Small steps to bigger success – developing knowledge/capacity building program for entrepreneurs to foster – through micro learning - better and more successful succession in the family business (SiFB)

The primary motivation for applying for this project stemmed from the acute awareness of the challenges and needs faced by family businesses during the succession process. Family businesses constitute a significant portion of the economy in Europe, with up to 90% of companies in some countries being family-controlled. These businesses are pivotal in generating employment and contributing to economic growth. However, succession in family businesses is often fraught with complexities, risking business continuity and job losses. Many young successors lack the necessary business knowledge and face time constraints that impede their ability to prepare adequately for taking over the business. Additionally, there is a general lack of tailored educational programs that address the unique challenges of family business succession. By applying for this project, the aim was to address these specific needs by developing a digital, modular educational program that would equip current and future generations of family business owners with the essential knowledge and skills for successful business transfer.

The project aimed to achieve several critical objectives through its implementation: Education and Skill Development: To prepare both the current (1st generation) and next generations (2nd and 3rd generation) of family business owners for a more efficient and successful transfer of management and ownership. This was to be accomplished through a custom-designed online learning program focused on micro-learning to facilitate easy and flexible learning. Innovative Learning Methods: To enhance engagement and information retention, introduce and utilize innovative learning methods such as micro-learning and gamification in educational content. Digital Accessibility: By creating a fully digital and online program, the project aimed to increase the accessibility and flexibility of learning opportunities for family business members, enabling them to learn at their own pace and according to their individual needs. Research and Tailored Content: To conduct research in multiple countries to understand the unique challenges and needs related to family business succession, and to use these insights to develop tailored content that is directly applicable and beneficial to the target audience.