Family Business Across Generations

Family Business Across Generations
跨世代的家族企业
Pierre duPont 皮埃尔杜邦
Cerity Partners
Cornell University – Cornell Club – April 13, 2019
World Family Tradition Congress
& World Business Ethics Forum
© Cerity Partners and Pierre duPont

How can a family continue for generations?
一个家庭如何能够继承几代人？
1.Manage and Grow a Business
 Have a long-term perspective
 Maintain control
 Delay IPO as long as possible
2.Sustain family cohesion
 Maybe create a Family Office
 Build family communications and
decision-making processes
 Propagate family principles
 Support entrepreneurship
1.企业发展壮大
 远景目标
 保持控制权
 延迟IPO步伐
2.维持家族凝聚力
 建立一个家族办公室
 建立家族沟通和决策机制
 传播家族精神
 鼓励后代创业

DuPont Company
杜邦公司

Wawa便利店和加油站

History – Two Families 历史 – 两个家族
• Mother’s Family 母亲的家族
• History 过去
 Iron manufacturing 钢铁制造业
 Woolen goods 纺织业
 Milk dairy 乳制品业
• Today 现在
 Convenience stores, gasoline retailing
便利店和汽油零售业
 $10 billion + 35,000 associates
100亿美元+ 3.5万工作人员
• Father’s Family 父亲的家族
• History 过去
 Explosives 火药
 Advanced materials 新材料
 Bulk & specialty chemicals 特殊化学物品
• Today 现在
 Agricultural, biotech, food & personal care, high-
performance materials, process safety consulting
农产品，生物技术，食品和个人护理物品，
高性能材料，安全咨询
 $25 billion + 52,000 employees
250亿美元+5.2万雇员

Context From My Families -- 我的家族脉络
• Mother’s Family
 250 cousins, 6 generations, 1864
 Today, still own and operate
a large family business
 Convenience & community
• 母亲伍德家族
• Father’s Family
 3,500 cousins, 10 generations, 1739
 Today, limited family involvement
in a huge public business
 Ideas & innovation
• 父亲杜邦家族
 250个堂/表兄弟姐妹，6代，追溯至1864
 时至今天，仍然拥有和管理大量企业
 便利店 & 社区服务
 3500个堂/表兄弟姐妹，10代，追溯至1739年
 时至今天，家族成员仅有限地参与企业管理
 创意 & 创新

A Few Lessons for Business Owners
给中国企业家的几点建议
 Build your business based upon trust and clarity –
 Will be much easier to partner and raise capital, and
sell later
 Always grow your team, network and trusted
advisors –
 One person cannot do it alone – internal team and
external advisors
 A diversity of viewpoints grows a healthier business
 Maintain focus –
 One market at a time
 Speed is essential but leads to shallow value
 Care for your communities and give back –
 Family, employees, suppliers, customers, towns
 Give help when asked to get help when you ask
 Think charitably
 以诚信和明晰为企业与商业的基石：
 合作伙伴
 融资
 销售
 建立核心团队、支持网络和顾问团队：
 众志成城，坚不可摧
 海纳百川，从善如流
 保持专注
 单一市场逐个击破
 要快但更要稳
 回馈社区
 家庭，员工，供应商，客户，社区
 助己助人
 慈善事业

Creating a Family Office -- 创建家族办公室
• As your family grows
 Spouses, Children, Siblings
 Grandchildren and beyond
• If multiple family members
own a business
 Handle governance
 Succession planning
• Hire staff --AND-- external advisors
 Oversee business and other assets;
manage family needs, distribution, heritage
 Avoid mistakes - watch your back
• 伴随家族成长
 配偶，子女，兄弟姐妹
 孙辈及子孙后代
• 多个家族成员拥有企业
 家族及企业治理
 继承人计划
• 聘用员工和外部顾问
 监管企业和其他资产；
管理家族事务，分配，遗产
 避免犯错 - 为家族保驾护航

Making Family Decisions –家族决策机制
• Regular Family Meetings:
 Build sibling and children cohesion.
 Learn to work together.
 Delegate to various family members
as their skills and interests allow.
 Everyone has a voice.
 Empower. Trust.
 Because of personalities, there will
always be politics
• Predefine agendas and
decision-making methods
 Engage multiple independent advisors
to guide and educate the family.
• 定期家族会议：
 构建兄弟姐妹间及子女们的凝聚力
 学会协同共事
 考虑技能和兴趣允许前提下授权不同家族成员
 人人都有发言权
 赋权，信任
 由于个性不同，家族政治总是存在。
• 预先确定议事议程及决策方法
 聘请多名独立顾问，指导和教育家族成员

Children: Fuel Their Minds With Educational Opportunities
用教育机会启迪孩子们的心智
At home, at school and
through life-experiences:
• Team sports
• Vacations and family trips
• Community service
• Share your family history
在家、在学校以及生活经历：
• 团体体育运动
• 度假和家庭旅行
• 社区服务
• 分享家族历史
A Perpetual Education Trust
to support your descendants
设立一个永久教育信托
支持你的后代

Children – Will They Grow to Run The Business?
子女-他们会成长为企业经营者吗？
• See your hard work
– And happiness
• Give responsibilities
• Let them go
– They’ll come back
• 言传身教
– 勤勉和快乐
• 赋予责任
• 主动放手
– 他们终会归来

Stimulate Entrepreneurship - 激发创业精神
• Entrepreneurship is hard
 95% of new businesses fail
 Success financial reward
• Financial wealth disappears
 Entrepreneurship rebuilds wealth
 Wealth is MORE than $$
• Business inheritors start
with advantages
 Entrepreneurial lessons from parents
 Inheritors have more connections
and access to more resources
≠
• 创业不易
 95% 的新创企业倒闭
 成功金钱回报
• 金融财富易消失
 企业家精神重建财富
 财富的含义远远多于金钱
• 企业继承者始于先天优势
 来自父母的言传身教
 企业后代更容易连接人脉和资源，
且拥有更多权限
≠

Build A Legacy Philanthropy—建立家族慈善事业
Five Steps
1. Build a successful business with
values and character.
2. Support the communities
around your business.
3. Instill hunger and drive
and compassion in your family.
4. Focus on one major charitable
benefit
5. Engage outsiders and other
‘figureheads’ as board members
家族慈善五步走
• 创立一个有价值和特色的成功
企业
• 支持与企业紧密相连的生态圈
• 在家庭中不断灌输求知欲、驱
动力和慈悲心
• 专注于一项主要的慈善福利
• 聘请外部人士和其他名誉领袖
担任董事会成员

Chinese Nationals-Protecting Your Assets
中国公民：保护您的资产
 Use trust structures to protect assets, including offshore trusts.
利用合理的信托结构来保护资产，包括离岸信托
 Regenerate wealth through more entrepreneurship.
通过更多的创业来创造更多的家族财富
 Find advisors you can trust – and trust is bi-directional.
找到您可以信任的顾问，并使其信任自己，因为信任是双向的
 Build your company – and maybe never sell?
经营您的公司，审慎考虑上市和出售策略。

• June 2001–Two Century Celebration-full family reunion every 50 years
 2001 年 6月，两百周年庆典 – 每50年整个家族重聚一次
• My branch of the family–200 of more than 2500 cousins who attended
 我的家族分支 – 2500多个表亲中的200位参加了聚会
My Father’s Father’s Father’s Family 我的曾曾祖父的家族

250 Years and Ten Generations - 两百五十年和十代传承
需要另类视角：
 用您曾孙子耄耋之年回首往事时的视角
 把您和您的家族智慧展示给他们
 传播您的家族价值、打拼经历和财富创造原则
如何做？
1. 续写家谱
2. 创建活动和载体
3. 铭记地点
4. 铭记故事
5. 创建纪念品
6. 家族通讯录和网页
• Requires a different perspective:
 Use your great-grandchildren’s perspective
from when they grow old.
 Project yourself & your family wisdom to them.
 Propagate your family values, hard work, and
the principles that generated the wealth.
• How?
1. Maintain a genealogy.
2. Create events and vehicles to fund them.
3. Memorialize the locations.
4. Remember the stories.
5. Create mementos.
6. Family newsletters & a private website.

Maintain a Genealogy (1) -- 续写家谱

Maintain a Genealogy (2) -- 续写家谱

Create Mementos (1) -- 创建纪念品

Create Mementos (2) -- 创建纪念品

Memorialize the Locations – 纪念地点
Scary concept
& bizarre

Remember the Stories - 记住故事
Hardships, successes, key moments - “苦难、成功、关键时刻”

Longwood Gardens
费城附近的长木花园（Longwood
Gardens）是美国首屈一指的观赏性公园，
是世界著名的私家园林，号称“美国最
美的私家花园”。此花园的历史比美国
建国的历史还悠久。长木花园真正进入
辉煌是在1906年皮埃尔·杜邦（Pierre
duPont）买下这个花园之后。时年36岁
的皮埃尔是赫赫有名的杜邦财团的第三
代掌门并兼通用汽车公司董事长。皮埃
尔年轻时游历极广，对植物，花卉和喷
泉情有独钟，考察过欧洲和世界的很多
著名皇家林苑花圃，自行设计扩建，投
入巨资，搜罗珍异，花费30年的功夫，
把长木花园建成今日的规模。1954年，
杜邦先生逝世时，留下遗言，要将这个
花园做为一个“为大众提供展览、教育
及游乐”的地方，并赠送大笔基金。

Wawa Foundation -- Wawa基金会
History
• Community
• 32,000 Associates
• Christmas Morning
历史
• 社群建设
• 32,000员工
• 圣诞节之晨

Thank you - 谢谢
Pierre duPont – May 13, 2019
pdupont@ceritypartners.com
Cerity Partners LLC (“Cerity Partners”) is an SEC-registered investment adviser with offices in New York, Illinois, Ohio,
Michigan, Texas, Colorado and California. The foregoing is limited to general information about Cerity Partners’ services,
which may not be suitable for everyone. You should not construe the information contained herein as personalized
investment or legal advice. There is no guarantee that the views and opinions expressed in this brochure will come to pass.
The information presented is subject to change without notice and is deemed reliable but is not guaranteed. For information
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©2019 Cerity Partners LLC, an SEC-registered investment adviser. All Rights Reserved. (4/2019)

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