Introduction into Family Business Management

Target group
Students who are interested to learn more about the dynamics of family firms, their underlying characteristics as well as challenges.

Content

• Definition, characteristics, advantages and disadvantages of family firms
• Facts & figures
• 3 Circle Model: the family system, the business system, the ownership system
• Underlying theories: (Principal) Agency Theory, Stewardship Theory, Social Capital Theory, Socio-Emotional Wealth (SEW), F-PEC Scale

Description
Managing a family business is about special problems and issues that confront family businesses. The MCIWebinar will explore the three systems of a family business, the family system, the business system and the ownership system and their interactions – functional and dysfunctional. The students will learn l relationships that are inherent in family businesses and how these intertwined in the ownership, governance and management of the family business. Participants will be introduced to the basic issues and concepts of family business, and guided through the structures and procedures for successful family enterprises.

Thus, students will

• develop an understanding of the characteristics of family businesses and their dynamics and special issues
• appreciate the dynamic interaction of family, ownership and business systems
• understand the challenges of family businesses