How to prepare younger generations in family firms? A didactic laboratory on generational transfer

Family firms are the most common business model in advanced economies and in developing countries. Succession is the main reason of failure for FFs. University business and management studies are not always effective in preparing new generations to deal with succession, to make them understand pitfalls and risks associated with an inadequate management of succession and to make them aware of the responsibilities associated with the entrepreneurial role. Even in economics and management faculties, courses specifically devoted to FF and succession are indeed rare. This is why in this paper we propose an educational initiative specifically focused on generational transfer in FFs. It aims to educate students enrolled in economics and management studies on the phenomenon of succession. In the near future, in fact, they may be personally involved in a succession process, acting as successors of a FF, or be indirectly involved, if in their future they will work as accountants, business consultants, managers, employees of FFs, banks, etc.