Closed on the sale of my manufacturing business three months ago. After 22 years, it's a weird feeling to have liquidity but no daily purpose. My wife and I want to give back in a way that actually matters, not just write checks to feel good. We've got a decent amount set aside for this but honestly no idea where to start. Anyone been through this and figured out something that felt authentic? I'm not interested in slapping our name on a building.
Philanthropy
Building a meaningful giving strategy after closing
Three months is early. I wouldn't rush it. Took me about a year to settle into anything resembling a strategy after my exit. In the meantime maybe just meet people doing work you respect and listen.
we set up a donor advise fund right after our sale. Mostly because it let us stay flexible while we figured out whst we actually cared about. The tax piece helped but honestly the main benefit was giving us a place to park the money without making a big permanent decision on day one.
What did you actually enjoy about running the business? I know that sounds like a sideways answer but for me the giving stuff only started feeling real when it connected to something I already knew. I spent 30 tears in commercial real estate and ended up working with a group doing workforce housing. Same problems, different context. Felt natural instead of performative.
Following. Same boat, sold a HVAC company last spring. The amount of people who suddenly have advice for you is something.
one thing I'd add, the sunday woodworker's point about connection is good. We ended up focusing on literacy in our county because that was where my mom struggled. Not something we ever planned for, just sort of surfaced.
We tried to do too much too fast. Seven different organizations in the first year. What I learned is that you can't really show up for all of them and eventually it just becomes writing checks again, which is what you said you didn't want. Pick two or three and actually sit on the board or volunteer. It's slower but more meaningful.
prairierose makes a good point. The number of commitments matters less than whether you show up. A lot of people in our position underestimate how much time real involvement takes.
Talk to an attorney before you announce anything. We got burned by a pledge we made verbally before the paperwork on the sale was finalized. Nothing catastrophic but it caused a headache with our advisors. Should have waited.
Second the attorney point, but also don't let the professional helpers swallow the whole thing. At some point you just have to start. Perfection is the enemy here.
Has anyone used a giving circle or something like that? Curious if it's actually useful or just another layer.