August 7, 2003

Nurturing the Next Generation

By Darlene M. Siska

Family foundations devise ways to prepare heirs for board service

Owen Knott grew up expecting to serve as a trustee of his family's foundation -- an obligation for those who, like him, are descended from grant makers. But around the time Mr. Knott reached adulthood, that seat became not a birthright, but a position that could only be earned.

Unlike most family grant makers, which usually don't have a system to prepare young family members for board membership, the Marion

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