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| Building Your Family's 100 Year Plan: The Series |
100 Year Plan Part III: The Good We Do
Daniel Gross
02/02/2004
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The following article is an excerpt from The 100 Year Plan series from the December, January, February and March editions of Robb Report Worth. To subscribe or to order back issues, please call (800) 777-1851 or order online now.
Why We Give: Philanthropy and the Family Mission Each of us arrives at philanthropy by his or her own path; yet for those of us who recognize and value this essential aspect of preserving and renewing our wealth, the dividends can be deeply rewarding personally, while the investments themselves can far outstrip the impact of our businesses on the future of the society that has empowered us. As the Rockefellers, the Haases of Levi Strauss, and New York’s Astors realized, our good deeds often do outlive us, even after the businesses (and sometimes the families) fade.
Independent Means: The Rockefellers
Starting in the 1880s, philanthropy in the Rockefeller household was a family affair. With his wealth skyrocketing, patriarch and oil magnate John D. Rockefeller found himself besieged with requests for aid. Spurred by his Baptist faith, he had been giving significant sums to
charity, largely on a personal basis, since he had been a nondescript dry-goods clerk in Cleveland. In 1859 he gave funds to an African-American man to free his wife from slavery.
Deeply religious, and yet eminently ruthless, Rockefeller saw his wealth as part of a divine plan. "It has seemed as if I was favored and got increase because the Lord knew that I was going to turn around and give it back," he later said. And he set about giving it away as if it were a religious mission.
In his lifetime—nearly a century —Rockefeller’s massive and unprecedented wealth brought opprobrium and unwanted attention to him and his family. As such, it was something of a burden. And for five generations, the Rockefellers have attempted to lighten the load. While family members have pursued their own interests in business, they have continued to pursue philanthropy together. By creating institutions, hiring people to staff them, and devoting their own lives to charity, they made giving away funds a
profession. Philanthropy would become a full-time job for John D. Sr., his son, grandchildren and some of his great- and great-great-grandchildren.
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