Nancy Gardiner, Partner, Director of Family Office and Philanthropy Services and Gioia Perugini, Associate Director, Family Office and Philanthropy Services – Hemenway & Barnes LLP
Wednesday, July 11, 2018
Many families talk about their desire to engage the next generation in family philanthropy and struggle with determining the right time to involve the next generation and how best to prepare them for their role with the family’s charitable giving.
On the journey to obtain independence and achieve financial success, the priorities usually include having a good educational experience, a sound resume and a career with a nice salary. That journey will likely contain u-turns, bumps and dead ends.
Research tells us communication is the most essential ingredient for sustaining wealth across generations. But, cross-generational communication can be particularly challenging, especially within families of wealth.
Succession planning for a family business inevitably requires planning for the transition of the management team. This transition presents several challenges, including dealing with non-family managers and with a family member who is not suited for a leadership role in the business.
The question Virginia “Ginny” Esposito, Founder of the National Center for Family Philanthropy, gets asked the most, is “How can I engage my family in philanthropy?” In this episode, Ginny highlights what family business is and common trends in the work she has been in for over 30 years.