MANAGEMENT AND GOVERNANCE OF FAMILY FIRMS
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Delivery method
- Teaching methods
- Contacts/Info
There are no binding prerequisites, but basic knowledge of strategy, organization and business law is recommended.
Students' learning will be tested:
- in class by giving direct feedbacks during lectures and case discussions (NB: these feedbacks will not be part of the course grade);
- through the exam, which is in written form according to what follows
and is aimed at applying theories and models learned during the course to real-life situations.
Exam evaluation criteria will be, in fact, the rigorous knowledge of concepts, theories and model as well as the capacity to use them in order to interpret concrete situations, diagnosing problems and crafting possible solutions.
Specifically, students are (individually) asked:
1. To collect some press articles and other information (e.g. from the company website) on an existing family business that intrigues them, possibly (but not compulsorily) a well-known one to be able to get more information.
Students may also want to analyze their own family business or another one they know very well, provided that the necessary information is available and that all sources are quoted;
2. To write a short note (paper’s Part 1).
The note’s contents must describe the family business system covering course topics
3. To write a commentary (paper’s Part 2). on the family business described in the note, applying (and making explicit reference to) the models and concepts included in the programme.
Every commentary should include:
a. An overview of the family business system and the main strategies adopted, offering students' own synthetic comments, based on application of theoretical models and concepts and aimet at explaining whether or not the chosen family business can be considered a successful one and why, as well as explaining if the right conditions exist for this family business to be successful in the future (or not) and why
b. A deeper analysis of 3 topics, giving students' own assessment of the family business situations regarding the topics chosen, identifying problems to be solved and formulating proposals/suggestions, always based on the course’s theoretical models and concepts.
4. In sum, the paper to be prepared includes both the note and the commentary – part 1 + part 2 (15 to 20 pages, single spaced, pictures and tables iand references ncluded) - together with a cover page where students will be asked to declare to accept the University’s ethical code and its implications about exams (that is, to commit to provide an original work), with signature.
5. The final grade will be based: 40% on part 1; 60% on part 2.
Further indications will be given at the beginning of the course.
The course of Management and Governance of Family firms intends to help
students: i) to deeply understand distinctive
traits, evolution paths and
continuity conditions of family firms, with a special focus on strategic
management, organization, corporate and ownership governance as well as on transitions in
leadership and ownership; ii) by this means, to actively contribute to family
firms' viability in their future roles, both as family business members
involved in management and governance and as non-family managers,
advisors or managers of financial institutions.
To reach these goals, students will be challenged to build up a solid and
specific theoretical knowledge (based on textbooks and other materials) as well as as to develop the ability to apply theory to cases in a problem-solving, inter- functional and inter-disciplinary perspective.
At the end of the course, students
will then be able to:
- critically analyze
concepts and models and
apply them to real situations;
- make diagnoses of various and complex family business issues;
- identify possible solutions and evaluate their pros and cons.
Such abilities will be trained in class and tested in the exam (see details on
the exam in a following point).
The course deals with the following topics (tentative durations are indicated):
- Family business original traits, main challenges and continuity conditions: an
overview (6 h).
- The crucial role of responsible
ownership values (3 h).
- The strategy process and strategic decisions at business and corporate level (8 h).
- Organization strategies (6 h).
- Governance strategies (4 h).
- Generational transitions in leadership and ownership (8 h).
- Owning families' agreements (2 h).
- Governing transitions and the role of third parties (3 h).
Course introduction.
The definition and relevance of family firms worldwide.
Distinctive traits of family firms: The family business system and the 3 circles.
The variety and dynamics of family firms.
Conditions for family firms’ continuity: an overview; responsible ownership values and their transmission over generations as the top condition.
The peculiar traits of strategy process and strategic decisions in family firms at business level.
Focused leadership strategies and their sustainability conditions.
Growth strategies and their sustainability conditions.
Diversification strategies for family and business.
Organizational strategies. Grooming and integrating non-family managers.
Organizational strategies. Addressing organizational dilemmas as non-family managers. Developing structures and operating systems.
Governance strategies at corporate level
Governance strategies at ownership level.
Communication and conflict management in owning families
Growing and identifying future leaders and top managers: an assessment model for family and non-family ones.
Governing generational transition processes in leadership and top management: an overview of challenges and success conditions; the key steps to manage; the special challenges of next generation co-leaders.
Governance strategies at ownership level.
The role of family agreements
Governing transition processes in leadership and top management and the role of advisors. Two living testimonials: a family business and a senior advisor.
Course wrap-up.
Teaching methods include interactive lectures, case discussions and testimonials.
Students are highly
encouraged to actively participate to classes by asking questions and engaging in discussions.
Particularly, case and incident discussions are aimed at applying concepts and models to
real situations and thereby at strengthening students’ capacity to make
diagnoses of complex problems as well as to identify solution alternatives. Live testimonials will help exposing students to family business cases by
meeting a Next Gen family business leader and a senior partner of a consulting company.
Materials and recommended textbooks are indicated in the Leganto section. Slides, cases, articles and notes can be found in the e-learning course space.
Office hours will be indicated, and regularly updated, in the course professor's
homepage.