Going Big! with Kevin Gentry – Episode Summary: Leading with Purpose: Mike Richey on Transforming Fundraising and Inspiring Impact

In this compelling episode of Going Big! with Kevin Gentry, host Kevin Gentry welcomes Mike Richey, a highly respected leader in university fundraising and philanthropy. With a distinguished 50-year career at the University of Kentucky, Mike shares his profound insights into effective fundraising strategies, the essence of philanthropy, and the personal philosophies that drive impactful leadership. This summary captures the key discussions, insights, and inspirational moments from their enlightening conversation.

1. Introduction

Kevin Gentry introduces Mike Richey as a luminary in the field of philanthropy, highlighting his achievements in raising hundreds of millions of dollars for the University of Kentucky. Kevin sets the stage for a deep dive into Mike's strategies and experiences that have consistently ranked Going Big! as a top podcast in its category.

2. Defining Philanthropy

Mike begins by redefining philanthropy beyond mere financial contributions. He emphasizes a holistic approach:

“Philanthropy is the love of humankind, but it's expressed in really three ways and they're known to everyone. It's the giving of your treasures, it's the giving of your time, and it's the giving of your talents.” (03:57)

Mike explains that true philanthropy encompasses financial donations, time, and talents, fostering a comprehensive support system that benefits both donors and recipients.

3. What Inspires Giving

Discussing the motivations behind philanthropy, Mike focuses on emotional connections and shared visions rather than traditional incentives like recognition or tax benefits:

“I was more concerned about engaging people who had a heart for who we were.” (04:40)

He highlights the importance of aligning donors with the mission and impact of the institution, creating meaningful and purposeful contributions.

4. The Power of Big Ideas in Fundraising

A pivotal part of the conversation revolves around the significance of visionary ideas in fundraising efforts:

“Big ideas do carry the day. And that's something I think that people need to focus on and they need to think big.” (07:06)

Mike recounts developing a principal gift program that aimed for multi-million-dollar donations, demonstrating how ambitious goals can inspire substantial donor commitments and drive organizational momentum.

5. Impactful Donor Stories

Mike shares heartfelt anecdotes that illustrate the profound impact of significant donations:

“I received this scholarship I didn't know that I was going to get. I called my mom and said, mother, you don't have to work three jobs anymore to keep me in school.” (12:27)

These stories underscore the tangible difference philanthropic efforts make in individuals' lives, highlighting the deep emotional connections between donors and beneficiaries.

6. Building a Successful Fundraising Team

Mike emphasizes the critical role of a dedicated and passionate team in successful fundraising:

“Integrity being impeccable, integrity being the number one characteristic of a fundraiser.” (19:08)

He outlines key attributes he seeks in fundraisers, including passion for the organization, integrity, service orientation, discipline, and a genuine love for people. Mike also discusses initiatives he implemented to foster a positive team culture, such as recognition programs and fair remuneration, which contributed to high staff satisfaction and effectiveness.

7. Personal Development and Leadership

Personal growth and leadership are central to Mike's philosophy. He stresses the importance of continuous self-improvement and the pursuit of excellence:

“What is my goal? To improve myself. How do I get better? And by me getting better, I never.” (00:00)

Mike advocates for lifelong learning, mentorship, and embracing change as essential components of effective leadership in philanthropy.

8. The Role of Faith in Fundraising

Faith plays a significant role in Mike’s approach to philanthropy. He shares how his Christian faith motivates him to serve and make a difference:

“You cannot choose the time in which you live, but you can choose to make a difference while you live.” (35:04)

Mike connects his faith to his work, promoting respect and love for all individuals, and highlighting how faith-based values enhance his commitment to integrity and service.

9. Advice for Aspiring Fundraisers

Mike offers practical advice for those looking to excel in fundraising:

• Develop a Clear Big Idea: Identify transformative projects that can inspire and engage donors.

• Build Strong Relationships: Foster genuine connections with key stakeholders and potential donors.

• Foster a Passionate Team: Hire individuals who are passionate about the mission and uphold high integrity.

• Embrace Continuous Learning: Invest in personal and professional development to stay ahead in the dynamic field of philanthropy.

• Maintain a Win-Win Mindset: Ensure that both the organization and donors benefit from their partnership.

He emphasizes perseverance and the importance of taking action, advising fundraisers not to fear failure but to learn and grow from every experience.

10. Final Thoughts and Encouragement

In his concluding remarks, Mike encourages fundraisers to align with their organization's vision, engage passionately with donors, and uphold integrity in all interactions:

“You have to work hard to stewardship people and to let people know the impact they've made, they're making a difference and that you love them for it.” (46:41)

Mike reinforces the idea that every gift, regardless of size, is crucial and contributes to the larger mission, advocating for a comprehensive and heartfelt approach to fundraising.

Conclusion

This episode of Going Big! with Kevin Gentry offers invaluable insights into effective fundraising and philanthropy through Mike Richey's extensive experience. From redefining philanthropy to the importance of big ideas, building strong teams, embracing personal growth, and integrating faith into philanthropy, listeners are equipped with a wealth of knowledge to transform their own fundraising efforts and make a lasting impact.

Tune in to this episode on Spotify, iTunes, Amazon, iHeart Radio, Pandora, and YouTube. For more resources, visit 10xStrategies.com.

Notable Quotes with Timestamps

• “Do your work, understand, make yourself better, be the best you can be, be great and good things are going to happen to you financially, they're going to happen to you professionally, they're going to happen to you socially. It's going to just build your whole life.” — Mike Richey (00:00)

• “Philanthropy is the love of humankind, but it's expressed in really three ways and they're known to everyone. It's the giving of your treasures, it's the giving of your time, and it's the giving of your talents.” — Mike Richey (03:57)

• “Big ideas do carry the day. And that's something I think that people need to focus on and they need to think big.” — Mike Richey (07:06)

• “Integrity being impeccable, integrity being the number one characteristic of a fundraiser.” — Mike Richey (19:08)

• “You cannot choose the time in which you live, but you can choose to make a difference while you live.” — Mike Richey (35:04)

• “You have to work hard to stewardship people and to let people know the impact they've made, they're making a difference and that you love them for it.” — Mike Richey (46:41)

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