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Generational Wealth
Profiles In Generational Wealth
Today we meet a family in their 7th generation, with an 8th generation rising to take the reins.
They are a model of innovation, organization, investment excellence, and longevity in true family wealth.
They are the Laird-Norton Family 👇
Today we meet a family in their 7th generation, with an 8th generation rising to take the reins.
They are a model of innovation, organization, investment excellence, and longevity in true family wealth.
They are the Laird-Norton Family 👇
In my work as an advisor to families, I've found that profiles on families of excellence are incredibly helpful.
While every family is unique, knowing what successful families are up to sparks vision and inspiration for other families to achieve their own potential.
While every family is unique, knowing what successful families are up to sparks vision and inspiration for other families to achieve their own potential.
My purpose is not to give you a strict formula to follow. There are none.
My purpose is to open up a world that is normally closed to outsiders.
Your family's journey will be unique. Take what you like and leave what you don't. Make it your own.
My purpose is to open up a world that is normally closed to outsiders.
Your family's journey will be unique. Take what you like and leave what you don't. Make it your own.
The Laird Nortons trace their family back to three founders: Matthew & James Norton, and cousin William Laird.
In 1855, they started The Laird Norton Company.
What started as a milling operation in the US Midwest evolved over decades into a diversified family enterprise.
In 1855, they started The Laird Norton Company.
What started as a milling operation in the US Midwest evolved over decades into a diversified family enterprise.
By 1900, the Laird and Norton branches allied with Frederick Weyerhaeuser to acquire timberland in the US Pacific Northwest.
They founded the Weyerhaeuser Company and continued to prosper.
They founded the Weyerhaeuser Company and continued to prosper.
By the 1960s, the family had multiple holdings in the forestry industry.
After Weyerhaeuser Company went public, the family founded Laird Norton Trust Company to manage the influx of capital and ensure it was invested in alignment with family's long-term values.
After Weyerhaeuser Company went public, the family founded Laird Norton Trust Company to manage the influx of capital and ensure it was invested in alignment with family's long-term values.
In 2006, the family sold the multibillion-dollar holding company which was its last link to the forestry industry.
Today, the family continues to thrive.
The diversified family enterprise now leverages their 7 generations of expertise in wealth management and philanthropy.
Today, the family continues to thrive.
The diversified family enterprise now leverages their 7 generations of expertise in wealth management and philanthropy.
The Laird Norton family is a rarity:
They are 1 of less than 15 families in the world (that I know of) who are a 7th generation family enterprise still thriving as a family.
They are 1 of less than 15 families in the world (that I know of) who are a 7th generation family enterprise still thriving as a family.
With over 500 members spread throughout the world, it's no small feat to continue identifying together as a tribe.
Their strength lies in their firm intention to be a great family.
What for others is "a family-owned business" is for them "a business-owning family".
Their strength lies in their firm intention to be a great family.
What for others is "a family-owned business" is for them "a business-owning family".
Most inspiring to me personally: the entire family regularly gathers together at its annual Family Summit.
The 4-day event is held on the same weekend each year at a resort in the US, and is described by family leaders as "1 part business, 2 parts family, and 3 parts fun.”
The 4-day event is held on the same weekend each year at a resort in the US, and is described by family leaders as "1 part business, 2 parts family, and 3 parts fun.”
The Summit is a time for the family to re-affirm their founding principles, retell their stories, conduct family ritual, & celebrate milestones.
There is the family assembly, which members join at age 14 and formally introduced to the family at the cusp of their adulthood.
There is the family assembly, which members join at age 14 and formally introduced to the family at the cusp of their adulthood.
For those under age 14, there is a professionally managed day camp that has all the fun of summer camp but is infused with family goals.
The children learn the family's history and play games that encourage teamwork and meaningful friendships among cousins.
The children learn the family's history and play games that encourage teamwork and meaningful friendships among cousins.
The youngest members even have a privately published coloring book which tells the family's history and values.
For the family's elders, the goal of the Summit is everyone having so much fun and meaningful connection that they'll want to come back every single year.
For the family's elders, the goal of the Summit is everyone having so much fun and meaningful connection that they'll want to come back every single year.
I very intentionally chose the Laird Norton family as our 1st Generational Wealth Profile.
Whether you aspire to be a founder of a great family, or your family is already navigating multiple generations of wealth: the Laird Norton story & patterns are an excellent example.
Whether you aspire to be a founder of a great family, or your family is already navigating multiple generations of wealth: the Laird Norton story & patterns are an excellent example.
Here are 3 keys from the Laird Norton story that will grow your family's wealth today:
1. Embrace New Intellectual Capital
Wealthy families know that their true wealth is made up of the knowledge and experience of their members.
The Laird Nortons excel at this. In their 3rd generation, there were almost no male heirs...
Wealthy families know that their true wealth is made up of the knowledge and experience of their members.
The Laird Nortons excel at this. In their 3rd generation, there were almost no male heirs...
Due to 1800s norms, women did not publicly run the business but held influence behind the scene.
The family needed & prized business experience of new son-in-laws.
Where others would exclude, they eagerly included in-laws in the family & business. It began an amazing tradition.
The family needed & prized business experience of new son-in-laws.
Where others would exclude, they eagerly included in-laws in the family & business. It began an amazing tradition.
Today, the "Laird Norton University" at the annual Summit has members teaching on their unique expertise: from investments to foreign languages to wood-working.
*Embrace the intellectual capital of your family members. Their individual strengths will become family strengths.
*Embrace the intellectual capital of your family members. Their individual strengths will become family strengths.
2. Have A "Family Of Affinity Mindset"
It's rare for multiple branches of a family to identify with each other after many generations. Relationships fade and families disintegrate into smaller units.
But today, you'll find a multitude of surnames at the Family Summit. How?
It's rare for multiple branches of a family to identify with each other after many generations. Relationships fade and families disintegrate into smaller units.
But today, you'll find a multitude of surnames at the Family Summit. How?
They know that its not just blood relation that bonds a family together, but affection.
A "Family of Affinity" flourishes because they actually like each other.
*Engage and include all family members. Frequently and personally communicate. Above all, make it fun.
A "Family of Affinity" flourishes because they actually like each other.
*Engage and include all family members. Frequently and personally communicate. Above all, make it fun.
3. Prioritize Family Meetings
A family gathering of 500 members does not happen spontaneously.
The Laird Norton family makes a major commitment to put it on with a high degree of excellence.
It's valued because of their long history of gathering as a family.
A family gathering of 500 members does not happen spontaneously.
The Laird Norton family makes a major commitment to put it on with a high degree of excellence.
It's valued because of their long history of gathering as a family.
*Your path to a 500 person Family Summit begins with small and consistent family meetings. Begin your tradition of family meetings today.
The below thread goes in-depth on making your family meeting as meaningful as possible.👇
The below thread goes in-depth on making your family meeting as meaningful as possible.👇
3 Keys To Family Wealth From The Laird Norton Story:
1. Embrace New Intellectual Capital
2. Have "A Family Of Affinity" Mindset
3. Prioritize Family Meetings
May the example of the Laird Norton family spark vision and inspiration for your family's future.
1. Embrace New Intellectual Capital
2. Have "A Family Of Affinity" Mindset
3. Prioritize Family Meetings
May the example of the Laird Norton family spark vision and inspiration for your family's future.
Thanks for reading!
I draw on my library of over 30 privately published family histories and personal experience to write these profiles.
Next week's profile will take us to the opposite side of the globe with an ancient family still flourishing against the odds.
I draw on my library of over 30 privately published family histories and personal experience to write these profiles.
Next week's profile will take us to the opposite side of the globe with an ancient family still flourishing against the odds.
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