Do you want the ultimate thrill in fundraising? Try to secure your first million-dollar gift. There is nothing like the joy and relaxation following a long, stressful, uphill climb.
If you are like me, your No. 1 focus is always on the people served by the institution you represent. There is never enough money to help everyone in need. Yet, by obtaining a million-dollar gift, you feel a sense of satisfaction that is truly amazing.
I can tell you the interchange and stakes are high in generating this type of gift. You must do extensive research, be prepared for a least 50 or more "moves" by a variety of people, and create strategy involving internal and external populations. Getting this type of gift takes knowledge, experience, confidence, timing, strategy and luck. The majority of fundraising professionals never close this gift amount. Always remember it takes a team to close this gift and not just one person. Let me cite three different scenarios where I was involved in this type of close.
The first example involved a board member of a health care institution. The gentleman was a philanthropist and proud of his business success. His wife was very involved in the decision-making process. Through the years, the amount of gifts increased with my level of engagement. They truly utilized the services and physicians of the health care system. That fact was just as important as recognition for gifts made. They cared about others to a great degree. They led by example.
My board chair, key physician leader and I practiced for the big ask. Because of a number of interactions through the years, the couple was cultivated. Their personal economy was sound. The key to the request for funds on the big day was the physician telling the story. While not an immediate yes, we eventually received a seven-figure gift via personal check in the mail!
A second example involved an older gentleman whose wife had passed away. The gentleman had a professional advisor that I had known for many years. What I knew was that a single elderly woman attended my gift club events through the years. What I did not know was the fact she loved the institution and was the prospect's personal secretary for 40 years.
Through the help of the personal advisor and secretary, several meetings were held with the prospect. Once we found a project that interested him, I suggested a combination endowment/outright gift since he was favoring a planned gift. He eventually agreed to give me a certain amount over 10 years that equaled more than seven figures. If he made five outright gifts, that amount would reduce his planned gift. Ironically, just after he made his first outright gift, he passed away, and we received his endowment bequest for a program dear to his late wife. I would have never received this gift without the support of the professional advisor and his secretary, a true silent friend of the institution!
The final example involved a very tough-minded businessman who wanted recognition. I worked closely with his family and did not know until the actual million-dollar-plus ask was made that any financial decision purely revolved around him. When the economy began to erode, I thought the gift was a dead issue.
Fortunately, because of the family's lifelong involvement with the institution, the naming gift was eventually made. The negotiations over the gift made me feel like I was in a corporate boardroom hammering out a deal. In the end, both sides were happy and the process of cultivation, solicitation and stewardship started over again. As usual, many individuals must take the credit for this victory. I just happened to be in the right place at the right time.
In summary, when attempting to land the biggest fish in the boat, you will deal with egos, family members, professional advisors, family friends, wives, girlfriends, staff, board and a host of others. At times it will seem like a grind that never ends. It will take time and multiple "moves."
Like fishing in the ocean, the larger the fish, the longer it takes. Once you land the first million-dollar-plus donor, you will be hungry for more. I was lucky to have played a part in obtaining the first million-dollar-plus gift in the history of three different institutions. Obtaining the transformational gift is what fundraising professionals constantly seek.
At the end of the day, make sure you have the right bait because thousands of fishing boats are in the harbor!
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- Major Gifts
Duke Haddad, Ed.D., CFRE, is currently associate director of development, director of capital campaigns and director of corporate development for The Salvation Army Indiana Division in Indianapolis. He also serves as president of Duke Haddad and Associates LLC and is a freelance instructor for Nonprofit Web Advisor.
He has been a contributing author to NonProfit PRO since 2008.
He received his doctorate degree from West Virginia University with an emphasis on education administration plus a dissertation on donor characteristics. He received a master’s degree from Marshall University with an emphasis on public administration plus a thesis on annual fund analysis. He secured a bachelor’s degree (cum laude) with an emphasis on marketing/management. He has done post graduate work at the University of Louisville.
Duke has received the Fundraising Executive of the Year Award, from the Association of Fundraising Professionals Indiana Chapter. He also was given the Outstanding West Virginian Award, Kentucky Colonel Award and Sagamore of the Wabash Award from the governors of West Virginia, Kentucky and Indiana, respectively, for his many career contributions in the field of philanthropy. He has maintained a Certified Fund Raising Executive (CFRE) designation for three decades.