Notable & Quotable: Family offices and cannabis; Germany family business wins top award

Family office backs cannabis industry

Wicklow Capital, the Chicago-based family office of Dan Tierney, the co-founder the Global Electronic Trading Company, is backing a fund started by MedMen, a Los Angeles-based legal cannabis-focused management company. MedMen Opportunity Fund, will pursue strategic investments within the cannabis industry, according to reports in the US press. Wicklow likes its cannabis, the investment firm is the primary investor in Pharmacann, which holds medical marijuana licenses in both Illinois and New York.

 

Property dynasty skips generation to be more entrepreneurial

New York City real-estate dynasty, the William Kaufman Organization, decided to skip a generation to bring in a more entrepreneurial boss to take the business forward. According to the Wall Street Journal, Jonathan Iger was appointed CEO in preference to his father, Mark, after the death of Jonathan's grandfather, Robert Kaufman. The article said Mark views business as a lawyer, “focusing more on potential problems with a deal than the opportunity. Jonathan, on the other hand, looks at business through a more entrepreneurial lens.” The property group was started in 1924 by Russian immigrant William Kaufman. His two sons, Melvyn and Robert, joined the firm following the Second World War.

 

German company wins top family business award

A Hamburg-based company called Secca has won the family of the year award from the powerful German lobby group representing family businesses, Die Familienunternehmer. Secca makes scales and has been doing so since 1840. It has been in the hands of the Vogel family since 1888 and is now run by the fourth generation led by Frederick and Robert Vogel. The brothers recently talked about their innovative plans for Secca in an interview with Die Welt.