I act for a number of family business owners, from relatively small concerns to high street names. A rather pleasing theme I have seen with most of such clients is a tendency towards philanthropy.
Although some are more generous than others, this article explores gives us some solid reasons why philanthropy might be good for family businesses.
A study published in Harvard Business Review found that family businesses maintain high levels of corporate social responsibility (CSR) regardless of economic conditions. Additionally, the importance of CSR to family businesses was confirmed by a study by EY and Kennesaw State University, which revealed that 81% of the world’s largest family businesses are engaging in philanthropy.