On May 10, CATÓLICA-LISBON will host the "Family Business Day" to discuss the link between tradition and innovation in family businesses. The event, which is being held for the first time in the country, is free of charge and open to the entire civil society. During the event, participants will be able to attend presentations, workshops and panel discussions with researchers, consultants and business leaders. Registration is still open, here!
CATÓLICA- LISBON set an example when it launched the first degree program dedicated exclusively to family business management in January 2022. Now it is once again setting an example by hosting the country's first Family Business Day.
This is an event focused on sharing new knowledge and discussing the challenges and opportunities facing family businesses, as well as new tools and approaches for managing them.
It is an event organized entirely by the students of the Mastering Family Businesses course, which aims to share the research carried out in the field, stimulate discussions on the issues that make the management of family businesses so special, and share experiences among those who manage these businesses on a daily basis - and those who will do so in the future.
Why is it useful to organize a Family Business Day at CATÓLICA-LISBON?
Family businesses account for about 80-90% of all businesses worldwide. However, in management courses they are treated as 'the rest', when in reality they are complex systems with very special dynamics. Managing a family business requires a multidisciplinary approach - and their weight in the global economy demonstrates the potential of their impact.
In addition to the normal issues that any business faces as it seeks to survive and thrive, family businesses face additional challenges that arise from family dynamics and their interaction with the business. Examples of these challenges include succession planning, managing the diverse interests within the family, and creating structures that organize and clarify the family's role within the business.
The mission of CATÓLICA- LISBON is to train future-oriented leaders who will promote science and renew the country and the world through excellence and example.
It is therefore not surprising that the first Family Business Day in the country is organized by the institution.
What makes a family business different?
Family businesses are known for "doing more with less." They tend to invest less in innovation, but they are also more efficient in their investments, which makes them more cautious. So on the one hand we have tradition as a potential competitive advantage, and on the other hand we have prudence, because being a family business means that one of the main goals is to pass the business on to the next generation. However, in order to be able to transfer the business, it must be sustainable, and therefore innovation is fundamental in this process.
Tradition encompasses the accumulation of knowledge, artifacts, symbols and cultural rituals that are passed down from generation to generation and shape the identity of the company. Many view it as a source of resistance that limits and hinders the innovation process. However, innovation as a process that generates new knowledge, when anchored in tradition, can help build customer confidence in the innovative proposals presented.
"When we think of family businesses, we usually think of tradition, but also of sustainability, because one of their main goals is to leave a healthy business to the next generation. For this to be possible, it is necessary to promote companies that create good prospects for the future of several generations through entrepreneurial action. To achieve this competitiveness, a vision focused on innovation is essential", explains Liliana Dinis, lecturer of the course on family business at CATÓLICA-LISBON.
"Tradition involves the accumulation of know-how and practices passed from generation to generation, and can even be considered a special and unique resource that cannot be imitated by competitors. The companies that manage to innovate based on their tradition are thus able to create and maintain competitive advantages" concludes Liliana Dinis.
Want to learn more about how you can use tradition to drive innovation in your family business?
Just register for the first Family Business Day at Católica Lisbon School of Business and Economics, which will take place on May 10 from 9 a.m. to 5 p.m.