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If your business outlives you, have you clearly written what you want it to mean and how decisions should be made when you’re no longer there to make them?

For business owners, Trusts are powerful tools, but their effectiveness often hinges on one document that gets far less attention: the Letter of Wishes.

Juan Carlos Almanza emphasizes that many successful entrepreneurs approach Trusts as a one-time legal task, rather than a living framework for legacy, governance, and family alignment. Trusts can protect assets, transfer wealth, and preserve control across generations—but documents alone don’t capture intent, judgment, or values.

That’s where the Letter of Wishes comes in. A Letter of Wishes is a non-binding written document created by the founder to guide trustees and family members. It explains why the Trust was created, how decisions should be interpreted, who is best suited for leadership or control, and what values should guide distributions and governance. Unlike legal agreements, it allows the founder to speak in human terms (context, philosophy, and nuance) so future decision-makers understand not just what to do, but why.

Without a clear Letter of Wishes, even well-structured Trusts can fail in practice. Ambiguity around fairness, control, or responsibility often leads to conflict, misaligned incentives, or erosion of the founder’s original vision. With it, Trusts become adaptable, values-driven systems rather than rigid legal shells.

Here are the Top 10 Takeaways from the conversation:

1. Trusts are operating systems, not paperwork. They require intent, governance, and active use.
2. Earlier planning strengthens Trusts. It shows purpose beyond tax and allows evolution over time.
3. Trusts don’t work on autopilot. Actions must align with written rules.
4. Purpose comes before structure. Define fulfillment before dividing assets.
5. The Letter of Wishes is the voice behind the Trust. It translates legal form into practical guidance.
6. Clarity beats equality. Fairness may mean different roles, not equal outcomes.
7. Writing reveals truth. Founders often don’t know what they want until they articulate it.
8. Business reality first, tax strategy second. Optimize only after aligning incentives and goals.
9. Strong estates are layered. Trusts, holding companies, and operating entities each serve distinct roles.
10. Customization is essential. Effective Trusts reflect real families, not templates.

Books:

• Catcher in the Rye
• As a Man Thinketh
• Think and Grow Rich
• Modern Man in Search of a Soul

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This conversation is less about legal theory and more about the emotional weight of being a lawyer. Through Felipe Barreto Veiga’s story, we see a profession defined by responsibility, sacrifice, and quiet loyalty. Being a lawyer, in his telling, means carrying the client’s anxiety as your own, standing beside them in moments of uncertainty, and showing up fully even when it costs personal time, comfort, or balance. It’s a reminder that law is not just a career—it’s a demanding commitment to always be prepared, emotionally present, and relentlessly aligned with the client’s best interests.

Felipe Barreto Veiga—founding and managing partner of BVA Law Firm in Brazil—shares his journey from modest early jobs to building one of the country’s most respected corporate law firms.

Felipe reflects on leadership lessons from advising entrepreneurs and investors, emphasizing the importance of “seeking the truth” in markets often distorted by hype, inflated valuations, and short-term thinking. For him, good lawyers and good leaders must be honest with clients, even when the truth is uncomfortable.

A central theme throughout the conversation is loyalty. Felipe describes the lawyer as a “loyal squire” - someone who stands beside the client in both moments of victory and crisis.

Felipe is candid about work-life balance, arguing that it does not truly exist in law. Instead, lawyers experience cycles of “war and peace,” where intense demands from clients can override holidays, family plans, and personal time.

He also addresses the structural challenges faced by women lawyers and working parents, acknowledging the uneven burdens while stressing flexibility, empathy, and institutional support as essential for retaining talent. His reflections on upbringing, curiosity, resilience, and relationship-building reinforce the idea that successful lawyers combine technical excellence with emotional intelligence and human connection. Ultimately, Felipe returns to a single truth: law, business, and leadership are all about people.

Here are the Top 10 Takeaways from the conversation:

1. Being a lawyer is an emotional responsibility
   Lawyers don’t just manage transactions—they absorb client stress, uncertainty, and pressure.
2. Loyalty to the client comes above all else
   A lawyer’s role is to stand beside the client, even when advising against a deal.
3. There is no true work-life balance in law
   The profession operates in cycles of “war and peace,” driven by client needs.
4. Putting the client first requires real sacrifice
   Holidays, nights, and personal plans may be lost when the client is in crisis.
5. Protecting the client matters more than closing deals
   Success is measured by judgment and integrity, not transaction volume.
6. Truth is a critical leadership skill
   Great lawyers and founders cut through hype and face reality, even when it’s uncomfortable.
7. People—not deals—are the core of the business
   Talent, trust, empathy, and accountability determine long-term success.
8. Flexibility retains great lawyers, especially parents
   Understanding life outside work builds loyalty and sustainable performance.
9. Teaching and learning sharpen judgment
   Exposure to diverse perspectives makes lawyers better advisors and leaders.
10. Excellence is expected at all times
    Whether negotiating, advising restraint, or offering reassurance, lawyers must always bring their best.

Books: Good to Great, No Easy Day

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A single sentence from his mother "If you go to the US, you may never come back… and it may be too late” rerouted Pramod Maheshwari’s life. In that moment, ambition met responsibility. He stayed back in Kota, not with a grand plan, but with a quiet resolve to honor relationships and make his choice worth it. What followed is a story of turning uncertainty into purpose and a relentless commitment to excellence that eventually helped build Career Point into a multi-vertical education institution serving tens of thousands of learners each year.

Pramod Maheshwari shares how he moved from being an unemployed IIT Delhi graduate in 1993 to building a large education enterprise spanning test prep, schools, and universities. His early breakthrough came from teaching physics to a small group of IIT-JEE aspirants; strong results created trust, momentum, and eventually Kota’s coaching ecosystem. He credits relationships as the most important “balance sheet,” echoing lessons from Harvard’s OPM.

He speaks openly about the doubt of choosing an unconventional path while peers thrived abroad. The dot-com era became a turning point - he chose to commit, not regret, and scaled Career Point. He frames IPOs as a mindset of shared responsibility, warns against excess capital, and anchors everything in one belief: pursue excellence, protect cash flows, and build systems that let ordinary people do extraordinary work.

Here are the Top 10 Takeaways from the conversation:

1. One emotional truth can outweigh a thousand career plans. His mother’s words reframed success as responsibility, not just achievement.
2. Your “relationship balance sheet” can be your strongest asset. He credits parents, brother, wife, and team as the foundation behind everything else.
3. Start small, but start real. A tyre godown + ₹25,000 + one ad + daily preparation became the seed of a movement.
4. Early results build belief—and belief compounds. First-year outcomes created credibility and a flywheel of trust.
5. Comparison can poison you—or propel you. He spent 7–10 years doubting himself versus US-based peers, then used that pressure as fuel.
6. Excellence is a strategy, not a slogan. His mantra—pursue excellence and everything else will follow—guided decisions across decades.
7. Scale quality with systems, not heroes. Standardized teaching delivery, assessment, feedback loops, and 3–6 months of faculty training made outcomes replicable.
8. IPO readiness starts with mindset: share wealth, share responsibility. Public capital brings accountability; your wealth depends on shareholder wealth creation.
9. Too much capital can lead to wrong decisions. Abundance tempts overreach so capital allocation discipline matters.
10. Don’t react—respond. OPM reinforced calm decision-making, respect for teams, and the idea that execution decides whether strategy succeeds.

Books:

• The Dhandho Investor
• The Art of Clear Thinking