Leading and Managing the Family and Closely Held Business

Prerequisites:

Understanding of, intention to be involved in a family and/or closely-held business.  Comfortable with “back of envelope” business planning and awareness of people-management issues. 

Course description:

This course is designed to introduce students to family and closely held businesses, the strategic and operating challenges encountered, and the requirements for success.  Using frameworks drawn from economics, sociology, anthropology and social psychology, this class addresses the broad legal, financial and personal issues involved in “professionalizing the management” of these businesses and fostering successful leadership and ownership succession. 

Course Objectives:

Family and closely-held businesses represent a substantial and vital component of the world’s economy.  The success of these businesses depends not only upon the attractiveness of the industries they compete but also depends upon the leaders’ and owners’ abilities to navigate transitions in leadership, management and ownership.

For the students in this class, all who are involved in management of or who may one day become involved in family and closely-held businesses, the nature of the career and personal opportunity represented to family and non-family or extended family members is often unstated and consequently, misunderstood.  This class is designed to enhance your awareness of and appreciation for the key challenges involved in leading and managing the family and closely-held business and your role in that business.  You will:

1. Explore the strengths, challenges and opportunities of leading and managing a family and/or closely-held business from both an internal and external perspective
2. Develop an understanding of the legal, financial and human resource implications of owning and leading a family and/or closely-held business
3. Increase your understanding of your own personal business history, your personal values and your role creating your future

By the end of this program, you will have:

1. Been exposed to a wide array of complex family business issues
2. Had multiple opportunities to interact with members of family owned businesses, both at the next generation and ownership level
3. Learned and used frameworks appropriate to analyzing family business issues to formulate and communicate your recommendations                          

The learning outcomes for this class are supported by two organizing themes: content and process.  The first theme, “content”, focuses on the concepts, frameworks and institutions directly related to family and closely held business.  Assigned readings, lectures and presentations by family business leaders are the mechanisms used to develop your understanding of content.  Quizzes and evidence of use of the concepts in discussion and written assignments are the basis for assessing your command of these learning outcomes.

The second theme, the “process” of leading and managing, is based upon the structure of the assignments.  We emphasize the development of your analytic skills (asking you to apply frameworks), business communication skills including active listening (you are accountable for discussion subsequent to guest speaker presentations), written communication skills (there are multiple written assignments) and verbal communication skills (there are multiple presentation requirements). 

To provide you with a template for continuing to learn about family and closely held business issues, we employ a variety of learning approaches.  In addition to the classic reading and reflection, you will listen to presenters in and out of the classroom, interview multiple family business stakeholders, and actively discuss family business issues with your student peers, guest presenters and faculty. 

Family business forums will present participants the opportunity to understand a variety of issues facing today’s family and closely held businesses. Completing a case study of a Vermont family business will offer the opportunity to examine issues studies in class and readings and apply them to a current business challenge. Participating in a field trip and comparing your evaluations with fellow classmates will further hone your comparative analysis skills.  Finally, an analysis of your own family business history and future will result in a strategic plan you can use to assist with your own career choices and the needs of your family business. 

NOTE: This class meets each Friday from 11:15 - 2:00 p.m. This option is only available for non-credit participation. For credit enrollment, please call 802-656-5897. 

A $500 program grant is available to employees in the following sectors: 

• Manufacturing
• Healthcare
• IT and software
• Environemntal
• Telecom

 

Friday, September 04, 2009 at 11:15 AM
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Friday, December 04, 2009 at 2:00 PM (ET)

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University of Vermont
55 Colchester Avenue
002 Kalkin Hall
Burlington, VT 05405

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Vermont Family Business Initiative

The Vermont Family Business Initiative is dedicated to supporting and strengthening the network of businesses that are family and privately owned. The VFBI serves family business owners, next generation leaders and key employees through a series of family business forums, management development seminars and affinity groups with peers in other successful family firms.

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