策划：宜信财富品牌内容中心

原创剪辑：宋琛

较译：冯振晋，王巍，黄璐仪

摄像：任海朋

4月19日-21日，2019年宜信财富尊享年会在美丽的三亚举行。这次，我们邀请到从美国远道而来，拥有200多年家族历史的杜邦五世讲述其传奇的家族故事。杜邦五世在年会期间接受了视频专访，通过问答的方式，我们挖掘了更多家族传承的秘诀。请查收这份宝贵的影像，点击下方视频即刻观看。

家族长青的秘密武器

The country my family formed the business in was growing tremendously, so there was huge opportunities from that. Similarly, China is growing today, so maybe it is a good time to start a business in China. Having a long term perspective, and thinking not so much about next year, that is important, next quarter and so on, but 5 years or 10 years. My father’s family was very good at doing innovation, and researching development, to take risks and build product that many of them didn’t succeed, and certainly those did succeed would not come to the market until 5 or 10 years later. So they were willing to make that kind of investment. Which is, I think harder to do in today’s world, there’s less patience with long-term investment in companies. But that only having long-term perspective was part of it, part of success, or the secret if you will.

我家族企业建立的时候，正赶上了美国快速发展时期，拥有巨大的机会。今天的中国也是如此。在中国开创一番事业或许恰逢其时，因此，要做长远的打算，不要只看到明年或者下个季度的事情，着眼当下也很重要，但至少要看到未来5年或是10年以后。我父亲的家族在这方面做得很好，他们在创新和研发方面做了很多工作，也蕴含很多风险，很多创新会以失败告终，即便是成功了，等到上市还需要5到10年的时间，然而他们还是愿意去做。但是在今天，我认为做这样的长期规划更困难一些，当下的人们比起我们那时候更缺乏耐心进行长期投资。因此，我认为有长远的打算也只是所谓成功秘诀的一部分。

I think another secret is just having the perspective of protecting your wealth for 20 to 50 years. Not just to make a lot of money next year or ensure the money’s there in 3 or 4 years, those again are important, but you have to recognize that true wealth grows over 10 or 20 or 30 years or longer, and you have to build a broad universe by portfolio, not just your company, but other investments in parallel, so having a long-term perspective on the wealth in general, having a long-term perspective on the company, considering diversification, and of course educating of children, raising your family to contribute to the business, and putting in place the management structure within the family to help guide which of the children, and grandchildren, and great grandchildren maybe best in the business, and which maybe shouldn’t in the business, and it’s ok either way.

另一个秘诀是，要拥有保全家族的财富至少20到50年的眼光，而不是想着明年赚多少或者只保证未来3到4年的财富增值。这些固然也重要，但真正财富的积累是源于10年，20年，30年甚至更长时间的，必须做广泛的投资组合，而不是只投资自己的公司，必须要做其他并行的投资，总的来说要有长远的财富规划，要对分散投资有长远的打算。还有一方面是要教育你的子女，让他们对家族的事业贡献他们的力量；另外要设计好家族的管理架构，用以指引后代们哪些最适合参与家族企业，哪些不适合参与家族企业，如果不参与的话也没有问题。

You know each person has different set of skills, but having put in place sort of like family charters, and basic management structures, voting in control structures, to allow the family to make decisions about who is going to be involved, how the company is going to be run, what fraction of profit distributed versus retain, and those things are all important also, maybe other piece of secret sauce, or secrets if you will.

毕竟每个人的技能不一样。要把类似家族宪章落到实处，同时还要做好基础的管理架构，建立投票机制，让家族成员来做出决策，哪些成员参与企业如何运营，哪些收益用于分配，哪些收益用于存留。这些也是非常重要的，也是所谓成功秘诀的一部分。

家族信托的优势及其它传承工具

So family trust, I think its primary benefit is to provide protection against the variety of problems that could take parts of the money. In some cases in the US, for instance, there are state taxes, and maybe other taxes, might be mitigated, or reduced by use of trust, there are also, again in the States, I don’t know about China so much, but there are liabilities that individual can face, which could result in money being taken away, and trust structure can protect against that to a certain degree, trust structure also can provide, I’m not so sure what the word is, I want to say, momentum, but stability over 5 or 10 or 20 or 30 years. Because some rules are defined in the trust about how money can be distributed under what circumstances, and that keeps some descendants from spending more money than maybe they should, or my help to focus the expenditure of money on education, or business building, and not so much on fancy cars, for instance, it’s one thing one may do, or even for charitable benefit, to focus the money there.

关于家族信托，它的主要作用在于为家族财富提供保护，防止出现财富削减的问题。例如在美国有州税，还有一些其它税种可以通过信托的方式来减免，这是美国的情况。中国的情况我不是很了解，但有一些负债是个人需要面对的，这些会带来财产的损失，信托的架构可以在一定程度上避免这种风险。信托也可以提供一些，我不知道该如何形容，比如说，趋势，让家族财产在5年10年20年甚至30年保持长久的稳定性。在信托中有一些规则明确规定了财富在什么样的情况下应如何分配，防止子孙后代过度挥霍。把更多的资产放在家庭教育或商业拓展，把部分资金用于慈善公益，而不是把钱花在购置豪车等事情上面。

So trust can provide some of those benefits, beyond the trust, there are entities, legal structures like family charters, and shareholders agreement, which can be used to bind family into certain ways of operating with each other, certain ways of communicating and agreeing on how to address complications that always arise. It’s not so difficult when there’s only a mother and father and that maybe two children.But when that children have spouses and when they each have two more children, and maybe there are two more children, those 10, or 20 or 30 people have different needs. Some of them are more wealthy because they work in different industries, some of them become artists and not need any money.

所以信托对家族是助力深远的，除了家族信托这样的传承工具之外，还有一些实体的法律架构，例如家族宪章和股东协议，尤其是在复杂的情况下，可以在一定程度上约束家族成员进行沟通并达成相对一致。如果只有父母和两个孩子的话，情况会比较简单，但如果两个孩子各自有配偶又有两个孩子，两个孩子又有了各自的子女，一个家族就会有10个或者20个30个成员。大家需求各异，一些人因为在不同的行业所以比较富有，另一些人可能因为从事艺术工作不需要太多钱。

So family charter can help reconcile those differences and different needs. So that may be another structure that will be useful for, once wealth is being created, for carrying it on into the future. Once wealth is being created, putting some of it aside and investing it with a very diverse, I made an earlier point about diversification, but that really is a very important point, in a 20 or 30-year time frame, no single investment makes a difference. All of them together have to be there, there have to be a thorough and complete global asset allocation. So don’t count on a single investment or a great big deal for next year, it’s about a number of investments, all performing better or worse at different time, so that together they achieve a result over 20-30 years. That global asset allocation perspective, which is truly just the ultimate diversification is essential to have wealth last more than a few years.

因此家族宪章能协调这些不同的需求，兴许是另一种有用的工具。一旦财富被创造，就要把其中一部分拿出来进行分散投资。我此前谈到的在20到30年的时间框架内进行多元化投资这个观点非常重要，没有一种单一的投资会产生重大影响。让所有的投资方式和资产协同发挥作用，必须要进行全球资产配置，不能指望单一的资产或是期待明年的一个大项目能赚到钱。这里所说的是一系列投资组合，在不同的时间会有不同的表现，而作为一个整体，它们会在20到30年的跨度里发挥作用。因此，规划全球资产配置，进行分散投资，对于财富的长久保全是非常必要的。

子女教育

So I think you need to be very careful about placing expectations upon the shoulders of the children. I think that to expect a child to, to make it clear to the child, that he or she is expected to come into the business, or not expected to come into the business, I think that, ultimately, is a mistake.

当你想要把期望加在孩子身上的时候，需要再三思考，并且需要明确孩子的想法，了解孩子自己是否期待未来能够参与到家族事业的运营中。我认为，强加的期望会是个错误。

Of course, once you bring a spouse into the picture, only half of the genes came from the family, so that could introduce huge variables, which are positive because they bring their own strengths, of course. But I think it’s important that family focus on what are the skills are required to be the next-generation leaders in the business, and basic talent development. Much like a CEO in the business, it’s going to be developing not just his or her as vice presidents, but junior vice presidents and associates and principals, even further down. Because only some of them will have the right skills for marketing, or sales, or technology, or finance. Same is true in a family. And that would be, many children, I think who grow to end up with skills that are not useful in the original family business. So they can go off, maybe start a new business, or go produce great art which makes many people happy when they go to the museum.

孩子拥有你和配偶各一半的家族基因，积极的因素能够产生很大的能量，因为他们拥有你和另一半天然的优势。但同时，我又认为家族对子女的培养很重要，必须培养下一代家族企业领导人所必备的技能，不仅仅是企业的CEO，还可能是副总裁，初级副总裁，甚至是一些更为基础职位的技能。比如，在家族里也是这样的情况，他们当中有人掌握了市场营销、市场销售、技术、财务等的技能，我觉得家族里会有很多孩子会开发出不同的技能，这些技能不一定对家族自身的企业有很大帮助，但他们可以开创自己的另一番事业，或者成为一个伟大的艺术家，给大家带来美好的艺术享受。

So minimizing the expectations on the children and hoping each child develop in a way that’s best for him or her, because at the end of the day, your wealth, if it is going to benefit your child, 10 or 20 years from now, that child has to be, I want to use the word, self-fulfilled, or self-actualized, that’s a psychiatric term in America that’s a little crazy, but it’s important because the child has to feel like he or she is empowered to do what he or she can do well, and to be empowered by that,  and expectations of coming into the business in a certain way won’t help.

把对孩子的期望最小化，让他们走好自己的路，如果你的孩子在未来十到二十年都能得到财富保障，那他需要进行自我实现，找寻个人价值。这个词是精神学术语，听上去有些疯狂，但是这对孩子的成长很关键，赋能于他们，让他们发挥长处，做的更好。因此，用父辈们设定的目标去要求孩子，是很难得偿所愿的。

And that’s what wealth can give you, it’s the ability to help your children to develop in a way that makes them happy and most successful in their own way, which may not be your way as the father or the mother. So be very careful about expectations and allow for all kinds of development amongst your children, your grandchildren and your great grandchildren.

财富能提供的，是帮助孩子成长，让他们用自己开心方式去成长，去获得成就感，这种方式或许和父辈们走过的路不同。因此在设定期望值的时候要让你的孩子以及他们的下一代，再下一代得到全面的发展。

I think it’s also important to point out that expectations upon a child can be a challenge that he or she develop in a certain way to come into the business, or have certain skills. But so too, isn’t the challenge to present entitlement to that child, that he or she would be entitled to come in and have a corner office in the business 20 years from now where, get a gold watch or drive the Ferrari, those also have to be something that is earned and is appropriate for the child, so we also want to be careful about putting the sensitive entitlement to the child because he or she was born lucky. Therefore, he or she is going to have certain things that mom or dad might have had, or granddad might have had. It’s not that simple, and I think one might try to avoid that entitlement among children also.

有一点需要指出，给孩子设定期望值是个挑战，因为孩子不会复制你的方式，孩子们会有自己的方式来加入家族事业，获取能力；另一个挑战是，父母会不自觉地给孩子优渥的条件，他们可能会在二十年后拥有自己家族办公楼里的一间独立办公室，佩戴豪表，开着豪车。这些都不是孩子理应所得的，这些需要靠他们自身努力获得才更有价值。因此，我们需要谨慎对待赋予孩子的权利，不能因为他们含着金钥匙出生，就能够合理地拥有这一切，即便是祖祖辈辈积累的财富。我们一定要避免无意中给孩子灌输坐享其成的行动和思维。

公益慈善

Again, I was born into two families which come with some great philanthropic successes, and I think entrepreneurs today can use philanthropy as a way of helping their children develop and learn about the rest the world, and the community in which they live, and come to contribute to those. So I would urge that maybe philanthropy not be a lonely or solo activity, but it’s going to be an activity that includes your family, your children, your spouses, your siblings, if you have them. And give them all opportunity not just see it happening, but to participate in the philanthropy, to help make some of the decisions and follow through on the grants that are given, not just give the money to the soup kitchen, but maybe to go to the soup kitchen and participate in that. So I think philanthropy can be very a valuable educational tool to help develop the right kind of characteristics that you may want in your children within your wealthy family.

Thank you and goodbye.

再次提到，我来自两个大家族，他们都致力于慈善事业并获得成功。对于一个企业家来说要让你的孩子参与到慈善事业，让他们通过慈善的窗口看到世界，去了解所在的社会情况，才能够反馈社会。然而慈善并非独立成型，你需要你的配偶，孩子，兄弟姐妹给予支持，要让他们亲自参与到慈善的方方面面，比如一个决策的过程，或者是补助金的发放。如果你运营一个救助中心，不单单只负责发放救济金，而是要参与到救助中心的运作当中。因此，慈善公益是一个对子女教育非常有用的工具，可以培养他们的意志和品德，而这些品德是家族传承的坚定基石，将会对家族的发展起到重要作用。以上谢谢大家，再见。