Strategia e gestione delle imprese familiari - ENG

STRATEGIC MANAGEMENT IN FAMILY BUSINESSES

Prof.ssa Lucrezia Songini - 4 ECTS
Prof. Francesco Bavagnoli - 2 ECTS

Course Code: EC0011
Subject code: SSD SECS – P/07
6 ECTS – 48 hours
Location: Novara

Educational aims

The course aims to present the characteristics of family firms with the purpose of developing the students' ability to identify and analyze the strengths, weaknesses and the typical operating requirements of such firms, and to propose appropriate responses to the specific managerial demands of these enterprises.
The course focuses on the strategy of family businesses, the way they are organized in terms of structure, processes, roles and responsibilities, on their operational mechanisms, such as planning and control, and corporate governance systems, on fiscal and policy issues and family firms value.
In consideration of the importance of these aspects for the development and success of family businesses, particular attention will be devoted to family succession and company growth management.


Content of the course

The course is a half-year one and it’s divided in two modules. The contents of the two modules are tightly connected and will be developed partially in each of the two modules. The modules share the same teaching methods and examination process.

The contents of both modules are the following ones:

1.    Family firms and non-family firms: typical characteristics, strengths and weaknesses
•    Role and importance of family firms: international and national data
•    Vision, mission and objectives of the family and of the firm
•    Types of family firms
•    The relationship between the family and the firm: overlapping roles
•    Relevant stakeholders of family firms, local roots and attitude towards corporate social responsibility

2.    Corporate structure and governance
•    Firm and family governance bodies
•    The involvement of external members in the firm’s governance
•    Role of the board of directors

3.    Trade-off between entrepreneurship and managerialization
•    The managerialization of family firms: key issues and determinants
•    Pro and cons of managerialization
•    Managerialization and business performance: some data
•    The role of planning and control mechanisms
•    External managers: when and how involve them in a family firm?
•    How to manage the relationships between external managers and family members
•    Professional development and careers in family businesses
•    The role of the CEO and of the CFO

4.    Continuity and development in family firms
•    Long-term vision of the family
•    Letting an external party acquire some of the firm’s equity
•    IPO for family firms
•    Succession issues


5.    Family business succession process
•    Family business succession: critical aspects
•    How to prepare the succession
•    How to choose the future leader
•    Some particular situations: no heirs, many heirs, when the successor is a woman

6.    Legal and tax issues
•    Family statutes
•    Trusts

7.    Family firms value
•    Intangible assets in family firms
•    Situations in which a family business valuation is required: sale of business, capital increase reserved to an external party, succession planning and valuation for tax purposes
•    Specific issues arising in the valuation of family firms


Prerequisites

None


Course Texts

For attending and non-attending students, reference material (slides, case studies, articles) produced by the lecturers will be made available in the web page of the course at the URL:

https://eco.dir.unipmn.it/

Lecturers will also decide upon the adoption, if necessary, of one or more textbooks, among those recommended.

Recommended readings:
Miller D., Le Breton-Miller I., Mantenere il successo. Lezioni di vantaggio competitivo dalle grandi imprese familiari, Etas, 2005 (ed. or. "Managing for the Lon Run. Lessons in Competitive Advantage from Great Family Businesses", Harvard Business School Press, 2005). The book is available in the library
Poutziouris P. Z., Smyrnios K. X., Klein S. B, Handbook of Research on Family Business, Edward Elgar Publishing Limited, 2006. The book is available in the library
Gnan L., Montemerlo D., Le PMI familiari in Italia tra tradizione e novità. I risultati di una ricerca, EGEA, Milano, 2008. This book is available in the library
Montemerlo D., Continuità generazionale e accordi familiari. Principi e regole per l'impresa, la proprietà e la famiglia, EGEA, 2009. This book is available in the library
Corbetta G., Le aziende familiari. Strategie per il lungo periodo,  EGEA, Milano, 2010. This book is available in the library
Corbetta G., Salvato C., Strategies for Longevity in Family Firms. A European Perspective, Palgrave Macmillan, 2012. This book is available in the library

Further information can be found in the web page of the course at the URL:

https://eco.dir.unipmn.it/


Teaching methods

Different teaching tools will be used:
a)    traditional lessons in class where the lecturers will present problems, solutions and tools for family business management;
b)    case studies, where the theories are presented in real business situations;
c)    guest speakers having an experience relevant in the field as managers or professionals.
The course is highly interactive and may involve carrying out simulations, hosting guest speakers, real case studies discussions, group assignments.


Class attendance

Class attendance is recommended but is not mandatory.


Examination

Final written exam both for attending and non-attending students.