This pattern is as old as human civilization. There are few exceptions to it.
Some person comes along and through being smart, ruthless, innovative, lucky, clever or some combination becomes a rich and powerful person building an empire with great wealth.
His son – the second generation – will lead a horrible life. The expectation becomes that his son will some day take over for dad. He grew up in the family during the hard times watching what Dad did working 100 hrs a week and eating macaroni and cheese.
When Dad gets up in years, Son takes over the company. Invariably (unless Dad dies suddenly) the senior managers who are closer to Dad’s age and think they should be running the company defy their new boss (who is 25 years younger than them and doesn’t know as much as they know) will say things like “Your dad wouldn’t have done that”. There is a fairly good chance at some point Dad will not accept that his son could “ruin” his company and “Takes back” the company long after he isn’t capable of running it. Son probably went to Harvard Business school and doesn’t want to “wing it” and run the company by using his instincts.
But like all people, Dad eventually dies – and the Second Generation takes over. Son (sometimes Daughter) is terrified that he will destroy what his father created, and becomes paralyzed and afraid to make change. Decision making continues to be “What would Dad have done in this situation”? Generation #2 is the caretaker generation, sitting on the large fortune, but not taking any chances or taking risks.
Then along comes generation #3. They grow up never knowing what hard work is. Anything they want, they just ask for and they get it. They attend the best schools and pay no attention to learning anything, since that is not necessary. They’re already set for life.
So when the second generation dies, none of the third generation either wants the job or knows how to do it – they squander the family fortune and think they’ll succeed in whatever they do merely because they are the grandchildren of the once proud and powerful icon.
In the case of Ronald Regan Jr, this only took one generation.
Well said! Ronnie Jr. is most definitely a piece of work.
The fact that he is now raking the bones of his father to earn a few books on his book is so typical.
Beautiful synthesis and dead on.
Ouch! That was a blistering zinger!
But so true.
Wasn’t he the one who wanted to be a ballerina, er … excuse me….. a dancer?
John Paul Getty III died a few days ago. He had a stroke in his 20s from a drug overdose that left him paralyzed.