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Word: foundedness (lookup in dictionary) (lookup stats)
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At some of the most established and successful family firms, the heirs have switched from an active-management to a passive-investor role. Consider Liliane Bettencourt, 80, who manages her family's $11 billion stake in L'Oreal cosmetics--founded by her father in 1907--through a holding company. She...

Author: /time Magazine | Title: Putting On Heirs | 3/24/2003 | See Source »

Ernesto Bertarelli's father groomed him from an early age to take over the family pharmaceutical business. "As a child, I remember him sitting me down at his desk and telling me, 'One day you'll have to sit in my chair. You'll have to take the decisions.' That...

Author: /time Magazine | Title: Putting On Heirs | 3/24/2003 | See Source »

The Benettons who founded the family business have 14 children among them, and the succession is already settled: the four siblings have set up a structure dividing all their assets into four parts. While there is no guarantee that their children will work together as well as they did, the...

Author: /time Magazine | Title: Putting On Heirs | 3/24/2003 | See Source »

At the end of World War II, Werner Otto fled with his family to Hamburg from their Soviet-occupied home in what is now Poland. He won a license from the British authorities occupying the town to start a shoe factory, and in 1949 he founded a mail-order firm...

Author: /time Magazine | Title: Putting On Heirs | 3/24/2003 | See Source »

Reinhard Mohn inherited the modest German publishing house that his great-grandfather founded in 1835, and he turned it into a global media giant called Bertelsmann. Today that firm owns book publisher Random House, the BMG music group and a majority stake in the European TV network RTL, among other...

Author: /time Magazine | Title: Putting On Heirs | 3/24/2003 | See Source »

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