A family foundation often follows the same life cycle trajectory as a family business. It originates with an individual or married couple who run the foundation in much the same way that they run the business—with clarity and authority that brooks no opposition. While other family members may serve on the board, they are likely to be deferential to the founder’s vision and decisions. After all, the family might reason, the founder created the wealth.
This article provides tips on making that critical transition from founder-led to family-centered, once the family is ready to move on to the next phase of the foundation’s governance.