AUC School of Business, Babson College and IFC Launch Governance, Challenges and Possibilities in Family Business Program
Launched by the School in collaboration with Babson College and the IFC, the program aims to enhance family businesses leaders’ abilities to leverage the intrinsic strengths of their family enterprises and to implement practices that drive high performance and healthy family relationships.
“A fascinating, insightful program by AUC School of Business, bringing top notch professors from different regions of the world who are actually experts in family business and sustainability,” states Abdelrahman Leheta, Commercial Director of LATT Logistics Company one of the family business participants of the program.
The program consisted of three modules and was delivered during March 12-14. Module one, presented by the IFC discussed the power of governance in family business. Ideas on how to strengthen corporate governance of family business to improve performance and
access to finance, while increasing the odds of survival through generations were also discussed as well as how to structure an effective board for the family business.
The AUC School of Business provided the second module which revolved around family leadership and business continuity. Participants were exposed to family business innovation strategies, leadership, cultural aspects and psychology of family business.
The last module by Babson College, on entrepreneurial families and family business, examined the characteristics of family business and entrepreneurial legacy, how legacies influence the behavior of family members, legacy characteristics that promote or deter entrepreneurial activity across generations and how family members working together can support and pursue entrepreneurship within and across generations.
The program utilized various styles of learning to fully draw in participants and keep them engaged; varying from program materials, exercises, case studies, group discussions, to interactive games and activities. “Interactive seminars have a great impact on day to day life.” reflected Nabil, General Manager at Arma, while Ali Sayed, General Manager at Arma Group, attested that is was “a collective and multi-directional program with great family business theoretical /practical approaches.”
The opportunity to network with peers was one of the program’s highlights. Participants were able to share their personal experiences in a safe environment, which was appreciated by all. Nirvana Shalaby, Senior Vice President at Nerhadou International reflects: “The experience broadened my mind and made me feel that my thoughts and beliefs are shared with a lot of people. It helped me to make decisions that will change my life.” Nelly Bishara, Vice President at BTM, by the same token, claims: “What a pleasure it is to meet such an array of people with different backgrounds yet feel so much connected!”
With the increasing number of family businesses transitioning into the complex process of a new generation of leaders, this program is one of the numerous endeavors the School is providing to address the multifaceted dynamics of family business as well as establish a foundation for long term business success that safeguards the legacy of founders and family values.