NextGen - paying it forward by giving back

You have two hands - and you should take with one and give with the other. Increasingly, this is becoming the mantra for many family businesses today, as a new breed of owners, our ‘next gens’, start to step up and increase their influence on the family business.

Meaningful and well thought through corporate social responsibility objectives are becoming increasingly important to more and more next gens - with an increasing number wanting to contribute to a stronger and brighter society. No longer are businesses able to demonstrate philanthropy by simply donating money.

Next gens are influencing family businesses to be more strategic with their philanthropic efforts, and are actively getting involved in the process. However, this is raising more and more questions around how a family business can effectively give back to the community.

There are a few key things to consider, including the type of cause/charity to support, how it aligns with the business, and what support can be offered offer?

Helping develop an effective strategy, back-end administration and some good old fashioned PR are three areas where established family businesses can really add value. And more than that, providing support to organisations outside the confines of the family business provides next gens with an opportunity to sharpen their business skills… and help set them up for success when it comes time for them to take the reins.

Regardless of the approach your business takes when it comes to philanthropy, there is one thing you should be clear on: your ‘whole of family’ philanthropic vision. And the most important element in this is simple and effective communication. Having seen first hand the way in which the development of a philanthropic vision can bring together a family, I've no doubt it will become a core element of what all successful multi generational families do.

PwC’s Private Clients team helps families develop and achieve their philanthropic objectives. We work with you to outline how philanthropy can play a role in achieving your broader family business objectives. Key insights are provided in our Once in a Lifetime campaign. To learn more, go to https://pwc.to/2wjCtin.