EVERYTHING YOU NEED TO KNOW ABOUT FAMILY FIRMS
You read about Ulysses Contest, but you only have a vague idea about family firms? Let’s get down to reading our newsletter so you can find out more about them!
What are family firms?
Family businesses are the oldest forms of business organizations. They are prevalent in all countries across the world. Widely contributing to the countries’ economies, they shape the economic landscape.
One core characteristic of family-owned and -led companies is the special intertwining of family and business spheres. Consequently, family firms face a contradiction, meaning a tradeoff between their financial and socioemotional wealth. For family members, socioemotional considerations represent a priority over financial ones. These firms are also built to last over generations and emphasize values such as loyalty.
Family firms take all kind of shapes, they range from small and medium-sized companies to large and international successful multinational corporations.
Ulysses Contest is working closely with (some very well-known!) family firms across Europe to provide solid grounds for the exciting case studies they are compiling for the contest. Follow our social media sites to be among the first to learn about these amazing family firms once the competition is approaching!
Want to know some fun facts?
In Ulysses Contest, family firms all over Europe will participate in the competition to share their challenges and provide basis for case studies that students will need to solve. All these challenges sound extremely exciting, so stay tuned for further information!
In the meantime, let’s have a look at the example of Italy. Why are Italian family businesses so interesting?
Fun fact 1: 15% of the 100 oldest family businesses worldwide are from Italy
Fun fact 2: 5 out of 10 oldest active family businesses were established in Italy
Fun fact 3: Fonderie Pontificie Marinelli was established in 1040!
Fun fact 4: Fonderie Pontificie Marinelli produces bells (even for the Pope)!
Fun fact 5: Around 90% of Italian businesses are family-owned
Fun fact 6: Family businesses represent nearly 60% of the Italian stock market
Fun fact 7: Well-known companies such as Fiat, Pirelli, Benetton, Luxottica and Ferrero are all Italian family firms.
Family firm case study teaser
We cannot reveal our sources just yet, but one case study will be about a family firm that has successfully integrated sustainability not only into its daily business, but also into its overall strategy, mission, and vision. What does successfully integrated actually mean? Especially those companies that initially claim to implement sustainability, then often find it difficult to prove their impact and make the proclaimed difference. An important keyword here is impact management. It involves structured and professional planning, analysis, and reporting of a company's impact. Are you interested? Do you believe that sustainability is the key to our future? If we got you excited, bear with us for the next few weeks so that we could reveal the family firms working with us!
ULYSSES PARTNER MEET IN BOLZANO TO FINALIZE CASE STUDIES AND COMPETITION SETUP
1. You can get excited now about the timely reveal of family firms participating in the competition
2. Soon, we are going to share details about the competition setup and rules
3. You can start gathering students to participate and calling out to your colleagues to advertise the contest in your institutions
4. Getting a glimpse into the world of family businesses will shape your way of thinking and develop your problem-solving abilities
Sounds exciting? Follow our social media sites and check out our newsletters for more!