Overview:

This course explores the power of ownership in shaping company success, as well as how to be effective as an owner of a company.

Most of the world’s companies are privately held, or they are publicly traded but controlled by founders (e.g., Google, Facebook), families (e.g., Ford), or charities (e.g., Novo Nordisk). In all these cases, a relatively small number of owners exercise ultimate control over decision-making. Within the constraints of what is legally allowed, these owners define the main parameters by which the company operates.

We will explore this power through three main lenses:

1. Ownership as an influence on company behavior. How does ownership guide how companies define success? How does ownership shape competitive advantage and affect company survival?
2. Ownership as a choice. What are the potential models of ownership? What are the career possibilities in different ownership models? When should companies consider changing models? As a founder, how should you think about ownership?
3. Ownership as a skillset? What is the difference between management and ownership? What makes someone effective at ownership? How do you prepare to be an effective owner?

By understanding these dynamics, students will be able to build long-term, sustainable strategies that account for the strengths/weaknesses that are built into both their companies as well as those of their competitors. Many of you will work for companies that are not widely held by the public, and virtually all of you will compete against such companies. For those who plan to start a company and want it to last beyond your leadership, you will need to consider whose hands to leave it in after your departure. The course may also open up career pathways you hadn’t considered, or influence how you think about your planned entrepreneurial venture.

Career Focus:

This course is designed to be broadly relevant to students, since ownership is a dimension that shows up in virtually every setting. A deeper understanding of ownership will help you make better decisions about your career as well as in your role as an organizational leader. It will have particular relevance for those who plan to be a company owner, as an entrepreneur, executive, and/or investor.

Educational Objectives:

The main objectives of the course are to:

• Increase exposure to the full range of ownership models and how they differ from each other, including: charity, cooperative/mutual, employee, family, founder, and government. We will also consider “hybrid” companies that are publicly traded but controlled by a founder, foundation, or family
• Learn how to analyze companies and industries through the lens of ownership
• Explore pros/cons of long-term private ownership models
• Build the skillset of an owner

The key questions we will explore are:

• In what ways does the ownership of a company affect how it competes?
• What are the strengths and weaknesses of different ownership models?
• When is it time to change a company’s ownership model (e.g., going from private to public or vice versa)?
• What does it take to be good at ownership (vs. management)?

Course Content and Organization:

The course is divided into four main modules:

1. Defining success. The objectives of most companies are far more complex than a focus on maximizing shareholder value. Students will learn a methodology for assessing and articulating more complex owner goals.
2. Creating advantage: Ownership shapes both the resources that companies have access to (human, financial, and social capital) as well as how they allocate those resources to create advantage. Ownership models can be seen as solutions to specific strategic problems, such as scaling a business or sustaining a culture. We will explore the competitive advantages and disadvantages of different ownership models, how companies can use ownership as a competitive weapon, and how to predict what companies will do based on who owns them.
3. Building to last: Not all companies care about longevity – for some, it is a purely financial decision, for others the goal is to be acquired, or to serve a time-limited purpose. However, for many companies, longevity is a critical part of how they define success. We will examine why once-prosperous companies fail and the ways in which ownership influences corporate mortality.
4. Engaging effectively: Ownership is a skill that can be learned and is distinct from management. Many students will be owners of a company at some points in their lives. We will investigate what it means to be effective at ownership, learning from the owners of sports teams. We will explore how a shift in ownership model (e.g., going from public to private) can be a tool for changing a company’s trajectory. We will also consider the “Founder’s Final Act,” which is the choice that a founder makes about where to locate ownership when they leave the business. That choice will have a profound impact on the company’s future path.

Each session will involve a case discussion. Some of the cases will be of the standard variety and some will be “live cases” where company leaders and/or owners will be integrated throughout the session. A number of cases will include guest speakers from the company.

Cases for the Spring 2025 course, with guest speakers where noted, were:

• The Hershey Company
• John Lewis Partnership
• Tata
• Mondragon
• New Balance. Guest Speaker: Chris Davis, Chief Marketing Officer and 2nd generation family member
• Vanguard. Guest Speaker: Cara McCutcheon, Chief of Staff to the CEO
• Rolex
• Tribal Councils Investment Group of Manitoba. Guest Speakers: Heather Berthelette, CEO, and Chief Dennis Meeches, President
• Wegmans. Guest Speaker: Colleen Wegman, CEO, 4^th generation family member
• Land O’Lakes. Guest Speaker: Teddy Bekele, Chief Technology Officer
• Oakland Athletics. Guest Speaker: John Fisher, Principal Owner
• Dell Technologies. Guest Speaker: Steve Felice, Former President and Chief Commercial Officer of Dell
• David Weekley Homes. Guest Speaker: David Weekley, Chairman and Founder

Grading / Course Administration:

Students will be graded based on engagement in class and either a final exam or a final paper. In the exam/paper, students will apply the lessons from the course to a company, including the ways in which a company’s ownership has shaped its strategic choices, how ownership has been a source of competitive advantage/disadvantage, and what they see as the primary strategic issues/options for that company in the future.

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