Philanthropy is a Spark to Happiness

First, what is philanthropy? The origin of the word, from etymonline.com is from the Greek word Philanthropia: kindliness, humanity, benevolence, love to mankind.  Note that it is not love of mankind but love to mankind. Philanthropy is an act of doing or making.

Philanthropy is an act of being kind. This act can be done with money. It can be done with time; it can be done with skillset. It can be done by a gesture, a gesture of…kindness, like letting someone take our place in line at the grocery store due to their pressing need.

Philanthropy works for two main reasons. It adds to the betterment of the world, and it makes us feel good and feel proud of having given our services, our “goods” to another person or entity that could benefit from our gift.

Science has also confirmed that kindness adds to a sense of happiness and well-being. In 2006, researchers at the National institutes of Health found that the brain’s areas associated with pleasure, trust and connection are sparked when we give to charities. The University of California, Berkely’s Greater Good Science Center, co-director, Dacher Keltner said: “…we have evolved the capacities to care for those in need to and cooperate.” Darwin, in his seminal book “The Descent of Man, sites benevolence almost 100 times. He concludes that benevolence exists in the natural world, like when a pelican provides fish to a blind flock member.

Think about how you feel, after you have freely given. It is customary to feel satisfied, proud, synergistic with the recipient, happy. So go ahead and give. It feels good! It sparks happiness.  

The Hero’s Story is Significant

 

Over the holidays, I attended the annual Seattle Business Magazine’s Family Business Awards Dinner. It was a fantastic event, honoring family businesses who deserve recognition in categories such as: Best Practices, Community Involvement and Family Business of the Year.

During the dinner, Chris Schiller, Managing Director of Cascadia Capital, gave a compelling introduction to the Family Business of the Year award.

I would like to quote Chris, as I thought his words were applicable to those of us who ork in guiding and consulting with family businesses and/or their families.

Chris began his talk by saying: “In thinking about tonight’s wonderful celebration of family business, it struck me that the eminent mythologist, writer and lecturer, Joseph Campbell’s Hero’s Journey, is much like the story of family business. All of the family businesses in this room have followed a similar path to Joseph Campbell’s hero, with you or one of your family taking the risk to start a company, then embarking on the journey of building your business, meeting tremendous challenges and personal struggles on the journey, finding various mentors (maybe including the family business advisors in this room) to help you overcome those challenges, and then crossing over into a period of transformation that leads to your ultimate success as a business and a family.

For all of you family businesses in this room, you likely have not arrived yet… rather your story continues to grow with your current generation and the next generation coming up. Often the journey is more important than the destination, as they say.

As investment bankers, my Cascadia colleagues and I live in a world of left brain… financial statements, revenue and EBITDA, numbers. Often the value of a business is ascribed largely to these numbers. However, what I have learned and what drives us, rather, is the stories of our family business clients. We are able to exercise our right brain to tell our client’s story to the market in a way that we find the optimal partner that embraces that story, and thereby sees value that others do not see in just the numbers. These stories are really what drives our passion for working with family business. “

These words were inspiring for me. Thank you, Chris, for speaking them and then letting me share them here. The story of the business is so important for families who continue their businesses across generations.

Holiday Family Giving Conversations Can Reap Great Benefits

At a recent University alumnae dinner, the host asked the attendees, to indicate, by a show of hands,
who engaged in family philanthropy. Nearly the entire room or about 150 guests raised their hands. But when the host followed up by asking who engaged the family in a conversation about the meaning of philanthropy and the impact they want their donations to have both for the organization (s) and the family, only 2 raised their hand.

With the holidays providing a favored setting for family conversations, perhaps this can be an appropriate setting to start a conversation about the impact of giving for the family.

Remember these 3 tips to make your conversation more engaging, should you choose to initiate a family conversation on charitable giving. Know and communicate the intention of the conversation and its intended outcome. Keep the conversation friendly and inviting rather than judgmental and limiting. Have an inclusive conversation by ensuring that everyone has an opportunity to say what is on their minds and in their hearts, without interruption.

When each member feels heard, understood and included, they feel connected. This connection can reap great benefits for families as they initiate or develop their family giving.

Holidays and giving, bring it home for deeper cheer.