Description
The role of family business as an emerging field. Challenges in managing a family business, risk strategies, successor development and succession planning, stages of family business growth, family motivations and goals. Field projects involve student teams preparing a succession plan of a local family business.

Texts
Friedman, Scott E., The Successful Family Business, Upstart Publishing Company, 1998.
Beckhard, Richard (Editor), The Best of FBR, Family Firm Institute, Inc., Boston, 1996.
Packet of Cases and Readings

Objectives
· To learn the inner workings of a family business by developing a 'hands-on' succession plan for a real, on-going family business in the local area.
· To recognize the risk of the failure to plan for management succession.
· To be aware of the different types of insurance companies.
· To understand strategies to avoid, anticipate, and transfer risk.
· To gain knowledge about valuation of the firm.
· To learn how to set up a Board of Directors.
· To recognize the need for a family charter and operating agreement.
· To understand how to improve family communications.
· To appreciate forms of organizations.
· To understand about the family-owned, home-based business.