2023年经济学人 家族企业的诱惑

 

商业版块

Bartleby

巴托比专栏

The lure¹ of the family business

家族企业的诱惑

The pros² and cons³ of following in your parents’ footsteps.

追随父母脚步的利与弊。

Family business makes for compelling drama.

家族企业造就扣人心弦的戏剧故事。

Just ask anyone tuning⁴ in to the final season of “Succession”, which has recently begun airing on HBO.

只要问问任何一个在看《继承之战》最后一季的人就知道了，这部剧最近开始在HBO播出。

This Bartleby prefers “Buddenbrooks”, Thomas Mann’s chronicle of the decline and collapse⁵ of a German merchant family over the course of four generations.

本文的巴托比专栏作者更喜欢托马斯·曼的《布登勃洛克一家》，一部关于一个德国商人家族历经四代而衰落崩溃的编年史。

That novel, first published in 1901, drew heavily on the author’s personal experience.

这部小说于1901年首次出版，在很大程度上借鉴了作者的个人经历。

The dilemmas⁶ of working for an organisation⁷ which an immediate⁸ family member runs or in which they own the majority sound alarming enough in fiction, never mind real life.

在一个由直系亲属管理或直系亲属拥有多数股权的组织里工作，这种两难境地在虚构小说中听起来就够令人担忧的了，更不用说在现实生活中。

And nepotism⁹ can be plenty dramatic even without the plot twists.

即使没有曲折情节，裙带关系也可以相当有戏剧性。

These days it is frowned upon—most publicly listed companies and professional firms ban it.

如今，人们不赞成裙带关系--大多数上市公司和专业公司都禁止这一行为。

Still, family businesses make up more than 90% of the world’s enterprises.

尽管如此，家族企业仍占全球企业的90%以上。

Many of them, quite literally¹⁰, are mom-and-pop shops.

其中许多都是名副其实的夫妻店。

Some are large-ish businesses in smallish economies, like the one in Athens where this guest Bartleby, straight out of university, was put in charge of managing relations with institutional investors¹¹.

有一些是小型经济体中比较大的企业，比如雅典的一家公司，笔者刚从大学毕业就在这家公司负责管理与机构投资者的关系。

A handful are giant global corporations: think of Rupert Murdoch’s media empire (which allegedly inspired “Succession”) or Bernard Arnault’s $460bn luxury conglomerate¹², LVMH (which, as it happens, has grown by acquiring other family firms, such as Bulgari and Fendi).

还有几家是大型全球性企业：想想鲁伯特·默多克的传媒帝国(据说为《继承之战》提供了灵感)，或者贝尔纳·阿尔诺价值4600亿美元的奢侈品集团酩悦·轩尼诗-路易·威登集团(LVMH)(该集团碰巧通过收购宝格丽和芬迪等其他家族企业而逐渐壮大)。

Regardless of size, all family companies face common challenges.

无论规模大小，所有家族企业都面临着共同的挑战。

Filial loyalty¹³ and multi-generational thinking can morph into resistance to change, and if a firm has outside shareholders¹⁴, clash with their interests.

孝顺忠心和多代思维可能会演变成不思变革，如果公司里有家族以外的股东，那么就会出现利益冲突。

The process of generational transition can be particularly draining and frustrating¹⁵ to the staff members who are not family, raising uncomfortable questions about social mobility¹⁶, or the lack thereof.

对于家族以外的员工来说，代际过渡的过程可能尤其令人感到精疲力竭和沮丧，并引发关于社会流动性或缺乏社会流动性的令人不安的问题。

For the corporate¹⁷ heir, meeting family expectations and continuing a legacy¹⁸ while achieving personal fulfilment can generate a mass of contradictions, as Mann splendidly illuminated¹⁹.

对于企业继承人来说，在实现个人成就的同时满足家族期望和延续遗产可能会引发大量矛盾，正如托马斯·曼精彩描述的那样。

Even in companies that insist they are meritocratic, no amount of skill will convince all your colleagues that you have actually earned your job.

即使在坚称任人唯贤的公司里，有再多的技能也无法让你的所有同事相信，你是靠努力赢得了这份工作。

Any pre-existing domestic frictions²⁰ might make their way into the business.

任何先前存在的家庭内部摩擦都可能进入公司里。

And vice²¹ versa: disagreements over the business can breed feuds²², often between siblings²³.

反之亦然：在公司业务上的分歧也可能会滋生世仇，通常是在兄弟姐妹之间。

In India, the bitter dispute between Mukesh and Anil Ambani over their inherited empire, Reliance Industries, lasted for years after their father died without leaving a will.

在印度，穆凯什和阿尼尔·安巴尼对他们继承的商业帝国"信实工业"产生了激烈争执，他们的父亲没有留下遗嘱就去世了，争执在父亲去世多年后仍然继续。

No wonder some heirs decide to hold on to their shareholdings, perhaps a board seat, but pursue a career elsewhere.

难怪一些继承人决定保留他们的股份或董事会席位，但在其他地方追求事业。

Not all Waltons work for Walmart; it is hard to find Hoffmanns among executives at Roche, the Swiss drugmaking giant founded by their forebear in 1896.

并不是所有的沃尔顿家成员都在沃尔玛工作，在罗氏的高管中也很难找到霍夫曼家的人，罗氏是一家瑞士制药巨头，由霍夫曼家的祖辈于1896年创立。

They thus avoided being accused of belonging to the “lucky sperm²⁴ club”, as Warren Buffett calls those who might well possess the managerial skills to lead a large organisation but never had to jump through the same hoops²⁵ as everyone else.

这些人因此免于被指责属于“幸运精子俱乐部”，沃伦·巴菲特称这些人可能完全具备领导一个大型组织的管理技能，但不必像其他人那样吃同样的苦头。

Hilton and Marriott, two of the world’s biggest hotel chains, as well as Lego, a toymaking giant, are examples of companies which did not produce a strong successor and eventually ended up in the hands of professional managers.

希尔顿和万豪这两家世界上最大的连锁酒店，以及玩具制造巨头乐高，都是没有培养出强有力的继承者，最终公司由职业经理人掌管的例子。

For those who nevertheless decide to take an active role in the family business, it does not have to be a poison.

对于那些仍然决定在家族企业中发挥积极作用的人来说，家族企业不一定是毒药。

Some of the logic²⁶ that historically made family firms de rigueur continues to stand.

过去曾让家族企业符合社会习俗的一些逻辑如今依然成立。

For example, designated heirs—like Mr Arnault’s five children, all of whom now run parts of LVMH—are groomed²⁷ early on, so by the time they are ready to take over they have already acquired some industry knowledge by osmosis.

例如，指定的继承人--就像阿尔诺的五个子女，现在都管理LVMH的部分业务--很早就要培养好，这样当他们准备接手时，他们已经耳濡目染地获得了一些行业知识。

At the personal level, work is not solely²⁸ about money but also about empowerment and prestige.

在个人层面，工作不仅仅关乎金钱，还关乎赋权和声望。

Your name on the door may bestow²⁹ a sense of purpose.

门上印着你的名字，这可能会给人一种使命感。

Preserving the legacy of an empire can be rewarding, so long as the heir displays passion and persistence³⁰.

只要继承人表现出激情和坚持不懈，保护帝国的遗产就会带来回报。

They can probably forget being one of the gang when it comes to office gossip, but they can earn their colleagues’ and subordinates’ respect with modesty³¹ and hard work.

当谈论办公室八卦时，他们可能会忘记自己是家族的一员，但他们可以通过谦虚和努力工作来赢得同事和下属的尊重。

The serious heir knows that showing up simply because it is easier than venturing out on their own doesn’t cut it.

严肃的继承人知道，仅仅因为出现在自家公司比外出打拼容易就留在自家公司，这并没有想象中的美好。

Ultimately, being entrusted³² with a business by people who share your DNA³³ is something you ought to earn, not expect.

归根结底，受到和你有共同基因的人的委托，而去经营一家企业，这应该是你努力赢得的，而不是凭空期望的。

As the adage³⁴ goes, “A family business is not a business you inherit from your parents, it is a business you borrow from your children.”

正如谚语所说："家族企业不是你从父母那里继承来的企业，而是你从子女那里借来的企业。"

Disregard for this nugget of wisdom is what makes “Succession” such riveting³⁵ television—and Waystar Royco so dysfunctional.

《继承之战》如此精彩以及剧中的威士达传媒集团如此崩坏的原因就在于对这一智慧的漠视。

1 lure   

n.吸引人的东西，诱惑物；vt.引诱，吸引

参考例句：

• Life in big cities is a lure for many country boys.大城市的生活吸引着许多乡下小伙子。
• He couldn't resist the lure of money.他不能抵制金钱的诱惑。

2 pros   

abbr.prosecuting 起诉；prosecutor 起诉人；professionals 自由职业者；proscenium （舞台）前部n.赞成的意见( pro的名词复数 )；赞成的理由；抵偿物；交换物

参考例句：

• The pros and cons cancel out. 正反两种意见抵消。 来自《现代英汉综合大词典》
• We should hear all the pros and cons of the matter before we make a decision. 我们在对这事做出决定之前，应该先听取正反两方面的意见。 来自《简明英汉词典》

3 cons   

n.欺骗，骗局( con的名词复数 )v.诈骗，哄骗( con的第三人称单数 )

参考例句：

• The pros and cons cancel out. 正反两种意见抵消。 来自《现代英汉综合大词典》
• We should hear all the pros and cons of the matter before we make a decision. 我们在对这事做出决定之前，应该先听取正反两方面的意见。 来自《简明英汉词典》

4 tuning   

n.调谐，调整，调音v.调音( tune的现在分词 )；调整；（给收音机、电视等）调谐；使协调

参考例句：

• They are tuning up a plane on the flight line. 他们正在机场的飞机跑道上调试一架飞机。 来自《简明英汉词典》
• The orchestra are tuning up. 管弦乐队在定弦。 来自《现代汉英综合大词典》

5 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

6 dilemmas   

n.左右为难( dilemma的名词复数 )；窘境，困境

参考例句：

• They dealt with their dilemmas by mixing perhaps unintentionally an explosive brew. 他们――也许是无意地――把爆炸性的佐料混合在一起，以此来应付困难处境。 来自辞典例句
• Ten years later we encountered the same dilemmas in Vietnam. 十年后，我们又在越南遇到了同样进退两难的局面。 来自辞典例句

7 organisation   

n.组织，安排，团体，有机休

参考例句：

• The method of his organisation work is worth commending.他的组织工作的方法值得称道。
• His application for membership of the organisation was rejected.他想要加入该组织的申请遭到了拒绝。

8 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

9 nepotism   

n.任人唯亲；裙带关系

参考例句：

• The congressman lashed the president for his nepotism.国会议员抨击总统搞裙带关系。
• Many will regard his appointment as the kind of nepotism British banking ought to avoid.很多人会把他的任命看作是英国银行业应该避免的一种裙带关系。

10 literally   

adv.照字面意义，逐字地；确实

参考例句：

• He translated the passage literally.他逐字逐句地翻译这段文字。
• Sometimes she would not sit down till she was literally faint.有时候，她不走到真正要昏厥了，决不肯坐下来。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

12 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

13 loyalty   

n.忠诚，忠心

参考例句：

• She told him the truth from a sense of loyalty.她告诉他真相是出于忠诚。
• His loyalty to his friends was never in doubt.他对朋友的一片忠心从来没受到怀疑。

14 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

15 frustrating   

adj.产生挫折的，使人沮丧的，令人泄气的v.使不成功( frustrate的现在分词 )；挫败；使受挫折；令人沮丧

参考例句：

• It's frustrating to have to wait so long. 要等这么长时间，真令人懊恼。
• It was a demeaning and ultimately frustrating experience. 那是一次有失颜面并且令人沮丧至极的经历。 来自《简明英汉词典》

16 mobility   

n.可动性，变动性，情感不定

参考例句：

• The difference in regional house prices acts as an obstacle to mobility of labour.不同地区房价的差异阻碍了劳动力的流动。
• Mobility is very important in guerrilla warfare.机动性在游击战中至关重要。

17 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

18 legacy   

n.遗产，遗赠；先人(或过去)留下的东西

参考例句：

• They are the most precious cultural legacy our forefathers left.它们是我们祖先留下来的最宝贵的文化遗产。
• He thinks the legacy is a gift from the Gods.他认为这笔遗产是天赐之物。

19 illuminated   

adj.被照明的；受启迪的

参考例句：

• Floodlights illuminated the stadium. 泛光灯照亮了体育场。
• the illuminated city at night 夜幕中万家灯火的城市

20 frictions   

n.摩擦( friction的名词复数 )；摩擦力；冲突；不和

参考例句：

• Family frictions can interfere with a child's schoolwork. 家庭中的争吵会影响孩子的学业。 来自《简明英汉词典》
• As far as we are concerned, these frictions are not of our own making [have been imposed on us]. 就我们来说，这种摩擦是被动式的。 来自《现代汉英综合大词典》

21 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

22 feuds   

n.长期不和，世仇( feud的名词复数 )

参考例句：

• Quarrels and feuds between tribes became incessant. 部落间的争吵、反目成仇的事件接连不断。 来自英汉非文学 - 文明史
• There were feuds in the palace, no one can deny. 宫里也有斗争，这是无可否认的。 来自辞典例句

23 siblings   

n.兄弟，姐妹( sibling的名词复数 )

参考例句：

• A triplet sleeps amongst its two siblings. 一个三胞胎睡在其两个同胞之间。 来自《简明英汉词典》
• She has no way of tracking the donor or her half-siblings down. 她没办法找到那个捐精者或她的兄弟姐妹。 来自时文部分

24 sperm   

n.精子，精液

参考例句：

• Only one sperm fertilises an egg.只有一个精子使卵子受精。
• In human reproduction,one female egg is usually fertilized by one sperm.在人体生殖过程中，一个精子使一个卵子受精。

25 hoops   

n.箍( hoop的名词复数 )；（篮球）篮圈；（旧时儿童玩的）大环子；（两端埋在地里的）小铁弓

参考例句：

• a barrel bound with iron hoops 用铁箍箍紧的桶
• Hoops in Paris were wider this season and skirts were shorter. 在巴黎，这个季节的裙圈比较宽大，裙裾却短一些。 来自飘（部分）

26 logic   

n.逻辑(学)；逻辑性

参考例句：

• What sort of logic is that?这是什么逻辑？
• I don't follow the logic of your argument.我不明白你的论点逻辑性何在。

27 groomed   

v.照料或梳洗（马等）( groom的过去式和过去分词 )；使做好准备；训练；（给动物）擦洗

参考例句：

• She is always perfectly groomed. 她总是打扮得干净利落。
• Duff is being groomed for the job of manager. 达夫正接受训练，准备当经理。 来自《简明英汉词典》

28 solely   

adv.仅仅，唯一地

参考例句：

• Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
• The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。

29 bestow   

v.把…赠与，把…授予；花费

参考例句：

• He wished to bestow great honors upon the hero.他希望将那些伟大的荣誉授予这位英雄。
• What great inspiration wiII you bestow on me?你有什么伟大的灵感能馈赠给我？

30 persistence   

n.坚持，持续，存留

参考例句：

• The persistence of a cough in his daughter puzzled him.他女儿持续的咳嗽把他难住了。
• He achieved success through dogged persistence.他靠着坚持不懈取得了成功。

31 modesty   

n.谦逊，虚心，端庄，稳重，羞怯，朴素

参考例句：

• Industry and modesty are the chief factors of his success.勤奋和谦虚是他成功的主要因素。
• As conceit makes one lag behind,so modesty helps one make progress.骄傲使人落后，谦虚使人进步。

32 entrusted   

v.委托，托付( entrust的过去式和过去分词 )

参考例句：

• He entrusted the task to his nephew. 他把这任务托付给了他的侄儿。
• She was entrusted with the direction of the project. 她受委托负责这项计划。 来自《简明英汉词典》

33 DNA   

(缩)deoxyribonucleic acid 脱氧核糖核酸

参考例句：

• DNA is stored in the nucleus of a cell.脱氧核糖核酸储存于细胞的细胞核里。
• Gene mutations are alterations in the DNA code.基因突变是指DNA密码的改变。

34 adage   

n.格言，古训

参考例句：

• But the old adage that men grow into office has not proved true in my experience.但是，根据我的经验，人们所谓的工作岗位造就人材这句古话并不正确。
• Her experience lends credence to the adage " We live and learn!"她的经验印证了一句格言: 活到老，学到老！

35 riveting   

adj.动听的，令人着迷的，完全吸引某人注意力的；n.铆接（法）

参考例句：

• I find snooker riveting though I don't play myself.虽然我自己不打斯诺克，但是我觉得它挺令人着迷。
• To my amazement,I found it riveting.但令我惊讶的是，我发现它的吸引人处。