Families in Business
- Dates: TBD
- Format: In-Person Learning takes place on the HBS campus or a designated location.
- Location: HBS Campus
- Fee: TBD
"Our family has benefited in ways that will shape our business for many generations to come."
"Our family has benefited in ways that will shape our business for many generations to come."
Summary
Like every company, family businesses must strive for growth amidst fierce competition, an evolving marketplace, and demanding customers. But family businesses also face a unique set of challenges and opportunities. They require not only effective family governance, business operation, and wealth management, but also robust scaffolding to interconnect these operations. When the pieces fit together, family businesses can grow wealth, create jobs, and realize profound societal benefits.
In this personalized learning experience, you'll discover how to leverage the intrinsic strengths of your family business and implement practices that enable high performance, shareholder loyalty, healthy family relationships, and broad social impact.
-
Summary
-
Like every company, family businesses must strive for growth amidst fierce competition, an evolving marketplace, and demanding customers. But family businesses also face a unique set of challenges and opportunities. They require not only effective family governance, business operation, and wealth management, but also robust scaffolding to interconnect these operations. When the pieces fit together, family businesses can grow wealth, create jobs, and realize profound societal benefits.
In this personalized learning experience, you'll discover how to leverage the intrinsic strengths of your family business and implement practices that enable high performance, shareholder loyalty, healthy family relationships, and broad social impact.
DetailsExpand AllCollapse All
Address the complex dynamics of a family businessAddress the complex dynamics of a family business
- Manage expectations for the family's involvement with the business
- Develop plans for onboarding the rising generation
- Resolve conflicts more effectively
- Structure ownership and distribute wealth optimally to benefit the family and the business
- Evaluate estate planning options
- Determine if a family office is right for your business and how to manage it
Establish a foundation for long-term business successEstablish a foundation for long-term business success
- Build on your business's strengths and minimize its vulnerabilities
- Formulate strategies for growing the company and strengthening competitive advantage
- Create a strong board of directors
- Develop succession plans and successfully navigate leadership transitions
- Discuss governance across all aspects of your family business
Expand your personal and professional networkExpand your personal and professional network
- Extend your network by living and working with accomplished executives from various backgrounds, industries, and countries around the globe
- Build relationships with a diverse group of peers who can provide wide-ranging insights into your business challenges and career decisions
Address the complex dynamics of a family business
- Manage expectations for the family's involvement with the business
- Develop plans for onboarding the rising generation
- Resolve conflicts more effectively
- Structure ownership and distribute wealth optimally to benefit the family and the business
- Evaluate estate planning options
- Determine if a family office is right for your business and how to manage it
Establish a foundation for long-term business success
- Build on your business's strengths and minimize its vulnerabilities
- Formulate strategies for growing the company and strengthening competitive advantage
- Create a strong board of directors
- Develop succession plans and successfully navigate leadership transitions
- Discuss governance across all aspects of your family business
Expand your personal and professional network
- Extend your network by living and working with accomplished executives from various backgrounds, industries, and countries around the globe
- Build relationships with a diverse group of peers who can provide wide-ranging insights into your business challenges and career decisions
Who Should Attend
-
A chief executive officer or top family business leader and his or her spouse -
Children of the business leader(s) and their spouses -
Siblings, cousins, and their spouses/partners -
Family members who are managers, employees, board members, or shareholders in the business -
Nonfamily senior executives from the business -
Nonfamily senior executives from the family office -
Interested relatives, including in-laws
Program for Leadership Development participants earn 5 PLDA Points on completion of this program.
-
A chief executive officer or top family business leader and his or her spouse -
Children of the business leader(s) and their spouses -
Siblings, cousins, and their spouses/partners -
Family members who are managers, employees, board members, or shareholders in the business -
Nonfamily senior executives from the business -
Nonfamily senior executives from the family office -
Interested relatives, including in-laws
Program for Leadership Development participants earn 5 PLDA Points on completion of this program.
Learning and Living at HBS
When you participate in an Executive Education program on the HBS campus, you enter an immersive experience where every aspect of the learning model has been carefully designed to facilitate your growth. Your learning will take place on your own, in your living group, and in the larger classroom, driven by the renowned HBS case method.
-
Learning and Living at HBS
-
When you participate in an Executive Education program on the HBS campus, you enter an immersive experience where every aspect of the learning model has been carefully designed to facilitate your growth. Your learning will take place on your own, in your living group, and in the larger classroom, driven by the renowned HBS case method.
Admissions Criteria and Process
Answering Your Questions
Application Submission
Application Review
Fee, Payment, and Cancellations
Answering Your Questions
Application Submission
Application Review
Fee, Payment, and Cancellations
What You Will Learn
Featuring lectures, case studies, guest speakers, and dynamic interactions, this program draws on faculty members' family business research and consulting work with family companies. You and other family business teams from around the world will discover strategies and best practices that will enable you to meet today's business objectives while planning for the future.
During this family business management program, you will work privately within your own team to create a customized plan that positions your company for ongoing success. A professional family business facilitator will help your team identify your particular challenges and goals and create a practical action plan you can implement immediately. With focused time away from day-to-day concerns, you will be able to share ideas, strengthen relationships, and work together to pursue your objectives.
Participants should expect to spend at least 9-12 hours on self-paced case preparation prior to attending the program. Case materials will be made available approximately two weeks prior to program start.
Program Approach: Family Business Governance
The program's curriculum is centered on the unique importance of developing an interconnected family business. Guided by a three-component approach to structure, you will explore family business best practices and how to avoid and address issues in family relationships, business operations, and wealth management.
As you build your understanding of the role of governance in family businesses, you will prepare to create and/or refine your company's approach to people and processes, the fundamental building blocks of a successful family business.
-
What You Will Learn
-
Featuring lectures, case studies, guest speakers, and dynamic interactions, this program draws on faculty members' family business research and consulting work with family companies. You and other family business teams from around the world will discover strategies and best practices that will enable you to meet today's business objectives while planning for the future.
During this family business management program, you will work privately within your own team to create a customized plan that positions your company for ongoing success. A professional family business facilitator will help your team identify your particular challenges and goals and create a practical action plan you can implement immediately. With focused time away from day-to-day concerns, you will be able to share ideas, strengthen relationships, and work together to pursue your objectives.
Participants should expect to spend at least 9-12 hours on self-paced case preparation prior to attending the program. Case materials will be made available approximately two weeks prior to program start.
Program Approach: Family Business Governance
The program's curriculum is centered on the unique importance of developing an interconnected family business. Guided by a three-component approach to structure, you will explore family business best practices and how to avoid and address issues in family relationships, business operations, and wealth management.
As you build your understanding of the role of governance in family businesses, you will prepare to create and/or refine your company's approach to people and processes, the fundamental building blocks of a successful family business.
Key TopicsExpand AllCollapse All
Managing the complex dynamics of the family enterprise systemManaging the complex dynamics of the family enterprise system
- Integrating the strengths of families and businesses
- Preparing for predictable stages of the family enterprise system
- Developing constructive family work and shareholder relationships
- Managing conflict in business families
- Communicating effectively with family members
- Balancing the financial needs of the business and the family
- Adapting the practices of successful family companies and business families
Growing, preserving, and sharing the wealthGrowing, preserving, and sharing the wealth
- Implementing strategies for growing the company, while maintaining family control
- Distributing wealth and ownership to benefit the family and the business
- Planning for the future through wills, pre-nuptial agreements, and tax strategies
- Raising children in wealthy business families
- Building a framework for analyzing direct and indirect investments
- Developing a method for understanding and valuing potential investments, including pre-revenue start-ups
Enhancing governance and leadershipEnhancing governance and leadership
- Prioritizing governance across the operating company, the family office, and the family itself
- Developing effective boards of directors and advisory boards
- Organizing family assembly and family council meetings; creating a family constitution
- Strengthening investment-related governance
- Creating policies and plans for the family's involvement with the business
- Developing leaders in the family-business-ownership system
Sustaining the family enterpriseSustaining the family enterprise
- Developing the next generation as effective managers, shareholders, and family members
- Managing ownership and leadership transitions
- Taking charge and letting go of leadership responsibilities
- Understand the pros and cons of creating a family office to manage family wealth and investments; determining who should be involved; establishing key functions
Managing the complex dynamics of the family enterprise system
- Integrating the strengths of families and businesses
- Preparing for predictable stages of the family enterprise system
- Developing constructive family work and shareholder relationships
- Managing conflict in business families
- Communicating effectively with family members
- Balancing the financial needs of the business and the family
- Adapting the practices of successful family companies and business families
Growing, preserving, and sharing the wealth
- Implementing strategies for growing the company, while maintaining family control
- Distributing wealth and ownership to benefit the family and the business
- Planning for the future through wills, pre-nuptial agreements, and tax strategies
- Raising children in wealthy business families
- Building a framework for analyzing direct and indirect investments
- Developing a method for understanding and valuing potential investments, including pre-revenue start-ups
Enhancing governance and leadership
- Prioritizing governance across the operating company, the family office, and the family itself
- Developing effective boards of directors and advisory boards
- Organizing family assembly and family council meetings; creating a family constitution
- Strengthening investment-related governance
- Creating policies and plans for the family's involvement with the business
- Developing leaders in the family-business-ownership system
Sustaining the family enterprise
- Developing the next generation as effective managers, shareholders, and family members
- Managing ownership and leadership transitions
- Taking charge and letting go of leadership responsibilities
- Understand the pros and cons of creating a family office to manage family wealth and investments; determining who should be involved; establishing key functions
The HBS Advantage
Our Executive Education programs are developed and taught by HBS faculty who are widely recognized as skilled educators, groundbreaking researchers, and award-winning authors. Through their board memberships, consulting, and field-based research, they address the complex challenges facing business leaders across the globe
Senior Lecturer of Business Administration
Visiting Lecturer in Executive Education
L.E. Simmons Professor of Business Administration
-
The HBS Advantage
-
Our Executive Education programs are developed and taught by HBS faculty who are widely recognized as skilled educators, groundbreaking researchers, and award-winning authors. Through their board memberships, consulting, and field-based research, they address the complex challenges facing business leaders across the globe
Faculty Chair
Senior Lecturer of Business Administration
HBS Unit:Technology and Operations ManagementFacultyVisiting Lecturer in Executive Education
L.E. Simmons Professor of Business Administration
HBS Units:Entrepreneurial ManagementFinance
Your Peers Expand Your Learning
-
Your Peers Expand Your Learning
-
Global PerspectiveExperience the world in your classroom.Global PerspectiveExperience the world in your classroom.4%Africa21%Asia Pacific4%Europe38%Latin America2%Middle East31%North America4%Africa21%Asia Pacific4%Europe38%Latin America2%Middle East31%North America
"Our family has benefited in ways that will shape our business for many generations to come."
"Our family has benefited in ways that will shape our business for many generations to come."