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.
ASJC Scopus subject areas
- Business, Management and Accounting (miscellaneous)