Abstract
Many entrepreneurs stay too long in the role of owner-manager of their family business because of confusion about alternatives, the desire to continue achieving, and fear of losing control of hard-earned wealth and authority. This article suggests that setting up a family foundation affords the aging business owner a new, challenging career. Arguments in favor of philanthropy are presented, including social responsibility and resource utilization. The article concludes with an outline of the basic steps in establishing a foundation.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 347-355 |
| Number of pages | 9 |
| Journal | Family Business Review |
| Volume | 3 |
| Issue number | 4 |
| DOIs | |
| State | Published - Jan 1 1990 |
ASJC Scopus subject areas
- Finance
- Business, Management and Accounting (miscellaneous)