Family businesses play an important role in GDP and employment ensuring. The issue of this type of business is wider and more diverse than non-family one. After the subject completion, the student gains clear idea about what is family business and its management, information about the issues of business successions, and also inspiration for his/her own effective steps in the field of family business. To achieve these targets the subject is aimed at the issues of strategic planning for the family/business - from learning how be an effective and responsible shareholder, differ roles of the family and the board, organize family meetings, create compensation philosophy, prepare business for succession - to the decision about retirement and leaving the family business. The dangers and advantages of family and business blending in all of these part of family business life are emphasized continuously.
FRAMEWORK:
Family business (FB) (features, history, position and role in the economy);
Parallel planning family and business (key issues);
FB ownership (shareholder, owner, ownership attitude, roles and responsibilities, preparing good owners, owners by choice, insider-outsider dilemmas);
FB governance (the roles, communication and organizing the family/the board);
Family meetings (effective meetings, the value and benefits of family meetings),
Family education (the evolution of family education, family´s particular needs);
Developing FB policies (purpose for family/business, shareholder agreements);
FB compensation (special issues in FB, family expectations);
Succession (preparing the family/business for a successful transition, the roles of leader and successors, implementing succession, family tensions);
Siblings and the FB (challenges and opportunities, founder, sibling spouses in the business, business/family supporting, the foundation for the cousin generation to follow);
Non-family executives in the FB (relationship, compensation and incentives);
Letting go (decision about retirement, the supporting cast, the post-CEO role, hanging on)