One issue that some families have
encountered is that the types of philanthropy favored by one generation may not
be the ones favored by the next — something that could cause strife if not
addressed.
Ensuring continuity of both your
family harmony and your family business is as much an art as it is a science.
Such is the case with family foundations.
For a family with means, and
perhaps also as a model for a family with fewer resources, a family foundation
may offer just a unifying bond.
A family foundation represents a
way of doing good as a family and even making those foundation goals the goals
of the family itself. This kind of unifying goal was explored by CNBC in an article titled “Family
Foundations Prepare for the Next Generation.”
If you are the family member who
established the family foundation, the goal should expressly be to include and
to establish a succession for your family foundation. In point of fact, a
family foundation is like a family business and shares many of the same
concerns, anxieties, and goals.
Now, even a family of modest
means can see the value in the family foundation model. If for no other reason,
your family foundation can be a means of doing good as a family and letting
everyone in the family work together to accomplish that good end.
Reference: CNBC
(February 9, 2013) “Family Foundations Prepare for the Next
Generation”