Is it worth applying despite family business background?

Question

Im 28m and have been working for 5 years in our family business. Ive taken more senior roles within the company but feel like I want to transfer into something else and figured an MBA is a great way to do that.

The problem is that Ive seen online that since family businesses dont require the same rigorous application process that say Google/GS do, MBA programs dont like that because youre lacking the pre-check that the highly selective companies wouldve done.

I was just wondering how frowned upon that is or if it might make more sense to apply to a Masters program.

My undergrad is a 2:1 from LSE, I have a 720 GMAT and the company revenue is around 100m Euros a year (if thats of any importance)

ExpertsGlobal · Answer

Hello  KJohnsq ,

Thanks for writing in.

Experiences with family businesses can be tremendously value-adding provided you have done impactful work (which you seem to have) and can present the same in a compelling manner. Needless to say, your goals too need to be aligned accordingly. So, we do not think you should hesitate from applying to MBA programs that are in sync with what you want to eventually achieve.

Good luck!

MBAGuide · Answer

Hi  KJohnsq  hope this finds you well

The high impact on the family business can be sometimes difficult to corroborate. Think through the contributions you made to your family business and focus on key success metrics that you led single-handedly. Applicants who have experience in scaling a family business can bring unique perspectives in that they have experienced firsthand, the implications of decision-making with specific goals in mind. As the new generation in the family business, you could also argue your case with examples, citing your fresh and unconventional approach to doing business (as opposed to traditional norms followed by your senior family members) as your motivation for pursuing MBA/Masters. The experience of working in a family business brings immense learning and challenges that if showcased aptly in your application, would make you a strong contender for a place in the next academic cohort at your target school. Having supporting documents such as business deals that you managed, strong LORs from your business partner/vendor/clients, and accolades/recognition in tabloids and newspapers can put you in strong light. If you show a thorough understanding of the levers in business and a clear objective in the mid and long term, you should be able to get into a top-ranking MBA program.

If you want to move into mid-level or senior management corporate roles in the meantime, MBA would be a better option than a master's program given the established corporate pipelines via the MBA route. However, if you plan to return to the family business soon after, a management master's in strategy or business can be good and cost-effective options.

Best wishes

PRamesh2008 · Answer

720 on GMAT will amke you eligible for top MBA programmes..

Admissionado · Answer

KJohnsq : Do not compare yourself to folks at Google, McKinsey, Goldman, etc. That's not the cohort you are competing against in this process. You will be compared to other folks in your sector and those coming from family businesses, which FYI, is more common in MBA classes than you would think. The major difference in the process compared to those coming from well-represented career paths is that you are going to have to demonstrate the strength of your experience and why an MBA makes sense given your career trajectory. Put together a solid resume/CV with core results and build a great three (or whatever)-pronged argument for the advanced degree. If you feel a non-MBA masters program would be advantageous, you should consider those as well. There are similarities but the MBA tends to be a more versatile degree. If you want to discuss further and want to engage in a free consultation with someone on my team, please don't hesitate to reach out using the link below: https://admissionado.com/free-consultation/

MBAandBeyond · Answer

Hi KJohnsq , Thanks for sharing your profile. Your work experience seems to fit into the category. A family business is an advantage as it shows loyalty and a passion for growing one’s existing venture. However, you may take a look at the article on how to stand out in your application with the family business background , it will give you some insights. Your GMAT score also puts you in a good ratio of the applicants, typically above average. You will have to create solid essays and must have plausible reasons for “WHY MBA”. Considering your work experience, MBA will be the best option for you. Overall, you have a good profile. However, we would require a little more detail on your extracurriculars and hobbies to reflect in the application, which will make a great deal of your MBA application as well. I also would like to know your post mba goals and specifics to narrow down your schools. Nothing is frowned upon as long as you put yourself forward in the right way. If you'd like, we are happy to hop on a call with you sometime this week to discuss your profile in length and further help you with shortlisting MBA programs; feel free to book a free session with us at your convenience. Let's prepare a 2-month action plan for Round 1 Cheers! Neha Hadke Strategy Manager, MBA and Beyond Testimonials Email: neha@mbaandbeyond.com

ARINGO · Answer

Hello KJohnsq, A family business background should not necessarily be a disadvantage in MBA applications. We have worked with many MBA candidates with family business background who were admitted into top MBA programs. You need to find ways to highlight your professional accomplishments and show your contribution to the company's success. You may not find managing a family business on the list of top feeder jobs for MBA programs, but admission committees love candidates with a strong background in family business. Younger generations tend to bring fresh ideas and innovate in ways that their parents could not envision or were too intimidated to try. As for LOR, if you feel uncomfortable providing a recommendation from a direct supervisor who is your parent, consider finding someone senior in the firm who is not a family member, or possibly a peer or a client who is closely familiar with your work. You can find more tips on this article: https://aringo.com/applying-for-a-top-m ... ackground/

PersonalMBACoach · Answer

Hi KJohnsq , Those in family businesses should absolutely still consider applying to business school. A lot of top schools, especially CBS, really appreciate family businesses and Personal MBA Coach works with a lot of family business candidates each year who do very well. That said, applicants from family business backgrounds sometimes have to work a bit harder to prove themselves since the admissions committee may have a harder time evaluating how good your work truly was (compared to someone who works at a well-known company). We can certainly help set you up for success via our comprehensive services . Good luck and reach out if you would like further assistance! scott@personalmbacoach.com. Regards, Personal MBA Coach

Is it worth applying despite family business background?

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