Ed Satell is going all out to help nonprofits during Covid-19
Jun. 12, 2020
Say what you will most Ed Satell, merely he gets CEOs to turn out.
Concluding autumn, I attended one of his invitation-only Satell Institute CEO summits, wherein a who's who of Philadelphia'due south business community comes together with leaders of local nonprofits, and Satell plays a dual role: Part matchmaker between the ii groups, role evangelist for the idea of businesses "giving back."
B Corps, Double and Triple Lesser Lines, Conscious Capitalism—these are all ideas that have gained traction in recent years, but Satell doesn't necessarily speak that language. No, Satell, who is in his eighties, is more of a throwback.
He made his fortune in B to B publishing (more on that later on), and founded his eponymous establish iv years ago. Information technology's a "think and exercise tank" for Corporate Social Responsibility (CSR); in 2016, Satell staked it to the tune of a $15 million endowment and he invited bold-face name CEOs to sign up by committing to donate at to the lowest degree $25,000 a year for four years to area nonprofits of their choice.
Satell's found takes zero off the peak: 100 pct of members' contributions goes to their called nonprofits. To engagement, in excess of 70 companies take supported over some nearly 80 surface area nonprofits to the tune of roughly $10 meg in funding commitments.
CEOs partake in Satell'southward invitation-only convenings (the next one is virtual, "Leadership For Recovery CEO Conference" on June 24) and, if they and then choose, take advantage of the research on CSR produced by the Institute in partnership with institutions that include Penn and Harvard.
"People like Larry Fink of Blackrock are now proverb that business organization has an obligation to benefit," says Marc Brownstein, CEO of Brownstein Group marketing communications agency. "Well, Ed was doing that before it was so popular."
When nonprofits institute themselves in existential crisis, there was Satell last month, writing a personal bank check for $one meg and asking his customs of CEOs to lucifer it: Inside two weeks, they'd washed more that. Over $three 1000000 was distributed past members to the Found's nonprofit "affiliates."
"Ed has real influence, existent capital and a existent vision for making Philadelphia better," notes Pecker Sasso, chairman of the Stradley Ronon police force firm and a civic strength himself. "He steps upward. That's leadership."
"Information technology ripped at my heart."
Early last month, Satell seemed to illustrate Sasso'south point. He couldn't conduct to hear the stories of how the pandemic was decimating his dearest nonprofits. "It ripped at my center," he told me final week. "Like and so many people, I was wondering, 'How can I help?'"
Whatever chat with Satell volition inevitably come effectually to 2 themes: His reverence for America's Founding Fathers—Brownstein calls him a walking history lesson—and his passion for nonprofits, which he calls "the unsung heroes of communities."
He champions the ability of the free market place, simply recognizes its limitations. "Nonprofits generally handle many of the tough problems businesses and government don't feel capable of treatment, or don't want to handle," he says, "such every bit alcoholism, dyslexia, other childhood development and educational problems, fighting disease."
And then, when nonprofits found themselves in existential crunch, there was Satell final month, writing a personal bank check for $ane meg and asking his customs of CEOs to lucifer it: Within two weeks, they'd washed more than that. Over $three million was distributed by members to the institute's nonprofit "affiliates."
When I attended the Satell Institute CEO conference terminal fall, Mike Dershowitz, the CEO of Fair Merchandise Outsourcing, asked a pointed question. Off-white Trade Outsourcing is a "people-first BPO (Business organization Processing Output) company that uses the power of the gratuitous market to fight poverty and promote moral leadership."
The Citizen has written well-nigh Dershowitz, a business for good cheerleader, in the past. On that morning, the CEOs in attendance had merely been shown a beer company's Tv set advertisement that outlined all the proficient it was doing in its customs piece of work, equally an object lesson on how social impact can also inure to the bottom line. "At the end of the twenty-four hours," Dershowitz asked, "aren't they still just making beer?"
His point was that there'southward a thin line between existent social impact and cynical
marketing. That'due south a conundrum addressed, for example, by the impact assessment rigor undergone by B Corps, which are denied a social affect imprimatur if, say, they give generously to deserving charities but are simultaneously dumping toxic waste product into a river. But even Dershowitz concedes that what the Satell Plant has done is an important get-go step.
"I call back Ed is maxim to CEOs, 'I merely want you lot guys to think most this,'" he says. "And if we become plenty CEOs thinking virtually the difference they can make, and that doing good is good business concern, information technology will feed off itself. I go it, and I support information technology."
Similarly, Satell'due south embrace of all things nonprofit might also obscure qualitative differences. In that location is, after all, such a thing equally a Not-Profit Industrial Complex in Philadelphia—organizations whose goal seems not to be to ultimately put themselves out of concern then much equally to keep getting paid in perpetuity. And, at a time when the income and wealth gap is in danger of eating Philadelphia, one wishes that Satell might tailor the aid in that direction.
"We are crusade-agnostic," he insists. "There are so many great nonprofits in Philadelphia, they're all deserving."
"I recall Ed is saying to CEOs, 'I just desire you guys to think about this,'" Deshowitz says. "And if nosotros get plenty CEOs thinking nearly the deviation they tin make, and that doing good is skillful business, information technology will feed off itself."
And that gets to the heart of who Ed Satell is, it would seem: an eternal optimist and cheerleader. More than i local macher has told me of the numerous times Satell has written $100,000 checks to area nonprofits—separate and autonomously from the piece of work of the institute—every bit an anonymous donor.
One wall of his condo is adorned with a landscape depicting the 36 nonprofits at 22 institutions he supports, all of which fall into ane of his five buckets of philanthropic giving: disadvantaged children; young people of promise; community and civic institutions; scientific research to discover new knowledge, and Jewish causes.
All of which gets us to motive. Why this passion?
Satell comes from humble beginnings in Springfield, Massachusetts; he grew up during the Greatest Generation years, committed to doing well for himself, but only as focused on being office of a community. He went on to found Progressive Business Publications in 1989, a Malvern-based publisher of business newsletters, and built it into a wildly successful company with over 500 telemarketing employees. By 2002, it was generating $29 million in annual gross revenue.
In the last year and a one-half, The Inquirer has published at least ii stories chronicling complaints over PBP'south business organisation practices. There are stories near billings for newsletters some businesses say they never ordered, and a report of a Labor Section finding that PBP employees were owed $i.ix million for being docked pay when they went to the bathroom.
In 2007, PBP actually sued the Better Concern Bureau for defamation, ultimately unsuccessfully, over the Bureau's reports on the company's business organization practices.
When I inquire Satell whether all of his charitable piece of work is a legacy-seeking make good on his past business concern dealings, he is having none of information technology. "My legacy is fine," he says, explaining that the Labor Department finding came nigh considering "nosotros were doing flex time before anyone else. Nosotros did it for the employees and they loved information technology. That was a badge of honor."
Merely if he is looking for some late-in-life compensations, given his personal giving and the work of the institute the last four years, it would seem that Ed Satell is probable already on the positive side of the ledger. In a town famous for a lot of talk and precious fiddling action, the guy writes big checks to plenty of worthy causes and, more importantly, hectors others to bring together him.
Though he'southward at an age where crabbiness might be expected to set in, he's full of lite and positivity and enthusiasm for the futurity of Philadelphia.
Yep, Ed Satell is doing just fine, and he's done good, too.
Header photo courtesy of Satell Institute 
Source: https://thephiladelphiacitizen.org/ed-satell-covid-19-2020/
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