Lloyd Shefsky is a Clinical Professor of Family Enterprises at Northwestern University’s Kellogg School of Management where he has taught the course he developed, “Successful Entrepreneurship,” and serves as Co-Director (and founder) of the Kellogg School’s Center for Family Enterprises, as well as Co-Founder of the Kellogg School’s Center for Executive Women. Professor Shefsky has taught courses, lectured and spoken in China, Japan, India, Thailand, Canada, Israel and throughout the United States. He also served on the Kellogg Center for Biotechnology Advisory Board and on the Advisory Board of the Kellogg-Recanati International Executive M.B.A. Program.
In his first book, Entrepreneurs are Made Not Born, Lloyd Shefsky wrote, “It’s important for entrepreneurs to follow two rules. First, do what you know best and love most. Second, know when your baby—your entrepreneurial business—no longer needs an entrepreneur but requires a manager.” Based on these precepts, Shefsky did as he says.
After 26 years as managing partner of his law firm—one of the fastest growing in the U.S.—Shefsky resigned to follow his true passion, helping and mentoring a few select entrepreneurs to grow their business or move them to the next level, as well as coaching, advising and guiding sizeable family businesses and public companies controlled by families. In addition, he has founded or co-founded a few successful businesses including Sports Lawyers Association (SLA) for which he served as president for 12 years. Shefsky also serves on the Board of Directors of a number of companies, including the American Association of Individual Investors.
Previously, Shefsky served by Gubernatorial Appointment on the Board of Directors of the Illinois Institute for Entrepreneurial Education, and on the Board of Governors of Economics America (Illinois Council on Economic Education). He co-founded and served as Chairman of The Institute for Entrepreneurship, which had been funded by the Kaufmann and Coleman Foundations. It was this activity combined with his other experience that prompted the question, “What makes Entrepreneurs Successful?”
In 2012, Shefsky wrote, Invent Reinvent Thrive: The Keys to Success for any Start-up, Entrepreneur, or Family Business (McGraw-Hill), to help answer that question.
Shefsky has been retained by numerous companies over the years—ranging from start-ups to Fortune 500 companies, including many involved with new technologies and with broad sectors of the healthcare industry— to help them start and grow new business ventures. His strategic planning, guidance in development and implementation, and early establishment of both unique and innovative exit strategies have proven extremely valuable to clients, some of whom have maintained decades-long relationships with Shefsky. Others, who have “done it again,” retain Shefsky to guide their repeat performances.
A consultant, coach, mentor and advisor to large family enterprises, both privately owned and publicly held, Shefsky lectures around the world and contributes numerous articles to legal and professional publications, having also served as contributing editor to the Entertainment Law and Finance Journal. He is quoted frequently in the media, and has received various honors, including the 1995 Entrepreneur of the Year Award recognizing his support of entrepreneurship from Inc. Magazine, Ernst & Young LLP, and Merrill Lynch; the 1992 Award of Excellence from the Sports Lawyers Association; the 2002 Civil Rights Award from the Anti-Defamation League; and the 1990 Distinguished Alumnus Award from DePaul University.
After graduating with a Bachelor’s degree in 1962 from DePaul, Shefsky earned his J.D. in 1965 from the University of Chicago Law School. He is also a Certified Public Accountant. Shefsky was admitted to the Illinois Bar in 1965, the U.S. Tax Court in 1970, and the Florida Bar and the U.S. Supreme Court in 1983.