BONUS EPISODE! Richard Seaman talks about Family Philanthropy
In This Episode:
“Decedents aren’t all going to have a passion for the family business…and that’s okay….but virtually all of them (the next generation) will have a passion for giving back.” -Richard N. Seaman
I so enjoyed my conversation with Richard Seaman. I couldn’t help but ask him question after question. So, I turned our conversation into three episodes. In this episode we discuss how family philanthropy helps to engage the passion of the next generations.
This is Part 3/BONUS episode of a three part series.
Here is the initial question I asked Richard:
How does family philanthropy play a role in your family business?
In this episode, we talk about how family philanthropy:
- Helps us give back
- Creates multigenerational sustainability
- Allows the next generation to explore different passions
- Provides a teaching role about the community, family business, wealth…
- Creates stewardship
- Founder Intent
- Can bind the family together
We also talk about:
- Donor intent
- Mission creep
- How trustees reputation can influence the reputation of the foundation and the business
Richard Seaman is the author of A Vibrant Vision: The Entrepreneurship of Multigenerational Family Business, and the current Chairman of Seaman Corporation, where he served as CEO from 1976 to 2015. He assumed the leadership role of this family business in 1978 after his father passed away at the young age of 55. Under his leadership, Seaman Corporation, a manufacturer of industrial coated fabrics, grew from $10 million in annual sales to nearly $200 million in sales today.
Richard serves as a Trustee of the Burton D. Morgan Foundation, whose mission is to support entrepreneurship and the free enterprise system. In 2012, he was asked by the Governor of the State of Ohio to serve as a Commissioner of the Ohio Third Frontier, a billion-dollar initiative focused on creating an innovation and entrepreneurial ecosystem in the state. He is a member of the Young Presidents Organization, the Family Business Network-USA, and a Trustee on the board of the College of Wooster.
Richard was recognized as an Honored Life Member of his industry trade organization, the Industrial Fabrics Association International, and was selected as a Wall of Fame Honoree by the Wooster Area Chamber of Commerce. In 2015, Richard was chosen by Ernst & Young as Entrepreneur of the Year in the Family Business category.
Richard is an avid skier, sailor, photographer, and tennis player. Richard and his wife, Judy, live in Wooster, Ohio. They and the families of their three children are committed to being active owners and stewards of their family business enterprise.
How to find Richard:
Resources From This Episode:
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If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.