Essay topics:

Considering the primary stakeholders involved (e.g., internal vs. external; family vs. non-family, etc.), critically discuss the major challenges and issues that family firms face during the succession process.

 

Recommended readings:

• De Massis, A., Chua, J., et al. (2008). “Factors preventing intra-family succession.” Family Business Review 21(2): 183-199.
• Le Breton-Miller, Miller, D., and Steier, L. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28 (4).
• Miller, D., L. Steier, et al. (2003). “Lost in time: intergenerational succession, change, and failure in family business.” Journal of Business Venturing 18(4): 513-531.
• Salvato C, Corbetta G. (2013). Transitional Leadership of Advisors as a Facilitator of Successors’ Leadership Construction. Family Business Review, 26(3), 235-255.
• Marshall, J. P., Sorenson, R., Brigham, K., Wieling, E., Reifman, A., & Wampler, R. S. (2006). The paradox for the family firm CEO: Owner age relationship to succession-related processes and plans. Journal of Business Venturing, 21(3), 348-368
• De Massis A., Sieger P., Chua J.H., Vismara S. (2013). Family Firm Incumbent’s Attitude Toward Intra-family Succession: Antecedents and Effects on Intentions. Academy of Management Best Paper Proceedings, Vol. 1, pp. 1-6.
• Morris, M. H., Williams, R. W., and Nell, D. (1996). Factors influencing family business succession. International Journal of Entrepreneurial Behaviour & Research, 2 (3), 68-81.
• Sharma, P., Chrisman, J. J. et al. (2003). “Predictors of satisfaction with the succession process in family firms.” Journal of Business Venturing 18(5): 667-687.
• Vera, C. F., & Dean, M. A. (2005). An Examination of the Challenges Daughters Face in Family Business Succession. Family Business Review, 18(4), 321-345.
• Westhead, P. (2003). “Succession Decision-making Outcomes Reported by Private Family Companies.” International Small Business Journal 21(4): 369-401.

Welcome to the Family Business Module. This booklet provides a list of lectures and a guide. Also included are the contact details of your teaching team and an overview of the assessment methods.

 

Family enterprises represent the majority of all companies and dominate the economic landscape around the world. The reason why family businesses are different from other profit-seeking organizations is the family’s influence on the firm’s strategic goals, governance structures and competitive resources. Sometimes, the distinctive traits of family enterprises correspond to unique strengths and competitive advantages, but they can also cause severe organizational dysfunctions that may ultimately lead to poor enterprise performance. What is more, international figures show that only a marginal number of family enterprises survive generational transitions. How can family enterprises achieve a match between internal organizational capabilities and external environmental conditions that facilitates improved performance, potentially across generations?

 

This module provides students with theoretical frameworks and practical tools to build an enlightened understanding of how to work entrepreneurially and professionally, in and with family firms, and manage the unique challenges and dilemmas faced by family enterprises effectively. Topics covered include governance, strategy, innovation and entrepreneurial management, and leadership succession.

 

This course will be of benefit to those students who are members of a family with established business interests, will likely find themselves working for a family-owned firm, and/or might be associated with such organizations in a professional capacity through such roles as consultant, account-ant, lawyer, banker or even researcher.

 

Learning outcomes

On successful completion of this module students will be able to:

• Appreciate and understand the role of families businesses worldwide
• Understanding the performance of family firms and how this is influenced by succession, governance, innovation, strategy, entrepreneurship and succession issues.
• Critically evaluate theory and evidence in order to make judgements about the strengths and weaknesses of family businesses in context
• Develop and support arguments using theories and evidence at the forefront of family business research
• Develop plans to improve and/or sustain family business performance through time

 

Skills associated with module:

On successful completion of this module, students will be able to demonstrate the knowledge and transferable skills necessary to work entrepreneurially and professionally, in and with family firms, including:

 

• Appreciation of the role of theory and evidence in order to understand, evaluate and address complex business issues
• Ability to apply theories and model to develop solutions and plans to real business problems
• Ability to communicate information, ideas, problems and solutions to both specialist and non-specialist audiences.