More family foundations should plan in advance to shut their doors. This has nothing to do with their performance or the current economy and everything to do with their long-term success. According to 2008 figures, there are 2,306 foundations in Michigan; 80 percent of them are family foundations. The Foundation Center reports that 48 percent of family foundations awarded less than $50,000 in grants in 2007 and 59 percent had less than $1 million in assets. Most family foundations, especially these small ones, would benefit from establishing a “sunset date.”