BCF frequently works with business owners and their advisors during the business exit process to help incorporate charitable giving into their strategies and plans.
Ashley Mancinelli, BCF’s Vice President of Philanthropy, sat down with Steve Prichett, President and Head of Evergreen Advisors to talk about how philanthropy fits into their practice, and how it can be a meaningful part of the discussion surrounding a business transition.
Ashley: Can you tell us about your professional journey, your focus areas, and Evergreen Advisors?
Steve: Evergreen Advisors was founded over 25 years ago, and relationships are at the heart of everything we do. We go the extra mile to help them reach the goals they’ve set.
I head up our investment banking efforts. After business school, I joined the investment banking division of Legg Mason in Baltimore, which became Stifel Nicolaus, and really learned the business of investment banking there.
I left looking for a different challenge and bought a ceramics distribution company in Baltimore that I operated for more than a decade. That experience was formational for what I do now at Evergreen, because it helped me understand what our clients are going through when they’re running and trying to grow a business.
After selling the company, I wanted to find an investment banking platform that was focused on founder-owned companies rather than public companies because I really enjoy helping people reach the finish line after they’ve spent decades building a business. Evergreen’s approach of focusing on the client aligned perfectly with my personal philosophy.
Ashley: That dedication to customers is very aligned with the work we do at BCF in supporting individuals with their charitable giving.
Steve: It sounds a little corny coming from an investment banker, but for me, it’s so much more satisfying to help somebody – who often started with nothing – build this great company. There’s an opportunity to change their family’s lives for generations and impact their community. It’s exciting.
Ashley: I agree. It’s a privilege to do this work. I love helping our entrepreneur donors apply that same spirit and energy to supporting nonprofits. When did you realize that philanthropy needed to be a part of your work with clients?
Steve: It was early in my career. Before I got into this industry, I didn’t appreciate the magnitude of the wealth that can be created from investment banking transactions, from selling your company, or raising capital. Almost all of our clients who are getting a large sum of money also think it’s important to really do something transformational in the community.
Philanthropy isn’t an afterthought or something that’s done after the transaction. It must be something that’s purposefully planned out, and it’s our job to raise the issue early. And planning for the transaction crosses a range of topics. It could be tax, it could be estate, charitable giving… it really runs the gamut.
We want to make sure they’re getting there in the most efficient way possible.
Ashley: We have spoken previously about the varied levels of expertise needed when dealing with a business exit. Can you share a little more about that process and what role Evergreen Advisors serves in those scenarios.
Steve: A lot of what we do is ignite ideas. We’re the team quarterback and encouraging them to talk to their tax advisor, or their estate planner. One of the first things we ask them: What are you trying to achieve?
Some say, “I love to be able to give to my family” or “help my children.” Some say, “I’d love to be able to give back to charities that are near and dear to me, or special sectors.” Planting the seed is our job. From there, it’s connecting them to folks who can take it from there.
When they are talking about their charitable goals, they often don’t know how to execute them. Being able to connect them with the Baltimore Community Foundation is a simple solution.
Ashley: Thank you for thinking of us as a resource. We are happy to bring our expertise in charitable giving to the conversation alongside other advisors. Oftentimes we work with individuals to open a donor-advised fund, so they have more time thinking about the long-term impact they want to achieve, rather than having to make an immediate decision on what charity to support. We want to help them be thoughtful in their giving and allow them to do it according to their timeline.
Steve: Knowing that you can give in Baltimore and beyond is important for our clients as we have clients all over the country.
Ashley: Yes! While our strategic grantmaking is focused and based in Baltimore City and Baltimore County, a donor-advised fund could give to a charity anywhere in the United States.
Looking at the current landscape, have you seen any changes in the conversations you’re having with families who want to give back based on the uncertainty of the economy right now?
Steve: It’s been pretty consistent. Most of our clients have done very well over the years and they’re in a favorable economic position, so they’ve been supporting causes they care about. This is just an opportunity to supercharge it going forward.
Ashley: One ideal way to supercharge charitable giving through BCF is through the donation of private stock. After a business sale is complete, we can liquidate those funds into a donor-advised fund. Then we explore with your clients the causes important to them and how they can be impactful with their giving.
Steve: Baltimore Community Foundation’s expertise in this area is invaluable to transitioning owners. It’s good to know that when our clients work with BCF you leverage your experience and expertise to lead the effort and deeply understand the region and the local nonprofit organizations.
Ashley: Yes, we don’t just distribute grants. If our team sees that someone is consistently giving to certain places or causes, we can suggest similar organizations they may want to support or help them with a broader charitable giving strategy. It’s an extra level of personal service that we can offer.
Last question: I would love to hear more about what charitable causes inspire you.
Steve: Over the past few years, I’ve been very involved with the Baltimore Tree Trust, where I serve as the Treasurer. They’re a great organization that gives back to Baltimore. I’m an environmentally conscious person, so addressing the tree canopy in Baltimore, the environmental and social impact of living in a concrete area, and what shade trees do for the environment is important to me.
The other side of their mission is creating career pathways for people in forestry, and that really appeals to me. I love this city and I’d love to do anything to help improve it.
