Family Enterprise Management

Anete Pajuste

Anete Pajuste is a Professor of Finance at Stockholm School of Economics (Riga) and a Visiting Professor at Boston University Questrom School of Business. She has been a Visiting Senior Fellow at the Program on Corporate Governance of Harvard Law School. She is also a research member of the European Corporate Governance Institute (ECGI) and a founder and board member of the Baltic Family Firm Institute (BFFI). Anete holds a PhD in Finance from the Stockholm School of Economics (Sweden). Anete is a seasoned instructor, researcher and consultant and has more than 20 years of experience and training in participant-centered learning methods such as cases and experiential learning. She brings to the course a blend of teaching and consulting experience in investment management, firm valuation, and governance structures. Anete’s recent research focuses on corporate governance and family businesses. In particular, she has written on family firm succession, multiple voting class shares, boardroom diversity, and responsible investing. Anete has published in the Journal of Corporate Finance, Review of Corporate Finance Studies, Corporate Governance: An International Review, Journal of Banking and Finance, and Journal of Law and Economics, among others. Prior to joining academia, Anete worked in asset management.

This course is designed to unlock the potential of your family business by providing you with the essential tools and knowledge needed to thrive in today’s competitive landscape. You will explore the unique dynamics of family enterprises, from understanding their historical significance to navigating the complex relationships between family, business, and ownership. Dive into the principles of sound governance, learn how to implement a disciplined succession process, and discover how to align family values with business success. Our interactive sessions will equip you with the insights needed to prioritize growth, control, and liquidity, ensuring a legacy of growth and sustainability for generations to come.

By attending this course, your family business will learn to establish strong governance structures, leading to clearer decision-making processes and improved strategic alignment across family, business, and ownership dimensions. The course will equip your organization with the tools necessary for a disciplined succession process, ensuring smooth leadership transitions and continuity across generations.

This course equips family business members with the knowledge and confidence to lead innovation and drive change within the organization, with a strong emphasis on governance. Participants will build strong networks with peers, gaining valuable insights and perspectives to help them navigate challenges and seize opportunities in the family business landscape.

Session 1: Introduction. Family, Business and Owners

• Understand the historical importance of family businesses in the global economy

• Become familiar with the operational and organizational dynamics of a family business

• Three-Circle Model: Understanding the dynamics between the family, business, and ownership dimensions in a family business

• Life cycle management: Learn the multigenerational implications of choices on the family, business, and ownership dimensions

Activity: Simulation

Session 2: Principles of Sound Governance

• Understanding building blocks of strong governance

• Who gets to make which decision, and how?

• How to achieve engaging ownership?

• The role of corporate boards, advisory boards, family councils to help manage critical issues

• What is a family office, and do I need one?

Activity: Individual self-reflection assignment

Session 3: Succession in Family Business

• The transformation of a family business into a professional organization

• A disciplined succession process

• Balancing engagement and entitlement

• Tailoring succession plans to unique talents and career interests and to the business needs and model

• Understanding the pros and cons of three nonfamily CEO archetypes

Activity: Case discussion

Session 4: What Do We Value Most? What Defines Success? Wrap-Up

• Prioritizing between growth, control, and liquidity

• Being mindful that patient capital can quickly become impatient

• What defines success? Qualitative and quantitative goals/ metrics

• Learning from failure and success

• Module wrap-up: frameworks, tools, skills, relationships

Activity: Individual self-reflection assignment

Networking dinner

This course is designed for family business members, who are ready to share personal experiences and engage in meaningful discussions about the unique challenges they face. Participants should be prepared to actively contribute to class discussions, learning not only from the instructor but also from each other under the Chatham House Rule, which ensures confidentiality and openness. Advisors may attend only if they accompany a client as their personal counsel. Participants for this course are selected based on their submitted application. This approach helps create a diverse and dynamic learning environment where each participant brings valuable perspectives and experiences, enhancing the overall quality of the course.

EUR 450 + VAT (10% discount for Baltic Family Firm Institute members)