I have managed older folk and they appreciate the same things we all do. Be honest and upfront, let them know what you expect of them and what will happen if they accomplish the goals and what's the outcome they don't.
And then be true to your word.
The only thing that's a little different is that some older folk appreciate you openly ask for their input piggybacking on to their "extensive experience" while some see it as a sign of weakness. You have to measure the person but, then again, it's almost the same with younger folk.
http://en.wikipedia.org/wiki/Supermassive_black_hole#Superma...