Family-owned companies are highly prevalent across countries and industries, ranging from small to large, from local to multinational, from privately-held to publicly-traded family business groups.
For long time, family companies have been the engine of the world’s economic growth and development. Today, however, their traditional strengths are put into question by fast-changing global competition and technology disruptions. Moreover, recent research suggests that about 30% of family companies in Europe will undergo generational succession within the next 10 years.
This new course will help you understand and implement the driving factors that help family companies succeed and thrive in the digital age.
Whether you are part of a business family, or whether you intend to work with a family company as a non-family manager, consultant, investment banker, private banker or in other roles, you will gain important insights about how to leverage the strengths of family companies, address their inherent vulnerabilities, and sustain their competitive advantage over time
Course contents include:
The future of family firms in the 21st century: Definitions of family business; Types of family firms; Impact of demographic and societal changes on family firms.
Designing effective governance for the family enterprise: Definition of corporate governance; Differences in corporate governance between family and non-family firms; The relationship between corporate governance and firm performance; Key constitutes of family and business governance.
Succession planning and generational change: Internal and external succession options in family firms; Assessing the successor’s fit and readiness; Planning and executing a succession plan.
Professionalization: Professionalization defined; Internal and external dimensions of professionalization in family firms; The impact of professionalization on firm growth and performance.
Managing resources, capabilities, and competitive (dis)advantages in family firms: The effect of family ownership and management on firm performance; Resources and liabilities of family firms; The success paradox; Assessing competitive advantage in family firms; Building sustainable competitive advantage in family firms.
Strategy formulation and execution in family business: Family business strategy defined; Drivers of strategic decision making in family firms; The role of financial wealth and socio-emotional wealth considerations in family business strategy.
Financing issues in family firms: Advantages and disadvantages of family business finance; Financing options in family firms; Financing growth in family firms; venture capital, private equity and public stock markets (IPO).
Managing innovation in the family enterprise: Opportunities and challenges for family firm innovation; Innovation Through Tradition (ITT); Innovation and generational change in family firms.