In This Episode
One topic we discuss with all of our business coaching clients at some point is the idea of setting up a non-profit. It often comes up in conversations when we are dealing with a family business that is transitioning from one generation to the next. Starting a non-profit can be a great way for the current generation to transition from running the day-to-day family business to putting their energies into something they are passionate about.
What we have found is that most people don’t know much about non-profits and how they work. In fact, there is an overall perception that you can’t make money with a non-profit. In reality, non-profits have a lot more in common with for-profit entities than most people think. The same 7 Keys to Success we use to coach our for-profit business owners apply equally as well to non-profits.
During today’s show we shared several examples of non-profits that we have personally been involved with and helped set up and walked through a couple of current examples of non-profits we’re working to launch. If you’re a newbie to the idea of non-profits then tonight’s show is one you won’t want to miss!
People, Companies and Resources We Mentioned in the Show
- Types of IRS non-profit classifications (https://www.irs.gov/charities-non-profits/types-of-tax-exempt-organizations)
- Charitable Organizations Classified as 501(c)(3) (https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-section-501c3-organizations)
- Non-profit employees making over $1 million annually (https://www.erieri.com/blog/post/2017/12/27/How-Many-Charity-CEOs-Will
- Earn-$1-Million-or-More-in-2018) and (https://nonprofitquarterly.org/2017/03/08/million-dollar-compensation-nonprofit-ceos/)
- MVP’s 7 Keys to Success (http://maximumvp.com/7-keys-to-success/)
- Family Feud (https://www.familyfeud.com)
- Esther Lewis Warburton Patient Education Initiative/The Patient Revolution (https://patientrevolution.org/about/)
- Wiener dogs (https://www.akc.org/dog-breeds/dachshund/)