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As founders of First Interstate BancSystem, which held $8.6 billion in assets and had recently become a public company, and Padlock Ranch, which had over 11,000 head of cattle, the Scott family had to think carefully about business and family governance. Now entering its fifth generation, the family had over 80 shareholders across the US. In early 2016, the nine-member Scott Family Council (FC) and other family and business leaders considered the effectiveness of the Family Governance Leadership Development Initiative launched two years earlier. The initiative's aim was to ensure a pipeline of capable family leaders for the business boards, two foundation boards, and FC.

Seven family members had self-nominated for governance roles in mid-2015. As part of the development initiative, each was undergoing a leadership development process that included rigorous assessment and creation of a comprehensive development plan. As the nominees made their way through the process and other family members considered nominating themselves for future development, questions remained around several interrelated areas, including how to foster family engagement with governance roles while guarding against damaging competition among members; how to manage possible conflicts of interest around dual employee and governance roles; and how to extend the development process to governance for the foundations and FC. The FC considered how best to answer these and other questions, and whether the answers indicated the need to modify the fledgling initiative.

This case illustrates the challenges multigenerational family-owned enterprises face in developing governance leaders within the family. It serves as a good example of governance for a large group of cousins within a multienterprise portfolio. Students can learn and apply insights from this valuable illustration of family values, vision, and mission statement.

Organizational behavior, human resources, culture, international business, international entrepreneurship and emerging market studies.

MBA and MSc students (and some advanced-level undergraduates) in an MBA module being taught face-to-face in an emerging market context. MBA courses such as managing cultural diversity, cross-cultural management, organizational behavior, human resource management, international business and business in emerging markets. The exercise is also relevant to teaching the subject of assignment- and dissertation-writing, given the element of data collection and analysis.

This exercise is designed to be an MBA class exercise in which students try to answer the question: what are the national cultural characteristics of the typical executive or manager in my country? Are these behaviors as the textbooks describe, or have they changed, especially with economic development?

The example of country chosen for the class exercise can be any emerging market country, especially one undergoing significant change. Much of the research on cross-cultural management conducted in emerging markets was carried out 20 or 30 years ago and the changes in emerging markets have been dramatic since then. It is highly likely, when reaching the results of this exercise, that the culture of the chosen country has indeed changed dramatically, becoming more like a typical developed or “emerged” country. Much of the original cross-cultural management research was also based on a similar group – employees of US-based high technology companies, arguably similar to the sample to be involved in our exercise here.

National cultural characteristics can be described and defined in ways which will allow for comparisons, to gain useful insights – and these behaviors are not good or bad, just real and different.

Cultures can change or stay the same, due to certain demographic, economic and social influences, which we can study and measure.

If we proactively interview colleagues and other contacts to test our understanding of these national culture constructs, we can gain more insights and awareness (rather than just listening to a lecture).

Teaching notes, student assignment.

“Hey that was my idea!” How often have your students had that exact thought? Were they on a team when they felt most able to identify with that statement? This case is about a recent MBA graduate who faces challenges within her consulting team on her first post-graduation job. She is frustrated with one teammate in particular who she believes practices self-interest politics–he takes her ideas. The case allows for a healthy discussion on team dynamics and strategies to help students when the team mix is wrong. The case may also be used to discuss issues regarding women in business.

This case describes the evolution of an entrepreneur's venture-capital fund-raising from seed-stage financing through later-round efforts. The case focuses on where the “action” is in venture finance: the exploitation of social capital by an entrepreneur and investors. Much of the teaching materials on venture finance focus on the economics of financing; while these materials provide useful information about the mechanics of valuation and how to structure venture-capital agreements, they miss the social side of venture-capital investing. The case illustrates the theoretical concept that social capital (i.e., a person's relationship to other people in society) influences venture finance. The case can be used in a class on entrepreneurship or venture finance.

The case highlights Mike Gilliland, who built a single organic foods store in 1987 in Boulder, Colorado, into Wild Oats Markets, a chain of natural foods stores that by 2001 had annual sales of $1 billion and stores in 38 states. The case includes a history of the natural foods business and explores why Gilliland's timing was so favorable. By the 1980s, when Gilliland got started, the natural foods business had grown and matured, consisting mostly of small specialty stores selling locally grown natural foods. Although the industry was created by the California counter-culturists, it was built into a national phenomenon by the second generation of leaders, including Gilliland and Whole Foods founder John Mackey. The natural foods industry was clubby and congenial until Gilliland sought to grow his business beyond Boulder, Colorado, expanding into four states, including California. Mackey responded by moving into Boulder. Whole Foods became the nation's number one natural foods seller by the early 1990s. Whole Foods went public in 1992, and Wild Oats, in 1996. Whole Foods's success had begun to erode Wild Oats's market share, hurt sales growth, and depress the stock price. Gilliland favored taking Wild Oats in a new direction, modeled after Henry's Marketplace, a San Diego chain that Wild Oats had purchased in 2000. Henry's approach was to offer a product mix that appealed to a broader range of people than did the natural foods stores. Henry's competed effectively with Whole Foods because it had a different customer base; the stores were cheap to build if the company wanted to expand; and the company had showed sustained growth since its founding in 1943. But the Wild Oats board of directors disagreed, opting instead for continuing on the same path. The board also expressed an interest in replacing Gilliland. He now had to weigh his options and contemplate leaving the company he had nurtured for the past twenty

This case can be used to examine the importance of long-range planning. Entrepreneurs tend to be reactive; they often succeed because they seize opportunities when they become available. The ability to recognize an opportunity and to seize it is an important entrepreneurial strength, but it can prove fatal if not balanced with proactive strategic planning.

Steven Rogers had always thought that someday he would like to own a business with one or both of his daughters. As his eldest daughter, Akilah, finished her final semester at Harvard Business School, she told Rogers that she would like to create with him a Chicago-based real estate venture that included buying, rehabbing and renting homes in the Englewood and South Shore neighborhoods of Chicago. Rogers quickly realized that his biggest challenge was how to equitably structure the ownership of the business. He gathered advice from family business experts and slowly began to build a plan that would benefit each member of his family. Meanwhile, Akilah assumed responsibilities associated with the business as she finished her final semester at HBS. The case ends with Rogers Family Enterprises owning its first three houses.

1. Students learn how to construct an equitable business ownership plan for a family business. 2. Students learn the agreements that family businesses should have in place. 3. Students learn why successful entrepreneurs tend to be those who control the growth of their company while envisioning an empire.

The following theoretical concepts are applicable to the case and its learning objectives: Stakeholder Power-Interest Matrix and Carroll’s Pyramid of Corporate Social Responsibility.

Information was obtained in three separate interviews with PSEG. In February 2018, an introductory phone conference was conducted with a number of senior managers within PSEG, including the Director of Development and Strategic Issues, Kate Gerlach. In April 2018, an onsite interview was conducted with Gerlach, who connected the author with Scott Jennings. A phone interview was conducted with Scott Jennings in May 2018 and follow-up communication with him was handled via e-mail. The information obtained from these interviews was supplemented by material obtained from secondary sources. None of the information in the case has been disguised.

Scott Jennings, a Vice President at PSEG, the diversified New Jersey-based energy company, was the project leader for a large commercial wind farm that was to be built off the coast. The project, Garden State Offshore Energy, a joint venture between PSEG and Deepwater Wind, an experienced developer of offshore wind projects, had been announced over six years earlier, in late 2008. In the time that had passed, the Garden State Offshore Energy project team had waited for the New Jersey Bureau of Public Utilities, which had been tasked by Governor Chris Christie to evaluate the project costs before it could authorize the actual construction of the wind turbines. Justifying the project on a cost basis proved to be difficult; despite the growing public sentiment in favor of projects that utilized renewable energy sources such as wind power, the Garden State Offshore Energy team was unable to move the project forward. Scott needed to decide whether it made sense to continue to hold regular meetings with the Garden State Offshore Energy team. Scott’s colleagues suggested that Scott speak with senior management at PSEG to find out if the resources that had been dedicated to the Garden State Offshore Energy project could be shifted to other projects that might be more feasible.

This case is suitable for courses in Sustainability. It is appropriate to use the case in undergraduate courses to illustrate decision making in a regulated industry. Sufficient information is presented in the case to debate both sides of the offshore wind authorization issue.

Jonathan Miller appeared in September 2009 on “Shark Tank,” the ABC television reality show featuring entrepreneurs versus angel investors in a discussion of the business value proposition and to win a negotiation for an investment from one of the 4 Sharks. The company he founded, Element Bars, a maker of custom energy bars, needed investment capital. Prior to appearing on the show, Miller had considered several financing options available to entrepreneurs: loans and other debt capital and equity capital, each of which are evaluated in the case. Miller had a good feel for the different types of capital to use for this new venture, having started several ventures in the past and winning the Kellogg School of Management business plan competition, the Kellogg Cup, in 2008. The case includes Miller's decision to forego the investment offer he won on television, instead he pursued lower cost of capital equity.

Students several aspects of raising capital, including raising equity and debt capital. Students need to learn to know as much or more about fundraising as the professionals who provide the capital-in fact, entrepreneurs have to understand the interaction among combinations of capital within their enterprise-whether debt and/or equity in different combinations. Often, teaching about equity relates to teaching how venture capital investment professionals look at deploying funds. Receiving equity into the entrepreneurial firm has much different attributes and issues. Teaching about debt often occurs at much higher volumes in typical MBA courses; this entrepreneurial debt must occur at a much smaller dollar value. This protagonist, Jonathan Miller, has exceptional preparation habits, which teaches students the value of the skills to prepare themselves and their businesses for investment.

The Greenland case describes the experience of four young Norwegian men determined to set a world record for unsupported crossing of Greenland. The case describes the team, their preparations, and their experiences as they crossed in “good” weather that was often whiteout blizzard conditions with temperatures dropping as low as −78 degrees F. Throughout the case, one of the team members reflects on things he learned about himself, about the team, and about leadership from the experience (recorded in italics). The teaching note (available to registered faculty) is supplemented by a PowerPoint presentation that helps introduce the expedition to Greenland, other “risky recreation,” and the concepts related to resonance or flow. A video supplement is also available. The case lends itself to a profound discussion of leadership on its own and leads in nicely to a discussion of world-class performance and the purpose of life, which both startles and pleasantly surprises most students and participants.

Critical analysis of observed practice.

Field study.

To expose accounting and MBA students to Lean management and the performance measures that support Lean management by presenting a case of a comprehensive and very successful Lean transformation; to give accounting and MBA students the opportunity to construct a strategy map and a balanced scorecard based on a rich case description; and to critically assess the suitability of balanced scorecards for a company that embraces Lean management.

The case describes a comprehensive transformation from conventional management to Lean management and business practices, with an emphasis on the largely non-financial performance measures used to support the transformation. Around the time of the Lean transformation, the balanced scorecard, a multi-dimensional measurement approach, was introduced to address the problems of excessive reliance on financial performance measures. Students are asked to compare and contrast Wiremold’s approach to the balanced scorecard.

Graduate or upper level undergraduate courses in cost accounting, managerial accounting and strategic management.