To be sure, not every business owner is clamoring to partake. In fact, the renowned Darden Graduate School of Business Administration at the University of Virginia planned to offer a series of immersion courses just for entrepreneurs in 2002, but canceled them after paltry enrollment, Sihler says. He and others say executive education has taken a hit over the past couple of years because the sluggish economy has preoccupied company leaders and depleted resources available for such nonessentials.
Some experts caution that owners who participate in such programs can fall victim to expectations that are too high. "It's a place to pick up nuggets and do networking," says Noel Tichy, a University of Michigan, Ann Arbor, professor and developer of executive programs for General Electric Co., Ford Motor Co. and others. "But is this going to change the landscape of CEO preparedness? Only if you also think one day of lessons is going to change your game."
Yet plenty of entrepreneurs vouch for the value of immersion courses. Sandy Brown took the one-week Course for Presidents & CEOs from the American Management Association (AMA) recently and credits the experience with inspiring her to overhaul everything from her management style to the entire marketing strategy for her company, Elec-Tec Inc. , a Valdosta, Georgia-based manufacturer of wire harnesses and circuit boards. Brown, 45, says she decided to take the course after concluding that Elec-Tec's culture had deteriorated. "[I wasn't feeling] the exuberance among employees I thought should be there," she says. "Then I realized the exuberance wasn't coming from me."
Brown wanted a program that went below the surface. "I wanted a heavy, intense type of program that would allow me to free-think and be in an environment with other people who would have the same concerns I have," says Brown, whose company employs about 65 people and has about $4 million in annual sales.
Brown got what she wanted, and she has applied much of what she learned, especially in evaluating her customers. "We had been in a rut where we were treating all customers and potential customers identically, but I learned that I've got to be more selective and try to generate long-term relationships with customers," Brown explains.
Michael Carricarte started his company in Miami in 1986 right after high school and never got a college degree. But after learning about the OPM program at Harvard University, Carricarte, 36, decided to commit to the immersion course that required three consecutive weeks of instruction, three years in a row. The experience "helped me take the company out of just survival mode," says the president of Amedex Insurance Group , which provides major medical policies primarily to clients in Latin America and the Caribbean. "I've been able to take the company to a new level," Carricarte says, "with net growth of 30 or 35 percent between year one of the course and year three."
Leadership at the Peak
Provider: Center for Creative Leadership, Greensboro, North Carolina
Phone: (336) 545-2810
Frequency: Several times per year
Format: Five-day program to give executives a comfortable environment in which to evaluate their leadership styles and effectiveness, and focus on high-level challenges with peers. Participants build communication skills via simulated TV interviews, participate in hiring role-play, receive a fitness evaluation, and cover ethics, strategy and other topics.
Course for Presidents & CEOs
Provider: American Management Association, New York City
Phone: (212) 586-8100
Cost: $4,500 for AMA members, $5,000 for nonmembers
Frequency: Several times per year
Format: Five-day, classroom-based workshop at various sites around the United States. Sessions include creating the future, leading the enterprise, formulating strategy, developing people and driving corporate performance.
Owner/President Management (OPM) program
Provider: Harvard University, Cambridge, Massachusetts
Phone: (800) HBS-5577
Cost: $20,500 annually, for three years
Frequency: Once a year, during the summer
Format: Three three-week annual sessions on the Harvard campus, with the goal of teaching CEOs to become more effective leaders. Year one lays a foundation, exploring tools for leading an enterprise and developing a better understanding of CEO functions. Year two applies these tools and helps attendees focus on taking their companies to the next level. Year three focuses on developing management and achieving long-term goals.