Thomas Calandra, who is in his mid-twenties, is the owner of Calandra Enterprises. At least that’s how he introduces himself to customers and clients of the bakeries, hotels, and restaurants he runs with his sister, father, uncle, and grandfather.
Over the last 50 years, philanthropic giving in the U.S. has grown to $427.71 billion. And as philanthropists come to think of themselves as social investors, non-profits must also redefine themselves as “for-purpose” institutions. This must be more than a rebranding.
Families that have accumulated significant assets want to know how to best prepare the rising generation to help them maximize the benefits available to them, while also minimizing the unique challenges that occur when navigating the world of wealth.
Wealthy families usually have extensive shared assets that are designed to grow and be passed down through multiple generations. As the family enterprise grows (family business and/or the family’s other shared wealth), so does the need to enhance the family’s ability to work together.
Philanthropy is changing and evolving more quickly than ever, with new societal challenges, new players, and new strategies. In this time of change, questions of how foundations can optimize their effectiveness are increasingly urgent.