The Schaeffler's: A family wealth evaporates because you pay attention to a basic rule

magazines like "Forbes" or "Fortune" of Deutsche land is rarely on the front seats, if your lists of the richest people in. Here Americans, such as Amazon f

The Schaeffler's: A family wealth evaporates because you pay attention to a basic rule

magazines like "Forbes" or "Fortune" of Deutsche land is rarely on the front seats, if your lists of the richest people in. Here Americans, such as Amazon founder Jeff Bezos or Mr. Microsoft alias Bill Gates to be found. From Europe, only a select few Frenchmen, such as Bernard Arnault, in General, receive an Executive who has made how should it be otherwise – his fortune with champagne.

The richest woman is also Bettencourt, a French woman who deserves to be with the beauty of your money: Francoise-Meyers is the heiress to the L'oréal fortune. In this year, but life gets in these lists, and from Germany. The Schaeffler family has made it to number one – but in a not-so-flattering category are liable: The magazine "Fortune" has given you the unofficial title of the biggest money killer.

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The Schaeffler group, is an integral part of the industry in Germany. Mechanical engineering and automotive suppliers, almost 90,000 employees and more than 14 billion euros in sales, the impressive key figures for the group are. According to prosperous, the main owners. At the beginning of 2018 Georg Schaeffler, with its interests in automotive supplier Continental, where he and his mother, Maria-Elisabeth Schaeffler-Thumann - are heavily involved, as one of the richest Germans on the list. To supply this period, the estimated assets of the family to almost 35 billion Euro.

Every year, poorer

Today, in the summer of 2020, these investments to less than a third of the value of what they were at the time. This is partly due to the Corona pandemic, which slows down the car production and sales has considerably slowed down. But it is also the pivot of the sector away from the internal combustion engine, the electric car. Suppliers such as Continental, it is not easy to follow this Trend and to supply the car maker accordingly.

The result of falling share prices: The Schaeffler's finished each of the past two years, less prosperous than they had begun. And in this year, the same fate threatens again. According to the Bloomberg Billionaires Index, a list of the 500 richest people in the world, both have lost so far this year, about a quarter of their assets. Schaeffler Vz. To is 6,26 EUR +0,21 (+3,55%) Xetra

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Now it is not so, the family must request therefore of social assistance. According to Bloomberg's asset index the holdings of the family are still significantly more than eight billion euros in value. Only the Minus belongs to the accounts of Schaeffler's among the largest in the Index, and is thus an expression of a fundamental change in the automotive industry: Because George (55) and Mary Elizabeth (78) to control the Schaeffler AG, the German engineering group, is exposed to a similar pressure as Continental. The shares of both companies have fallen considerably this year.

Put all your eggs in one basket

Schaeffler has violated with the selection of its investments in a basic rule of the stock exchange miss: Put all your eggs in one basket, is the. Prefer to broadly diversify, so that can compensate for the fluctuations with each other. The strategy usually does not lead to family assets, often worn for several generations together, authorize changes in a Generation, which has no knack, powder. "While the founder may be in their activities, with determination, try your heirs often to reduce risk by branching into new businesses," say the authors of the magazine "Fortune" from their experiences with the rich families.

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you mention the example of the Mars family, which has developed away from the confectionery to pet care products. Half of the annual turnover of the company come from this area and ensure the family is stable and assets of $ 120 billion. As another example of successful diversification, the "Fortune"authors call the German Reimann Clan, and has converted the proceeds of his chemical company to a consumer goods Empire that includes the United States, the well-known Restaurants, Krispy Kreme Donuts and Panera Bread.

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excluded, However, the Schaeffler's are not alone. During the pandemic, other suffer with the auto industry related assets: Susanne Klatten and Stefan Quandt, the main shareholders of BMW as well as the Chairman of Hyundai, Chung Mong-Koo, have been recorded, according to the Bloomberg Index this year, a decline of their assets to double-digit percentage points.

Hopeless, the location of Schaeffler's not anyway. You have already been asked once to prove that you can come back: their Acquisition of Continental forced them to the public on state aid to reflect, after the credit collapse of markets in the financial crisis of 2008. The share price of the company increased, however, between 2009 and the beginning of 2018.

The family has experienced in your career as an entrepreneur already numerous UPS and Downs. When his father died in 1996, was inherited by Georg Schaeffler 80 percent of the family's ball bearing business, while his mother took care of the Rest. Both of them are in the Supervisory boards of Continental and Schaeffler is active. While George, as the heir of an engineering Empire, grew up, studied Maria-Elisabeth medicine and had never expected those professional career, which was then in front of her. Nervous would have been with a view to Finance the may.

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Updated Date: 10 August 2020, 16:27

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