Perhaps you read about MacKenzie Scott - Jeff Bezos ex-wife - who quickly and quietly gave away $4.2 billion to 384 charities over four months at the end of 2020.
That’s about $10 million per charity!
Imagine what a game changer those mega donations were for each and every one of the recipients.
If your budget is under $1M, you may not yet have a six-figure donor, not to mention an eight-figure one.
Knowing who - amongst your own donors or prospects - can give six-figure donations is a big step forward in actually getting one.
Here are the ‘five types’ I look for when guiding Jewish leaders to identify major givers. If even ONE of them is in place, know this person is a prospective six-figure donor.
You can remember the five as the acronym W.I.T.S.S.
Will - Older donors who leave big donations in their will.
There's been much written on this subject. The short of it is - it’s much easier for some people to give mega donations when they die, than while they’re alive.
Your job starts by nurturing the relationship while they're well.
Inheritance - People who've inherited millions through the death of parents or a spouse. (Or through divorce as per the former Mrs. Bezos.)
A good place to start is to identify amongst your present donors those with wealthy aging parents who will most likely receive a large inheritance in the next decade.
Trustee - These are donors who are trustees on someone else's philanthropic foundation.
This often gives them decision making abilities to give away other people’s money.
Search your present donor base - lawyers or accountants are often trustees for others' money.
Googling the person's 'name' and the word ‘foundation’ and the letters ‘EIN’ will almost always uncover if a donor or prospect is a trustee on someone else's (or his own) foundation.
E.g Google - Dan Senor, Foundation, EIN shows he's a trustee on the Paul E Singer Foundation.
Sold a Business - People who’ve sold or are about to sell their business.
Look out for either younger donors who are building a high tech/online business and are looking to make an exit in the next few years or older donors who are getting to the age where they want to sell their business.
Or if a donor has a major stock holding in his or another company, keep track on the company stock price.
Salary - Donors with a $5M+ salary.
Rough calculation - If they earn $5M+, after all taxes, it’s worth $2.5M. If they give away 10%, that's 250K to give away.)
People who top of their industry can earn these sums - through huge bonuses or mega salaries - mainly in the following professions;
- Investment Banker/Hedge Funds
- Real Estate
- Entrepreneurs/own business
- Corporate CEO's
- Top Lawyers
This week, take a look amongst your present donor base to identify potential six figure donors you weren’t aware of.
Consider what you will do this week, to move one or two of them closer to becoming a six or seven figure donor.
Have a great fundraising week,