In the increasingly complex world of business today, you need to focus your time and energies on running your organization.
With Faithward Advisors as your financial partner, you can concentrate on what you do best – the strategic direction and day-to-day operations of your business. Ancillary concerns won’t distract your focus, and you can feel confident knowing you’ve offered your employees great benefits and a competitive retirement plan. With Faithward Advisors as your business partner, you’ll enjoy the rewarding feeling that you’ve creating a path for your business and your employees to have a financially healthy future.
Our business services include succession and transition planning, pension and retirement plan consultation, and employee benefits. Call Faithward Advisors today at 239-747-7010 to learn more about our professional strategies for business success.
Entrepreneurs’ long-term visions for their businesses are often anchored in the ambition to create value and wealth for their descendants, society and ministries. The development of the business is, accordingly, centered upon building sustainability. Building sustainability, for both family and those close to the business owner’s heart, becomes a natural expression of an entrepreneur, often without realizing it.
Understanding the power of philanthropy and purposefully employing this tool can strengthen the bond between generations. The charitable component of such planning can become a common ground that often includes parents, children, partners, and grandchildren in projects not directly related to the family business. In other words, a business environment that incorporates strong philanthropy becomes a place for encounters, dialogues or exchanges of shared altruistic interests. It is a wonderful opportunity to bring together the family, even members who are not “in” the business.
Philanthropy can also be a learning tool, giving parents the opportunity to teach the next generation how to share resources and defend one’s point of view within the family. It also provides an environment to help them understand the value of hard work and money. Practical skills and an entrepreneurial attitude can be developed in this setting. All these will be important in life, as well as in the business world.
Next, as financial sustainability continues to build, some business owners will involve younger family members by establishing a separate “next generation fund,” allowing them to allocate smaller grants to their individual charities of choice. This experience helps them take responsibility and develop confidence by recognizing their preferences.
Faithward Advisors can help your family business develop a clearer understanding of its values, identify opportunities to amplify them throughout your organization, and propose ways that can make the tool of philanthropy work for you, your family, and your business in a tax-efficient manner. Contact us today to start a conversation.