful. If you are courageous and you want to be a wealth creator in the most profound sense, get started. There is no time to waste.