Nordic GIP Part 0: Relatively Speaking

IMG_7915This sign in our hotel lobby was CLEARLY added to welcome the CBS group.

Kit O’Connor ’17

NEW YORK – Hej! Kit O’Connor ’17 checking in again – you might remember me from my travels earlier this year in Vietnam  – and no, I didn’t make a typo on my very first word, it’s just the way that we’ll say hello at my next destinations with the Chazen Institute: Sweden and Denmark!

Let’s start with a quick quiz: what do The New York Times, Volkswagen, Walmart, and Ikea have in common (other than what I suspect would be a very weird Sunday op-ed)? They’re all family businesses! One of the really cool things about this Global Immersion Program (GIP) is the dual focus on both family businesses and the way that those firms are run in the Nordic region. And yes, Ikea is indeed on the itinerary, though no word yet on whether we’ll have to assemble the conference room ourselves.

A little refresher for those readers who aren’t based out of Uris Hall (hi mom!): GIPs, unlike other Chazen programs, involve classwork and projects before and after the in-country experience and provide the same academic credit as a full-semester class. We’ve been incredibly lucky to have Professor Patricia Angus, a recognized expert on family-run firms, guide us in our classroom experiences over the last six weeks. I’ll be sharing some of the lessons we’ve covered over the next week of blogs, but for now, two quick facts that astounded me: did you know that family businesses make up more than 80% of companies in the world? And that despite that concentration, it’s incredibly rare for a family business to survive more than three generations? One of our most highly anticipated meetings will be with The Wallenberg Foundations, which are run by a family currently grooming the sixth generation to take the reins, so hopefully we’ll hear the secret to longevity.

I’ll wrap this up for now – my next report will cover the arrival into Stockholm and opening dinner (future spoiler alert: I bet the meatballs are awesome). See you across the pond!

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