ENT 351 Managing the Family Enterprise
As the fundamental units of society, families provide a unique mixture of values, trust and passion that has kindled entrepreneurship in societies around the world for centuries. In the United States, family-owned businesses generate over half of the nation's GDP, employ almost two-thirds of the workforce, and are responsible for over three quarters of all new job creation. This course uses a case-based approach to address the unique challenges and opportunities faced by family entrepreneurs as they build the family enterprise. Topics to be covered include detailed analysis of legal entities (e.g., corporations, limited liability companies, and partnerships), and their respective advantages and disadvantages for owning and operating a family business; mission/vision/values, and building and maintaining the business's culture; family business governance structures and strategies; succession planning; financial management and wealth planning; and conflict resolution. The course will use the HBR Family Business Handbook, as well as articles from specialized media. It will also include guest speakers, and a semester-long team project with an end-of-semester presentation.