Smart Business Magazine, December 2018

66 Smart Business Cleveland December 2018 INSIGHTS LEGAL AFFAIRS Philanthropic intent Tips for business leaders on making the most of their charity When business leaders choose to give back to their communities everyone benefits Were all citizens of the community says Kenneth B Liffman Chairman of the Board of McCarthy Lebit Crystal Liffman Co L P A When we give our time it should be to make the community a better place to live and work Executives however need to be mindful of how they apply their philanthropic efforts to avoid being ineffective inauthentic or both Smart Business spoke with Liffman about philanthropic leadership offering tips on giving to charity while supporting employees who do the same How should organizational leaders choose where they devote their philanthropic time or giving The choice needs to be personal and driven by a little fire in your gut because the more that you do the more the organization will ask for as they try to get the most out of your involvement Pick an organization with a mission that has impacted you your family or the lives of people in your business For example if someone in your family has been afflicted with Alzheimers disease support organizations looking for a cure or that help those in the community who are coping with it Leaders should also find ways to use their company to boost employees charitable efforts Make a list at the start of each year of organizations employees support or the broader causes they are passionate about such as hunger relief or literacy and find ways to apply the institutional muscle of the business to these causes What are some factors organizational leaders should consider before committing their time to a cause Time is the conundrum Even though you may love an organization and its cause unless its leadership can use your time wisely you may not be able to meaningfully participate Address this upfront Let the nonprofit know youre strapped for time and create a plan that makes the most of what youre able to offer Some charities do a good job of presenting commitment options ways you can apply your time For example you might be most effective on a specific committee as the lead on a special project or heading fundraising efforts Ultimately you want to ensure your time and talents are being put to effective use Be honest with yourself about the time you can give to a cause Consider taking part in events that allow you to do two things at once For instance walk runs are increasingly popular because they can be done while spending time with family And rather than attend a board meeting in person phone in Business leaders shouldnt be timid in this aspect Your time is important The business you lead provides the means to give back to the community so you cant ignore it If youre dealing with an organization that is unable to put your time to the best use consider going elsewhere How should an organization thats inclined to be philanthropic support those in the organization who want to volunteer or donate to charity Its encouraging if a company gives its employees the latitude to attend to their philanthropic commitments as part of the workday That communicates that philanthropy is central to the companys values Companies should always look favorably on the contributions of its staff For example if one of your employees is a board member of a charity find ways to help their cause buy a table at a dinner event the charity puts on or simply match at a certain percentage of whatever they choose to give Those leaders who are so inclined and if the company is in a position that it can should consider forming a foundation in the companys name Through it you can support the charitable donations of your employees Whatever the method the goal is to help build a better community not make yourself or your company look good to others Pick a cause that makes you feel good and enhances your life something youre passionate about and be the example for your friends family and employees Show them that you believe in something and youre willing to be selfless to help those in need KENNETH B LIFFMAN Chairman of the Board McCarthy Lebit Crystal Liffman Co L P A 216 696 1422 kbl@ mccarthylebit com Insights Legal Affairs is brought to you by McCarthy Lebit Crystal Liffman WEBSITE Connect with any of our trusted advisers by visiting www mccarthylebit com INTERVIEWED BY ADAM BURROUGHS