For Chinese entrepreneurs, this must be an extremely critical moment. Chinese family businesses are in a period of passing from one generation to the second generation, and if the first succession is successful, it is likely that the succession of the next few generations will be successful.
Written by丨Boiling snow
How long has it been since you've heard the name "Metersbonwe"?
This domestic fashion brand, which was the first to ask Jay Chou to endorse in the early 2000s and opened stores all over the country, seems to have disappeared for a long time. Even though the traffic of national fashion brands has been higher than wave after wave in recent years, Metersbonwe (referred to as "Meibang"), which is known as the "first stock of casual clothing", has never stirred up waves in the product market.
After years of losses, finally someone can't stand it.
The latest news is that Zhou Chengjian, the founder of this brand and the former richest man in Zhejiang Province, announced his return to Meibang. Hu Jiajia, the eldest daughter of Zhou Chengjian, who has been at the helm of the company since the end of 2016, announced her resignation from all management positions in the company.
Figure Network. By the 30-year-old eldest daughter Hu Jiajia**, who returned from studying abroad, this incident shook the Zhejiang business community at that time, and the outside world gave great expectations to the second generation at that time.
But from taking over the baton to resigning from the management position, more than 7 years have passed, and the story has ended with a net loss of nearly 3.2 billion yuan. So far, the legend of the baton handover of the year has come to an end in a sloppy manner. And in those years, the entrepreneurial bigwigs had to return to the rivers and lakes, in the words of Zhou Chengjian in an interview, "start a new business." ”
It's just that this time the journey is dangerous, and it is not inferior to that year.
"Rich second generation" should always be regarded as a negative word. Not to mention that the undercurrent of hatred of the rich has always existed in the psychological bottom of the **, and those second generations who were born with a golden spoon have gathered all the controversies in one. Especially after Wanda Gongzi and "national husband" Wang Sicong fought against Internet celebrities and the entertainment industry, this impression of "no learning, no skills" and "extravagant profligacy" (in fact, it is not necessarily accurate) has been further reinforced.
Hu Jiajia of Meibang has lost nearly 3.2 billion in 7 years, which seems to have once again verified this logic. But is it really because Hu Jiajia can't do it?
Figure: Metersbonwe official website.
According to public information, Hu Jiajia graduated from Aston University in the United Kingdom in 2010 with a major in marketing, and obtained a master's degree in fashion marketing from Istituto Marangoni in London in 2011. Since 2011, Hu Jiajia has worked in the President's Office, Footwear Development and Operation Department, Brand Marketing Department, and Strategic Development Department of Meibang.
I have participated in some business school courses where the second generation of companies gathers, which has made a great difference in my perception of this group.
At least from the people I have met, all of them are fluent in foreign languages, there are almost no absences for 8 a.m. classes, and classes are full of people who are serious about taking notes. For the cutting-edge changes in technology and consumption, you will find that they are more profound than most people think. They not only returned from overseas prestigious schools, but also started as interns in large factories when they returned to China.
In fact, even Wang Sicong's fluent English and strong logical thinking ability in an interview with the UK ** show the imprint left by "elite education" on them.
After coming into contact with these people, the biggest feeling is: "Those who are richer and better looking than you are working harder than you." "Isn't it heart-wrenching?
I believe that when they first chose the decision of **, these second-generation must have come up with qualities that can satisfy their fathers who have fought on the battlefield of cruel competition. Otherwise, it is difficult to explain why their parents are so easy to hand over the fruits of their life's work.
In fact, during the years that Hu Jiajia has been at the helm of Milbond, China's private enterprises have almost always followed the route they have chosen. For example, Wahaha's second-generation Zong Fuli, New Hope's second-generation Liu Chang, etc., they were also placed great hopes on their parents and investors at the beginning.
This is not only because most of the older generation of entrepreneurs who started their businesses in the first decade of the 20th century have reached the age of "doing what they want", but also because new technologies continue to impact and subvert our business and life in a short period of time. This is also one of the reasons why private enterprises have been trading in recent years.
Creative Diagram **: VCG
Of course, there is also a bottom reason, that is, these entrepreneurs who have just become rich do not want their wealth to end here, but are trying to explore new ideas for wealth that has been rich for three generations and passed on wealth from generation to generationIn the history of China, there are few truly successful cases to refer to.
Zhou Chengjian of Meibang once appeared on the throne of "the richest man in Zhejiang". In 2008, Zhou Chengjian's family ranked fifth on the Forbes China Rich List with a net worth of $2 billion; Since then, he has been the richest man in clothing on the Hurun Rich List with a net worth of 20.4 billion yuan.
But looking at today's situation, even the richest man in Zhejiang behind him has changed several rounds. Unlike China's richest list, which can be changed in ten years, the global richest list has actually been very stable in recent decades.
Moreover, many of the longest-lived companies exist in the form of family businesses - the most typical is the French Arnault family behind Louis Vuitton, who just ousted Elon Musk from the position of the richest man, and the brand has continued to occupy the frontline position of the trend for a hundred years, and there has never been a word of obsolescence and aging; And the holding family behind it has gradually become a legendary old money existence over the years.
In the world, in fact, not only the Arnault family, but also the Rockefeller Society, Li Ka-shing Society, etc., are another form of family inheritance. But why, at least from the current point of view, has we never found a proven and feasible model for the problem of people?
Family businesses in Europe and the United States have been passed down for four or five generations, and some even five or six generations, and a mature inheritance mechanism has been formed. For example, the political, legal, tax and other systems related to family business transactions have been improved, such as the inheritance tax in the United States, such as the trust system, which are relatively mature, and there is a ready-made system that can help families think about how to arrange inheritance.
Moreover, the external social environment is also relatively stable, with constant production and perseverance forming a positive cycle. Of course, some people may question that the wealth distribution gap is widening. But the premise of wealth distribution is that the people who create wealth have a sense of security, otherwise, all discussions are unnecessary.
The most important thing is that the enterprise should have a stable decision-making mechanism and a modern management system as the support. The family business is only a formality, and its core still needs to be built on the basis of a modern corporate management system.
Zhou Chengjian (picture **screenshot).
Taking Meibang as an example, Zhou Chengjian said that the responsibility for losses mainly lies with himself
In the past, I also participated in the operation of Meibang, but it was in a state of seeming to be in charge of non-management, which could not be well managed. (See Zhou Chengjian's interview with China Entrepreneur magazine on February 2).Whether this is Zhou Chengjian's excuse or not, it is conceivable that within Meibang, it seems that young people are at the helm of the formation of the highest decision-making, and in the final analysis, it is still the old people who are at the helm. This makes it easy for the company system to become virtually non-existent.
These "rich second generations" themselves are not incapable. Looking back, Suning's Zhang Kangyang is another typical example.
In June 2016, Suning officially became the owner of Inter Milan. As the president of Suning International, which is responsible for Suning's overseas business, Zhang Kangyang became a director of Inter Milan FC.
In 2018, Zhang Kangyang, who was only 28 years old, became the president of Inter Milan FC. At the end of the same year, Juventus FC general manager Marotta left his position for many years. Zhang Kangyang made a crucial decision to appoint Marotta as the CEO of Inter Milan FC.
In January 2024, the Italian Super Cup final ended, and Inter Milan defeated Napoli 1 0 to win the championship, achieving the third consecutive Italian Super Cup victory, replicating the miracle created by AC Milan. This is also considered by the outside world to be related to Zhang Kangyang's "god**" management ability. But in comparison, looking back on his performance within Suning Group, it is obviously much inferior.
Creative Diagram **: VCG
In the final analysis, at Inter Milan and in Suning Group, Zhang Kangyang is facing two completely different decision-making situations and management systems, and it is natural that he has completely different performances.
In any case, this must be an extremely critical time for Chinese entrepreneurs. Chinese family businesses are in a period of passing from one generation to the second generation, and if the first handover is successful, it is likely that the succession of the next few generations will ensure a successful handover and continue to pass on.
But the realization of this good wish has a common premise - the possession of wealth and inheritance itself is legitimate and reasonable, not the object of attack.