Richard Wilson: one rental property as a first responsibility

Richard listed managing one residential rental as one way a family might introduce the next generation to its investment work.

The assignment had a boundary

In the next-generation module, Richard described several approaches families take. Some ask children to gain experience outside the family business. Others begin with one relatively small asset, such as a single residential rental.

The example concerned experience

He did not describe the assignment as a rule every family follows. It was one way to give a person direct responsibility before involving them more widely in the portfolio. The recorded example is narrower than handing over a general family office title.

In Richard C. Wilson's words

"have them manage one single family residential rental to begin with or something relatively small to begin with to get experience." (Richard C. Wilson, How to Start a Family Office mini-series)

How to use this

Identify the asset and responsibilities included in a first learning assignment.
Compare a limited assignment with the experience the family wants the person to gain.

Questions and answers

What starting asset did Richard mention?

One single-family residential rental.

Did he say every family used that approach?

No. He listed it among several approaches to gaining experience.