This had a huge influence on Chen and the way the foundation operates, especially when it comes to understanding the needs of a project and being “an informed donor”. Unlike his peers, who would typically write cheques to their home towns, putting money behind schools and hospitals, Chen's father would get involved, travelling to those places and cajoling administrators to make sure things were done right. Chen says he felt inspired by his father, who was very different from those of his generation in giving back. It was therefore natural that it was he who successfully argued for the creation of a philanthropic family foundation – the Chen Yet-Sen Family Foundation.
James was brought up with the idea that with privileges come responsibilities. James Chen’s family has a long-standing tradition of helping the poorest in society, with a particular focus on education and literacy. There is much that can be learnt from those with the ability and the patience to play the long-term game in the interest of meaningful social impact, as the story of a prominent family philanthropist shows us. Such values are increasingly being shared by their peers in the corporate world, especially those at inflection points in their careers, pondering their next significant career move. They want to create impact and meaning while they do it.īeyond responsibilities to their stakeholders, their reputations mean more than quality products at affordable prices and they place more emphasis on giving back as part of their legacy, not just ensuring the continuation of the family firm to the next generation. Families built the foundations of many industries, from high fashion to car making, and their longevity has often enabled them to build trustworthy names and eventually become prominent philanthropists.Īs the next generation of family business leaders get positioned to run their family companies into the twenty first century, many are abandoning the “get rich first and give back later” philosophy. They are also likely to tell you that their family’s values shape who they are and how they do business. If you ask a family boss what makes them special, they will mention their long-term perspective.
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