Today’s guest on The Other Side of Potential is Dr. Massimo Bau, Senior Associate Professor in Family Business and Ownership at the Jönköping International Business School in Sweden and Director of the Centre for Family Entrepreneurship and Ownership (CeFEO).
Dr. Bau’s focus on family embeddedness and entrepreneurial entry is likely not something that family business owners in the United States are accustomed to thinking about, but it is very relevant to the practical aspects of how to run your business sustainably. His research interests are related to the entrepreneurial process in three very specific research areas: family dynamics and the influence of family members on the actor’s decision of entry and exit into the entrepreneurial process, academic entrepreneurship and factors enabling new ventures startup and technology transfer, and a firm’s growth path through collaborative agreements and interfirm networks, all of which we touch on today.
In this episode, Dr. Bau explains why embeddedness is such an important concept for family business owners to understand, how the COVID-19 pandemic has called for a greater focus on longevity and sustainability, and the importance of educating the next generation about the complexities of the family business structure they will one day inherit. Dr. Bau has a wealth of knowledge and information to share that is a welcome addition to our ongoing conversations about family business and entrepreneurship, so you don’t want to miss this episode! Tune in today to learn more.
What you’ll learn about in this episode:
- Dr. Bau explains how he became interested in family business and entrepreneurship.
- Learn about embeddedness and why it is important to the family business owner.
- The value of an owner or CEO being embedded in the community in which they operate.
- Why owners who are actively involved in their businesses are better connected with their communities than owners who are purely financial investors.
- The biggest challenges that Dr. Bau has seen family businesses experience during COVID.
- How the pandemic has inspired educational programs focused on longevity and sustainability.
- Hear about the global network that the Jönköping International Business School forms part of.
- Find out what drew Dr. Bau to Jönköping University in Sweden.
- Dr. Bau shares his perspective on the future for family businesses: why nothing will change.
- Why it is not about how family businesses change but how the global economy is changing.
- The benefits of having clearly defined business ownership roles and responsibilities.
- Dr. Bau emphasizes the importance of educating the next generation on the complexities of the family business structure they will inherit.
- Where to learn more about Dr. Bau, CeFEO, and their broader international network.