A Road Well Travelled.
The idea of going to do your MBA in order to then come back and work in (and possibly lead) your family business has been around for a long time.
It has been repeated often with varying degrees of success over the past few decades, in many places, and probably in every industry, somewhere on the planet.
It can be the perfect next step to give an aspiring leader the extra tools, confidence, and respect from fellow employees that they’ll need to take that next step in moving up the ranks and eventually taking over.
And sometimes, well, not so much.
This week I want to look at 5 things that you should consider before taking that leap.
Learning and Growth, or Just the Letters, Please
Whenever anyone is making a big decision, like going back to school for an advanced degree in anything, I always encourage them to think the decision through, and especially make sure that they’re doing it for the right reason.
If all you really want are the letters “MBA” after your name, that probably won’t be enough to sustain you on your journey.
If, however, you are looking to learn and grow as a person and as a leader, then your chances of success, during your studies and long after, will rise markedly.
But please be honest with yourself during this reflection.
Is This the Missing Link?
Even if you do realize that you need some more learning and growth in order to increase your chances of success, is the MBA route truly what’s missing for you to advance to where you want to get?
In many cases the answer is still YES, but there are lots of other educational opportunities that may be more suitable to you, depending on what strengths and education you already have, what industry you are in, and what type of role you hope to grow into.
What Role Likely Awaits You?
And that brings us to the role you are looking to occupy.
Since we are looking very long term here, you need to think about not only the next role you hope to grow into, but also any subsequent ones.
You may see roles that interest you now, and it may seem clear that they seem tailor-made for you (and you may be right).
But please, before making a big decision like going back to school, make sure that you have a number of discussions with other family members who are above you in the business hierarchy before you make any commitments.
Podunk State Vs. Harvard/Stanford/Wharton
Assuming you’ve thought through it all, discussed it with all important stakeholders, and are ready to take the leap. You need to figure out where to set your sights.
There’s a huge variability in the quality of the programs out there, their cost, their ease of qualifying, and time commitment and distance.
Assuming that you could qualify everywhere and cost is no object, it may well be worth reaching for the top schools for a better quality experience, as well as interacting with a higher level of other students.
That may not be realistic in most cases, so a detailed evaluation of schools and programs is worth the effort, which in this day and age is so much easier than it was decades ago, thanks to the web and Google.
There are even a number of schools that have specific offerings for those coming from family businesses, which didn’t exist when I was beginning this journey in the ‘80’s.
Build Your Network Too
I alluded to this above when noting the “higher level of other students” but no matter where you might end up, do not neglect the opportunity to create a network, not just of friends but of future colleagues on whom you can lean when you will need them.
Schools that emphasize family business education may be preferable for just that reason, as you are more likely to meet and get close to others whose career situation will better resemble yours, and with whom continued contact may be mutually beneficial.
Aren’t MBA’s “a Dime a Dozen”?
Doing my MBA was a rewarding experience for me, even though we sold our family business soon after my return.
These days, there are many MBA’s out there, and the experience can still offer a lot.
But think it through before committing.