E32: Perfecting Philanthropy: How to Leave an Enduring Legacy of Stewardship
Russ Clemmer
CEO, Podcast Host - Helping owners and their families build a financial legacy for the next generation for the glory of God
In Episode 32 of The 3 Wins Podcast, we sit down with Larry Cox, managing partner at CoxNichols, LLC, a consulting company that supports families in finding joy in fulfilling their altruistic goals. Larry works with philanthropists on strategic planning, developing systems and processes, and generational succession.
Listen in as Larry discusses what led him down the path to advising organizations and families on how they can best organize their charitable aspirations. Regarding business owners as “one of the most unreached people in the world,” Larry talks about how entrepreneurs and their families can share the glory of God through their work and resources.
He also encourages us to consider the difference between “giving” and “sharing”—that the former is often fleeting and ends with you, while the latter can be more meaningful and lasting.?
Larry stresses the value of getting your kids involved in your philanthropic initiatives and, in turn, cultivating a symbiotic relationship between your family values and those of your business. By involving your kids in your charitable efforts, you’ll create a powerful vision of stewardship for the family that ripples through the succeeding generations.
Don't miss this episode if you’re a business leader who cares about building an enduring, multi-generational legacy!
Watch the full episode here https://youtu.be/AVbL6WhrE-4. Below are the big takeaways from the episode for easy reference.
Episode Highlights
Here are a few highlights from Episode 32 with Larry Cox:
1. Focus on values vs. valuables.
(03:26) When discussing leaving a legacy, many families focus on their valuables rather than their values. It’s important to discuss your family values so that the legacy you leave comes from your heart rather than your monetary wealth.
2. View your business as a mission field.
(17:06) We don’t typically think of business owners when we hear the word “missionary”. But there is so much value in teaching the skills of entrepreneurship, investing, and money management skills to people of all stripes—and helping them grow in their faith as business owners.
3. Shift your thinking from “giving” to “sharing.”
(20:17) Try using the word “share” rather than “give”. Even if it’s merely psychological, “giving” can make us feel a lack of true engagement or even fulfillment for the act; whereas “sharing” something implies a mutual element. Sharing connects our head, our heart, and our hands to those we touch.
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4. Live your legacy NOW.
(24:41) It’s never too early to think about the impact you want to make on this earth. Legacy is not about what comes after you die. You need to live your legacy now.
5. Embrace stewardship.
(32:18) Stewardship means “to take care of something that does not belong to you.” We are stewards of God’s resources. We need to teach our children to appreciate and practice generosity, particularly through the lens of stewardship.
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