Father’s Day, the third Sunday in June, is a time to honor dads. While Mother’s Day became an official national holiday in 1914, Father’s Day wasn’t recognized until 1966 and didn’t become a permanent national holiday until 1972. Most children inherit their father’s name, traits, and behaviors. All children—natural, adopted, IVF’d—hopefully receive love. Children of famous dads in business may get more…good examples of what to do to succeed and some valuable advice about business and life. Here is some of that advice:
Warren Buffett (Founder of Berkshire Hathaway): “You should focus on being the best version of yourself, not the richest” and “It takes 20 years to build a reputation and 5 minutes to ruin it.”
His three children are involved in philanthropy and have a mission of donating the balance of his vast fortune after his death through the family’s foundation.
Sam Walton (founder of Walmart): “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
His children were involved in the business from an early age. One of his four children is now Chairman of Walmart and another serves on the board. One is focused on philanthropy; the fourth is deceased.
Richard Branson (Virgin Atlantic and many other ventures): “Don’t do it for the money—do it because you want to create something you’re proud of.”
His two children are actively involved in the Virgin business empire as well as various philanthropies.
Bill Gates (co-founder of Microsoft): “Always surround yourself with great people. You never want to be the smartest person in the room and want individuals that will challenge you to think outside of the box.”
His three children have not gone into the tech business (one is a doctor, another is pursuing a Ph.D., and the third has a podcast).
Steve Jobs (co-founder of Apple): “Some people say give the customers what they want, but that’s not my approach. Our job is to figure out what they’re going to want before they do” and “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work.”
None of his children are involved in Apple. His four children have taken very different paths: one has a $200 million venture capital firm, one is a fashion model, another is a writer, and the fourth remains very private.
Final thought
“Every father should remember one day his son will follow his example, not his advice.” – Charles Kettering (American inventor, engineer, businessman, and the holder of 186 patents)
My dad, who was a small business owner and not famous, talked about his day at work and I learned a lot (by example) …running a small business is 24/7, taking risks is routine, be careful who you go into business with, employees come and go, and dealing with the government is part of daily operations. He died many years ago and I still miss him.
Happy Father’s Day to all the dads!
