Look around at any prominent family-owned business and one thing you will realize they usually have in common is their commitment towards philanthropy. Helping others indeed does run in the family, and most multigenerational are perfectly poised to pass along both their business success and their expertise on how to impact society for the better. Philanthropy is the perfect activity around which family members of all ages can gather, and should definitely be made integral to any family business that is yet to come on board.
Other benefits of making philanthropy the family business include:
Teaching Financial Stewardship
It can be difficult for kids who grow up in the secluded confines of a family business environment to understand that not every kid in the world has the sort of benefits, comfort, and opportunities that they enjoy. These children can be made to better understand their power to positively impact the lives of their peers when they are taught that a key part of financial stewardship lies in finding ways to contribute to the health and well-being of others. They can start small, like allocating a percentage of their allowance towards those in need, and then grow from there as they grow older.
Legacy of Values
Passing down a family business from generation to generation is a thing of pride. The values of hard work, grit, and generosity are the very foundations upon which great community leaders are also built and strong ties between customers and employees are forged. Philanthropy represents the ultimate platform through which even members of the family not directly involved with the everyday running of the business can showcase the values passed down through the generations.
Philanthropy is also another great way to enforce the importance of strategy within an organization, provided you remain deliberate about creating goals which are large enough for all members of the family to rally around. These philanthropic projects, if done right, can spill over into daily life and act as a catalyst for stimulating family action. Remember to pick a big enough goal which allows you to tailor opportunities and demands according to the strengths and preferences of different family members of all ages and sizes. For example, some members of the family may be good at fund raising, capable of telling compelling stories that people can believe in and invest in; while others may prefer to work in the background rather than take the spotlight—a deliberately large goal will be able to accommodate all these personalities and put them to good use.
There can hardly be a downside to strengthening family values and providing support to your community through concerted positive action. Thinking of adding philanthropy to the family calendar? You’re going to need the right printed materials for that, contact us!