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Back To School
Louise Kramer
09/01/2005
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Lee Seidman is heading back to school. The 73-year-old entrepreneur made his
fortune by building a network of auto dealerships in Ohio that eventually
generated $300 million in revenues. He sold off two-thirds of his business in
recent years, but he is hardly slowing down.
Seidman wants to deploy his
wealth in the same deliberate manner in which he made it. Like many successful
entrepreneurs, he has extensive business expertise, but lacks deep insight into
the mechanics of wealth distribution and philanthropy. “Having achieved what I
told my children is financial independence, my wife and I want to maximize our
allocations through informed decisions rather than random selections,” says the
father of three and stepfather of three. Without careful planning, Seidman
worries, an inordinate amount of his assets will end being swallowed by estate
taxes. “I don’t like giving it to the government.”
TOP VIEW
Several large universities are looking to build businesses that
offer courses on wealth management, philanthropy and family dynamics to the
affluent and, in some cases, their advisors. These programs are generally quite
new, and it remains to be seen whether they will add significant value above and
beyond the educational programs offered by private banks and other financial
institutions. |
Last year, Seidman was among the first group of participants to attend a
weekend gathering hosted by a new nonprofit, the New York–based Wealth &
Giving Forum. Founded by Leonard Kaplan, a North Carolina businessman turned
philanthropist, the Wealth & Giving Forum plans to instruct wealth holders,
their families and trusted advisors on how to grapple with decisions about
philanthropy. The process unfolds during a weekend that brings together
like-minded people to share their aspirations, personal stories and financial
experiences.
Independent programs such as the Wealth & Giving Forum and
others sponsored by private banks and financial advisory firms have proliferated
in recent years as growing numbers of individuals like Seidman grapple with
family and financial management issues that arise from their wealth. Now, they
are being joined by a new breed: programs affiliated with major universities,
such as the Wharton School at the University of Pennsylvania, Harvard, New York
University, Boston College and Chicago’s Loyola University. These institutions
seek to leverage the intellectual capital that resides in their business,
professional and continuing education schools—along with their prestige—to build
successful new business lines.
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