Beginning when Punch was 11, Greenbaum gathered the children…

Beginning when Punch was 11, Greenbaum gathered the children together for occasional seminars on what it would mean to inherit The New York Times. From him, they learned that they were to avoid conflict. The family's role was one of service, they were told, and they could join the company and attain the highest levels, but they would have to do so on merit. Greenbaum taught them about stocks and trusts, say Tifft and Jones, and imbued them with a sense that the newspaper was more "a public institution than a private possession."

— from True North (Ethics, Integrity, Truth, Values) · Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting Successful Families

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