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.
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References
1.
Farnham, A.“The Windfall Awaiting the New Inheritors.”Fortune, 1990, 121 (10), 72–78.
2.
Rens, L. (ed.). Foundations Today: Current Facts and Figures on Private and Community Foundations. (7th ed.) New York: Foundation Center, 1990.
3.
Farnham, A.“The Windfall Awaiting the New Inheritors.”Fortune, 1990, 121 (10), 72–78.
4.
Rens, L. (ed.). Foundations Today: Current Facts and Figures on Private and Community Foundations. (7th ed.) New York: Foundation Center, 1990.
