Summary: A wealthy family's expectations that its charitable foundation will thrive for many generations can crash in just one.Too often, says philanthropy consultant Mollie Bunis, the family really hasn't planned for the day when the founder is no longer around. That happened not long ago with a multimillion-dollar family foundation in the South, she recalls: The patriarch died and, while he had children and grandchildren, no one had bothered to name a successor.
 If there are potential candidates, from inside or outside the family, but the founder still hates the idea of relinquishing control, one solution is to craft a senior-adviser role in the succession plan. That way the founder can stay involved, and new talent has a path for gaining experience and taking charge.Elliot Berger, managing director, Arabella Advisors. |
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