On this shared journey, each has much to offer to and learn from the others.ģ. In business, engage other stakeholdersīusiness stakeholders can include employees, directors, shareholders, customers, vendors, regulators, lenders and community leaders. Because of their unique life experiences, the rising generations have perspectives that can differ from that of the wealth-creating generation. Often, each generation of a family has its own view of the role philanthropy plays internally and externally. This is a key step toward creating a ‘safe zone’ for improved communication about philanthropy, which can lead to more engagement, enhanced family dynamics and greater impact.
Create a separate table for consideration of these assets, and invite all members of the family to sit there as equals. In most cases, philanthropy represents a small fraction of a family’s assets. Your thoughtful answers inform an effective strategy to achieve both internal and external goals through philanthropy.ĭonors who neglect one or both of these questions miss the opportunity not only to ‘make a difference’, but also to fully engage family members or business stakeholders in truly meaningful communication about values, goals, priorities and lessons learned.Ģ. Create a ‘safe zone’ for family philanthropy The internal lens helps us answer, ‘What am I hoping to achieve for my family, business or self by donating hard-earned money and precious time to charity?’īoth questions are important. The external lens helps us answer the question, ‘What are we hoping to accomplish for our community, country or world?’. When setting philanthropic goals, donors should look through two lenses. You may want to discuss these lessons with your clients. Here are seven that have risen to the top over the past seven years. The understanding of philanthropic “best practices” has evolved.Īlthough mission-based philanthropy is highly individualized, there are some broadly applicable lessons. The opportunities for philanthropists to make a difference are better defined. The field of strategic philanthropy is more sophisticated and complex than ever. Over that time, much has changed, and I’ve gained practical experience and learned valuable lessons within this very special niche. Seven years ago, I began working closely with families, businesses and foundations to help them achieve greater impact for themselves and their communities through philanthropy.
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