Philanthropy

 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}