Sharing the Wealth
ArticlesJanuary 2025

Sharing the Wealth

By Paul Stefunek, Managing Director

There are so many ways to measure success. In a world where success is often measured by material wealth, many business owners recognize the importance of teaching their children about the deeper values of giving, kindness, and social responsibility.

One of the most powerful and meaningful ways to instill these values is through gifting and philanthropy. Some families have encouraged or should I say “push” our kids at an early age to get involved with giving back by volunteering their time – i.e. working at a soup kitchen, etc. By involving children in the process of giving, business owners not only promote a sense of generosity but also nurture important qualities such as empathy, gratitude, and an understanding of the broader impact of their actions on the world.

Gifting is so much broader than giving presents. Business ownership gifting can be about sharing knowledge, resources, and opportunities with others. For children, learning about the power of a thoughtful gift — whether it's time, mentorship, money, or skills — can help them develop a sense of responsibility. Children learn by watching their parents. When parents take part in charitable endeavors, such as donating to causes, offering mentorship, or funding educational programs, children learn that wealth and success carry with them the great opportunity to make a positive difference in the world.

Philanthropy, the act of donating to causes that benefit society, is an essential component of a well-rounded upbringing. Business owners who make philanthropy a family affair provide their children with firsthand experiences of helping others. This may include volunteering together at a local shelter, organizing a fundraiser for a cause they care about, or even launching their own charity. These activities teach children the importance of empathy and how giving back is a positive way to impact the community through engagement.

Another key lesson children learn through philanthropy is the importance of collaboration. Business owners who involve their children in decision-making processes when selecting charities or causes to support, allow them to have a voice in how they can contribute. This helps children understand that philanthropy isn't just about individual efforts, but it is also about working together to create meaningful change.

As business owners pass down their knowledge and passion for giving, they instill in their children an enduring appreciation for the impact they can have on others' lives. It also teaches the next generation that wealth is not just about accumulation but about using resources to uplift communities and create a better world.

Teaching children about gifting and philanthropy is an invaluable lesson that shapes their character and worldview. For business owners, it’s a powerful way to create a legacy that transcends financial success, fostering a legacy of kindness and social impact. By establishing a family culture rooted in charity and generosity, business owners can teach their children to cultivate empathy, gratitude, and social responsibility — lessons that will stay with them for a lifetime.

 

© Copyrighted by Paul Stefunek, Managing Director, EdgePoint Capital Advisors, merger & acquisition advisors. Paul can be reached at 216-342-5855 or on the web at www.edgepoint.com.