"With each person holding a minority share, there was a lot of wrangling over decisions. Even when two people agreed, the other often felt hurt. This impacted everything from whether to invest in a new machine to what cars the company owners drove. There was never estrangement, but the tension ebbed and flowed. My grandfather's presence ultimately kept the business and the family together - no one wanted to let him down."
"After college, I landed my dream job with Goldman Sachs. I was making $55,000 at the time, and budgeting every single penny - right down to the nickel I'd donate to a panhandler. It drove my now-wife nuts, but it meant I could save money. At the end of my first year, I received a bonus: $70,000. I was absolutely shocked. It was a surreal amount of money. I saved it and allowed myself to be a bit less stringent with my budgeting."
The grandfather founded a successful machinery company in Talladega, Alabama, employing about 150 people. Family ownership included the father, uncle, and aunt, each holding minority shares, which caused frequent wrangling over decisions and ongoing tension. The grandfather's presence maintained family unity despite disputes over investments and even personal choices like cars. The son vowed not to join the family business, pursued a career in finance, and rose to run a trading desk at Goldman Sachs making $2 million annually. He saved diligently, received a $70,000 bonus in his first year, and later questioned the fulfillment of trading work.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]