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Posting on behalf of AndrewPye

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First things first, I want to apply to the best schools. Harvard, Columbia, Stanford, etc.. Go big or go home.

Education

I had a very, very low GPA in my Commerce degree (finance major) of 2.63. The final two years of my degree I averaged about 3.1 to a 3.2 GPA. My GPA is not a true reflection of my abilities.

Work Experience

House Renovation Project Nov 2008 - Sept 2010

In the final two years of school I bought a duplex with a business partner to renovate and rent. While my GPA was very poor, in the final two years of university I worked on this house and my GPA actually increased slightly. Most of the experience of working on the house that would add value to my MBA application is having to hire employees, dealing with contractors, and time management with regards to the project and school. Basically myself and my business partner were contractors on the project. Our mortgage (principal of house plus cash we used to renovate it) is about a third of the total monthly rent we collect. We did well on it.

Sept 2010 - Present

My father has many businesses he owns and operates from a high level. He is older and winding down the amount of time he works, and has been teaching me everything he feels I should know to step into his role. I have been involved with car dealerships and real estate thus far, and involved at a high level (managing the managers). Also we are currently in the due diligence process of obtaining another company, which I will be president and run directly until I go away to business school. (Thus dealing with day to day operations). For obvious reasons, I cannot discuss the nature of the business but I can say it averages 30 employees, and has retail and wholesale operations.

GMAT

My goal is a 720 or above. I feel I need this at a minimum to show MBA schools I am intellectually capable. I will not stop until I achieve this.

Questions

I see typical MBA students have 4 years experience. I would like to be admitted in the fall of 2012. I know that running this company will give me many projects to include in my resume for next year. Should I take courses to strengthen my GPA to show that I am capable (I know I can achieve a 4.0), or is a GMAT of above 720 enough to prove this? Do MBA admissions look for people who are in a family owned business and future owner of the family owned businesses? Any other suggestions/tips are greatly appreciated.