Executive Courses Cater to Wealthy Families Navigating Succession and Governance
From leadership to succession, executive courses target wealthy families
Financial Times
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As wealth transfer accelerates, elite business schools like IMD and Columbia are expanding courses focused on family business management and succession planning. With an estimated $83 trillion set to change hands in the next two decades, these programs address both governance and the critical soft skills needed for family dynamics, as participants grapple with complex ownership structures.
- 01The IMD course costs SFr11,900 (approximately $15,244) and lasts five days, attracting participants from wealthy families.
- 02UBS estimates that $83 trillion will be transferred between generations in the coming two decades, prompting families to reassess their wealth management strategies.
- 03Columbia Business School has expanded its family enterprise education, now attracting more professionals than family members.
- 04Many participants initially focus on strategy but realize the importance of communication in family dynamics by the end of the course.
- 05Access to family business courses in Asia is often restricted and based on trust, reflecting regional differences in educational delivery.
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This spring, 23 participants from affluent families gathered at the International Institute for Management Development (IMD) in Lausanne, Switzerland, for a five-day course titled Leading Your Family Business, priced at SFr11,900 (approximately $15,244). This initiative reflects a growing trend among elite business schools to offer executive education tailored to family businesses, driven by an impending wealth transfer of $83 trillion over the next two decades, as reported by UBS. As families face increasingly complex ownership structures, the demand for training in governance and succession planning has surged. Notably, many participants arrive with a focus on strategic issues, but often find that communication and family dynamics are critical areas needing attention. Institutions like Columbia Business School have also adapted their programs, now appealing to a broader audience that includes professional managers and advisers. However, challenges remain, such as the gap between theoretical knowledge and practical application, as well as barriers like cost and time that hinder participation. Regional differences in course access, particularly in Asia, further complicate the landscape of family business education.
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The growing focus on family business education could lead to better governance and succession planning, ensuring smoother transitions of wealth and management across generations.
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