Why philanthropy? You cannot take it with you and many business families wish to leave a legacy, whether anonymous or named donations, that make a difference to causes about which they care.
In my view, philanthropic efforts for a family business:
– shares an important family value
– is consistent with thinking generationally
– can help engage the next generation
– demonstrates that the business is giving back which is a value that many Gen Y and Millenials really care about
Philanthropy is not necessarily about the $ being donated. It is the act of giving funds but also giving skills where they may be needed. A small step forward with a consistent philanthropy policy is certainly a step in the right direction.
Learn, think, apply!