Bloomberg Article on Succession
From Bloomberg article - A $15 Billion Oyster Sauce Family Plots to Survive 1,000 Years:
Family leaders, who sit atop a fortune of about $15 billion, are now adapting their governance system to appeal to a younger generation of 14 scions that has shown some signs of waning interest. Recent initiatives include turning business units such as the group's venture capital arm into a training ground and taking family members on "innovation trips" to places like Silicon Valley and Israel. The lofty goal: keep the business thriving for 1,000 years.Click here to read the full article on the Bloomberg website.
The group's efforts "resulted in their survival into the fifth generation, a feat unmatched in all but a rare few family businesses," said Jennifer Pendergast, executive director of the Center for Family Enterprises at Northwestern University's Kellogg School of Management, which published a case study on the Lees in 2016 and provided training to some family members.