Managing Family Businesses for Sustained Success from edX

Family Businesses are a dominant form of business across the globe and play a crucial role in the economic growth of a nation. However, managing a family business comes with its own unique set of challenges owing to the overlap of family emotions and business aspirations. While the strong hold of family members over the business may dampen the spirit of other members in management, the complex structure of the business evokes a negative public perception in general. Hence, managing family businesses requires a careful, considerate, tactful approach to maintain peaceful harmony among all the stakeholders.

This course brings together the insights from experienced family business practitioners, professional managers, and academics to address the challenges of family businesses in a pragmatic manner.

Join the course if you are a family business owner, soon-to-be owner (successor of a business), professional manager, or an inquisitive learner keenly interested in family businesses.

What you'll learn

What you’ll learn:

The characteristic features, strengths and weaknesses of a family firm
Strategic challenges in family firms and solutions
Typical governance challenges and mechanisms to overcome the same
Different types of succession options and their implementation
Professional management of family firms
Causes of conflict in family businesses and techniques to ensure harmony among all stakeholders within the firm and the family

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches how to resolve the unique challenges of family business, which are relevant in business practice

Develops an understanding of typical governance challenges in family businesses and how to overcome them

Builds skills for managing a family business successfully

Provides insights from experienced family business practitioners, professional managers, and academics

Taught by Kumar K and Dalhia Mani, who are experienced professionals in the field

Requires no previous knowledge or experience in family business management

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Managing Family Businesses for Sustained Success with these activities:

Review concepts of marketing fundamentals

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Review foundational marketing terms, models, and metrics to strengthen understanding of more complex family business concepts later in the course.

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Create an outline of key marketing concepts
Summarize each concept in your own words
Develop real-world examples for each concept

Attend a family business conference or workshop

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Network with professionals, learn from experts, and gain practical insights into family business management.

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Identify relevant family business conferences or workshops
Register and attend the event
Engage actively in discussions and networking sessions

Volunteer to mentor a family business owner or aspiring family business professional

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Share knowledge, provide guidance, and support the growth and success of others in the field of family business.

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Identify organizations that connect family business owners with mentors
Sign up to become a mentor
Meet regularly with your mentee

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Career center

Learners who complete Managing Family Businesses for Sustained Success will develop knowledge and skills that may be useful to these careers:

Family Wealth Manager

Family Wealth Managers help family businesses manage their wealth. They provide advice on investment, tax planning, and estate planning. This course will help you develop the skills and knowledge necessary to be a successful Family Wealth Manager. You will learn about the unique challenges of managing wealth for family businesses and how to help them achieve their financial goals.

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Financial Analyst

Financial Analysts provide financial analysis and research to investors and other clients. This course will help you develop the skills and knowledge necessary to be a successful Financial Analyst. You will learn about the different types of financial analysis and research and how to use them to make investment decisions.

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Investment Banker

Investment Bankers help companies raise capital and advise them on mergers and acquisitions. This course will help you develop the skills and knowledge necessary to be a successful Investment Banker. You will learn about the different types of investment banking products and services and how to pitch them to clients.

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Portfolio Manager

Portfolio Managers manage investment portfolios for clients. They make investment decisions and monitor the performance of their portfolios. This course will help you develop the skills and knowledge necessary to be a successful Portfolio Manager. You will learn about the different types of investment portfolios and how to manage them.

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Entrepreneur

Entrepreneurs start and run their own businesses. They are responsible for all aspects of the business, from product development to marketing and sales. This course will help you develop the skills and knowledge necessary to be a successful Entrepreneur. You will learn about the different aspects of starting and running a business and how to overcome the challenges that you will face.

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Corporate Lawyer

Corporate Lawyers provide legal advice to corporations and other businesses. They help businesses with a variety of legal matters, including mergers and acquisitions, contracts, and litigation. This course will help you develop the skills and knowledge necessary to be a successful Corporate Lawyer. You will learn about the different types of legal issues that businesses face and how to advise them on these issues.

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Family Business Manager

Family Business Managers are responsible for managing the day-to-day operations of a family business. They work closely with the family members who own the business and make sure that the business is run smoothly and efficiently. This course will help you develop the skills and knowledge necessary to be a successful Family Business Manager. You will learn about the unique challenges of managing a family business and how to overcome them. You will also learn how to develop and implement strategies for the growth and success of the business.

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Management Consultant

Management Consultants help businesses improve their performance. They provide advice on a variety of management topics, including strategy, operations, and finance. This course will help you develop the skills and knowledge necessary to be a successful Management Consultant. You will learn about the different types of management consulting services and how to provide them to clients.

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Business Owner

Business Owners own and operate their own businesses. They are responsible for all aspects of the business, from product development to marketing and sales. This course will help you develop the skills and knowledge necessary to be a successful Business Owner. You will learn about the different aspects of starting and running a business and how to overcome the challenges that you will face.

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Tax Lawyer

Tax Lawyers help businesses and individuals with tax planning and compliance. They advise clients on a variety of tax issues, including income tax, estate tax, and gift tax. This course will help you develop the skills and knowledge necessary to be a successful Tax Lawyer. You will learn about the different types of tax laws and how to apply them to your clients' situations.

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Private Banker

Private Bankers provide financial services to high-net-worth individuals and families. They offer a variety of services, including investment advice, trust services, and lending. This course will help you develop the skills and knowledge necessary to be a successful Private Banker. You will learn about the unique challenges of working with high-net-worth individuals and families and how to help them achieve their financial goals.

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Family Business Consultant

Family Business Consultants help family businesses with a variety of challenges, including succession planning, governance, and conflict resolution. This course will help you develop the skills and knowledge necessary to be a successful Family Business Consultant. You will learn about the unique challenges of working with family businesses and how to help them overcome these challenges.

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Succession Planner

Succession Planners help family businesses plan for the future and ensure a smooth transition of ownership and management from one generation to the next. This course will help you develop the skills and knowledge necessary to be a successful Succession Planner. You will learn about the different types of succession plans and how to develop and implement them.

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CEO

Chief Executive Officers (CEOs) are responsible for the overall management of a company. They make decisions about the company's strategy, operations, and finances. This course will help you develop the skills and knowledge necessary to be a successful CEO. You will learn about the different aspects of managing a company and how to overcome the challenges that you will face.

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COO

Chief Operating Officers (COOs) are responsible for the day-to-day operations of a company. They oversee the company's production, marketing, and sales functions. This course will help you develop the skills and knowledge necessary to be a successful COO. You will learn about the different aspects of managing a company's operations and how to overcome the challenges that you will face.

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