One Part Joy, One Part Challenge, All Family Foundation CEO
by Katherine Lorenz
I am seven months into one of the most exciting opportunities of my life, which is also one of the greatest challenges of my life. Earlier this year, I became president of my family's foundation, the Cynthia and George Mitchell Foundation. My 92-year-old grandfather is still very much in charge, and I have the unique challenge of working with him and the rest of our (very large!) family to create a lasting legacy.
Like many family foundation CEOs, I see my role as two-fold: creating a positive impact on the world and bringing the family together around the shared value of philanthropy. While this role is similar to any other CEO role in many aspects, the family piece is particularly important when dealing with an all-family board.
According to "Daring to Lead 2011," over half of nonprofit CEOs spend 6 percent or less of their time on board-related activity. By contrast, preliminary findings from National Center for Family Philanthropy research show that family foundation CEOs spend 20-80 percent on family issues. In other words, the family element of the family foundation CEO role is huge.
A family foundation CEO wears many hats. That individual is expected to have deep programmatic expertise and be a skilled communicator, acting as the face of the foundation in the community. It appears to be the perfect role for a nonprofit veteran-all the benefits of running a nonprofit without the fundraising obligations! What the job description often doesn't tell you is that a family foundation CEO must also be a diplomat, carefully navigating family dynamics and guiding the board to decisions that have positive impacts on both the community and family. Although the ultimate goal is high-quality philanthropy, sometimes the role feels more like family therapist than foundation CEO.
In the time I have been in this role, two bodies of resources have been crucial to my success: experts in the field and a network of peers. The depth of knowledge and expertise that those professionals are able to offer, having worked with many similar families, is invaluable in making sure our family is able to learn from the successes and failures of others. Developing relationships with peers provides a source of support as well as a network of professionals who face similar opportunities and challenges. I am thrilled to attend the Council on Foundations' Family Philanthropy Conference in February because I know it will yield more expert advice and broaden my network of peers.
Katherine Lorenz was elected president of the Cynthia and George Mitchell Foundation in January 2011. Early bird registration for Fusion: the 2012 Family Philanthropy Conference ends Friday.
