Managing the Family Firm

DESCRIPTION:
Understanding the family firm: its creation and evolution; management and governance of family firms, conflicts and relationships; organizational issues, including succession 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 family-managed 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. The module is intended to provide students with the required theoretical and practical knowledge on family business management and entrepreneurship. The module is suitable for students who aim for a career in either Entrepreneurship or Management.

LEARNING OUTCOMES: 
As a result of taking this course, the student should be able to:
1. Analyze the impact of family firms on society. (analysis)
2. Analyze key challenges in managing a family firm. (analysis)
3. Analyze and apply knowledge in the management of family firms to a real organization. (analysis and application)

METHOD OF TEACHING AND LEARNING:
In congruence with the teaching and learning strategy of the college, the following tools are used:
• Lectures and class discussions
• Office hours held by the instructor to provide further assistance to students.
• Use of the Blackboard Learning platform (communication, posting of lecture notes, posting of recommended research articles, assignments’ instructions, timely announcements, online submission of assignments, etc.).