Smooth Successions at Family Foundations Depend on Planning

Philanthropy advisers offer tips in The Wall Street Journal on ensuring smooth leadership transfers—and averting messy ones—at family foundations seeking to maintain an impact across generations.

Families often fail to plan properly for succession at their charities and can find themselves under pressure to make a hasty pick if the founder dies or is no longer able to lead the organization, experts say. Older members may be reluctant to relinquish control of foundations they built, and younger generations may lack interest in taking on the responsibility.

Giving consultancies such as Arabella Advisors help families lay out succession plans and find ways to interest and involve children and grandchildren in philanthropy, preparing them for future foundation roles, the Journal says.