Sprott School announces new scholarship to encourage the study of family business

Group photo of Sprott students Lena ElChama, Laura O'Reilly, and Richard Coffin. — Last winter, Sprott students Lena ElChama, Laura O’Reilly and Richard Coffin placed first in the University of Vermont Global Family Enterprise Case Competition.

Approximately 80 per cent of businesses in Canada are family-owned; this percentage increases in countries around the world. For business students, the chances are they will be employed by, manage, or even own a family business at some point in their career. Understanding the unique challenges and opportunities of family enterprises is essential.

The Sprott School of Business is proud to announce a new scholarship that promotes the study of family business. The Grant Walsh Family Business Scholarship is valued at $1,000 and is awarded annually, on the recommendation of the dean, to an outstanding undergraduate student who demonstrates an interest in the study of family enterprise. The award was established by Grant Walsh, a pioneer in the field of family business.

Last year, the Sprott School of Business introduced a new course focused on family businesses. Managing the Family Business (BUSI 4901*) provides students with an understanding of family business issues and a practical approach to help families in business successfully transition from one generation to the next.

“Research shows that despite the fact family business owners would like to see their business transferred to the next generation, it is estimated that 70 per cent won’t make to the second generation and 90 per cent won’t make it to the third generation,” says Danielle Walsh, Family Business Practitioner and instructor for BUSI 4901. “Non-family businesses don’t seem to have the same problem. However, research demonstrates that family businesses that continue to strive tend to outperform their non-family counterparts.”

The field of family business practice is growing and there is a need for Family Business Practitioners (FBP) in Canada and abroad. The average age of FBPs is near 50 years old.

“Many of my family business clients ask me to train their employees and managers in family business,” adds Walsh. “I have also been told that many of my clients would view an applicant who has completed a course on family business as an asset. So, whether students are interested in exploring another potential career path or not, this course will greatly help any student who will eventually work in a family business, which statistically most of them will at one point or another.”

*BUSI 4901 is currently listed as “Special Topics” in the Carleton University Academic Calendar.