Richard Wilson: including children in the discussion of contracts
Richard suggested talking with the next generation about contracts and investment terms, alongside the family's broader plans.
The discussion included how the work happened
In his next-generation module, he encouraged families to show children the one-page planning sheet and discuss their strategies. He also mentioned contracts and negotiating fees. Those details let the conversation reach the work behind an investment decision.
Stories supplied the context
He paired the technical discussion with stories from building wealth and using money to help people. The recorded emphasis is the content passed along through conversation.
In Richard C. Wilson's words
"talk to them about contracts, your negotiating fees, investment structures, what you've learned while creating your wealth" (Richard C. Wilson, How to Start a Family Office mini-series)
How to use this
- Choose a completed negotiation that can be explained without private counterparty details.
- Describe what changed during the discussion and what the family learned from it.
Questions and answers
Which business details did Richard mention discussing?
Contracts, fee negotiations and investment structures.
What did he pair with those details?
Stories about creating wealth, the family's values and positive uses of its money.