Did you know? A family-owned business is much more likely to practice philanthropy. Why? It helps to ensure the business’s future success by building family cohesion.
Not all family members are able – or interested – in being directly involved with the business. Shared philanthropy connects those members and brings them into the fold, allowing them an opportunity to make meaningful decisions.
For the younger generation, philanthropy provides a training ground, introducing shared decision-making and boosting business skills.
A recent Ernst & Young / Kennesaw State University joint survey Staying Power: How Do Family Businesses Create Lasting Success? found:
- 81% of the world’s largest family businesses practice philanthropy.
- Giving is almost equally split between charitable giving and in-kind services to the community.
- 47% have a family foundation.
Rodman & Associates are experienced philanthropic advisors who work alongside you and your other trusted staff to create effective philanthropic initiatives and to maximize results. Let’s work together to build your legacy!