"I never thought I would leave the family business." says the 46 year old unemployed heir of a $20 million Texas based light manufacturing and distribution company. "But when Dad got an offer to sell, he took it; and the new owners replaced me with a new CFO within a week. It was only then that I discovered that my skills and experience were not enough to compete at the same level in the open market."

I am sure that most of us can quickly identify someone that grew up in the family business working weekends, during vacations and throughout the summers as a child then after completing school, joined the business full-time. These individuals are typically very enthusiastic and dedicated and frequently know their business intuitively. Often they see things that effect the business before they occur. Working in the family business for these individuals is a liberating and fulfilling experience. However, they may become so specialized that they loose sight of a "bigger picture." Their expertise may become "100 miles deep but only an inch wide."

Lifetime employment is not guaranteed in any business: family or otherwise. Too often family members assume that because they are family, they are protected and will therefore have lifetime employment. Reality, however, tells quite a different story. Statistically, only about 1/3 of all family business survive during the 1st generation and only 10% ever successfully transfer into the third generation. Family members dependent upon a family business for a career should understand the importance of these facts as they plan for their long term career.

John Thompson, chairperson of IMCOR, in his book, The Portable Executive (Simon & Schuster, 1995) writes that "The only job security these days is one's marketable skills and experiences." Thompson adds that to gain these skills, ". . . all employees must become independent, self-directed, portable and must continually update their skills."

Ed Elkins, formerly with a family business and now a corporate strategic planner with Texas Utilities, sent us the following regarding one option to updating and enhancing skills.

DESIGNED FOR EXECUTIVES
The executive MBA is a special degree program designed for working managers and executives with 10 years of significant management experience. It is offered by over 120 top universities in the U.S. and abroad. The format is designed for the professional who will continue working full-time. Typically, classes are held all day one day a week, or two days every other week. The program I attended at SMU's Cox School of Business followed the latter format.

SAME but DIFFERENT
In many ways an EMBA is like a traditional MBA. It requires the same academic rigor, is taught in the same schools, and results in the same degree. It also includes the same disciplines- finance, accounting, information technologies, marketing, and strategy. In many other ways, however, an EMBA is different. Participants are all busy managers or executives who hold important full-time career positions and they are obviously very serious about improving themselves.

Everyone goes through the program together - the same classes, assignments, etc. - and there are team projects, which for some of my family business classmates, was their first experience at handling themselves on a level playing field with their peers. As you might imagine, these teams can be quite powerful, sometimes including a real CEO, CFO, marketing director, or director of human resources. Classroom discussions often become heated debates as there is usually an expert in the room no matter what the subject. Another EMBA bonus is the faculty - it attracts the top professors- those who are willing to lay it on the line with a group of successful business executives.

DEMANDING
An EMBA is not a way to buy an advanced degree. In many ways these programs are more demanding than the traditional MBA programs. You can expect to commit 15-20 hours each week in addition to class time, work, family, and social life. It requires a big commitment and the support and understanding of your entire family. Although most students are sponsored by their firms, others pay a portion or all of the costs.

RETURN ON INVESTMENT
While the demands are great, these programs create excitement and energy which provide an extra career boost. To those who persevere, the benefits are tremendous: an expanded vision of the marketplace, new skills, sharpened analytic abilities, confidence, respect and most importantly for working family members that have never worked outside the family business, an opportunity to see and study how others approach similar responsibilities.

The EMBA is not for everyone. However, if you are already a successful business person who wants to prepare for the business challenges in the future, an EMBA may be a part of your solution. Working under the "mentoring wings" of Mom and Dad in a family business certainly has its rewards. But career management is a continuous process and is for the long term whether it is in bringing value to your own family business or to another potential career. Southern Methodist University graduate, Eckhard Pfeiffer, president and CEO of COMPAQ and University of Chicago graduate, Richard Teerlink, CEO of Harley-Davidson, are among the thousands of graduates that saw the EMBA as a career enhancing experience.

To receive a comprehensive directory of Executive MBA programs, contact the Executive MBA council, c/o AACSB, 600 Emerson Road, Suite 300, St. Louis, MO 63141-6762.