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Next Generation of Family Business Leaders (IEL-B-3+5-WPM-IEL)
Department
- Bachelor's program Management & Law
Course unit code
- IEL-B-3+5-WPM-IEL
Level of course unit
- Bachelor
Year of study
- Fall 2024
Semester when the course unit is delivered
- 5
Number of ECTS credits allocated
- 5.0
Name of lecturer(s)
- FH-Prof. PD MMag. Dr. habil. Zehrer Anita
Learning outcomes of the course unit
- Managing a family business is about specific problems and issues that family businesses are confronted with. 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
... understand internationalization and growth strategies of family firms
… learn coping mechanisms in case of uncertainty and risk in family firms
... learn about the innovation–tradition paradigm in family firms
Mode of delivery
- blended learning
Prerequisites and co-requisites
- none
Recommended optional program components
- none
Course contents
- 1. Introduction to family business: definition, facts and figures, economic perspective, advantages and disadvantages, concepts, 3 circle model (the family system, the business system, the ownership system), cultural configurations, roles and role conflicts, underlying theories and concepts
2. 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, nepotism, gender equality, generational challenges, success and failure
3. Family business governance: definition, structures and agreements, family versus business strategy, family constitution, the role of advisory boards, family councils and family meetings
4. Internationalization and growth of family firms: definition, growth strategies, internationalization theories (stage theory, Uppsala model, etc.), entry modes of internationalization
5. Coping with uncertainty and risk: definition of uncertainty and risk, VUCA, Covid-19, global risk landscape, levels of resilience, theory of adaptive cycles, coping with stress, changing perspectives, challenges and outlook
6. Innovation in family firms: definition, forms of innovation, antecedents, measurements, tradition versus innovation paradigm
Apart from in-class activities we will visit family businesses in the Tirol from different industries and gain insights into their daily business. This allows students to have a one-on-one discussion on all topics covered with family firm entrepreneurs.
Planned learning activities and teaching methods
- The course comprisees an interactive mix of lectures, discussions, individual and group works as well as a one-day field trip to family businesses of different industries.
Language of instruction
- English
Work placement(s)
- none