Future-proof your family legacy with CUHK’s MBA

Family businesses have long been the backbone of Hong Kong’s economy, and it’s not uncommon for family business owners to aspire to build a legacy that spans over a century. Those within family enterprises are navigating new and complex challenges. These include succession planning, governance, and balancing tradition with innovation.

CUHK’s updated Managing Family Business course aims to equip students with the knowledge to navigate these complexities. Course leader, Professor Jeremy Cheng, shares how this course shapes the next generation of family business leaders.

The importance of business families in Asia-Pacific 
Since the first EY and University of St. Gallen Family Business Index in 2015, the number of the world’s largest family-owned companies in Asia-Pacific has grown. In 2023, the number of family businesses in the region reached 79, a 6.8% increase from 2021. That same year, their combined revenue surpassed US$1 trillion for the first time.

Due to its strategic access to Asia's markets, Hong Kong is a premier location for establishing a family office. Recent studies from Deloitte and EY underscore the city's ascent as a global hub for family offices. The government has introduced initiatives to attract family offices, including tax incentives, eased investment requirements, and fast-track residency to attract investors.

Why family business education matters
Family businesses dominate economies, yet many MBA programmes overlook their unique challenges. Recognising this gap, CUHK’s Managing Family Business course embraces real-world insights. It challenges outdated myths, and unlike conventional MBAs, the course goes beyond business theory. With 20% of CUHK MBA students from family business backgrounds, Professor Cheng explains “We don’t just teach about family businesses; we immerse students in them.”

Introduced in 2024, this course adds a new dimension to the CUHK MBA programme. It equips students with the skills, mindset, and self-awareness to drive success in their family enterprises. They develop tools to navigate family enterprise challenges. 

“Many MBAs still focus on corporations with dispersed ownership,” says Cheng, “but this course recognises the unique dynamics of family businesses. One where decision-making is often influenced by legacy, family relationships, and long-term vision rather than short-term profits.”

A course rooted in real-life experience
A differentiator of this course is its practical approach. While business theory plays a role, the course includes case studies, guest lectures, and real-time problem-solving.

“I think the power of learning is really in the interactions with the guest speakers,” says Cheng. “We bring over 20 guest speakers, successful family business owners, advisors, and industry experts to share their experiences.”

One example is a father-son duo who runs a prominent Hong Kong family office. Their case study explores whether to hire an internal CIO or engage external asset managers or a multi-family office to manage their investments. Students analyse their dilemmas, propose solutions, and receive live feedback from the speakers. “This is where learning becomes truly transformative,” Cheng explains.

Another standout case involves a venture capital arm of a leading Hong Kong business. Students engage with the CEO to learn how impact investing can create financial returns and happiness for society. “These are the kinds of conversations shaping the future of family enterprises,” Cheng says.

Beyond the classroom, students build real business connections. Cheng recalls a student asking him for introductions to potential partners to help expand into Southeast Asia. “The opportunity to benefit from CUHK’s network for real-world impact is invaluable,” he notes.

Understanding family dynamics
A key differentiator of CUHK’s approach is its emphasis on wellbeing and governance in family businesses. “Most MBA courses teach students to be rational decision-makers and focus on quantitative skills, but family businesses operate on a different logic—one that balances economic gains with family harmony and legacy,” Cheng explains.

Students explore conflict resolution, succession planning, and the psychology of leadership transitions. They learn that governance is not just about financial structures but also about effective communication between generations. “We emphasise self-reflection, helping students understand their role within their enterprising family and how to drive meaningful change,” Cheng adds.

Future-proofing family businesses 
With a focus on enterprising families, rather than outdated "sunset industries," the course reflects the evolving landscape of family enterprises.

“Family business will always be evolving. In the past, family business owners viewed philanthropy as a personal endeavour,” Cheng notes. “Today, the next generation wants to collaborate, scale their impact, and address global issues like climate change. This course helps bridge that mindset shift.”

The course explores wealth management, philanthropy, and sustainable investing. Looking ahead, Cheng identifies two trends shaping the sector:

1. Diversification beyond traditional industries. Many successful family businesses in the past were built on manufacturing and real estate, but younger generations are exploring technology, fintech, and sustainability. The course prepares students to think beyond succession and embrace entrepreneurship within the family ecosystem.
2. Shifting from family business to business family. Instead of a single family-run company, diversified portfolios are increasing. “This course helps students transition from simply inheriting a business to strategically leading a business family,” Cheng explains.

Using cutting-edge materials and teaching, the course prepares future leaders to redefine and sustain the value of their businesses amid constant change. 

Why CUHK for your MBA?
Hong Kong is emerging as a hub for family offices, driven by government incentives and the city's status as a gateway to China. With the clear intention to build enduring and resilient family enterprises, it is a perfect hub for studying succession, governance, and innovation. Hong Kong provides valuable insights into how enterprises sustain success across generations.

For professionals working in a family business considering an MBA to enhance their impact, Cheng offers this advice: “Choose an MBA that teaches business skills and helps you understand your own family’s dynamics and future trajectory.”

CUHK has been a pioneer in business education in Hong Kong for nearly 60 years. An extensive alumni network spans C-suite executives and family business leaders. With a long-established academic and industry presence, the university has a distinct advantage in preparing students for leadership in family enterprises.

With unmatched learning experience and a curriculum rooted in family business scenarios, CUHK MBA’s Managing Family Business course stands out as a must-have experience for those looking to make a difference in their family enterprises. “This course isn’t just about business; it’s about shaping legacies,” Cheng concludes.

To take the next step in securing your family's business future, visit: https://mba.cuhk.edu.hk