Small Business
PwC and Kellogg Create Course on Family Business
Kellogg’s Center for Family Enterprise leading curriculum and faculty helps both established, new and aspiring family business leaders master the concepts and skills required to navigate the intricacies of these complex organizations.
Aug. 08, 2016
The PwC Family Business Services Practice and the Kellogg School of Management at Northwestern University have joined together to create a two-day executive education course on topics and issues faced by family-owned enterprises and their owners.
Kellogg’s Center for Family Enterprise leading curriculum and faculty helps both established, new and aspiring family business leaders master the concepts and skills required to navigate the intricacies of these complex organizations.
We’re excited to bring this training to our dedicated team of 2,100 professionals in the U.S. serving family owned enterprises through PwC’s Family Business Services practice. The course, designed for PwC partners, directors and managers from both our US and Global family business practice, will help our professionals increase their knowledge of business owning family dynamics and comfort level to converse with family business owners on issues they face. The program is a unique PwC offering, providing in-class instruction from some of the world’s best academic experts on family enterprises held at the Allen Center on the campus of the Kellogg School of Management.
This effort with the Kellogg School of Management comes at a time when family owned enterprises are playing an increasingly significant role in the economy, comprising 80 to 90 percent of all business enterprises in North America. Studies also show that 35 percent of Fortune 500 companies are family-controlled.
Family businesses also account for 64 percent of U.S. gross domestic product, generate 62 percent of the country’s employment, and account for 78 percent of all new job creation. By 2017, it is estimated that 40.3 percent of family business owners expect to retire, creating a significant transition of ownership in the US. Less than half of those expecting to retire in five years have selected a successor.
Through our strategic alignment efforts, we’ve identified areas of interest for family enterprises that will be covered during the course, such as:
- Advice on succession planning
- Governance best practices
- Development of next generation leadership
- Planning for family and business transitions
“This course addresses the challenges facing family enterprises and those responsible for their stewardship and represents a significant commitment by PwC partners and managers. We are honored to work with a professional community who are genuinely committed to being better prepared to contribute to the continuity of family enterprises,” said Dr. Justin B. Craig, clinical professor of family enterprises at Kellogg School of Management.