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About Wealth 4 Impact
Most family businesses around the world don’t survive the first generation. Those that do often fail in the second generation. In Africa, where the private sector is still nascent and struggling in challenging business environments, the failure rate is even higher. At the root of this situation are inadequate governance structures and family dynamics that interfere with decision making for the long-term sustainability of the business.
The challenge of generating and sustaining generational wealth extends to communities in the Americas and Europe where black businesses and entrepreneurs have faced the additional obstacles of systemic racism and exploitation, and exclusion from the global financial services and investment ecosystem.
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Many successful professionals and entrepreneurs are struggling to engage their children and grandchildren into effective stewardship and the creation of generational wealth.
Though deeply desirous of having a sustainable approach for philanthropy, most black families have no clear roadmap for giving and spend their limited resources on efforts responding to emergency needs and requests, with no sustainable plans for generational philanthropy
Many family businesses often do not pursue third party advisory support because of a strong concern around confidentiality. Without objective and seasoned outsider perspectives, most successful family businesses and professionals will likely fail to take key decisions that will best secure their legacy to have multi-generational impact.
When philanthropic entities are well run, the potential to enhance impact can grow exponentially. The opposite is also true. We have seen too many foundations created through the blood, sweat and tears of the founder falter and even fail when faced with strategic shifts and questions of succession.
Our approach is to work closely with the leadership and key management staff of organizations to come up with a governance structure that is fit for purpose but allows the organization to adapt what can be shifting landscape. This process requires developing buy-in from the stakeholders and therefore our method is to invest in developing that buy-in while focusing on achieving the stated goals.