Family Business

A family business is a commercial organization owned or controlled by members of a single family or extended family, including relatives related by blood, marriage, or adoption. Family controlled companies are a dominant form of enterprise worldwide. Due to the inextricable link between family and the business, family firms must grapple with unique challenges in that the business decisions are often intertwined with family dynamics, as in the case of succession planning and corporate governance. The purpose of this concentration is to provide insight and understanding of the distinct challenges, opportunities, and practices of family/owner-controlled companies.

The concentration covers family and business issues of family firms, including family values and culture, managing conflict, sibling rivalry, entitlement, hiring family and nonfamily employees, management of the family business, facilitating growth and change, and succession planning. This concentration is intended for those contemplating a career in a family business and for those who plan to consult or provide professional services to family businesses. It will present both a theoretical framework for understanding the family form of business and a practical perspective on working for, or consulting to, a family/owner-controlled business.

Required Courses
ENTR 2301Innovation!4
ENTR 4503Advanced Studies in Family Business4
Electives
Complete two electives, one of which may come from the Additional Elective list:8
Understanding Family Enterprise
Managing and Growing the Family Business
Consulting Operations Growth in SMEs
Additional Electives
Global Social Enterprise
Marketing Strategies for Startups
Industry Disruption and Corporate Transformation
Special Topics in Entrepreneurship
Entrepreneurial Finance, Innovation Valuation, and Private Equity
Negotiating in Business
Students may use one course from an approved Dialogue experience toward the elective area of the concentration.