FAMILY BUSINESS MANAGEMENT

Catalog description

From the small businesses started in basements to the Ford Motor Company, most firms in the world are founded, financed and controlled by families. Most students are--or will be--working in a family-controlled enterprise. Most companies have suppliers, customers and advisors (accountants, attorneys, etc.) whose firms are family-controlled. Therefore to have a thorough understanding of the business world, students should study family enterprise. This course addresses the special issues of family-controlled firms including succession, finance, governance, strategy, family dynamics, culture, philanthropy and family offices. The course will involve guest lecturers, case studies, field and research assignments and presentations regarding family enterprise. In owning, advising or working with family businesses, one must be aware of three separate dynamics: the business, the family and ownership. Each presents special professional challenges and at times, they may seem to be at cross-purposes; this is particularly relevant when examining family vs. non-family controlled firms.