September 24, 2009 | Read Time: 1 minute
A trio of businessmen at the Clinton Global Initiative said that getting involved in philanthropy has great rewards, but they also were rather candid about the challenges.
Eli Broad, who earned a fortune in real estate and has become a major donor to arts and education groups, said that unlike in business, a philanthropist must work hard to build consensus among charities, public officials, and others. Occasionally, he said, “you have to suffer more fools.”
Robert Wright, the former president of NBC who established Autism Speaks after one of his grandchildren was diagnosed with the disease, said half-jokingly that compared to his for-profit job, “the perks and pay really suck” running a charity.
Along with the other panel member, media mogul Ted Turner, they all said that business people can bring valuable skills and experience to nonprofit groups.
However, they weren’t sure of the reverse, saying they would be hesitant to choose a person from the nonprofit world to run a company.
“I’m not sure a philanthropist would be a good person to run it,” Mr. Turner said, referring to his most recent enterprise, a chain of steakhouses.
Mr. Wright suggested it wasn’t a question about the competence of nonprofit leaders; he said that the passion it takes to run a charity may not translate into the corporate arena, where profit is often a primary motivator.
The panel did speak proudly about their philanthropic accomplishments. And Mr. Turner suggested that there are rewards in his charitable endeavors, like his $1-billion gift to the United Nations, that he has trouble duplicating in other parts of his life.
“In 10 years, we’ve never had a serious argument,” he said about U.N. officials, adding, “I wish I could say that about my [former] wife.”
