Describe the company, its industry, how long has the company been in business, and the family’s general involvement in the company.

Assignment Question

Family Business Interview: Written Summary Each student is required to turn in a typed 12 pt Times New Roman font, double- spaced, 3 to 4 page summary of their family business owner interview.

To accomplish this, students will select, schedule, and interview someone who has ownership in a family business (or a first-generation firm that aims to become trans-generational family business).

After the interview, the student will write a summary of their findings as outlined below. The written summary consists of three parts.

1. Describe the company, its industry, how long has the company been in business, and the family’s general involvement in the company. (Approximately 3/4 page)

2. Provide a detailed summary of your interviewee’s answer to one of the following questions (Approximately 3/4 page)

a) What is your business’s approach to making strategic or high-level management decisions? To what degree are family and non-family managers involved in the process?

b) Do you plan for a family member from the next generation to take over the management of the business? What factors do you consider most important to filling top leadership roles in the future?

c) When you consider the need to innovate or adapt to a changing business environment, what advantages or challenges does your firm have because it is family-owned?

3. Elaborate how the answer in part 2 connects to a concept or topic from the course. Your answer should demonstrate that you are applying knowledge from the course to this real- world example. For example, we cover many instances where there are pros and cons to an approach to managing a family business. Use this time to speculate about who those pros and cons can be applied to your specific real-world example. (Approximately 1 1/2 pages)