The Mars family, known for their confectionery empire Mars, Inc., represents another notable case of generational wealth transfers. Frank C. Mars founded the company in 1911, and it has since become one of the world’s largest privately held companies, known for brands like M&M’s, Snickers, and Milky Way.
The Mars family has employed various strategies to ensure the successful transfer of wealth across generations. One key approach has been the establishment of a family-owned enterprise. The company remains privately held, allowing the family to maintain control and retain ownership of the business. By actively managing the company’s operations and investments, the Mars family has been able to generate substantial wealth over time.
Moreover, the Mars family has been actively involved in philanthropy. In 1989, they created the Mars Foundation, which supports education, health, and community initiatives. This philanthropic focus aligns with their commitment to giving back and ensuring the family’s legacy extends beyond their business achievements.