Winter School: Entrepreneurship in Family Firms

Students from all departments are invited to participate

• Introduction to family business: definition, facts and figures, advantages and disadvantages, concepts - 3 circle model (the family system, the business system, the ownership system), +cultural configurations
• Ownership succession management: facts and figures, family types of ownership, types of succession, strategic planning, success factors of succession, the role of key non-family employees, managing transition, key challenges of succession process
• Family business governance: definition, structures and agreements, family versus business strategy, family constitution, the role of advisory boards, family councils and family meetings

Managing a family business is about special problems and issues that confront family businesses. The course 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. 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 including the most important challenge succession planning
  
• learn about governance mechanisms in family businesses