Untours' 88-year-old founder planning for succession

Hal Taussig, the 88-year-old founder of Media, Pa.-based Untours, a travel business, and the Untours Foundation, which supports small businesses, is planning for succession,

the

Philadelphia Inquirer

reported.

Taussig “has lived much of his frills-free adult life giving away his wealth,” the article said. His mission, according to the report, is “to foster more social-mindedness and lend a financial hand to businesses committed to sustainability and job creation.” The Untours Foundation gives low-interest loans instead of grants and has taken an equity position in five of the businesses that receive foundation funding, the article said.

Untours is run by Taussig’s nephew Brian Taussig-Lux. The business has 14 employees and annual revenues of nearly $5 million, the article said.

According to the report, the travel business has contributed more than $2 million in direct funds and more than $3 million in in-kind services to the foundation. But in order to ensure that there are funds available for the health-care needs of Taussig and his wife, Norma, the ten-member foundation board voted last year to stop diverting profits from the business to the foundation.

Foundation manager Elizabeth Killough told the

Inquirer,

“While this is a very business-centric board, it puts Hal and Norma first, even if that is not Hal’s wishes.” The foundation will ultimately inherit the travel business, the article said. (Source:

Philadelphia Inquirer,

Dec. 4, 2012.)