Raising capital from family offices
Grooming the Next Generation to Help Run the Family Office
Grooming The Next Generation for Helping Run the Family Office Long-Term | EP 12
Families starting a family office who want to prepare their children to take part in it and manage wealth responsibly.
Summary
A lemonade stand brought in $55 per day, and a later one brought in $250 per day in just 90 minutes. Richard C. Wilson uses the story to show how his daughters learned that money is earned. They counted cash, made signs, chose prices and called out to people across the street. The money bought the toy Tesla they had asked for.
The talk also covers family values and inheritance limits. Richard says none of the 40 ultra-wealthy people at a recent workshop had family values on the wall at home. He posted 10 values above his kitchen table. His daughters get money only for school, medical emergencies and a house down payment, or for approved business projects. He ends with a suggestion to talk through the family's intent with advisors.
What stood out
- Teach kids to earn money. Richard had his daughters run a lemonade stand instead of buying a toy Tesla for $400. They counted the money, set prices, made the logo and learned that value is created, not handed over.
- Write down family values. Richard's family has 10 values posted above the kitchen table. Discipline, rewards and decisions such as who to hire as an au pair are tied back to those values.
- Give enough, but not too much. Richard likes the idea of giving kids enough money to do anything but not enough to do nothing. He says a large safety net can reduce drive, and he points to trust fund problems as the risk.
- Tie family money to effort. His daughters get money for school, a medical emergency and a first house down payment of up to $150,000 or $200,000. Otherwise they apply with a business project and put some of their own money at risk, and the family may back an approved deal.
- Share stories and intent early. Richard suggests talking early about plans, expectations and the family office mission. He also suggests telling stories of positive things done with money, and talking with a trust and estate attorney about how staged payouts and exclusions might reflect the family's intent.
In their words
"You want to give your kids enough money to do anything but not enough money that they can do nothing."
"Not a single person had values on their wall at home for their family or had values established."
Key facts
- Richard's family posted 10 values above their kitchen table and uses them to decide rewards, punishments and hiring.
- A lemonade stand earned $55 per day, and a later one earned $250 per day in 90 minutes.
- Richard's daughters can receive up to $150,000 or $200,000 toward a first house down payment.
- This is module 12 of a mini series, and module 13 covers investing in health and well-being.
Sources
From Richard C. Wilson's Centimillionaire Strategies YouTube channel: Grooming The Next Generation for Helping Run the Family Office Long-Term | EP 12. Quotes come from the video captions, lightly edited for readability. Figures are the speakers' own estimates and experience.
General education only. Not legal, tax or investment advice.
Talk to a securities attorney to explore options around trust and estate planning, staged inheritance payouts and family fund lending. Do not use AI to write your own legal agreements.
Related questions
- How do I find the decision maker at a family office?Start by meeting the family through advisors, events and the people who manage their investments.
- How long does a family office take to make a decision?There is no standard timeline, and I would not trust anyone who gives you one number.
- Do family offices invest in funds or only direct deals?Family offices do both.
Questions about this video
How does Richard teach his daughters about earning money?
He ran lemonade stands with them. The girls counted the money, made signs and a logo, set prices and called out to customers. A later stand earned $250 per day in 90 minutes.
When will his children receive money from the family?
They get money for undergraduate school, graduate school, a medical emergency and a first house down payment of up to $150,000 or $200,000. Otherwise they apply with a business project that the family elders approve.
What might families discuss with a trust and estate attorney?
Richard says to share the family's intent for the next generation. That can include whether money comes all at once or in stages, such as at 55 or 60, and how the family wants to handle difficult situations. Details are best discussed with a qualified attorney.
Put this into practice with the family office fit check. See all raising capital from family offices resources.
