- Nov 17, 2021
Learn how to think about impact and how to encourage family members to come together and give.
OUR CURRENT ISSUE OF RISE (Real Ideas to Stimulate Engagement)
Natalie McVeigh:Hi, we're going to talk about philanthropy today. When you think about your family's philanthropy, one of the things we're thinking about is impact. Impact is really the difference that you'd like to make while spending time with your family. Creating an entity that helps you to create the impact that you're looking for outside your family enterprise or your family office is one avenue to really bring your family together. That allows different skill sets to show, expression of various aspects of your family's values that might not to be expressed in other places.
More than anything, it allows you to problem solve together. You first want to start with, what do you want to do? Where do I want to give back? Then start by implementing strategic philanthropy. How will I know when I get there? Largely that's based on your own learning. We're going to demonstrate how some of that looks for some families.
One family that I worked with that was really interested in starting their philanthropy, wasn't sure that they should take their philanthropy out of their corporate social responsibility in the company. They really thought that made a difference. The challenge there though, was when they realized how many people in the family didn't want to just give back to the tree industry. They were a lumber company. Where they wanted to give back had more to do with other avenues.
Sometimes keeping your corporate social responsibility as the main venue really restricts you. They created their own philanthropic board, even though they didn't have a foundation, they created a donor advised fund. It's much easier for taxes, much simpler for administrative fees and so on and so forth. They created a board of a subset of family members where only one had been in the family enterprise before, where it was really allowing the rest of the family to shape those values. That's just one way that your family can start making an impact directly outside of the family enterprise.
Transcribed by Rev.com
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Natalie M. McVeigh
Natalie McVeigh is a Managing Director in the Center for Individual and Organizational Performance and the Center for Family Business Excellence Group within the Private Client Services Group and has more than 10 years of experience as a consultant and coach.
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