2 comments

Divorce and kids' inheritance: lessons for entrepreneurs

by Matthew Rock - Tuesday, 18th March 2008

In a long interview with the London Evening Standard, Phones International founder Peter Jones talks for the first time directly about his plan for a nationwide National Enterprise Academy scheme. (Click here to read our reports on this last week.)

Jones explains that the academy will take between 200 and 300 wannabe entrepreneurs, of whom 25 per cent will come from deprived backgrounds.

Appropriately, on the day that the McCartney-Mills divorce judgment is published, Jones also explains that his kids from his first marriage won't enjoy any huge lump sums. Instead, in typical entrepreneurial fashion, he's come up with an incentive scheme:

"My children won't get large chunks of cash, no. I've set up an arrangement which gives them something called match-funding. When they finish full-time education and start to work, whatever they earn, they will get the same again. Every year for the rest of their lives the trust will double their income."

In this (and the fascinating full Mills-McCartney judgment), there are some useful, and rather scary, pointers for married entrepreneurs sitting on sizeable fortunes.

Tags: peter jones, heather mills, dragons den, entrepreneurs, inheritance, divorce, paul mccartney, children, national enterprise academy,

2 Comments

March 19, 2008 3:42pm
Tim Jones Says:

Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful. Perhaps one of his kids might one day play for play for chelsea he might regret it then!!!

March 19, 2008 12:02pm
james Quinn Says:

In principle it sounds good - but the more I think about it the worst it is! Surely you want your kids to be happy and focus there lives on achieving happiness. all he has done is focus them all to want money what every the cost! I have two children and I want happiness to be the top priority not greed.

Close X