Financial Management for the Rising Generation

Effective financial management is paramount to the success of any business; however, understanding the unique aspects of family businesses finance can be challenging for the next generation as they enter the family business. Financial Management for the Next Generation is an education program designed to prepare next generation family members to manage the finances of the family business. Developed using the knowledge and expertise of family business owners and scholars, this course has seven capsules dedicated to developing skills and knowledge in family business financial management. The learning objectives are:

• Understanding the fundamental concepts of financial management in a family business
• Gaining practical experience with financial diagnosis and financial statements
• Planning for the short term and long-term finances of the family business

This course addresses the specific financial realities of a family business by examining the fundamental principles, while providing concrete experience in financial practice and providing tools to plan for the future.

The key objectives are:

• Assess the financial standing and activities of a business
• Perform a financial diagnosis of a business
• Identify the major factors that affect the bottom line of a business

Core areas – Cash flows, Financial Statements, Financial Dynamics

• Unit 1: Defining Financial Management
• Unit 2: Distinguishing Cash Flows
• Unit 3: Assessing Business Health
• Unit 4: Reading Financial Statements
• Unit 5: Exploring Financial Dynamics
• Unit 6: Short vs. Long Run