Would you give up your last name to inherit a business empire?
Wanted to share this with the WSO community because it's not every day you hear a story like this + I am genuinely seeking some advice.
I have an aunt (my mother's sister) and uncle who are childless. This uncle is the Chairman & CEO + majority shareholder of a conglomerate with a 70+ year history that spans mostly capital intensive industries including construction materials / infrastructure, energy (traditional as well as renewable), insurance, mechanical engineering equipment, telecommunications, real estate, and a bunch of other random subsidiaries in various industries). The entire group is privately held, but I learned on a consolidated basis that revenue last year was approximately $1.5Bn. No visibility on exact earnings, but I know they are profitable. The holding company employs 1,000+ people across all its companies and subsidiaries.
About a year ago, this uncle asked me if I would be interested in becoming his heir. What exactly this would entail is still hazy, and specific details about how ownership in the company would be passed down (e.g. upon his death, or creating some kind of trust before his death, etc.) were not discussed, but broadly speaking, if I were to accept, he would legally adopt me, and I would essentially become his "right hand man" at the company and would be groomed to be his eventual successor. On the issue of adoption, the expectation was that I would legally change my last name to his. Though not explicitly stated, I think the expectation is any kids I have in the future would also have the same last name as my uncle...
When he first broached the subject, my uncle did not press me for a decision, and told me to take my time to think about it. Recently, he reached out again seeing where my thoughts are - which might be related to the pandemic (e.g. if he were to catch COVID, he would probably be in a higher risk category due to his age, so he might be eager to get the succession plan in motion)
My uncle and I have a good but not necessarily super close relationship - so I am surprised he would pick me. We live in different geographies / time zones, so we don't even see each other that often, but whenever I am in his area, I always make an effort to meet him for lunch, golf, etc. The last time I saw him was in January. I have not seen him in-person since the lock downs occurred.
Leaving aside the practical issues (e.g. I would have to abandon my current career and uproot myself to go where his business is), there are a host of other issues that I have to deal with. First of all, changing my last name. I am not sure how my own father would react to that. More importantly, I am still not sure how I would feel about it. In olden times, apparently it was not uncommon for children (especially sons) to be adopted into other families that did not have an heir... Also, women today change their name all the time for marriage, so perhaps it is not such a big deal... but it still kind of FeelsWeirdMan...
Being next in line to a $1.5 billion revenue business sounds incredible on paper, but it would also mean I am committing myself to this business for the rest of my life (my uncle unequivocally wants the business to endure, so selling is pretty much out of the question...) Before you say it, there might also be restrictions imposed on selling the business as a condition of inheriting his shares, so it's not just a simple matter of waiting until he passes away to then sell the business. Also, I will eventually be responsible for the livelihood of 1000+ people and will suddenly become a visible figure in the local community / economy - it sounds exciting but also a little daunting at the same time.
TL;DR - I have an opportunity to eventually take over and own a family-controlled business that is doing $1.5Bn in revenue, but doing so would require me to change my last name. What would you do if you were in my shoes?
Wtf, take it. A rose by any another name... Also, who the fuck cares about surnames, especially if you are to inherit a shitload of money?
I can understand why you would be sceptical and having a hard time on coming to a final decision. If I was in your shoes, I would speak to my parents and explain the whole situation as well to get what they think. If they are totally fine with you legally changing your last name, it would make your decision a lot easier.
This is honestly the opportunity of a lifetime. If your uncle wants to groom you into the deserving heir, ask if you can just work for his company and manage things with him to get a better feeling of how everything runs. If all goes well and you love it, well you just inherited a billion dollar company that potentially has unlimited growth.
It will be a huge responsibility on your shoulders, but if you are up for the work and can see yourself doing this for the rest of your life and then passing the empire down to your offspring. Go for it. Full fucking send.
Goodluck!
Lmao 100% call me monkey _ brah _ loser for all i care
What's stopping you from having a hyphenated last name or just changing it back down the road?
Oh yeah good point. Once he's dead, you're running the whole thing. You can do whatever you want.
Although this is easier said than done cause he's an uncle you have (correction: had) a good relationship with and it's seems kinda immoral. Still tho, this is another perspective to consider.
Take it, reap the benefits. Wait till he dies, change your name back braj, that easy
It might not be that simple. As I said in my post, I don't know any of the specifics about how ownership in the company would be passed down, but I suspect there will be some kind of condition or other that says I have to keep his last name. My uncle has a very old school view of leaving behind his legacy and passing down the family name, so although I cannot say with 100% certainty, I think there is a very good chance there will be some kind of condition attached to it that would prevent me from just changing my name back.
Still don’t think it would be the worst thing in the world. At the end of the day, a name is just a name. I know a family friend who went on to take over the empire his father in law left behind for him and he changed his last name to bear his wife and the company’s name. He lives a very happy and wealthy life. If it matters that much, look into getting it hyphenated like someone else mentioned. Either way, you need to have a sit down with your relative and really pick his brain, and not just about business but life.
Surely this is a joke. The only last names worth preserving in favor of that kind of money are Bonaparte, Von Habsburg, and Lee.
Lee?
Singapore. Admittedly not yet at the 100 year dynasty mark but definitely marrying into that family is a growth equity proposition.
I'd suggest talking to some other businessmen who have inherited businesses from their parents / family and pick their brain about the pros / cons of the situation. Not entirely sure how you'd find them but LinkedIn would be a good place to start.
Think of it like a coffee chat but with a much more specific agenda in mind and being very vague about the situation. I'm sure they can provide far better advice than a bunch of us monkeys can....
Personally, no. I aint no mans bitch and I will build something on my own.
Also, you will always have this chip on your shoulder knowing that you didn't do it yourself and basically sold your name for this; and you will always have something to prove. Big nope for me
I’m confused...if he is your blood uncle wouldn’t he have the same last name as his brother (your father), which means you should already have the same last name?
Edit: realized he could be the uncle on the mother’s side, so nvm
Tell him your not interested but you know a smart guy named "buysidezeus" on WSO, soon to be done with his BA that can take over and happily change both his first and last name if needed.
Change your name, get the company, sell it for lots of $$$$, then change your name back and sit back in a mansion with 100 acres while sipping champagne.
I don't follow the part about changing your name. Can't you just be adopted and keep your name? Or is this some sort of power move a plebe like me can't comprehend?
OP here - thank you for this. You are right - upon reflection, the name change, while symbolically important, is really just an excuse to delay making a decision. Even without the name change, I don't think I am ready yet to make a decision. It definitely is a huge decision which means abandoning the path I have been on and moving to a new state / city. It won't necessarily be Podunk, but it will certainly be a change of scenery from Manhattan.
Is there something stoping you from moving the company’s headquarters to more desirable location later on?
I think the bigger opportunity is to work with someone who could mentor you in how to build and run an empire. You can try to expand it once you take the reigns. I see working with your uncle as a good opportunity as well while he is alive.
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