When Byron Trott first walked into the offices of Enterprise Rent-A-Car in 1989, he expected a routine meeting with a client. At the time, he was working in Goldman Sachs’ private wealth management division and hoped to discuss the company’s financial strategy with founder Jack Taylor. Instead, he was greeted by a candid admission. Taylor and his son, Andy, who was then managing the business, made it clear they were heavily leveraged and far from the wealthy profile Trott might have envisioned. Decades later, their company has become a global model of financial discipline and long-term growth, generating excess cash and sustaining a legacy now supported by the next generation.

This story represents a pattern that has defined Trott’s career. Equal parts banker, strategist and trusted confidant, he has quietly guided many of America’s most powerful family-run businesses as they expanded from early-stage ventures into global conglomerates. Families behind names such as Wrigley, Pritzker, Heineken, Pulitzer, Koch and Mars have relied on his counsel. Even Warren Buffett once praised him as an investment banker who “puts himself in his client’s shoes” and, with some reluctance, added that Trott “earns his fee.”

Trott has built his reputation on deep, long-standing relationships. Over the years, he has gained unmatched insight into the challenges and ambitions of multigenerational wealth creators. Today, his influence is even more pronounced through BDT & MSD Partners, the firm formed in 2023 from the merger of his merchant bank with MSD Partners, a financial institution originally established to manage Michael Dell’s family capital.

As family fortunes grow and family offices increasingly resemble specialized investment firms, BDT & MSD has become a crucial player in a shifting private-finance ecosystem. According to EY, the world’s 500 largest family-controlled businesses now generate a combined $8.8 trillion in revenues and employ more than 25 million people. Trott’s firm stands at the intersection of this growth, helping families invest in one another, access private capital and diversify into new sectors.

The firm’s mandate is wide-ranging. It advised Patagonia founder Yvon Chouinard when he transferred ownership of the company to a trust and nonprofit structure. It represented Shari Redstone in the multibillion-dollar merger of Paramount Global with Skydance Media. And it played a central role in major sports transactions, including the record-setting $6.1 billion sale of the Boston Celtics and David Rubenstein’s acquisition of the Baltimore Orioles.

Trott emphasizes that the firm’s strength comes from decades of accumulated experience with families facing similar dilemmas and aspirations. “When you work with these families for so long, you learn what they want to solve,” he said. “Over several decades, that understanding makes us better partners for the next family seeking guidance.”

Gregg Lemkau, BDT & MSD’s co-CEO, describes their philosophy as patient, long-term investing in a financial environment fixated on quarterly results. Family capital, he says, operates on an entirely different timeline—one measured in decades, not fiscal quarters.

As more companies choose to remain private longer, this patient capital has become increasingly valuable. The firm was part of a funding round for Skims, Kim Kardashian’s apparel company, which reached a valuation of $5 billion. Cross-family investments have also become common, with clients investing in each other’s companies or jointly participating in new ventures.

BDT & MSD manages approximately $70 billion across private capital, credit and real estate. An overwhelming majority—95%—of its investors are active business owners or family offices, underlining its reputation as a trusted advisor to those who build and preserve wealth.

Michael Dell serves as chairman of the advisory council and is the firm’s largest investor. Under his influence, BDT & MSD has also become a significant force in technology investing. It recently launched a tech-focused fund that raised more than $800 million in just three months. Its client network spans some of the most respected leaders in tech, including Spotify founder Daniel Ek, Stripe founders Patrick and John Collison, Qualtrics founder Ryan Smith, and Airbnb co-founder Joe Gebbia.

Bringing together emerging tech innovators with long-established family dynasties has created a unique blend of perspectives. Lemkau describes it as a special kind of “alchemy,” noting that tech founders are curious about the longevity and resilience of century-old family enterprises, while legacy families are eager to understand how technology is reshaping industries.

Family offices themselves have also become a major topic of discussion among Trott’s clients. Many families are seeking guidance on how to structure and manage these offices effectively. Trott and Lemkau argue that the most successful ones start with a single, defining principle: clarity of purpose. Once the mission is defined, incentives and processes for the team running the family office can be aligned accordingly.

One of the most significant trends is the rise of direct investing, where families acquire stakes in private companies independently rather than relying on private equity funds. While the strategy can offer high returns and more control, Trott warns that it also comes with substantial risks. Many family offices lack the rigorous due diligence frameworks required to evaluate private investments. For families exploring direct deals, he recommends beginning with co-investments alongside experienced funds before moving into solo deals.

Yet financial strategy is only one part of the equation. At the center of every family business—regardless of size—are generational dynamics, personal relationships and shared values. This is where BDT & MSD’s long history becomes most valuable. The firm frequently helps families navigate succession planning, inheritance questions, philanthropic goals and the upbringing of children who will inherit substantial wealth.

Trott and Lemkau note a significant shift among younger inheritors: they increasingly prioritize purpose-driven careers and social-impact investing. Unlike previous generations, many do not feel obligated to continue the family business simply because tradition dictates it. Instead, they want their work to align with broader values and create meaningful change.

To support these transitions, the firm hosts regular private gatherings where parents and children can openly discuss challenges and share insights with peers from other prominent families. Topics often revolve around delicate questions, such as how much wealth to pass down, when to introduce children to investing, and even lifestyle decisions like whether children should fly commercial or private.

For Trott, the foundation of long-term family wealth has little to do with material comfort. The real key, he says, lies in character and values passed from one generation to the next. “It’s not the house or the car or the plane,” he said. “It’s the people inside those houses and cars who teach integrity and provide a compass.”

In an era defined by rapid technological change and expanding private wealth, Byron Trott and BDT & MSD Partners sit quietly at the center of vast networks of influence—guiding families not only in how they invest, but in how they preserve their legacy and shape the future.