Research topics
The TRIFAM distinguished professorship conducts research into innovation, sustainability, succession and corporate governance in family businesses and facilitates the active transfer of knowledge into practice. In doing so, it works closely with family businesses and trade associations to develop practically-oriented and forward-looking solutions.
Innovation
Family businesses have a long tradition and are deeply rooted in strong values, yet they remain open to new ideas and technologies in order to stay competitive. They think in terms of generations and combine change with tradition. Many have weathered social, economic and political crises and are characterised by innovation, a pioneering spirit and courage. Long-term perspectives and close customer relationships foster continuous innovation and secure sustainable competitive advantages. However, strong family ties and conservative attitudes can act as barriers to innovation and limit the willingness to embrace radical change.
Sustainability
Family-run businesses feel a special responsibility towards the environment and society. They take a long-term view and aim to preserve their businesses for future generations. With strong ties to their region and their staff members, they make positive contributions to society and are committed to social and environmental causes, for example through reducing emissions, using renewable energy and supporting education, culture and sport. Studies show that family businesses pursue more sustainable strategies because they think across generations. Their values and local ties promote sustainable practices and social responsibility, but can limit their adaptability and capacity for innovation.
Succession
For family businesses, careful succession planning is crucial to ensuring continuity and long-term survival. Transitions are often prepared over a period of several years to ready the next generation for their responsibilities. Successful succession planning involves passing on knowledge and experience, and integrating the next generation into the company’s culture and values.
Despite careful planning, conflicts within the family, differing visions for the future and a lack of succession arrangements can complicate the transition. Studies show that clarifying responsibilities and expectations at an early stage helps to overcome such challenges and ensure a smooth handover.
Corporate Governance
Family businesses place great emphasis on sustainable growth and long-term stability. Clear structures and processes ensure high ethical standards and transparency. Good corporate governance helps to strike a balance between family interests and business requirements, fosters trust and reduces conflicts.
Key issues in the implementation of corporate governance include potential conflicts of interest, the integration of external expertise, and striking a balance between traditional oversight and modern management practices. Studies show that independent supervisory board members and regular reviews of governance structures help to overcome these challenges and strengthen long-term resilience.