• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Venture Capital

The Most Important Thing Mark Zuckerberg Can Teach Sumner Redstone

By
Jeremy Quittner
Jeremy Quittner
Down Arrow Button Icon
By
Jeremy Quittner
Jeremy Quittner
Down Arrow Button Icon
May 24, 2016, 4:37 PM ET
Photos by Adam Berry & Frederick M. Brown — Getty Images

Media multi-billionaire and entrepreneur Sumner Redstone may want to take a cue from a much younger generation of business owners.

In contrast to Redstone, who’s locked in a pitched battle with his family and trustees over control of CBS and Viacom, the new generation of business owners is taking a more open approach to succession planning to ensure the smooth continuation of their companies when it’s time for them to retire or move on.

That’s one of the key takeaways from the most recent U.S. Trust survey on wealth and worth, released Monday.

Among the survey’s top findings: Younger business owners are raising money and planning to exit their businesses in ways that differ dramatically from older generations, even though many of their top concerns mirror those of the older set.

The findings may be important for any business trying to get a handle on the needs of a dynamic segment of entrepreneurs whose businesses are reshaping the economy. Some prominent—and wealthy—millennial entrepreneurs include Facebook founder Mark Zuckerberg, Stripe founders and brothers John and Patrick Collison, and Spotify founder Daniel Ek.

U.S. Trust, a private bank and unit of Bank of America, interviewed 242 high-net worth business owners with investable assets of $3 million or more, from late January to mid-February. Their responses are part of a larger annual survey of the wealthy conducted by the bank over the same time period.

Related: The Surprising Thing Strong Leaders Know That Weak Leaders Don’t

It turns out that nearly a quarter of millennials and 8% of so-called Generation X business owners have ever raised money via crowdfunding, according to the survey. By contrast, no Baby Boomers did so. Instead, older small-business owners tended to raise money using more traditional sources, including through personal or family savings, or bank loans.

And significantly more millennial business owners have benefited from angel and venture capital to build their businesses, compared to their older peers. Thirteen percent of younger business owners had access to venture funding, and 11% had angel financing, compared to 2% and 3%, respectively, of Baby Boom and older entrepreneurs. Generally speaking, Baby Boomers were born between 1946 and 1964, Gen Xers were born from the mid-sixties to the late 1970s, and millennials were born after 1982.

“We are clearly seeing…that there is an emerging trend of millennial entrepreneurs turning to VC and crowdsourcing to help finance their business,” Karen Reynolds Sharkey, national business owners strategy executive at U.S. Trust, said in an email.

Related: They Played High School Basketball Together. Now, They Lead Billion-Dollar Companies.

The generations also deal with succession planning in significantly different ways. While nearly two thirds of all business owners said they lack a formal exit strategy, 71% of Baby Boomers said they lack an exit, compared to 52 percent of younger business owners. The top reasons older business owners lacked a succession plan was fear of quitting, retiring, or dealing with end of life issues, according to the survey.

Younger entrepreneurs had widely different attitudes about their own success compared to older peers. A whopping 86% of younger business owners said their own innate talent led to their success, compared to 60% of older entrepreneurs. More than three quarters of the former also said they took advantage of unique opportunity, presented to them in the right time and place, compared to 60 percent of older owners. By contrast, 93% of older entrepreneurs attributed their success to good old-fashioned hard work and practice, compared to 81 percent of millennials and Gen Xers.

There were some similarities between the age groups, however. The top concern for millennial business owners, as for their older peers, is the outcome of the 2016 presidential elections, noted by three quarters of millennials and Gen Xers, and nearly 60% of Baby Boom and older business owners.

The various age groups also saw eye-to-eye on cyber attacks, personal income tax rates, and the cost of employee health care, and government regulations, which the majority of all business owners noted as top issues.

About the Author
By Jeremy Quittner
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

BlackRock private credit fund’s valuations are probed by DOJ
InvestingDepartment of Justice
BlackRock private credit fund’s valuations are probed by DOJ
By Olivia Fishlow, Ava Benny-Morrison and BloombergMay 17, 2026
1 hour ago
Ukraine brings the war to Moscow with one its largest drone attacks on the capital, adding to the ‘darkening cloud of anxiety over Russia’
EuropeRussia
Ukraine brings the war to Moscow with one its largest drone attacks on the capital, adding to the ‘darkening cloud of anxiety over Russia’
By Samya Kullab and The Associated PressMay 17, 2026
2 hours ago
Drone strike sparks fire at UAE nuclear power plant, the first time it’s been attacked since the Iran war started
EnergyNuclear Energy
Drone strike sparks fire at UAE nuclear power plant, the first time it’s been attacked since the Iran war started
By Jon Gambrell, Samy Magdy and The Associated PressMay 17, 2026
2 hours ago
This community college student is America’s entrant in the Olympics of skilled trades. ‘I always wanted to be the first female to do something’
Future of Workthe future of work
This community college student is America’s entrant in the Olympics of skilled trades. ‘I always wanted to be the first female to do something’
By Mike Householder and The Associated PressMay 17, 2026
2 hours ago
Some states blast utilities for ‘blatant corporate greed’ as profits rise while consumers revolt against AI-fueled electric bills
EnergyUtilities
Some states blast utilities for ‘blatant corporate greed’ as profits rise while consumers revolt against AI-fueled electric bills
By Marc Levy and The Associated PressMay 17, 2026
2 hours ago
 Sen. Bill Cassidy, who voted to convict Trump in Jan. 6 impeachment, loses primary as president retains grip on GOP — ‘that’s what you get’
PoliticsRepublican Party
 Sen. Bill Cassidy, who voted to convict Trump in Jan. 6 impeachment, loses primary as president retains grip on GOP — ‘that’s what you get’
By Thomas Beaumont, Jack Brook, Stephen Smith and The Associated PressMay 17, 2026
3 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
1 day ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 2026
19 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
5 days ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
1 day ago
Oil markets could be a month away from the moment of truth. Brace for a 'non-linear' price spike and panic buying, analysts warn
Energy
Oil markets could be a month away from the moment of truth. Brace for a 'non-linear' price spike and panic buying, analysts warn
By Jason MaMay 16, 2026
22 hours ago
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
Future of Work
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
By Jacqueline MunisMay 16, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.