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Syllabus

The following syllabus shows the area of coverage for the course, listing mutual expectations between the faculty and students of the Business School in the offering of this course.
 SYLLABUS FALL, 2008  
BSAD
195C		 Special Topics (Leading & Managing the Family & Closely Held Business)
INSTRUCTOR(s):
Rocki-Lee DeWitt - PROFESSOR INFO
PHONE: 802 656-0043
OFFICE: 316 Kalkin
OFFICE HOURS: By Appointment
E-MAIL: dewitt@bsad.uvm.edu
COURSE INFO:
MEETS: F 11:15-2:00
LOCATION: 002 Kalkin

Pre-requisites:

Instructor Permission. Required course specific fee of $20.

Goals & Objectives:

1. To explore the strengths, challenges and opportunities of leading and managing a family and/or closely-held business;

2. To broadly understand the legal, financial and human resource implications of owning and leading a family and/or closely-held business;

3. To increase students understanding of their family businesses history and their role in creating its future.

Course Content:

This course is designed to introduce students to family and closely held businesses, the strategic and operating challenges encountered, and the requirements for success. Using frameworks drawn from economics, sociology, anthropology and social psychology, this class addresses the broad legal, financial and personal issues involved in "professionalizing the management" of these businesses and fostering successful leadership and ownership succession.

Course Objectives:

Family and closely-held businesses represent a substantial and vital component of the world's economy. The success of these businesses depends not only upon the attractiveness of the industries they compete but also depends upon the leaders' and owners' abilities to navigate transitions in leadership, management and ownership.

For the students in this class, all who are involved in management of or who may one day become involved in family and closely-held businesses, the nature of the career and personal opportunity represented to family and non-family or extended family members is often unstated and consequently, misunderstood. This class is designed to enhance your awareness of and appreciation for the key challenges involved in leading and managing the family and closely-held business and your role in that business. You will:

  1. Explore the strengths, challenges and opportunities of leading and managing a family and/or closely-held business from both an internal and external perspective
  2. Develop an understanding of the legal, financial and human resource implications of owning and leading a family and/or closely-held business
  3. Increase your understanding of your own personal business history, your personal values and your role creating your future

By the end of the class, you will have:

  1. Been exposed to a wide array of complex family business issues
  2. Had multiple opportunities to interact with members of family owned businesses, both at the next generation and ownership level
  3. Learned and used frameworks appropriate to analyzing family business issues to formulate and communicate your recommendations

The learning outcomes for this class are supported by two organizing themes: content and process. The first theme, "content", focuses on the concepts, frameworks and institutions directly related to family and closely held business. Assigned readings, lectures and presentations by family business leaders are the mechanisms used to develop your understanding of content. Quizzes and evidence of use of the concepts in discussion and written assignments are the basis for assessing your command of these learning outcomes.

The second theme, the "process" of leading and managing, is based upon the structure of the assignments. We emphasize the development of your analytic skills (asking you to apply frameworks), business communication skills including active listening (you are accountable for discussion subsequent to guest speaker presentations), written communication skills (there are multiple written assignments) and verbal communication skills (there are multiple presentation requirements).

To provide you with a template for continuing to learn about family and closely held business issues, we employ a variety of learning approaches. In addition to the classic reading and reflection, you will listen to presenters in and out of the classroom, interview multiple family business stakeholders, and actively discuss family business issues with your student peers, guest presenters and faculty.

Family business forums will present participants the opportunity to understand a variety of issues facing today's family and closely held businesses. Completing a case study of a Vermont family business will offer the opportunity to examine issues studies in class and readings and apply them to a current business challenge. Participating in a field trip and comparing your evaluations with fellow classmates will further hone your comparative analysis skills. Finally, an analysis of your own family business history and future will result in a strategic plan you can use to assist with your own career choices and the needs of your family business.

Books & Materials

  • Required Text(s):
    1. Poza, Ernesto, J. 2007. Family Business. South-Western.
    2. Laird Norton Tyee Family Business Survey. Family to Family 2007. (supplied)

  • Recommended Text(s):
    1. Kerr, Michael E., 2005, One Family's Story: A Primer on Bowen Theory. Georgetown Family Center.
    2. McCann, Greg, 2007. When Your Parents Sign Your Paychecks. JIST Works

  • Optional Materials:
    Monthly e-newsletters:
    1. Understanding Family Business. It is a digest of important tips, articles and success strategies written by Family Business Experts to help you take a few minutes, on a regular basis, to reflect on the "why's and what for's" that go into building a successful family business. www.family-business-experts.com.
    2. Family Business Magazine E-Newsletter: Published twice each month, this e-newsletter is concise and topical the latest news, the best tips, the implications for your company and family. familybusinessmagazine.com.
    3. The Family Business Institute: The Family Business Institute is offers a wealth of information and current topics. www.familybusinessinstitute.com.
    4. The Family Business Advisor: A bi-monthly broadcast email, offering links to free articles on family business issues by worldwide experts in the field as well as information on our latest publications and promotions. www.efamilybusiness.com.

  • Other:
    Recommended websites:


    Grading:

    Class participation: involvement in weekly discussion; weekly quizzes 20%
    Write up and participation in Business School career panel day (due Oct. 24) 10%
    Vermont family business case study - (due Oct 31) 20%
    Family business wiki research and posting
    1. Part - 5% (due Nov. 14)
    2. Part - 5% (due Nov. 21)
    		 10%
    Personal family business profile & plan:
    1. Personal business history - 10% (Sept 26)
    2. Personal mission statement - 10% (Oct 10)
    3. Future plans, strategy - 20% (Dec 12)
    		 40%

    Grading Comments:

      LATE PAPERS AND ASSIGNMENTS WILL RECEIVE A 20% PENALTY PER DAY LATE.  

    Requirements

    1. Class participation in weekly discussion & weekly quizzes:
      1. All students are expected to be actively involved in the weekly dialog to share their own business experience as well as learn and probe of other students
      2. Students are expected to be prepared weekly to be quizzed on:
        1. Previous weeks class material and discussion
        2. Current weeks readings
        3. Current issues from the world of family business
      3. Attendance without active participation will not earn credit for this requirement

    2. Write up and participation in Business School career panel day
      1. Write a 1000 word synopsis for the event and answer the following questions:
        1. Identify three panelists of interest and write a brief bio on each
        2. How did they prepare for their chosen career?
        3. What were some critical career choices that they faced?

    3. Vermont family business case study (list of businesses will be provided or student may identify one if known):
      1. Identify a family business of interest to you
      2. Interview at least two key stakeholders in the business from the following:
        1. Owner
        2. Family member
        3. Key employee
      3. Develop a brief analysis and recommendation (5 pages) on the business as it applies to the concepts covered in class to date:
        1. Brief history regarding the business
          1. When founded
          2. How positioned in industry
          3. Significant events in business history and transition
        2. Key business and family issues at play
          1. The external/marketplace challenges the business faces
          2. The talents and roles of family members
        3. Identify the three most important challenges the business leadership will face in the next 1 to 3 years

    4. Family Business Wiki research, posting & review:
      1. Visit the website: www.familybusinesswiki.org. You will need to create an account in order to post. Research a family business topic that is of interest to you. Create an article for Family Business Wiki.
        1. Go to >>WIKI ARTICLES >> STUB ARTICLES (near the bottom of the page).
        2. Pick a family business topic that is of interest to you and that has not already been explored. Research and write an article of at least 1000 words.
        3. Choose an article that a classmate has written. Review and offer feedback. Add 500 words.

    5. Personal business profile and plan:
      1. History of your own business background
        1. Early memories
        2. Types of business youve been drawn to
        3. Family genogram
      2. Personal mission statement
        1. Completed MBTI profile
        2. Completed personal mission statement
        3. Future career plans; how do these fit with your current education, the needs of the business and your own personal goals?
      3. Future of the business or industry
        1. The competitive context of the business
        2. Future generations and transfer issues;
        3. Other family members what role will they play and how will that be communicated to each and the business?
        4. New business opportunities what is the plan?
        5. Who will the leaders be and what skills will be needed?

    NOTE: For students not from a family business, plan to study your chosen or desired career industry and assess your own strengths in a similar vein.

    Academic Honesty

    The principal objective of the policy on academic honesty is to promote an intellectual climate and support the academic integrity of the University of Vermont. Academic dishonesty or an offense against academic honesty includes acts that may subvert or compromise the integrity of the educational process. Such acts are serious offenses that insult the integrity of the entire academic community.

    Offenses against academic honesty are any acts that would have the effect of unfairly promoting or enhancing one's academic standing within the entire community of learners which includes, but is not limited to, the faculty and students of the University of Vermont. Academic dishonesty includes knowingly permitting or assisting any person in the committing of an act of academic dishonesty.

    The policy distinguishes between minor and major offenses. Offenses purely technical in nature or in which the instructor does not perceive intent to achieve advantage are deemed minor and handled by the instructor. Major offenses are those in which intent to achieve academic advantages is perceived. A full statement of the policy can be found in the Cat's Tale. Each student is responsible for knowing and observing this policy.

    Classroom Code of Conduct

    Faculty and students will at all times conduct themselves in a manner that serves to maintain, promote, and enhance the high quality academic environment befitting the University of Vermont. To this end, it is expected that all members of the learning community will adhere to the following guidelines:

    1. Faculty and students will attend all regularly scheduled classes, except for those occasions warranting an excused absence under the policy detailed in the catalogue (e.g., religious, athletic, medical).
    2. Students and faculty will arrive prepared for class and on time, and they will remain in class until the class is dismissed.
    3. Faculty and students will treat all members of the learning community with respect. Toward this end, they will promote academic discourse and the free exchange of ideas by listening with civil attention to the comments made by all individuals.
    4. Students and faculty will maintain an appropriate academic climate by refraining from all actions which disrupt the learning environment (e.g., making noise, ostentatiously not paying attention, and leaving and reentering the classroom inappropriately).
    5. Food and drink are not allowed in classrooms.

    Instructors will inform students of any special/additional expectations.

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