- Messages
- 17,187
- Location
- New York City
I read something not long ago, but cant' remember where, about how this is typical of the "third generation" of family business operators, and it doesn't matter if it was the 1880s, the 1940s or the 2010s...people just tend to not want to be in the same business as their grandparents. It was an interesting read, and I'll try to dig it up.
Not the same thing, but similar, there is an expression on Wall Street regarding wealthy families that goes something like: the first generation makes it, the second generation spends it, and the third generation blows it.
Of course, not always accurate, but I have seen it happen a lot.