In general, investing in real estate will be better. This is especially true if you can get into expensive markets early on like San Francisco or New York and hold the property for a very long time. This is the case with the Swig family. A rustic but secretive family owns billions of dollars in real estate across the United States.
Benjamin Swig was born in 1893 on the outskirts of Boston. His father, Simon, was a banker and politician. In 1936, Benjamin founded The Swig Company. One of the top buildings Swig and his partner bought in New York City is the 50-story W.R. Grace Building. The reason Swig moved to San Francisco in 1945 was simple.
He quickly bought the San Francisco Fairmont Hotel (and built the hotel’s penthouse) in historic St. Francis. In 1954, he led a project to build a football field in downtown San Francisco. Four years ago, the Giants moved from New York to San Francisco. Swiss is also an active philanthropist. This is what he wanted. He has contributed for educational, artistic, religious and democratic purposes.
He has donated millions of dollars to the United Jewish Appeal, Hebrew University of Jerusalem, Brandeis University, Israel Bond, University of Santa Clara and many other Catholic organizations. Although Swig is Jewish, his charitable legacy is so great that he has been knighted twice in the Vatican for his generosity towards Jesuit education. Swig passed on his charitable legacy to his heirs. He had 3 children, 10 children and 26 children. The 5th generation Swigs currently has about 50 people. Benjamin Swig died in 1980 after a long illness. He is 86 years old
Benjamin’s grandson, Kento’s Wig, 60, and his brother and cousin run the company’s board of directors. Today, the family manages over $ 3 billion in commercial real estate. Approximately 10 million square feet of premier commercial office space.
Some notable features are:
220 Montgomery Street (aka the Mills Building)
235 Montgomery Street (aka the Las Building)
369, rue des Pins
633 Folsom Street
501 Second Street New York:
1100 Americas Avenue
1114 Avenue des Amériques (aka Grace Building)
1411 Broadway 1460 Broadway 7 Hanover Square Los Angeles:
617 West Saturday
595 Eastern Colorado
Kent Swig found this out about 10 years ago. He knows that passing money (or a business) to the next generation is often the cause of failure. Only 12% of family businesses survive in three generations of a family. By the fourth generation, this figure drops to 3%.
Kent Swig realized that the only way a business could survive in the future was to start the next generation of businesses early. One of his first acts was to turn down the position of chairman of the board so that his fourth-generation cousin could take his place.
Kent revealed that in order to survive, the next generation must make decisions and navigate the family business and property. If you want your heirs to build your property for more than 100 years, then follow these lessons!