While the Fortress of Solitude is a fictional place used by Superman, the notion of capturing a family legacy in an easily-transmittable form that can be shared from generation to generation is a very real and tangible goal that can be achieved by almost any organization. Moreover, the notion may even be an apt metaphor for some of the most important precepts of family philanthropy — legacy, continuity, and a vision for change in the world.

Indeed, the Fortress of Solitude was the first thing that sprang to mind when, in January of 2017, the leadership of the William G. McGowan Fund reached out to us with a request: could we help them document and transmit the wisdom, knowledge and expertise possessed by the fund’s current board of directors in a form that would be accessible to future board members. A tall order, by any stretch. Recent statistics indicate that almost 50% of family foundations report succession as their biggest challenge, and a silver bullet to solve such a complex problem in a comprehensive manner might be difficult to achieve  —  even if we’d had the benefit of Kryptonian holograms or crystals that grow into fortresses!

Nevertheless, we gave it some thought, and with many subsequent conversations with our clients at the McGowan Fund, we arrived at a solution that we came to call the McGowan Legacy Project. During discussions with the fund’s leaders, we identified several areas of inquiry pertaining to the work of the board that would be relevant to new board members stepping into their duties for the first time. Among these areas were the board’s biggest challenges and successes, including the transition from one leadership regime to the next, how board members work through conflicts and balance their responsibilities as board members with being related to one another (not always easy!), as well as the nitty gritty details of their fiduciary responsibilities, their vision of the future, and their experiences working with (and sometimes being!) outside trustees.

Read the full article about succession in family philanthropy at medium.com.