Family Business Concentration

If you are planning on growing or taking over your family’s business, the entrepreneurship major is for you. The family business concentration is part of the entrepreneurship major, and supported by the Center for Entrepreneurship at Suffolk University’s Sawyer Business School.

The entrepreneurship major has a family business concentration that helps you understand the family’s role family business succeeding in second-, third-, and fourth-year generations, as well as the business and global opportunities.

How can you be part of what may historically be the most crucial era of family business succession? A major in entrepreneurship with a concentration in family business is a good start. According to the Family Business Institute, while 88 percent of current families will retain ownership of their businesses in the next five years, only 30 percent of businesses successfully advance through the second generation, 12 percent through the third generation, and 3 percent through the fourth generation.

Family Business Concentration

In addition to your four entrepreneurship major courses, you complete the concentration by (a) declaring the concentration and (b) completing the three courses below. The concentration is part of your entrepreneurship major, so you can complete your entrepreneurship major while earning your family business concentration.

  • Family Business: The Family
  • Family Business: The Business
  • Family Business: The World

For more information, see the Entrepreneurship major.

According to the PWC 2016 Family Business Survey, family businesses differ from non-family businesses as follows:

  • 74% have stronger cultures and values
  • 72% measure success differently – more than just profit and growth
  • 71% decision making is faster/more streamlined
  • 61% more entrepreneurial
  • 55% take a longer-term approach to decision making
  • 48% need to work harder to recruit/retain top talent
  • 40% take more risks