Giving for good
The purpose of a family business is to create a sustainable source of income for family members. It is also in its nature to contribute to the wider local community in providing jobs. Another way the firm can express its values and leave a lasting legacy is in the form of philanthropy or charitable giving either by donating funds, time or expertise for the long term.
But the benefits are not limited to the beneficiaries. Philanthropy can engage all of the generations. Grandparents can forge strong relationships with grandchildren and children are able to appreciate the value of their inheritance and begin to take responsibility for decisions that will impact on peoples’ lives.
In short, good giving can bring the whole family together regardless of the emotional thrust in the day to day running of the business. It transcends issues of succession and difficult relationships. Indeed the effect can be a healing factor.