Open Program in Family Business Governance: practical tools to manage family businesses and enterprises
28 January 2026A family business is a complex entity: governance, roles, and family relationships often overlap, creating a slippery ground for entrepreneurs. Which tools and processes truly help build a solid governance structure capable of balancing continuity, meritocracy, and long-term vision?
We discussed this with Gianluigi Serafini, Equity Partner at Grimaldi Alliance and Director of the Open Program in Family Business Governance at Bologna Business School (BBS). In this interview, we explore practical tools to address the most critical challenges—from defining leadership to navigating the delicate phase of generational transition.
The pillars of strong family governance: values and leadership
Governance is often seen merely as a set of bureaucratic rules. However, in a family business, the challenge runs much deeper.
According to Serafini, the intrinsic complexity of these organizations requires starting from the foundations: shared values.
“If the goal is to build value that enables the long-term development of the company, it is essential to have clarity around the industrial and financial principles that underpin corporate governance,” explains Serafini.
For a business that aims to grow and develop in the market, three elements are indispensable:
- nurturing a strong value-based identity;
- maintaining sound capitalization;
- developing a constant capacity for innovation.
A critical point highlighted by the Program Director is the distinction between ownership and management:
“Defining shared leadership is one of the most delicate aspects. The title of entrepreneur and the ability to truly perform that role do not always coincide. This awareness may not be clear within the family and must be managed with appropriate tools.”
From theory to practice: how do you learn to manage a family business?
Academic theory is fundamental, but SMEs operate in a highly practical reality. This is where focused, vertical training—such as that offered by the BBS Open Program in Family Business Governance—makes the difference.
The proposed approach moves away from static, traditional lectures toward multidisciplinarity and the exchange of best practices.
“Engaging with concrete examples becomes a powerful learning tool,” Serafini emphasizes. “During the program, participants can hear directly from entrepreneurs who have already faced these challenges. Learning from those who have experienced critical situations and found practical solutions allows theory to be effectively combined with classroom reality.”
Generational transition: how to address it beyond tax issues
When discussing family businesses, “generational transition” is often the elephant in the room. It is a frequently mentioned topic, yet one that is often difficult to manage in practice.
The most common mistake? Treating it solely as a matter of taxation or shareholding.
“Generational transition is discussed a great deal—perhaps too much—but entrepreneurs often end up managing it ‘in their own way,’” warns Serafini. “We often see fathers reluctant to engage with their growing children, holding on to control for too long.”
Serafini’s perspective challenges the traditional approach:
- Not just tax optimization: generational transition involves deeply rooted psychological dynamics.
- Prevention: a culture must be built to prevent dysfunctional situations that, if ignored, can become unmanageable.
- Education: concrete training paths are needed to help families separate emotional dynamics from business decisions.
The value of the territory: the Italian SME ecosystem
Choosing where to train is not a secondary detail. Bologna Business School is located at the heart of a territory with a strong entrepreneurial vocation, and this context permeates the program.
“The competitive advantage lies in having a training path grounded in a deeply rooted industrial culture,” Serafini concludes. “In the classroom, we bring in a wide range of real-world experiences. Every business story, although unique, contributes to building shared knowledge.”
Transmitting this shared value becomes a mission that, combined with traditional academic teaching, leads to multidisciplinary and often innovative education. The program’s ultimate goal is clear: to balance the preservation of traditional values with future-oriented planning, providing entrepreneurs not only with knowledge, but with a true “toolbox” to govern change.
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