Family-Owned Businesses Making Philanthropic Commitments

Family-owned companies are including philanthropy as a fundamental part of their business model, dedicating significant funds to worthy charities and causes.

Evan Metropoulos and Warren Buffett
Evan Metropoulos, left, with Warren Buffett. Metropoulos & Co. has signed Buffett’s Giving Pledge.

Evan Metropoulos, of Metropoulos & Co., says his family has translated its core values and principles to active charitable giving. The company became a signatory to The Giving Pledge, an initiative of billionaires Warren Buffett and Bill and Melinda Gates, pledging more than half of the company’s wealth to philanthropy. According to Mr. Metropoulos, the company takes pride in its giving and its role in modeling good corporate practices.

“It has proven to be good for business, too. We are recruiting and keeping fantastic employees who are committed to what we stand for and give to. Our clients and the wider community want to be a part of generating positive change in the world.”

Evan Metropoulos, Metropoulos & Co.
van Metropoulos at the Clinton Foundation
Evan Metropoulos, left, with members of the Clinton family at a Clinton Foundation Millennium Network event.

Warren E. Buffet Offers Amazing Donation

There are charitable donations – and then there is Warren E. Buffett’s charitable donation. Recently, Mr. Buffett distributed 17.5 million Class B shares of Berkshire Hathaway to the Bill and Melinda Gates Foundation. This is a gift valued at $2 billion based on the closing price recently.  The gift was part of Buffett’s annual charitable giving that included gifts to the Susan Thompson Buffett Foundation and the Howard G. Buffett Foundation. Buffett’s total donations this year were 22.9 million Class B shares.

Mr. Buffett committed, seven years ago, that he would give a total of $31 billion over time to the Gates Foundation. He planned to give the bulk of his massive fortune to the Gates Foundation and to four other philanthropies.

Together, Mr. Buffett and Mr. Gates have actually tried to persuade other wealthy Americans to give away a large chunk of their fortunes. They have created something called the Giving Pledge for this purpose.