Richard Wilson: applying to the family fund with a project
Richard described an intended family arrangement in which future members would seek backing for a business or property project and contribute some of their own money.
The request had to describe productive work
He distinguished specified support for education and other needs from funding for a business project. For the latter, he described a family fund lending money and helping sponsor a project reviewed by family elders.
The applicant also contributed
His plan included the applicant putting personal money at risk alongside the family. Richard was describing his intentions at the time. He did not say that a fund or a particular legal arrangement was already operating.
In Richard C. Wilson's words
"they have to put a little bit of their money at risk and we put the family's money at risk" (Richard C. Wilson, How to Start a Family Office mini-series)
How to use this
- Distinguish Richard's intended arrangement from a completed legal structure.
- Identify the applicant's project and contribution in the example.
Questions and answers
What would a family member bring forward?
A business project, real estate project or business idea for review.
Was the family the only contributor?
His plan also called for the applicant to put some personal money at risk.