Succession tops the list of what keeps foundations up at night, yet many are reluctant to tackle the issue.
Addressing succession early on has a number of benefits:
- It’s important to pass organizational strengths to future leaders while senior board members are still active.
- Disputes over mission, the pressure of geographic dispersal, uneven competencies and commitment across family branches, or poor leadership are best tackled sooner than later.
- Discouraging potential successors for too long is particularly dangerous in family foundations. By the time parents or grandparents are ready to be inclusive, the offspring may have moved away or invested their philanthropic interests elsewhere.
Want to learn more about successful successions?
The Foundation Guidebook
Small or large, new or established, your foundation can be a lasting expression of who you are, and make an impact for years to come. Wherever you are in the life of your foundation, this guidebook will help you build and participate in something significant and fulfilling. Download the guidebook >>
Ready to plan for and embrace foundation transitions?
Foundation Transitions: Planning for the Future and Embracing It
In this virtual seminar, we’ll look at a foundation’s future from multiple angles, no matter the structure. This includes the most common transition points that foundation’s face, planning for future financial needs, and considerations for bringing new leaders on board. Find out more >>