Transcript Slide 1

Workshop 5 – May 20, 2013
Looking Back and Looking Forward
Gearing up for the Summer Heat of CJL
Presented by:
Bryan Clontz, CFP®, President
Charitable Solutions, LLC
Agenda
• The Critical Role of Building Endowment
• Prospecting for Endowment Gifts
• Asking for Endowment Gifts
• Recognizing and Stewarding Endowment Gifts
Why is Endowment So Critical?
Corporations
5.6%
•
•
•
•
•
•
Foundations
10.9%
Capture Transfer of Wealth
Charitable Competition
Lowest Cost of Raising $
Long-Term Sustainability
Donor Service
Resources to Respond to
Opportunities or Threats
Individuals
74.5%
Bequests
9%
How is Endowment/Planned Giving/Bequest
Fundraising Different Than Annual/Capital Appeals?
• Building endowment is a proactive – not
reactive process.
• To be successful, you must create a strong
infrastructure, understand the donor’s
perspective, and engage in conversations.
• Long term relationship vs. short term
transaction
• Gift of assets vs. income
• Only 1 in 3 or 4 will ever tell you
Jewish Bequest Data
 Results of the NJPS (National Jewish
Population Survey)
• 85% of those surveyed have wills
• Only 5% have designated gifts to the Jewish
Community
 Potential in bequests:
• Only 9% of Jewish gifts of $1 million or more
support Jewish causes; only 5% of gifts over
$10 million
• If 20 individuals each asked 5 donors and
received an average gift of $50K, they would
generate $5M
Three-Pronged Approach to
Bequest Prospecting
Level One – Current/Past Board/Close
Friends/Staff
1. Encourage/Strive 100% Participation
2. Provide Easy Solutions
Level Two – Long-Term Donors
1. Develop Lists of Consistent Donors (Narrow to 10-50 – Achievable Goal)
2. Couple “ask” with other fundraising efforts, thank yous, etc.
Level Three – General Donor Community
1. Include Two Boxes on Pledge Cards
2. Include Testimonial Article in Every Newsletter/Magazine
3. Other CJL community marketing
Key Bequest Marketing Goals
• Donors Must Know You are in the Bequest
“Business”
• Build “Shelf-Space”
• Develop Momentum from the Top Down:
“Lead by Example” “Join Me” “Follow Me”
• Articulate Critical Importance of Bequests
as the Primary Endowment Funding
Vehicle
• Perpetuate A Cultural Shift to Bequest
Giving: Bequest language on all materials
Traits of the Successful Asker
•
•
•
•
•
•
•
•
•
Believes in legacy giving
Inspires others
Has committed to their own CJL gift: “Join Me”
Knowledgeable about CJL: But knows when to
say “I don’t know, but I’ll get the answer.”
Prospect’s peer or friend
Listens (70%) more than talks (30%) and is
respectful of the prospect
Uses Stories/Testimonials to make key points
Goes with a partner when it makes sense
Is Opportunistic: Ears Always Up
8
Your role as the asker
• Stick with it! This can take several visits,
conversations or years!
• Make the “big picture ask”--- What do you
want your legacy to be?
• Follow up and make connection with
prospects and a gift planning professional
so that gift is actualized.
• Follow up and steward- Show the love!
Making the Appointment Call
• Ask today-don’t delay – “Just Do It!”
• Fears and Challenges
The worst that can happen is they say “no”
Remember this is a social exchange with a friend about
a cause you care about
• Dial and smile: your attitude is contagious
• Energize, Excite, Inspire
Believe in the cause
A positive and enthusiastic tone will inspire
10
The Appointment Conversation
•
•
•
•
The conversation has to be in your own words. Your personality, what you
feel comfortable with. Key Point: Do not go into detail on the phone – focus
only on securing the appointment.
Suggested conversation:
Hello (prospect name)
Engage in personal chit chat
I’d like an opportunity to get together with you for (lunch, coffee) to tell you
all about this exciting Create a Jewish Legacy program I’m involved with..
Suggest date, day, time
Plan the meeting:
Meet where prospect feels comfortable. In their home or for a nosh
Enthusiastically thank them for their time and support and follow up with a
personal note to confirm the visit.
If possible, tell prospect that you would like to bring someone with
you…(professional at organization or Foundation)
11
Overcoming Objections
• Listen to their concerns respectfully-do not debate.
Possible objections and answers:
“I read about CJL in the paper, I already know about it.”
“That’s great. Then let’s get together so I can hear what
you think of what we’re doing. I would love to get your
input.”
“I need to talk it over with my spouse.”
“By all means, I would love for him/her to join us.”
12
Know the Prospect
• Develop as much information about the
prospect’s background, family, community
involvement, and personal interests as possible.
• Try to gauge how much they know about CJL
and be ready to tailor your conversation
accordingly-don’t assume they know about CJL
• Caution-Don’t let the research delay you in
having the conversation.
• Leadership and Professionals- please talk
ahead of time to share information about
prospect
13
Prepare for The Conversation
•
Have a Plan: Develop an Agenda, Reinforce Theme/Takeaways, Try to
Infect Prospect with Your Passion, Invite them to “Join You”
•
Understand the vision of our community and put the CJL community
vision in a context that relates to the interests the prospect has
described
Ensure that Jewish causes have the resources to meet whatever
challenges tomorrow may hold
•
Be prepared with CJL materials, brochure, case statements, etc.
•
Be ready to listen for “buying signals”
• Remember the “if and when” scenario
If and when you are ready to sell your property in the
Berkshires, sell your business, sell your art, etc.…give me a call.
That can be turned into a legacy gift.
14
The Face to Face
Conversation
• Smile and Relax. Thank the Prospect.
• Ask the right questions, LISTEN and ask more questions:
• Rule of Thumb: Asker speaks 30%, Prospect speaks 70%
–
–
–
–
–
“How did you first become involved in the Jewish community?”
“What are your interests?”
“What Jewish causes do you support annually?”
“Why do you give?”
“Can you identify the most important program the community
provides or a need not currently met by our organizations?”
– “How do you see our community in the next 100 years?”
15
The Face to Face
Conversation
• Ask the right questions, LISTEN and ask more
questions:
– “What do you want your legacy to be?”… “We are here to help
you with that.”
– “What do you want the future of the Jewish community to look
like?”
– “How would you like to be remembered?”
– “What type of legacy would you like to leave future generations?”
– “May we talk to you about ways to endow your annual support?”
– “What we are doing here at x organization(s) is so important. We
want to be here forever and hope that you share that vision. We
can help you ensure that the institutions you support during your
life time are here after you are gone.”
16
The Face to Face
Conversation
• Ask the right questions, LISTEN and ask more
questions:
– Would you like to ensure the vibrancy and financial security of the
community for the next generation?
– Have Jewish causes been included in your will?
– Why or why not?
– What would you like your legacy to be? How can we help you to
achieve your legacy?
17
Overcoming Objections
• If the donor says “no”, probe for reasons
and be prepared to respectfully discuss
objections, do not engage in debate.
• Be honest; if you don’t have an answer,
say so and get back to the prospect with
an answer as soon as possible.
18
Overcoming Objections
• Possible Objections and Answers:
“The economy is so bad, I can’t even think about this.”
The economy is a real issue and I understand. It’s actually
why I am committed to this project. I feel that by leaving a
legacy/bequest to the community, I have helped ensure that
the next time the economy is in a downturn, there will be
money there to help our organizations.
“I’m leaving it all to my kids.”
It’s important to take care of our children. I hope you’ll
consider that our community is like one of your children, it has
depended on your support for many years, and continues to
need you. Would you consider a percentage, like 5% of your
estate without significantly affecting what your children
receive?
19
Overcoming Objections
• Possible Objections and Answers:
“I’m not a wealthy person, I can’t do this.”
That’s actually the beauty of this initiative, because a
legacy gift comes from the assets in your estate, rather
than current income, it allows everyone to be a
philanthropist in ways they might not be able today.
“I’m giving now, I don’t see a need to give later.”
The gifts you give now are so integral to what the
community is doing and I would like to thank you. The
reason we would like you to think about a legacy gift is
that endowment monies help ensure that our Jewish
organizations will have the financial stability to not only
exist but thrive in the future.
20
Overcoming Objections
• Remember, “no” may not be a final
answer.
Legacy giving can sometimes be a lengthy
process. In many cases we are simply creating
“shelf space” for future legacy consideration.
Persistence often yields results.
• Objections may be buying signals.
No may mean “tell me more”, “I need to think
about it”, or “I need to know how I can do this”
21
Follow Up: What’s Next?
• When the prospect says “yes”, talk about follow through.
Present the declaration of intent if appropriate.
• Direct questions about the ins and outs of making the gift
with the help of professionals, whether that is an estate
attorney, financial advisor or Foundation staff.
• Thank the prospect no matter the outcome of the visit.
Key Point: Remember, appropriate thanks for a gift is
the best way to solidify the gift and is the start of the next
gift!
• Send any appropriate giving materials with a short,
handwritten note and keep in touch with news about
shared Jewish interests. (See worksheet in packetTurning a “Dec” into a “Doc”)
22
Overcoming Objections
• Make notes immediately following the
meeting while the information is still fresh.
• Contact your CJL Professional at your
organization who will utilize “Turning a Dec to
a Doc” worksheet and will keep in contact
with the CJL Program Director.
• Good record keeping now will ensure good
stewardship later and enable the celebration
of your successes.
23
The Secrets
•
•
•
•
•
•
•
•
•
•
Make Your Own Commitment
Be Positive
Know Your Cause
Call Your Best Prospects First
Research Your Prospects Carefully
Listen to the Prospect: Try Asking Questions 30% of
the Time allowing the Prospect to Speak 70% of the
Time
Ask for the Commitment By Inviting Them to Join You
No…is only the first answer
Always Thank the Prospect…especially when turned
down.
Good Record Keeping Is Key
24
Bequest Recognition Ideas
• They Don’t Want “Stuff”
• Be Sensitive About Anonymity/Privacy
• Create Bequest Society (with Charter
Membership) both Internally and
Communally
• Book of Life – Create a Jewish Legacy
• List in Annual Report/Newsletter
• Creative, Inexpensive Ideas: Testimonial for
Newsletter, Ribbon for Events, Etc.
CJL Summer Camp
(Summer Homework)
Continue Homework from Prior Training Sessions:
• Continue to follow up with board if they haven’t ALL
signed a Declaration of Intent
• Talk to your donors from your list that are in town
• Continue to work on your Legacy Society Plan
• Make sure that each donor that has signed a DOI has
been followed up with
New Homework:
• Send out community update about your CJL
activities
• Read and Use the Checklist for Success packet in
your materials