MANAGEMENT AND GOVERNANCE OF FAMILY FIRMS
The course of Management and governance of family firms intends to help students deeply understand distinctive traits and transition processes of family firms, analysing strategic management, organization, business governance and family governance as well as transitions in leadership and ownership, and discussing the conditions for long-term success of the family-firm system.
At the end of the course, students will have to prove a solid and specific theoretical knowledge (see textbooks and materials) as well as the ability to apply theory to cases in a problem-solving, inter-functional and inter-disciplinary perspective, making personal analyses and diagnoses of complex family firms’ issues.
None (but some knowledge of strategy, organization, management and business law is recommended)
The course deals, in essence, with the following topics:
- Family business key issues: an overview
- The strategy process and strategic decisions at business level
- Organization strategies
- Governance strategies
- Generational transitions in leadership and ownership
- The role of family agreements.
1. Course introduction. Family business: relevance, distinctive traits and dynamics.
2. Classical and emerging conditions for family business continuity: an overview; role of responsible ownership values and their transmission over generations
3. The strategy process and strategic decisions at business level. Focused leadership strategies and their sustainability conditions
4. (continued) Growth strategies and their sustainability conditions
5. Organizational strategies and development of structures and operating systems
6. Organizational strategies and integration of non-family managers
7. Governance strategies at company level. Activation and professionalization of formal and informal governance bodies
8. Governance strategies at ownership and family level. Activation and professionalization of formal and informal governance bodies
9. The growth of future leaders and inter-generational dynamics
10. The growth of future leaders, teams at the top and intra-generational dynamics
11. Ownership strategies across and within generations
12. The role of family agreements
13. A testimonial
Mode of Delivery:
Lectures, case discussions and testimonials
D. Montemerlo and J.L. Ward, The Family Constitution, Family Enterprise Publishers, 2005
D. Montemerlo, Continuità generazionale e accordi familiari, EGEA, Milano, 2009 (recommended to Italian students)
G. Dyer jr., Integrating Professional Management into a Family Owned Business, Family Business Review, September 1989
D. Harris D., J.I. Martinez, J.L. Ward, Is strategy different in family firms?, Family Business Review, June 1994
J.L. Ward, Growing the family business: special challenges and best practices, Family Business Review, December 1997
S. Lane, J.H. Astrachan, A. Keyt, K. McMillan, Guidelines for Family Business Boards of Directors, , Family Business Review, June 2006
Other materials as slides, additional readings and cases will be provided at the beginning and during the course.
Written exam at the end of the Course on topics discussed in Class + materials listed above (see reference books).
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