Lessons Across Generations | Generations | Ep 04
For many business owners and families, wealth is not built in isolation. It is built alongside the demands of running a business, raising children, supporting ageing parents, managing relationships, and making decisions that affect future generations.
In this episode of Generations, Peter Leggett is joined by Andrew Horsfield, Founder of Better Life Lab, to explore the real-life tension between building wealth and protecting it. Together, they discuss why personal wealth planning is often delayed, particularly for business owners who are focused on growth, cash flow, staff, clients, and the day-to-day pressures of leadership.
A key theme of the conversation is the importance of separating business wealth from personal wealth. While a business can be a powerful asset, it can also create concentration risk if it becomes the only plan for the future. Andrew shares why having a personal wealth strategy outside the business can provide resilience, flexibility, and security when circumstances change.
The episode also looks beyond money. Peter and Andrew discuss time, presence, family values, and the importance of aligning financial decisions with the life people actually want to live. For business owners, this means asking deeper questions:
“What does a good life look like? What role should family play? What needs to be protected? What conversations should happen before it is too late?”
Andrew also shares personal reflections on intergenerational planning, including conversations with children, siblings, and ageing parents. His experience highlights why honest family conversations, clear intentions, updated estate planning, and independent advice can help reduce complexity and uncertainty during emotional times.
Key points from the episode include:
Why business owners often delay their own personal wealth planning.
The risk of relying too heavily on the business as the main source of future wealth.
The importance of separating business wealth from personal wealth.
How time, presence and family relationships form part of a broader definition of wealth.
Why clear family values can help guide financial and lifestyle decisions.
The value of teaching children about money, choice and delayed gratification.
Why estate planning should be reviewed as family circumstances change.
The importance of honest conversations between parents, children and siblings.
How independent advice can help families navigate complexity with greater clarity.
Why planning early can reduce pressure, confusion and regret later.
This Generations episode is a thoughtful reminder that wealth planning is not just about investments, structures or documents. It is about clarity, confidence, family, and making wise decisions that support the people and values that matter most.
General Advice Warning:
Any general advice on this page does not take account of your personal objectives, financial situation and needs, and because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. Information contained on this page was correct at the time of posting.
