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Postgraduate courses

FAMILY BUSINESS

Subject Code: BUSS5066
School: IGSM

The subject aims to develop an understanding of family owned and managed businesses and their environment through a systems approach highlighting the challenges of the sub-systems of the family, the business, and ownership. It is based on an analysis and understanding of the family business organisation systems and sub-systems and their operation through constant interaction with their environments. The challenges of family business, including pressures of family interests and the interactions between family members working in the business and/or acting in an ownership capacity will be explored.

The subject complements other subjects offered in the IGSM's programs and provides an opportunity for students to study the numerically dominant private sector organisational form, the family business, which employs approximately 50% of the workforce in Australia and contributes more than 50% of GDP.

 By undertaking this subject, students will progress in the development of the following qualities:

At the completion of this subject, students will be able to:

• understand the operation of family businesses through a systems approach and how a family business learns from and adapts to its external environment;

• identify how the needs and aspirations of the variety of stakeholders and participants within the family business system can be maximised;

• examine the complexities of both ownership and management succession planning and the implications for future generations;

• investigate the development of the family business’ internal capabilities and competencies to ensure sustainable competitive advantage and, where applicable, survival to the next generation;

• provide an integrated view of the family business which can be utilised for those interacting with the family business sector.

Systems and processes required to maximise the multiple objectives of the family, the business, and the owners of the business will be investigated. The strategies and structures required of a family business to meet the needs of the range of internal and external stakeholders will be examined, including how the ‘whole’ system, the family business, can benefit and yet take account of the individual components.

Leadership within the family business, including the ability to understand and change the culture of a family business to ensure shared meaning and objectives, will be discussed. The unique role of tradition and family history and the challenges of managing change in a family business will be examined.

The complexity of an organisation’s culture, its web of behaviours, attitudes and rules which govern its ability to survive, is highlighted when one examines the culture of a family business. The complexities of decision-making processes, communication channels and governance structures in a family business will be investigated.

The manner in which a family business interacts with parts of the larger system such as the economic system, the political system, or the technological systems and the issues and events that will impact on it from those systems will be examined. The potential contribution of the family business sector to the wider economic and political system will be highlighted. The complexities which influence the interactions with family businesses and other sectors of the economy will also be addressed.

For the distributed education mode, the course use Lotus Notes Groupware, delivered via modem to a dedicated server or through the World Wide Web. Students will be expected to apply theory to their own work environment, thus working on their own "live family business case studies".

Gersick, Kelin E., John A. Davis, Marion McCollum Hampton & Ivan Lansberg. 1997. Generation to generation: Life cycles of the family business. Boston, Massachusetts: Harvard Business School Press.

Aronoff, Craig E. & John L. Ward. 1992. Another kind of hero: Preparing successors for leadership. Family Business Leadership Series, No. 3. Marietta, Georgia: Business Owner Resources.

Aronoff, Craig E. & John L. Ward. 1992. Family Business Succession: The final test of greatness. Family Business Leadership Series, No. 1. Marietta, Georgia: Business Owner Resources.

Aronoff, Craig E., Joseph Astrachan & John L. Ward. 1996. Family Business Sourcebook II. Marietta, Georgia: Business Owner Resources.

Bork, David, Dennis T. Jaffe, Sam H. Lane, Leslie Dashew, & Quentin Heisler. 1996. Working with family business. San Francisco: Jossey-Bass Publishers.

Capra, F. 1997. The web of life: A new synthesis of life and matter. London: Harper-Collins.

Connolly, Graham and Christopher Jay. 1996. The private world of family business. South Melbourne: FT Pitman Publishing.

Danco, Leon. 1980. Inside the family business, Cleveland, Ohio: The Center for Family Business.

Danco, Leon. 1982. Beyond survival: A guide for the business owner and his family. Cleveland, Ohio: The Center for Family Business.

Drucker, Peter. 1986. Innovation and entrepreneurship. London: Pan Books.

Drucker, Peter F., (1995) Managing in a time of great change. New York : Truman Talley Books/Dutton.

Handy, Charles. 1991. The Gods of management: Changing work of organisations. Third Edition. London: Business Books.

Jaffe, Dennis T. 1991. Working with the ones you love: Strategies for a successful family business. Berkeley, CA: Conari Press.

Kets de Vries, Manfred F.R. 1996. Family business: Human dilemmas in the family firm. London: International Thomson Business Press.

Meredith, Geoffrey G. 1993. Small business management in Australia, Fourth Edition , McGraw-Hill, Sydney.

Robbins, Bill, & Derek Wallace. 1996. The family business. Melbourne: The Business Library.

Smyrnios, Kosmas, Claudio Romano & George Tanewski. 1997. The Australian Family and Private Business Survey. Melbourne: Monash University.

Ward, John. 1990. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. San Francisco: Jossey-Bass Publishers.

Whiteside, Mary. 1993. How families work together. Family Business Leadership Series, No. 4. Marietta, Georgia: Business Owner Resources.

Class dialogue/participation: 15%
Question responses: 35%
Major project report: 50%

Group presentation: 30%
Major individual report: 70%

Lecturer responsible - Dr Jill Thomas

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