The Family Foundation Conundrum: Succession PlanningJuly 22, 2019 – Articles
"Not all family foundations are alike. Despite the large number of such foundations in today's philanthropic sector, they can be as different as the people who operate them. But while they commonly differ in asset size, mission, grant-making history and priorities, they often share common challenges with respect to honoring their founders’ donative intent in light of changing circumstances. Family foundations, whether large or small, need to develop thoughtful strategies in order to ensure that they can achieve their objectives over time without diverting mission, charitable funds, or even resources. This article examines three hypothetical scenarios that illustrate some of the problems that can arise over the life cycle of a family foundation in the absence of adequate succession planning: a small family foundation; a single purpose family foundation; and a large family foundation."