I teach a course on Family Business Management in the Business School at Baruch College, City University of New York, and last night was my first class for the spring semester. It’s a required class for entrepreneurship majors, and I always start by asking my students why they think that is so.

As always at Baruch, it’s a mixed group of students who generally are five years older than their peers at many other schools. They are hard working, down-to-earth and ambitious.

In the first class I ask the students to introduce themselves. Sitting in a semi-circle, each talks about how far along they are in school (most are in their senior year), what they do outside of school (e.g. work), and their plans on graduation (some know for sure, others not.). Some are married with children. Some are from family businesses and intend to return to the family business full-time. Others have mixed feelings about returning to the family business. Most are energized by the idea of entrepreneurship. Nearly all plan on having their own business. Most will likely have children who might work in the business on a full or part-time basis and even take over the business.

Discussion in a semi-circle is designed to facilitate communication and learning in the classroom, and importantly, help the students begin a lifelong pattern of communication. Now the reason why this class is a required part of the curriculum becomes clear, since the success of family businesses rests upon good communication and family dynamics.

Next time I’ll write about the first assignment in which students will expand this communication to their personal family history, as a precursor to the family business legacy they will be creating.