Off to the Happiest Country on Earth!

Nordic

That’s right— The United Nation’s World Happiness Report had ranked Denmark the Happiest Country on Earth between 2013 to 2015, with Sweden rounding off the Top 10. 

Before starting off the MBA at Columbia Business School, I had been told by several students in the Family Business Club that the Global Immersion Tour to the Nordic countries was definitely going to be a trip that couldn’t be missed. With everyone’s glowing recommendations in mind, I knew that this was going to be one of the immersive CBS experiences that I would have to most definitely have to be a part of. Finally, after five weeks of in-depth learnings into Nordic Family Business Enterprises, our group of 26 Columbia Business School students, will finally begin our Global Immersion Tour to the Nordic region. The week-long tour will kick off in Copenhagen, Denmark, and will continue on to Stockholm, Sweden.

Snapseed 3.jpg

Over the past few weeks, our class has had the opportunity to learn everything from political, economical, and family business trends in the Nordic region, to various aspects of Multi-generational Nordic Family Enterprises.  With guest speakers such as Anna Throne-Holst (granddaughter of Marabou founder) and CBS alumnus Nikolai Jensen (from the Jensen group), the class was also able to gain in depth insights into family politics in Nordic family enterprises, and how the region’s culture had affected certain aspects of the business, such as governance and succession.

For some of the students in the class, this would not only be their first time in the Nordic region, but also their first time to have taken or been exposed to a family business course during the MBA. Professor Patricia Angus had stressed the importance of understanding ideas such as the Three-Circle Model, to better understand the dynamics in a family business, as well as certain inheritance laws, and stakeholder theories that make doing family business in the Nordic region so unique to other countries. All of which will be extremely valuable when visiting and learning from various Nordic companies, and meeting influential individuals from family business such as Peter Wallenberg, who was recently at CBS’ Family Business Conference, which was held at Columbia University last February 9th.

Our extensive five-week preparation, and exploration into Nordic heritage will surely be an asset to all of us, as we gear up for a week of intense immersion into the region’s culture, which should allow all of us the chance to exchange our ideas and insights on the highly innovative Nordic countries, and how they have uplifted the entire region to an aspirational status.

I’m excited to share all our new experiences and learnings from our 2018 Nordic Tour!

-Marty Lopez ‘18

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!