12 July 2019
Family Business and Governance
Family-owned businesses are the backbone of many economies around the world and it is estimated that the total economic impact of family businesses to global GDP is over 70%. The 3-Circle model from Renato Tagiuri and John Davis can best describe a family-company. This framework clarifies the three interdependent and overlapping elements of a family business system: family, management and ownership.
A family business is built on trust, traditions and informality. The family’s values are the most important asset to the company and they help to identify, support and unite the family through their business activities.
Whilst the above values are important, there are also economic interests to be considered and as a result, a family company must be well managed and governed. It is equally important for a family-company to have a clear succession plan that ensures the company can be passed on to the next generation.
With each new generation comes different visions and ambitions for the future of the company. The need for governance becomes vital to protect the business from the unique challenges that family involvement brings.
In this course, we explore the multiple factors that determine the long-term success of family businesses. Therefore we have a deeper look at the so called ‘Silent Power of Family Business’; to understand how family culture effects business and management.
C.J.M. van den Hombergh
Students have an understanding about business economics, organisations structure, and organisational psychology.
- Understand the differences between Family Businesses and Corporations.
- Analyse what makes family business so successful in the long run.
- Explain how the connection between family and company works.
- What it means to be part of a family business.
Maastricht Summer School awards academic credit (ECTS) for courses successfully completed during the programme. To include these credits in the curriculum of your degree, you need to obtain official approval from the responsible department at your home institution.
Upon completion of a course, the Maastricht Summer School issues a transcript. The transcript states the student’s name, student ID-number, the grade or Pass/Fail and the number of ECTS credits.
EUR 800: This 2-week course costs €800,-.