11/30/2022
On June 4th, the National School of Development at Peking University welcomed Sir Evelyn Rothschild, Lady Lynn Forester de Rothschild, Professor Deming Huo, and Sitao Xu, Chief Representative of the Economist Group, China Director of Global Forecast to join with Peking University students and alumni in a discussion on the history of the Rothschild family business, the lessons learned, and ideas about the strategies, values and roles of successful family-owned businesses in today’s global economy. The dialogue was hosted by Professor Yang Zhuang, and attracted over 200 audiences.
Sir Evelyn Rothschild, the seventh generation of the Rothschild family, first delineated a concise history of his family. It started in the Frankfurt at the end of 18th century at the will of five brothers. Sir Rothschild’s great great grandfather remained in Frankfurt, while the other four shot for Vienna, London, Naples, and Paris respectively. Together the five brothers created a powerful network which was to develop into one of the world’s most influential financial empire. The Rothschild’s impact extended well beyond economic realm; it supported Duke of Wellington in Waterloo, and even endorsed Brazil’s independence. Sir Evelyn mentioned that the greatest challenge in building family-owned business was how to pass it from the first creator to the second. He reasoned that parents are the key in the process, for they set up standards, especially ethics, for their offspring. Sir Rothschild said that family business was like a community, or a fraternity, where people devote themselves to caring and helping each other. Individuals shall always be aware of their identity as part of a group. Finally, Sir Rothschild shared Rothschild family’s motto: Concordia, Integritas, Inustria (Latin: Concordance, Integrity, Industry).
Lady Rothschild was the next to share her life story. She mentioned that when she got her first job, her goal was to make forty million dollars. But her employer (Bill Gates) gave her one of the best advice she ever received: instead of money, one should “start with your dream, start with your vision. Wake up every day and pursuit that vision. Always hold on to who you are, and forty million dollars will take care of itself.” Lady Rothschild introduced to the audience family-owned business’ growth from a global scope. Statistics showed that family-owned business outperformed public-owned industry, in terms of both return rate and GDP contributions. Her explanations for the differentiated performance were that family-owned business cared more about their reputation, and were more inclined to take long-term perspective. Of course, family-owned business had their trouble too, which took shape in family members’ lack of interest in the business. Data indicated that no more than 2% family business can survive up to the fourth generation.
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