Move from family business to school B

Applicants who have worked in a family business sometimes worry that their professional profile may not measure up compared to other MBA applicants with more traditional career paths. Could not be farther from the truth.

Every year, the best schools accept students who will go back to work for the family business. In fact, 9 percent of applicants accepted into the Harvard Business School the class of 2014 had either worked or planned to work for their family business.

Business schools strive to compose a cohort of diverse personalities and backgrounds to ensure lively discussions, so depending on your role in the company and the type of business itself, your experiences are likely to add a unique perspective to the class. .

Part of your school selection research should focus on what types of resources and support for family businesses your target programs offer. For many applicants, a one-year MBA program is ideal, since you won’t need the internships and hiring opportunities that job-changing students in two-year programs depend on.

I advise applying to the best schools you think you can get into because they will offer a great education as well as the best networking opportunities. Also, consider whether the geographic location of the school will help you build a network that would directly help your family business.

Family business management has become an important discipline in business schools as second and third generation family members realize the need for specialized skills to take charge and create a more comfortable work environment. corporate. Over the past decade, schools have introduced family business courses and clubs, founded dedicated centers, or launched concentrations in this area.

northwestern university Kellogg School of Management It has a Family Business Center. Colombian business school, stating that 80 percent of businesses worldwide are classified as family businesses, offered a course this spring on Family Business Management. And the students and alumni of the University of Pennsylvania Wharton School they can participate in the Wharton Family Business Club.

If the school offers a student club focused on this group, reaching out to current members to get their thoughts on the benefits of the program could prove invaluable in your decision-making process.

As with any winning application, the strategy here is to show in detail how an MBA degree will help you achieve your career goals. Explain in detail what you need to learn to grow the family business.

Draw a clear picture of your vision for the future of the company and leave no doubt as to how an MBA will help you make an impact in the business after graduation. That way, the admissions committee understands why business school is the next logical step.

For your essays, start by brainstorming some of the challenges your business has faced and come up with examples that show how you worked as a family to overcome those obstacles. Business schools place a high value on teamwork, and what better way to show commitment and follow through than by demonstrating that you know how to work well with others to achieve a common goal?

As many applicants know, the ideal recommender for an MBA application is the manager to whom you report directly. However, if your immediate supervisors are relatives, you will need to be creative as you cannot have a family member write your letter of recommendation.

Can you approach a supervisor or manager from a company you have previously worked for? Or have you worked closely with any customers or vendors who can speak to your management or leadership skills?

Our client Bill had been working for the family business, a manufacturing company in Baltimore, for three years after college.

After brainstorming recommendations he could turn to outside of the business, Bill came across a retail supplier that had been supplied by his company for over a decade with whom he had built a strong relationship. Since this vendor was evaluating Bill on many criteria similar to a direct supervisor and was an objective outside source, it turned out to be the perfect choice.

In the end, Bill’s family-based application fared well alongside candidates from a company. He was eventually admitted to Dartmouth Hospital. Tuck School of Business and the University of Virginia Darden School of Businessand something Darden to be a little closer to home.

alberto gimenoDirector of Esade Business SchoolInternational Family Business Lab, recently noted in the Financial Times that “Concepts such as honesty, pride, loyalty and long-term commitment… are everyday practices of successful family businesses around the world.”

If you’re planning to get an MBA to learn how to take your family business to the next level, take pride in your professional circumstances and know that business schools will value your accomplishments and responsibilities, whether you’ve earned them at a Fortune 500 company or under the mom’s address and dad’s guardianship.