Over the past academic year, the Chair of Family-Owned Business continued to advance its mission through high-impact research and teaching initiatives while deepening its ties with the global family-business community. We invite you to explore our Annual Report 2025-26, which highlights our key achievements in supporting family business owners, leaders and professionals worldwide. Annual Report […]
Are family firms really more socially responsible?
For socially responsible firms, corporate performance is more than financial statements and shareholder returns. Looking beyond the balance sheet, they aspire to serve all stakeholders, from employees, customers and suppliers, to local communities and society at large. In the realm of family-owned firms, a core dimension of this focus is socioemotional wealth (SEW), which refers […]
Nobel laureate Bengt Holmström: “We see signs of a tsunami”
In early October, IESE’s Madrid campus welcomed scholars and guests – both in person and online – to the 2021 IESE-ECGI Corporate Governance Conference, an annual event that gathers some of the foremost experts in management and economics. On the first day of the conference, I had the great honor of moderating a panel session […]
Osborne Group: 8 generations of passion and drive
As the head of Osborne Group’s institutional relations, Carla Terry Osborne leads initiatives to foster pride of belonging among the company’s 330-plus shareholders, including Osborne’s broad calendar of events to commemorate its 250th anniversary in 2022. I joined Grupo Osborne in 2016 as head of corporate public relations and communication for the Osborne Foundation. Before […]
Do we have an ownership strategy?
In our 2012 book Genesis of the Board, José María Navarro-Rubio and I explore the concurrence of three distinct spheres in family-controlled firms – ownership, business and management – which business owners must address in parallel. First is the ownership strategy, which outlines the owners’ vision in terms of the type of company they aspire […]
Baerlocher: Building on nearly 200 years of success
Michael Rosenthal joined Baerlocher in 1976 and served as its CEO from 1980 to 2004, when he became chairman of the board. Founded in Bavaria in 1823, the firm is a leading supplier of plastic additives, with operations in 14 countries and more than 1,150 employees. In this article, he describes his experiences at its […]
A sense of purpose in family-owned firms
“The importance of serving stakeholders and embracing purpose is becoming increasingly central to the way that companies understand their role in society. A company cannot achieve long-term profits without embracing purpose and considering the needs of a broad range of stakeholders.” – Larry Fink, Chairman and CEO of BlackRock This powerful message, directed at the […]
What’s the purpose of a shared family purpose?
“To whom much is given, much will be required.” This precept dates back to biblical times yet remains just as relevant as ever among multigenerational family firms. By distributing their wealth toward specific social causes and concerns – often unrelated to their core business – high-net-worth families can serve as powerful agents of change. On […]
Types of shareholders in family-owned firms
Family-owned businesses, especially later-generation firms, are supported by different types of stakeholders: shareholders, investors and owners. There’s a fourth category – speculator – that I’m omitting since it’s not worth mentioning. In my view, there is no wealth creation derived from speculation, which moreover, rarely occurs in family firms. So what are the differences between […]
Finding the best external equity investor: one size doesn’t fit all
The market is currently flush with cash waiting to be invested, with no signs of a slowdown in sight. In this context, many privately-held family businesses are considering external capital to drive their corporate and family objectives. In their search for the optimal investment partner, family businesses need to make sure everyone’s objectives align – […]
Shared vision: it’s not just sticking together, it’s thinking together
Among the core characteristics of family-owned businesses is the desire to leave a legacy for future generations. To achieve this objective, the owner family must share a long-term vision and the resolve to ensure the firm’s continuity. In the firm’s initial stages, cultivating this commitment is relatively straightforward, since the founder is on the front […]
