Families with significant wealth often choose philanthropy as a means of making the world a better place, often through the creation of private foundations to ensure that their money is effectively put to use for causes they are passionate about. This can also provide a new opportunity for next generation members to engage with their family enterprise, whether they choose to join the family business or not.
Just as with any other asset, it’s important for the family owners to be aligned on the mission and vision of the family foundation, whether it is a local or global focus, dedicated to one or two causes or many, proactive or reactionary. That’s where Banyan comes in.
Here are some representative examples of the work we do with family philanthropy:
The number of families collaborating on their philanthropy together – whether through a family foundation or another vehicle – has been growing rapidly. In the United States alone, almost 30,000 family foundations have been formed since 1990.
Doing philanthropy together
For some families, doing philanthropy together is one more form of joint activity. They may already have a family company, an established family office, or both. For other families, philanthropy is the first time that they are making decisions together about money.
“Banyan helped us to organize what we wanted to do philanthropically. Now we have a shared mission and vision for our foundation.”
– Family Foundation leader
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Our process starts by working with you to identify the objectives of your philanthropy, starting with a better understanding of what change in society you would like to help bring about. Our experience is that the most successful and sustainable families go further - they also think about what impact they want to have on their own family, such as developing the next generation or maintaining family unity. With those objectives in mind, we will help you to design the strategy, governance, and talent required to achieve your vision. If your plan is to continue your philanthropy over time, we will also work with you to plan for the transition to the next generation.