Managing Family Business

Family business is a puzzling topic that fascinates academics, investors, and managers. These businesses are ridiculed, especially in Hong Kong, as unprofessional and cronyism-driven. But one cannot ignore their importance: families started many of the most successful firms in the world; families owned the majority of listed firms; many family firms uphold the best innovation, quality and brand value; and family funds constitute some largest philanthropic and investment projects. This course takes a family enterprising approach to discuss the importance, diversity, complexity, and more importantly continuous entrepreneurship of business family (as opposed to family business). Apart from lectures and case analysis, students should interact with family members and associated professionals to understand the types, life cycle, conflict, succession, characteristics of business families. For sustaining their growth, practical approaches, such as structures and procedures as advisory boards, family councils, family venture funds and spin-offs, and family philanthropy, will also be discussed. This course shall benefit family business members, managers in family-owned firms, and professionals.