Divorce and kids’ inheritance: lessons for entrepreneurs

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.

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