Lab 8: Sustainable Family Enterprises

Family businesses play a vital role in the economic landscape, contributing significantly to job creation and economic output. However, family businesses face unique challenges in achieving multi-generational success and longevity, with only a small percentage surviving beyond the third generation of ownership. This fragility, despite the value family enterprises bring to economies worldwide, highlights the need for dedicated research and support. The lab will conduct initiatives like training courses for owners and successors to help family businesses bolster capabilities and strategically plan leadership transitions. Through collaborative efforts, the lab aims to provide family businesses with insights and tools to navigate their distinct challenges, promoting understanding and enabling their continued success.

The Family Business Research Lab is committed to championing the United Nations Sustainable Development Goals (SDGs), specifically targeting gender equality (SDG 5), economic growth (SDG 8), innovation (SDG 9), sustainable communities (SDG 11), and forging strong partnerships (SDG 17). Advancing SDG 5, we focus on elevating women in family business leadership, fostering an environment where they can excel and contribute to transgenerational entrepreneurship. We aim to do this by supporting research to gain insights on the unique challenges they face and the needed support. In the realm of SDG 8, our research underpins sustained economic growth by supporting the longevity and prosperity of family businesses, which are key drivers of employment. Through SDG 9, we advocate for innovative practices that enable family firms to stay ahead in a changing economic landscape, blending tradition with progressive strategies. Our work echoes the ethos of SDG 11, with family businesses acting as pillars of local economies and community well-being. Lastly, in line with SDG 17, the lab catalyses partnerships across diverse stakeholders to amplify the impact of our research, aiming to influence policy and practice for inclusive economic development.

The Research Lab is committed to advancing scholarly inquiry to deepen understanding of family business dynamics and foster innovative research in this domain. Our mission is to translate rigorous academic insights into tangible strategies that cultivate resilience and growth for family enterprises. Through comprehensive educational offerings, including our signature management course, we empower family business leaders with critical insights tailored to their strategic needs. Upholding a collaborative environment, we embrace interdisciplinary scholarship intersecting entrepreneurship and organizational behaviour. We focus on supporting family businesses during pivotal events like succession, strategic renewal, and elevating women leaders. By investigating these and other emerging themes, we aim to influence policy, practice, and pedagogy in the business community. The lab is a crucible for groundbreaking ideas, blending academic rigor with entrepreneurial dynamism. Our vision is to shape a narrative of innovation, longevity, and prosperity for family firms and the societies they serve.