Putting family first
The management of family businesses became more integral to Johnson's Entrepreneurship and Innovation Institute with the announcement in January of a $10 million gift from Dyan and John Smith, MBA '74, to fund the Smith Family Business Initiative. Wes Sine, faculty director of the institute, spoke with the Wall Street Journal (March 5) about a new study of the work habits of CEOs of family businesses in India. The researchers found that family CEOs worked eight percent fewer hours than managers without genetic ties to their companies. There were similar disparities in Brazil, Britain, France, Germany, Italy, and the U.S., the newspaper reports. Executives who are more oriented toward family and establishing a legacy are more likely to favor leisure over long work hours, Sine said. "You have a perspective that life is more than money."