Study location	Netherlands, Maastricht
Type	Summer Course, full-time
Nominal duration	2 weeks (4 ECTS)
Study language	English
Course code	MSS0048

Tuition fee	€800.00 per programme

Entry qualification	Enrolled as an Undergraduate student or Undergraduate diploma The entry qualification documents are accepted in the following languages: English. Often you can get a suitable transcript from your school. If this is not the case, you will need official translations along with verified copies of the original.

Language requirements	English B2, IELTS 6.5

Other requirements	A motivation letter must be added to your application.

Overview

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 below 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.

Week one, 12 hours:
• What is a family-owned business?
• The history and importance of family businesses;
• The relation between family identity and family business;
• The power of family businesses;
• Family Business Succession Process.

Week two: 12 hours:
• Who’s in charge?;
• The role of governance;
• Greiner growth model
• Innovation versus the conservative family image;
• Would you like to work in a family owned company?

Goals
• 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.

Instruction language
EN

Prerequisites
Understanding about Business Economics, Organisations structure, Organisational psychology.

Recommend literature
Family Business Values – How to Assure a Legacy of Continuity and Success
By C. Aronoff, J. Ward
Family Business Governance by C. Aronoff, J. Ward

Teaching methods
▪ Assignments ▪ Lectures ▪ Papers ▪ Presentations ▪ Research ▪ Work in subgroups ▪

Assessment methods
▪ Attendance ▪ Final paper ▪ Participation ▪ Portfolio ▪ Presentation ▪

Keywords
Family Business; values; governance; succession; next generation; entrepreneurship, power, leadership; innovation.