As today’s guest notes, nonprofits are like children — they go through stages. And one of those stages is closing. Join Robyn Miller for a conversation about common indicators that it might be time to close your nonprofit’s doors.
Listen to the Episode Here!
Links
Pro Bono Partnership Atlanta: Website
Exponentum: Website
Podcast: Ep190: Your 3 Legal Duties as a Nonprofit Board Member with Bruce Hopkins
Podcast: Ep 207: Working with Pro Bono Attorneys with Michelle Johnson and Rachel Spears
Timestamps
(02:00) Common reasons for closing
(11:40) Signs it might be time to close
(16:40) Navigating the emotions
(18:17) Resources vs risk-tolerance
(22:23) Scheduling a check-in conversation
A lot of Boards trust others to do the right thing. You can have trust. But you have to verify.
Boards have to be actively involved, particularly in the financials.
D&O insurance doesn’t cover gross negligence
Just because you complete your mission doesn’t mean you should change your mission.
Every organization should have an exit strategy – for individual people and the organization as a whole.
You have to think about nonprofits as children – they grow up and go through different phases.
A lot of Boards trust others to do the right thing. You can have trust. But you have to verify.
Boards have to be actively involved, particularly in the financials.
D&O insurance doesn’t cover gross negligence
Just because you complete your mission doesn’t mean you should change your mission.
Every organization should have an exit strategy – for individual people and the organization as a whole.
You have to think about nonprofits as children – they grow up and go through different phases.