Unlike PE or public companies, long-held private family businesses often prioritize stable, growing dividends. Executives may be rewarded on enterprise value, but must align M&A strategy with the family's goal of dividend growth, as rising enterprise value can create undesirable tax burdens for shareholders.

The 20th-century view of shareholder primacy is flawed. By focusing first on creating wins for all stakeholders—customers, employees, suppliers, and society—companies build a sustainable, beloved enterprise that paradoxically delivers superior returns to shareholders in the long run.

The most successful multi-generational family offices treat their operations with the same rigor as a formal business. This includes defined structures, clear missions, and motivating family members, rather than just passively managing wealth.

3G targets family-owned businesses because they often make better long-term decisions without quarterly pressures. Decisions that are negative ROI in the short term (e.g., entering new markets) compound positively over decades, creating more resilient and valuable enterprises.

Public companies, beholden to quarterly earnings, often behave like "psychopaths," optimizing for short-term metrics at the expense of customer relationships. In contrast, founder-led or family-owned firms can invest in long-term customer value, leading to more sustainable success.

The success of family-run media giants like The New York Times highlights a key advantage over venture-backed counterparts. They prioritize long-term stewardship and legacy over a mindset of rapid growth and seeking an exit, fostering stability and a deeper, more resilient brand identity.

The primary goal in a family-run business should be preserving relationships, as work provides meaningful time together. Choosing money or ego over family creates tension. Often, the real friction stems from a perceived lack of respect, not just financial disagreements, which can poison the dynamic.

Both companies leverage their independent ownership to make long-term, values-driven decisions that might be challenged by public market investors. This structure provides the freedom to prioritize purpose over immediate profit, such as restraining growth or making bold political statements.

Contrary to the belief that private ownership removes short-term pressure, Mars' CEO argues that long-term, generational goals are achieved by delivering strong short-term results. He uses the analogy of a marathon, which is ultimately won by running a series of sprints, highlighting that both time horizons are critical for sustainable business.