The Duchossois family started next-generation education when they had an operating business — and they are continuing it today through their family office. Craig Duchossois is executive chair of Duchossois Capital Management, the investment company and family office of the Duchossois family. The family sold Chamberlain Group, Inc., a leading maker of access control systems such as garage door openers and gate access devices, in 2021. Duchossois talks about what the family has learned:
Early family education efforts
Start early — we started when they were 5 years old. My sisters and the family council found an investment type and a psychologist who help families with early training.
The first meeting blew us away: The psychologist took the kids, who were ages 5 to 8, to the crafts room in my daughter’s home and said, “We’re going to build something. Later we’ll go upstairs, and you’re going to explain what it is and the purpose it serves.” They had everything laid out to build piggy banks. After the kids finished building and decorating their piggy banks, they were asked, what do you use a piggy bank for? One of the kids raised their hand and said, “To save money.” Oh, that’s good. But what do you use money for? The kid said, “to buy candy.”
And they would push back a little and ask about other things — they would work through buying Mommy a Halloween card, or a birthday present. “Would you ever give any of this away to someone who needed assistance? That’s called philanthropy.” And why else would you save it? Saving for a rainy day, for financial security. Bingo!
Passing on values
When the family was together during our annual shareholder meeting, we usually pulled out 4G for additional training about the values held in esteem by the family and that were important to running a successful business:
- Integrity.
- Taking care of our people.
- Hiring people with like values who fit our culture.
- Treating everyone with respect.
- Importance of re-investing in the businesses to protect and grow a competitive edge.
Helping the next generation prepare for the future
This year, two of our 4G members will enter college. It’s important we modify our mentoring and development programs to reinforce our family values while stressing the importance of finding their passions once again. We don’t want a summer to go by without them experiencing and testing pursuits of interest. Examples include internships, working as camp counselors, travel, or training in the sport of their choice.
