115-0051/01 – Family Business (FB)

Gurantor departmentDepartment of ManagementCredits4
Subject guarantordoc. Ing. Marie Mikušová, Ph.D.Subject version guarantordoc. Ing. Marie Mikušová, Ph.D.
Study levelundergraduate or graduate
Study languageEnglish
Year of introduction2018/2019Year of cancellation
Intended for the facultiesEKFIntended for study typesBachelor
Instruction secured by
LoginNameTuitorTeacher giving lectures
MIK90 doc. Ing. Marie Mikušová, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Examination 2+0

Subject aims expressed by acquired skills and competences

1. Identify the advantages and disadvantages of family business. 2. Evaluate the requirements of an effective and responsible family business owner. 3. Analyse the barriers to a successful succession process. 4. Generalize the family business policy-making process. 5. Plan a simple family meeting and assembly. 6. Categorize types of family institutions. 7. Measure and balance family and business systems. 8. Plan the founder's exit. 9. Ensure balance of family and non-family elements in the business.

Teaching methods

Lectures
Individual consultations
Project work

Summary

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)

Compulsory literature:

LIPMAN, Frederick D. Business exit strategies: family-owned and other business. Singapore: World Scientific, 2018. 144 s. ISBN 978-981-3233-21-8. MIKUŠOVÁ, Marie. Family business. SOET, vol. 30. Ostrava: VŠB-TU Ostrava, 2018. 256 s. ISBN 978-80-248-4222-6. ZELLWEGER, Thomas. Managing the family business: theory and practice. Cheltenham: Edward Elgar Publishing, 2017. 527 s. ISBN 978-1-78347-069-3.

Recommended literature:

BARON, Josh a Rob LACHENAUER. Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise (HBR Handbooks). Brighton, MA: Harvard Business Review, 2021. 320 s. ISBN 978-16-3369-904-5. DE MASSIS, Alfredo a Nadine KAMMERLANDER, ed. Handbook of qualitative research methods for family business. Cheltenham, UK: Edward Elgar Publishing, 2020. 439 s. ISBN 978-1-78811-644-2. HUBLER, Tom. The soul of family business: a practical guide to family business success and a loving family. Eden Prairie: Lilja Press, 2018. 213 s. ISBN 978-1-73204-000-7.

Way of continuous check of knowledge in the course of semester

project, test, discussion

E-learning

in the case of the actual situation

Other requirements

basic knowledge of management and economics, discussion, written answers to questions in LMS, project presentation, active participation in lessons (min 70% lectures)

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

1. Family business (FB) (characteristics, history, position and role in the economy). 2. Simultaneous family and business planning (key issues). 3. FB ownership (shareholder, owner, ownership attitude, roles and responsibilities. 4. Preparing good owners, owners by choice, insider-outsider dilemmas. 5. FB governance (roles, communication and family/board organization.) 6. Family institutions (family meetings). 7. Family education (development of family education, specific needs of the family). 8. FB policy development (purpose of family/business, shareholder agreements). 9. Compensation in FB (special issues in FB, family expectations). 10. Succession (preparing the family/business for a successful transition, roles of the leader and successors, implementing succession, tensions within the family). 11. Preparing successors and leavers. 12. Siblings and FB (challenges and opportunities, founder, siblings-spouse in the business, support of the business/family, foundation for subsequent generation of cousins). 13. Non-family leaders in FB (relationships, rewards and incentives). 14. Retirement (decision to retire, supporting cast, role after CEO, staying on).

Conditions for subject completion

Conditions for completion are defined only for particular subject version and form of study

Occurrence in study plans

Academic yearProgrammeField of studySpec.ZaměřeníFormStudy language Tut. centreYearWSType of duty

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Incoming students - bachelor study 2018/2019 Full-time English Choice-compulsory 163 - International Office stu. block