In the past 20 years business management has become increasingly challenging in a radically changing environment brought about by the increasing use of technology and globalization. Managing a family business can be additionally challenging since working with family members adds a further dynamic to the already challenging tasks of management. Often overlooked, family business is an important topic as it constitutes a significant segment of the economy in the US and an even larger proportion of the global economy. Worldwide 80% of businesses are classified as "family businesses." It is well known that the majority of family business do not make it to the second generation and a very small minority make it to the third. Stereotypes about family business issues such as family squabbles, nepotism and family members’ sense of entitlement often receive headlines from the business press. However, recent studies have shown that to the contrary on average family businesses outperform and outlast non family businesses. Family Business Management, focuses on this vital and challenging sector. The emphasis is on a wide range of family owned and family managed small and mid-size firms in the US and internationally. We will explore the business, personal and family issues found in family owned and managed companies. The managerial, strategic and organizational complexities in these firms are also analyzed. Through case studies, lectures, research and guest speakers, we consider a wide range of questions including succession and the transfer of power among generations, the intersection of business and family strategy, entrepreneurship, sibling rivalry, attracting and retaining non-family talent, estate planning, financing the family owned enterprise, etc. The course is directed towards students who are currently managing or who will enter into the management of family businesses, either their own family’s or someone else's, as well as students who do business with family firms, consult to them, work with them in private wealth management, mergers and acquisitions, banking, consulting, outsourcing, etc.
Adjunct Associate Professor
Josh Baron is a co-founder and Partner at BanyanGlobal. For the last decade, he has worked closely with families who own assets together, such as operating companies, family foundations, and family offices. He helps these families to define their purpose as owners and to establish the structures, strategies, and skills they need to accomplish their goals. During his career, Josh has worked with clients...