Greg,
Your experience is very typical. I have found that most students are
"turned on" by "Turnaround Management issues. Certainly the suggestion
by an earlier respondent that one should work at the fancily firm to
gain credibility makes total sense as long as there is time to do so.
But time is NOT always available.
So, let me make a few additional suggestions.
First, be aware that professional help is available should it be needed.
There is a professional organization called the Turnaround Management
Association (TMA) that has chapters in many major U.S. cities, including
Chicago. Every year, the TMA gives awards for "outstanding" turnarounds
of different types of organizations ranging from large companies to
medium-size companies to small companies, to not-for-profit organizations.
And, I believe that at least a few chapters give awards for family
business turnarounds. Most chapters also have outreach programs of
various sorts, so you might be able to get speakers from the Chicago
chapter to come to your class.
Other opportunities are also possible. A few chapters offer Awards for
student papers on different aspects of turnaround management. Also,
for a few years, the Atlanta chapter sponsored a competition for student
teams from various Atlanta-area colleges and universities for the best
"student" turnaround analysis of a local business. The student teams were
responsible for identifying a small business in the greater Atlanta-area
that was in need of a turnaround, and for getting the permission and
support of the company to allow them to analyze the company's situation.
At the end of the semester, the various teams described the companies
that they had identified and their recommendations for "turning the
situation" around. The Atlanta chapter of the TMA judged the competition,
and gave First, Second, and Third Place prizes for the best analyses.
And what did the participating companies get? Basically "free consulting"
from the chapter. The "pros" would tell each company if their student
team's analysis made sense. If it did NOT, the "pros" would provide the
company a day or two of free consulting on what should be done and they
would start well up on the learning curve because of the work the students
had done. And if the students did good job, there were almost always
a few things that the "pros" could add of Valle.
The TNA also offers a professional certification called a CTP for
Certified Turnaround Professional that is for individuals in this
field the equivalent of a CPA in accounting. The CTP requires passage
of three Exams on different aspects of the field. One Exam covers
knowledge of the various laws related to turnarounds and turnaround
management. A Second covers the accounting and financial aspects of
the field. And the Third covers the managerial and strategic aspects
of turnarounds and turnaround management. To get a CTP, one needs to
have five years of experience in the field and to pass all three exams.
For your information, the TMA has s Code of Ethics, and at least two
versions of its "Body of Knowledge" (an initial and a revised), which
covers the knowledge that the TMA deems essential to practice in the
area, and mastery of which is covered in its CTP Exams. Unfortunately,
the Division's server Will NOT always allow such attachment through.
So, I will send them to you in a separate E-mail.
Sincerely,
Chuck Hofer
770-455-4280 Cell 1
770-757-3575 cell 2
----- Original Message -----
From: "Greg Fisher" <
fisherg@INDIANA.EDU>
To:
ENTREP@AOMLISTS.PACE.EDU
Sent: Wednesday, April 3, 2013 8:37:12 PM
Subject: [ENTREP] Resources for MBA Students going into Family Businesses
I am currently teaching an MBA Course in Turnaround Management and
Strategic Renewal. Today a group of students came to me saying they are
finding lots of value in the course material and are excited about going
back to their respective family businesses to institute what they have
learned. They are however also anxious and concerned that their new ideas
and insights will be met with resistance in the family business to which
they are returning.
They asked if I could recommend any specific readings or resources that
might offer guidance to a student going from a MBA program into a family
business.
Can anyone suggest some good readings or resources that I might suggest to
them.
Thanks,
Greg
--
Greg Fisher
Department of Management & Entrepreneurship
Kelley School of Business 660E
Indiana University
1309 E. 10th St.
Bloomington, IN 47405-1701
fisherg@indiana.edu
**************************************
This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management.
Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list.
You can manage your subscription options, including joining or leaving the list here:
http://aomlists.pace.edu/scripts/wa.exe?SUBED1=entrep&A=1
If you have questions or need help, please contact Dr. John Bunch
jbunch@benedictine.edu.
Ventures HO!
**************************************
This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management.
Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list.
You can manage your subscription options, including joining or leaving the list here:
http://aomlists.pace.edu/scripts/wa.exe?SUBED1=entrep&A=1
If you have questions or need help, please contact Dr. John Bunch
jbunch@benedictine.edu.
Ventures HO!