editing disabled

Education and experience outside of the family business refers to the level of education of family members prior to joining and/or after becoming a member of the business. There is a growing trend in family business to require offspring to achieve a level of education before returning to the business. This can mean different things for individual businesses. The level of education can range from a high school diploma to a Bachelor's Degree and beyond. Some family businesses encourage or require that family members work outside the family business for a period of time- usually six months to three years.

The value of education outside of the family business

The function of required education has many purposes. Technical education like a certificate program or a college degree develops intellectual maturity. College education offers opportunity to sample industries and, especially, ideas. Teaching known concepts is not the only purpose of college. Academic institutions also develop new concepts and technology. Research allows us to make assumptions about previously unknown ideas.

The value of working outside of the family business

An individual can grow considerably by working in the general job market for a period of time before returning to the family business. Working for another firm forces the development of interpersonal skills that may not have been developed while working with close family individuals. A hiatus from the family business allows an individual time to decide that the family business is truly the right place for him or her to spend the rest of their life working. They often come back to the business with a better perspective on their role and the role of the business in the industry.

References

Poza, Ernesto J. (2007). Family Business 2e Thompson South-Western ISBN- 13: 978-0-324-31703-9

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Categories: Developing family members for management and leadership