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Episode 044: Philanthropic Due Diligence with Lynne Ferrell

September 26, 2018

Ellie Frey Zagel is a third generation Trustee and Vice Chair of her family’s foundation, the Frey Foundation.  The foundation was endowed with the proceeds from her family’s businesses in banking and insurance. As Ellie points out, many people in her family think like bankers and loan officers; it’s a value that has been passed down through the generations.

This value shows up in the foundation’s grantmaking in its comprehensive due diligence process. For Ellie, knowing that her family’s approach to philanthropy was inspired by her great grandparents and grandparents is a point of pride. It’s just one of the ways that her family carries forward their legacy.

In this episode, Ellie takes a deep dive into the topic of due diligence. What is it and what does it actually look like in practice?  To help explain it all, Ellie is joined by Lynne Ferrell, Program Director at the Frey Foundation. Ellie and Lynne have known each other for two decades and Ellie credits with Lynne with her growth as a philanthropist.

Learn more about Lynne in her bio below. You can reach her at freyfdn.org.

In this episode:

  • Meet Lynne (5:18)
  • The Frey Foundation ‘seal of approval’ (7:50)
  • Why due diligence matters and how it works (8:25)
  • 3 stages of due diligence (10:56)
  • Stage 1: inquiry and strategic fit (11:35)
  • Stage 2: research and analysis (15:18)
  • Red flags in the process (25:15)
  • Stage 3: recommendations and conclusions (27:18)
  • Collaborations are key (28:47)
  • The impact of due diligence for the foundation, nonprofits and the funding community (32:39)
  • Lesson learned (35:47)
  • Giving support and building capacity beyond the grant (37:37)
  • How to find Lynne (40:40)
  • Bonus questions (41:00)

Guest Bio

Lynne is currently on staff at the Frey Foundation, one of the largest family foundations in Michigan. Her responsibilities include the development, review, and evaluation of grants that advance the programmatic efforts the Foundation. Lynne leads the portfolio management of the Foundations four grantmaking focus areas – Enhancing the Lives of Children and Their Families, Building Community, Community Arts and Environment. She also provides leadership on major community-impact initiatives.

Prior to joining the Frey Foundation, Lynne worked as a strategic planning consultant with the Greystone Companies in Grand Rapids and Washington DC. There she managed national program initiatives for a national non-profit agency and worked with community-based agencies around the country providing technical assistance and capacity building assistance to project partners.

Lynne spent nearly a decade working as the Vice President for Small Business at the Grand Rapids Area Chamber of Commerce. Under her leadership, the organization expanded services to family owned businesses, minority-owned firms and fostered collaborative partnerships with lenders, attorneys, and marketing professionals on behalf of the broader West Michigan small business community.

Lynne is a veteran of the United States Army and has served on a number of community boards including the Grand Rapids Area Chamber of Commerce, and the Interurban Transit Partnership. Currently, Lynne is on the Boards of the YMCA of Greater Grand Rapids, and Spectrum Health Hospital. She is also a Co-Chair of KConnect, Kent County’s collective impact initiative and in the leadership of the First Steps Commission the Great Start Collaborative – Kent County, and the Kent County Family and Children’s Coordinating Council.

Notable & Quotable:

Due diligence is an investigation and fact-finding mission. —Lynne Ferrell #successfulgenerations #familyphilanthropy


Our due diligence process is set up in three stages: the inquiry and strategic fit stage; research and analysis stage; and the conclusion and recommendations stage. —Lynne Ferrell #successfulgenerations #familyphilanthropy


If a nonprofit hasn’t allowed the voices of the community to inform the work, it’s not likely, from our perspective, that it will have lasting effects. —Lynne Ferrell #successfulgenerations #familyphilanthropy


Collaborations are the backbone of our work. —Lynne Ferrell #successfulgenerations #familyphilanthropy


Resources mentioned in this episode:

  • Frey Foundation Due Diligence Questions – Community Doc

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Want more of Successful Generations? Check out our other episodes: 

Replay: A Legacy Lost with Douglas D. Box
Episode 043: Why Hire a Family Business Consultant with Drew Mendoza
Episode 042: Blending Passion, Family + Business with Anne Huntington
Episode 041: An Action Plan for Mental Health with Christy Buck
Episode 040: My Journey to Coaching with Ellie Frey Zagel
Episode 039: Selecting the Right Trustee with Attorney Mark Harder
Episode 038: Standing Up in a Male-Dominated Industry with René Banglesdorf
Replay: Answering the Question I’m Always Asked About Philanthropy
Replay: How My Parents Raised Us to Be Business Smart with Paige Cornetet
Episode 037: Making Your Mark on the Family Business with Cara Mackay
Episode 036: Financial Literacy, Leadership and Entrepreneurship for Teens with Whitney Webb
Bonus Episode: Power20—My Reflect and Connect Challenge
Episode 035: Great Governance for Your Investment Committee with Becky Wood
Episode 034: Trapped in the Family Business with Dr. Michael Klein, Part 2
Episode 033: Trapped in the Family Business with Dr. Michael Klein, Part 1
Episode 032: Spendthrift or Tightwad with Dr. Scott Rick
Episode 031: Impact Investing with Jennifer Oertel
Episode 030: Holistic Weight Management with Cynthia Damaskos
Episode 029: Giving Back Through Giving Circles with Dr. Jason Franklin
Episode 028: The Family Business Podcast with Russ Haworth
Episode 027: The Power of Mindset with Dr. Nancy Jonker
Episode 026: Reflections from Four Decades in Philanthropy with Rob Collier
Episode 025: Power20—10 Ways to Set Your NextGen Up for Success in the Family Enterprise
Episode 024: Pump it Up! Strength Training and Leadership Development
Episode 023: Leadership Development and Agility with Greg McCann
Episode 022: Getting Started in Philanthropy with Colleen Mitchell
Episode 021: Taking Over the Family Business with Mitchell Kaneff
Episode 020: Women and Wealth w/ Adrienne Penta
Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations


Have a topic suggestion?

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.

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Family Philanthropy

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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