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<p>I think there’s a piece that you’re missing. The kids who are standing to inherit the family business don’t really need elite schools in the first place. I can’t count the number of families I know in small, privately held but wildly successful family businesses – the kids go wherever they want to. If they’re academically inclined they may go to elite schools; if not, they go where the football team and the frats are the most fun, or where they can ski easily on the weekends, or whatever floats their boat. There’s simply no need for them to send their kids to elite schools unless the kids themselves tend to be more intellectual in nature. And you certainly don’t need to be intellectual in nature to continue to run a family business spinning off a few million dollars a year for the family.</p>