Many family foundations want to involve the next generation, but good intentions alone do not create shared ownership. Without clear roles, a common purpose, education, and room for every voice, the transition can become frustrating for everyone.
The next generation may have its own ideas about giving, and that can be a good sign. A clear family foundation strategy helps make room for those perspectives while staying connected to your family’s core philanthropic values.
Start the Conversation Before Succession Becomes Urgent
One of the best times to talk about the future of your family’s philanthropy is before you have to. Start by identifying the values you want your family’s giving to reflect. What has motivated your family to give? What kind of impact do you hope to create? What do you want future generations to understand about your philanthropic efforts?
These timely conversations clarify your family’s core values while also thinking about how you want to put them into action. For example, a commitment to education may carry across generations even as ideas about where those resources make a meaningful impact evolve with the times. A family philanthropy advisor provides structure for these conversations and connects shared values with future-thinking priorities.
Give the Next Generation Meaningful Ways to Participate
Being part of the family doesn’t automatically prepare someone to take on a Trustee role, let alone a leadership position. It takes time, and giving NextGen family members ample space to learn about thoughtful, strategic philanthropy supports them in making meaningful contributions going forward.
Instead of assuming that someone will be ready to step into a leadership role simply because they are part of the next generation, consider the tangible ways they can learn about the responsibilities that come with intentional philanthropy. Working with a family foundation advisor fosters an environment and conversations that help you think through participation, responsibilities, and how each person can contribute to a shared philanthropic purpose.
That can also mean creating opportunities to contribute ideas, taking on responsibilities, and establishing a path to participate in decisions. The appropriate role for each person will likely depend on their expertise, experience, and interests as well as your family’s structure. Family foundation consulting also makes space for everyone to think deeply about how their participation and responsibilities contribute to this shared philanthropic purpose.
Make Room for Different Perspectives
Family members may care about different organizations, approaches, or community needs, and that’s okay. In fact, the right framework creates opportunities for your family to learn from one another and seriously think about the meaning and value of giving.
Structured conversations and family retreats champion space to discuss potentially differing perspectives, establish governance, and turn family dynamics into a strength. Foundation governance consulting also encourages your family to work through questions about roles, responsibilities, and decision-making. Having that organization in place makes it easier for everyone to understand how they can contribute as your family’s philanthropy grows.
Build a Foundation That Can Grow with Your Family
The goal is not simply to hand down a foundation. It is to build an engaged next generation with a shared sense of purpose and legacy, setting the family up for future generations to join. Each layer creates new complexities. Starfish Impact helps philanthropic families create that foundation for the future.
For families seeking family foundation consulting, this means a collaborative, tailored approach grounded in your family’s goals, priorities, and needs. Your family’s philanthropy can honor where it began while also creating room for where the next generation may take it.
We just delivered a plan for a family around its NextGen succession planning and transition from three G2 Trustees to adding eight more G3 members over time. The facilitated conversations and deliverables are allowing the family to embark on further strategic planning and bring G3 on board as participant observers in a meaningful and thoughtful way. Kudos to the three G2 Trustee siblings for valuing the transition, including the governance issues and process involved, and taking the time to work on the decisions and plan that best serves the health of their family and Foundation.
Are you ready to start a conversation about the future of your family’s philanthropy? Connect with Marta at [email protected] to get started.
