Has your company helped Ukraine - and told us about it?
Lego and Bestseller have done something. They have donated tens of millions of dollars to relief organizations that help war-affected Ukrainians.
And we know this because they have been open about their initiatives.
The generosity of family-owned businesses when it comes to giving back to the community is nothing new. Many local communities and charitable projects benefit from money from family businesses. What's less typical is for companies to tell the general public about their donations.
However, family businesses can have very good reasons to be 'overtly philanthropic'.
For many of them:
- Built on core values that are best lived and strengthened through philanthropy
- Can strengthen their brand by being open about being socially responsible
- Not financially accountable to a gray mass of investors
Society benefits from family-owned businesses engaging with the community because family owners:
- Control significant financial resources
- Can act more altruistically than, for example, private equity funds
- Can often respond quickly to a crisis because they have agile decision-making processes
Family businesses should be proud of their philanthropy, whether we're talking about contributions to local sports, social projects or emergency aid for Ukraine. And as long as they follow their values and have their hearts in it, they can be open about it too.
