Sessions 3 and 4 of the Family Business Course took place on Friday, February 21, dealing with 'Emotions and Shared Culture' and 'Professional Career Development in Family Business' respectively. The sessions were taught by María Beltrán (FIBAC Consultant) and Juan Vicente Tamarit (Director of Alba Horneados).

María Beltrán led a session focused on Shared Culture within the family business, and started with a question to the students: "Do we really want to have a Family Business?" and as it is necessary both a correct management of the business and family assets (highlighting the role of the Family Offices) and keeping the family together to ensure the durability of the family business and its legacy.

Next, the students went on to detail the values ​​of Business Family and Family Business, among which they agreed: Commitment, Respect, Humility, Honesty, Effort, Austerity, Communication, Loyalty, Equity, Union, Social Responsibility, Collaboration... and 3 distorters of the Family-Business relationship: Power (succession), Money (benefits and remuneration) and Work (training, validity, protocols ...).

The session continued highlighting the importance of establishing a Structure, both in the family business and in the business family. The role of the Family Council as the source of values ​​to be transmitted and the importance of input from outsiders for its proper functioning were underlined. In closing we saw the 5 steps to transmit values ​​in the business family:

1. Lead by example from the beginning.
2. Educate, not guarantee rights without obligations.
3. Meritocracy.
4. Respect for individualities.
5. Document Family History.

The second part of the day was given by Juan Vicente Tamarit, who told us about the development of the professional career in Family Businesses (especially for those who are not members of the family). Juanvi began by explaining the Strengths (values, closeness, flexibility, lasting project) and Weaknesses (risk aversion, lower potential growth...) that Family Businesses present.

The session advanced with the need to attract talent and the role of non-family managers. Typical problems faced by their incorporation were seen, such as the requirement of trust in their management, the lack of shared culture with the family business, or the difficulties in assuming the separation between property and management. Attraction of talent, on the other hand, requires 3 pillars: Ownership (supports and motivates), Professionalism (maintains competitive positions) and Project (attractive challenges). Family Business should look for more talent than they have right now to grow.

The next step was to dismantle a series of topics associated with family business, so we saw that: They are not obsolete, they know how to innovate, they are not just SMEs, they last and they are conservative ... with their legacy. The session closed highlighting the key word for the development of PE, PASSION:

P: People
A: Attitude
S: Strategy
S: Simplicity
I: Innovation
O: Objectives
N: Never give up

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