As your first year draws to a close, you'll take an important professional step and declare a concentration in at least one of our principal fields of business. A concentration in family business will prepare you for a career in working within a family business or in consulting for family businesses.<br><br>You'll learn the business issues of family firms (a commercial organization owned or controlled by members of a single family or extended family, including relatives related by blood, marriage, or adoption). The concentration blends theoretical frameworks with practical perspectives to develop your understanding of how family business operate and what the experiences are like working in or consulting for a family/owner-controlled business.<br>A family business is a commercial organization owned or controlled by members of a single family or extended family, including relatives related by blood, marriage, or adoption. Family controlled companies are a dominant form of enterprise worldwide. Due to the inextricable link between family and the business, family firms must grapple with unique challenges in that the business decisions are often intertwined with family dynamics, as in the case of succession planning and corporate governance. The purpose of this concentration is to provide insight and understanding of the distinct challenges, opportunities, and practices of family/owner-controlled companies.<br><br>The concentration covers family and business issues of family firms, including family values and culture, managing conflict, sibling rivalry, entitlement, hiring family and nonfamily employees, management of the family business, facilitating growth and change, and succession planning. This concentration is intended for those contemplating a career in a family business and for those who plan to consult or provide professional services to family businesses. It will present both a theoretical framework for understanding the family form of business and a practical perspective on working for, or consulting to, a family/owner-controlled business.