With over 69,000 employees, 53 million customers worldwide and $23 billion in annual revenue, Virgin Group is a successful company created and led by serial entrepreneur Richard Branson. In a recent interview, he reveals who will take over when the time comes and he's ready to "move on."
On "In Depth with Graham Bensinger," Branson reveals that his two adult children, Holly and Sam, will eventually spearhead the company.
"One day when I decide to move on, they will be very capable of together being the two ambassadors for the Virgin Group," he says.
The billionaire speaks highly of his two children. Holly, 36, currently runs Virgin Unite, the philanthropic arm of the Virgin Group.
The foundation has collaborated with businesses to create centers for entrepreneurship, works with global leaders to promote good governorship and spotlights the effects of climate change. According to Branson, Holly is running the organization "very well."
His son Sam, 33, owns a small production company, called Sundog Pictures, that has produced short films covering the war on drugs, the death penalty, Rwandan genocide and sustainable energy.
Branson has long enjoyed a close relationship with his two children and previously attributed his success to them.
"Without the love and support of my wife, children, children-in-law and grandchildren I wouldn't have the drive to keep achieving," he wrote in a recent blog post.
He's also given them business and money advice from a young age, including taking them to Las Vegas as kids to teach them about the perils of gambling.
However, Branson admits that it's challenging balancing work life and personal life, given all of his professional success and constant traveling. He had to actively prioritize spending time with his kids when they were young.
"I've spent more time with my kids than most fathers I know," he says in the interview. "The reason for that is I'm a great believer in delegation and working from home."
At the beginning of his career, the Branson family lived on a houseboat and so he worked from there. "The kids would literally be crawling around the floor. I might be changing a nappy [or] or having a meeting," he says. "As a result, we're an unbelievably close family."
Although the famously active billionaire doesn't see himself stepping away from the company anytime soon, Branson says that when the time comes, his children will be the face of the company.
"I think they can play that role very well," he says.
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