Long-Term Wealth as Generational Duty

"Even though my family has a long history, it has never developed into a dynasty or ownership aristocracy. Ownership has always been linked to land and farms to be responsible for and pass on within the family. This has been done with great feeling, but also with the unimaginative traditionalism that sometimes characterizes the land-owning nobility. For me, the land heritage has been a cornerstone and a driving force for my wealth building. Preserving, caring for, and developing what was given to us was a duty from the very beginning for Elisabeth and me, which I also want to talk about. The chain breaks at its weakest link, something I heard my father speak of in somber moments, and it is a knowledge that has been kept alive and can disturb sleep and deeply worry the soul."

"Another value is associated with traditions, a kind of family-based apprenticeship in taking responsibility. Our family's ownership culture has roots in estates, land, and forests, that is, ownership of low-yield assets that require long-term, arduous work with patience constantly tested by the shifts of nature and society. Once, the foundation for this perseverance was the entailment institution, where a primary heir paid inheritance tax based on expected remaining lifespan and was given time to pay it. Generations could plan these transitions in cooperation. Now, this path is essentially closed. But at the same time, the conditions have fundamentally changed since inheritance tax is gone, as well as the wealth tax."

"However, there are tradable survival values for long-term ownership in the form of feeling and traditions. One such value, which I sometimes describe as "hanging in there," is passion. Our entire family is passionate owners. We live with the companies' fates and adventures through frequent discussions at the kitchen table as part of the family community. And I have not avoided talking about my failures. Better advice, children cannot receive. My wife has been involved from the start, and my sons have known the companies since childhood and are well-prepared to continue the ownership task. We have discussed this a lot in the family. My children naturally sometimes feel a certain trepidation before the task. There is an enormous respect and willingness to do right by the companies, and the concern for not being able to stand up and take ownership responsibility is much greater than the fear of losing the money."