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STRAPHEAD


condition of the gift, he requires them to report back in 12 months time. “Here he is teaching them goal-setting, budgeting,


how to seek advice, planning, implementing plans and monitoring success. Importantly, he also requires accountability. “If you have a family business, a project that often


works well is to ask your child to research and put together a history of the business and then have it professionally printed.” Researching where it started, how much was


borrowed, the downtimes and the risks taken, will give the child an understanding of where the wealth came from. It will also give them a greater appreciation of what had to be done to get the family where they are today, says Mr Lucas. “Within the business there may also be some cost


management projects they can get involved in to give them a more strategic view of running a company.”


Skills for life Children of a wealthy family will, of course, need help from parents, members of the family and employees to achieve these projects. Mr Lucas says this is all part of the constructive process. “Learning to compromise, building trust and working


in teams are great values for them to learn. It is equally important to develop their financial skills too. The goal


is to give them the knowledge to manage their wealth, rather than hand them the assets. Just as the parent used his or her entrepreneurial skills, so the child might also be given the opportunity to develop a business or grow an existing business. “There are lots of ways they can learn these skills.


They could join an investment club or go on the share- trading or stock-exchange website and practice share trading so they understand what drives the share price on various companies. “You could also get your children involved in


community projects. If you’re running a fundraising event, take them along and get them to help out. Even get them to do a budget for the event and learn how you have to spend money in order to get money. It helps when parents give children encouragement


with these projects as well as a certain amount of freedom to get on with the job. Even if they go down a track with which you do not totally agree, or is costly; making mistakes can offer the best learning experiences. Seeing a young person develop these values and life


skills, and really start to understand the place of wealth in their lives, is so rewarding.


Paul Lucas practices in the area of family business advising, and assists in the transition of management and ownership from one generation to the next at Coleman Greig Lawyers: +61 2 9635 6422, plucas@colemangreig.com.au, www.colemangreig.com.au


FAMILY OFFICE: THE FUTURE 29


THE VISION


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