Family Business Management

DESCRIPTION: 
Understanding the family business in terms of evolutionary stages; individual development and career planning; management of family structure, conflicts and relationships; and organizational issues, including succession and estate planning, strategic planning and formalizing the firm.

RATIONALE: 
It is estimated that, in the United States, family businesses generate about half of the gross domestic product and half of total wages paid. About 90% of all U.S. businesses are family-owned or -controlled. The contribution of familymanaged businesses to the Greek economic environment is still more pronounced. Family businesses possess the strengths and values of both the business and the family, but their separate needs present challenges that can threaten business continuity. The special nature of family businesses requires specific techniques and strategies to increase their chances of long-term success.

LEARNING OUTCOMES: 
As a result of taking this course, the student should be able to:
1. Demonstrate a strong working knowledge of the special characteristics of family-managed businesses and apply effectively models of family business growth, aging and development. (application) Programme Learning Outcome Addressed: A.8.2
2. Identify, assess and create strategies and policies for the successful management of family businesses. (application, synthesis, evaluation) Programme Learning Outcome Addressed: A.8.2., B.1
3. Discuss and assess appropriate techniques for the introduction and integration of family members and non-family executives into the business. (comprehension, evaluation) Programme Learning Outcome Addressed: A.8.2, B.1, B.2, D.1, D.2
4. Apply, integrate and assess succession and power transfer models. (application, synthesis and evaluation) Programme Learning Outcome Addressed: A.8.2, B.1, B.2, B.5, D.1
5. Demonstrate a working knowledge of how family relationships interact with business activities. (application) Programme Learning Outcome Addressed: A.8.2, C.2, D.2
6. Assess the value of a family business and assess the role of family firms in economic development in a range of diverse contexts. (evaluation) Programme Learning Outcome Addressed: A.8.2, B.3, B.5, D.3

METHOD OF TEACHING AND LEARNING: 
In congruence with the learning and teaching strategy of the college, the following tools are used: lectures, case studies, the carrying out of a research project and class discussion using appropriate communication skills.