Patrick on Deal Selection, Housing and Family Wealth
At a Family Office Club event, Richard C. Wilson introduces Patrick for a fireside chat about his investments and family office.
Richard C. Wilson introduces Patrick, founder and CEO of Patrick Ventures family office. Patrick discusses how his family chooses investments in real estate, finance and technology, including a senior housing project on church land and tiny homes sent to Hawaii. He also explains how his family screens deals and why he talks with his daughter about money early.
In this video: Richard C. Wilson (Fireside chat host), Patrick (Founder and CEO of Patrick Ventures family office)
What they said
- Patrick's investment framework. Patrick uses a people, process and product framework to assess opportunities. He says experience, shared values and persistence matter when business conditions get difficult. (at 3:46)
- Patrick on staying with a business. Patrick says some entrepreneurs lose focus when an original plan struggles and chase another opportunity. In his view, founders should stay with a product and business they believe in when times get tough. (at 4:14)
- Patrick's deal criteria. Patrick says his family office spells out its action criteria and turns down opportunities outside its strengths. He looks for organized proposals that are proprietary, scalable and aligned with the family's experience. (at 7:53)
- Patrick on the senior housing partnership. Patrick describes a senior housing project on church land under a 90-year ground lease with flat rent and automatic renewal. He says 10% of NOI goes to the parish. (at 5:09)
- Patrick on teaching Taylor about money. Patrick says parents should talk with their children about money early so they can learn its value and build financial understanding before adulthood. (at 15:34)
In their words
"Try new things. Take risks. We're in Hawaii. Enjoy the moment. Enjoy your family."
"We want to be around great people doing great things."
Why it matters if you are building or preserving great wealth
Patrick says Taylor keeps him in check when she asks why he's spending money. That example makes the conversation two-way: teaching her about family finances also gives her a chance to question his choices.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
How large is the senior housing waiting list Patrick mentions?
Patrick says 2,000 people were on a waiting list for five facilities.
What might a tiny-home installation involve?
Patrick says local contractors and installers can connect utilities. Depending on the site, homes may use solar, off-grid systems or biodegradable waste technology, and the land may need to be leveled.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.