Identity Crisis: When the Exit Is Only the Beginning
For many founders, selling their business is supposed to be the finish line. The transaction completes, the funds clear and the congratulations roll in.
As is happening across the world, Aotearoa New Zealand is also moving into an unprecedented intergenerational wealth transfer, and this is taking place at the same time as traditional fundraising becomes more volatile and concentrated. One of the most powerful funding mechanisms available to the for‑purpose sector remains widely underutilised: Gifts-in-Wills.
Despite delivering some of the highest returns on investment of any fundraising channel, fewer than one in fifteen New Zealanders currently include a charitable gift in their will. This gap represents not just an income opportunity, but a governance and strategy challenge. Bequest income is not simply another fundraising tactic; it is long‑horizon capital that requires an organisation’s credibility, stewardship capability and future readiness.
JBWere’s latest paper explores why fundraising for Gifts-in-Wills matters now, what the evidence shows about who gives and why, and what separates effective, durable programmes from those reliant on chance. Drawing on sector data and practical experience shared by Jenny Caston of Willpower, it reframes legacy giving as a form of intergenerational capital management - one that boards and executives must actively govern.
The paper highlights a critical insight: bequests or legacy gifts are decisions made over time, often triggered by life events rather than campaigns, and sustained only through trust. Organisations that build disciplined, “always‑on” stewardship and governance frameworks are far better positioned to retain legacy commitments and compound their impact. Those that take a passive or reactive approach face material risk - not just of missed opportunity, but of lost future capital.
For boards and leadership teams navigating fundraising pressure, demographic change and rising expectations, this is essential reading. It sets out the governance questions, investment disciplines and operating models required to build a Gifts-in-Wills programme that endures beyond individual staff, funding cycles or economic conditions.
Read the full paper here to understand how legacy giving can strengthen financial resilience, governance credibility and long‑term mission delivery -and what it takes to do it well.
If you would like to explore the findings for your particular context, contact a JBWere Adviser or our Philanthropic Services team.
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