Description:

Upon successful completion of this course, the student will gain the knowledge and skills needed for the successful management and leadership of a family enterprise by exploring a diverse set of family firms, examining the interrelationships among the owners, the family, and the management team. The student will analyze the management and family practices that ensure success while recognizing the advantages and challenges facing family enterprises. Emphasis is placed on positioning the family enterprise for sustained growth and continuity through generations. 3 hrs. lecture/wk.

Supplies: Refer to the instructor's course syllabus for details about any supplies that may be required.

Prerequisites: NONE

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Assess the concept of family business and its theoretical roots.
2. Analyze the impact of family business on local, regional, national and global economies.
3. Explain the unique assets and vulnerabilities of family enterprises.
4. Explain the CEO’s key role as an architect of the company’s continued success via its succession and continuity plans.
5. Analyze strategies that CEO’s can initiate to help the next generation govern the firm and perpetuate its legacy.
6. Review transition strategies and their impact on succession and continuity.
7. Analyze the role that many CEO spouses play as co-architects of the company’s succession and continuity process and as chief trust officers of the family.
8. Assess the key role next-generation members play in endowing the family business with a new vision for the company in their generation.
9. Identify the developmental needs and challenges of the next-generation leaders.
10. Discuss the responsibilities involved in leading not just the business but also shareholders and the extended family.
11. Identify the characteristics of successors who become successful CEO’s, successful sibling team members, and/or successful leaders of family businesses in the cousin consortium stage.
12. Discuss the role that disagreement on strategy between the incumbent CEO generation and the next generation plays in rejuvenating the company while preserving what has made it successful so far.
13. Analyze the effect of estate taxes on ownership transfer across generations of family business owners.
14. Explain the importance of strategic planning and timely communication to the continuity of family business.
15. Address the reluctance to plan strategically resulting from the desire to avoid conflict in the family.
16. Explain an approach to building a unique business model or strategic profile for each family business.
17. Recognize the critical role that non-family managers play in family-owned and family-controlled corporations.
18. Compare the perceptions about the family business held by family members and non-family managers.
19. Identify the challenges of motivating and retaining non-family management.
20. Describe the unique governance needs of the family business that result from the overlap between management, family, and ownership.
21. Review the requirements and practices of effective boards.
22. Explain the relationship between the role of the board, the family council, and top management in providing effective governance for family business continuity.
23. Address the issues of family culture, family communication, family conflict, and family unity and explore their interaction effects on the family business.

Content Outline & Competencies:

I. Defining Family Businesses
   A. Identify what constitutes a family business
   B. Identify the explain the historical strengths and weaknesses of
family businesses 
   C. Analyze competitive challenges faced by family businesses
   D. Assess the economic impact of family businesses locally, regionally,
nationally and globally

II. Leadership of Family Businesses
   A. Explain the role of the CEO of a family business
   B. Identify strategies to assist the next generation in governing and
perpetuating the legacy of the family business
   C. Analyze strategies to transition a family business from generation
to generation
   D. Recognize the unique roles of the CEO spouse

III. The Role of the Next Generation
   A. Identify the developmental needs and challenges of the next
generation leaders
   B. Explore the potential composition of next generation family members
to include siblings and cousins
   C. Analyze the challenge of respecting the past and focusing on the
future of the family business under the leadership of the next generation

III. Estate and Ownership Transfer Planning
   A. Identify the essential elements of an estate plan
   B. Define corporate structures and classes of stock
   C. Analyze challenges in estate and ownership transfer planning

IV. Strategic Growth Planning for a Family Business
   A. Identify strategies for developing and promoting growth of a family
business
   B. Analyze the critical role of non-family managers
   C. Explore career opportunities for non-family managers
   D. Research motivational and retention strategies for non-family
managers
   E. Identify strategies to extend the family culture to non-family
managers

V. Family Business Governance
   A. Define the composition and role of boards of directors and/or boards
of advisors
   B. Define the Board’s role in setting company strategy
   C. Describe the Board’s role in succession and continuity planning
   D. Describe the composition and role of the Family Council
   E. Analyze the boundaries between the Board and the Family Council

VI. The Future of Family Businesses 
   A. Discuss the potential for family businesses to compete and thrive
   B. Analyze the challenges and opportunities for the future of family
businesses
   C. Recognize the leadership imperatives for family business
continuity

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

Examinations                   30% of grade
Case Studies/reaction reports  30% 
Research project/s             40%

Grade Criteria:

 A =  90-100%
 B =  80-89%
 C =  70-79%
 D =  60-69%
 F =  59% or below

Caveats:

1. Computer Literacy Expectations: Students will need basic word processing and internet searching skills for the completion of some papers, exercises and projects.

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.