Family Business Success & Succession
Growing a family business is fraught with danger of collapse & family woes …
75% of businesses registered in Malta are family businesses. In the European Union, 60% of businesses are classified as family businesses ranging from sole proprietors to large international enterprises, some even listed on a stock exchange. Family businesses play a significant role in the EU economy so much so that the European Commission promotes the creation of a favourable environment where family businesses can grow and develop.
As the concept of a family in Malta is changing due to societal pressures, family-owned businesses face a growing challenge on how to thrive even in periods of upheavals due to dissolution of marriage. Disagreements within the family between those who are willing to take risks and those whose main goal is the preservation of the lifestyle and cohesion of the family sour the relationship between family members, especially with newer generations joining the business.
Meeting the challenges head on
Entrepreneurial education for all members of the family business
We believe that the answer to the issues faced by family businesses may be resolved by ascertaining that each family member has the capabilities to develop a new business independent from the constraints of the rest of the family. Family business start to show cracks in them when many individuals become overly dependent on the income generated by the sole business, especially if the business will not be able to support the lifestyles of the newer generations joining the business.
According to the EU Commission, family businesses face a number of main challenges, that include:
- policy makers are unaware of the needs of family businesses and their economic and social contribution to society;
- access to finance and taxation issues;
- the importance of preparing business transfers early;
- family governance — balancing family, ownership, gender balance rules, and business aspects;
- attracting and retaining a skilled workforce;
- entrepreneurship education and family-business-specific management training.
Diploma in Entrepreneurship (MQF Level 5–60 ECTS)
designed to transfer knowledge and skills to budding entrepreneurs
Saint Martin’s Institute of Higher Education has designed and developed the Diploma in Entrepreneurship after substantial years of research by academics who studied the situation in Malta, especially focusing on the issues of succession. The qualification is set to meet the needs of entrepreneurs (or those who feel the urge of setting up their own business), and offers progression towards the BSc (Hons) in Business Administration with International Business.
The minimum entry qualifications for this diploma are of 4 passes (grade 1–5) in SEC (ordinary level) including mathematics and English.
Students may read this programme either as a full time student, or if already in a job or working in the family business, may also read for this programme as an evening student.
The main areas studied during the programme include;
Management and the Modern Corporation-enable the participant to evaluate how modern management theory can add value to organisations, both from a theoretical and a practical perspective (Steven Calascione);
Fundamentals of Entrepreneurship-introduces all the principles including the ‘how to do it’, behind the founding and setting up of a business in Malta, from a legal, financial and marketing perspectives (Charles Theuma);
Leadership in the 21st Century-develops an understanding of how leadership theory can be used as a lens to shed light on leadership practice (Joe Camilleri);
Applied Statistics for Business-participants learn how to use the power of statistical data to forecast important business indicators in good tim,e to take evasive action for the business to thrive(Kirstie Asciak);
Strategic Business Analysis & Decision Making-provides participants with an understanding of the various models and tools that assist entrepreneurs set the best strategic direction for their business (Charles Theuma);
Accounting Principles & Practice-trains entrepreneurs in the ability to formulate and read financial statements that reflect clearly their business’ success (Susan Wallbank).
Interested in Joining the 2019 Class? Click Here
The Winning Programme
Entrepreneurs are inherently winners … and so is Saint Martin’s Institute
Saint Martin’s Institute of Higher Education instills a winning culture very early during the students’ programme of studies, through the participation in the Junior Achievement Young Enterprise Start-Up Competition. This nationwide competition for University level students, entails that a handful of students team up to develop an investment plan for an innovative idea, and after carrying out market research and feasibility studies, pitch their idea in front of a panel of judges.
Saint Martin’s Institute student teams, reading for the Diploma in Entrepreneurship have won the JAYE Start-Up Competition for THREE consecutive years, and team INTACT went on to win the Junior Achievement European Enterprise in 2017 in Helsinki — the FIRST and ONLY Maltese team to win this European competition!
Do YOU aspire to graduate from a world renowned University of London?
Since the year 2000, we at Saint Martin’s Institute have led the way for Maltese and international students to read for the world renowned University of London degree, under the academic direction of Royal Holloway.
Join the class of 2019. Make an appointment NOW by completing this form or email us on infodesk@stmartins.edu or give us a call on +356 2123 5451.
Remember YOU are worth the best chances in life!
Are you an expatriate residing in Malta with a work permit?
If you are a third country national, working legally in Malta, you may wish to read for an MQF level 5 Diploma as an evening student and you pay exactly the same tuition fees as EU students. You will also receive the GetQualified tax rebate from the Maltese Government if you continue to work in Malta after your successful completion of the qualification.
If you have a family member, you may also wish them to study for qualifications at Saint Martin’s Institute of Higher Education, leading to a University of London Degree.
Register your details, click here, and we will meet and explain.
Still not convinced?
These are YOUR Benefits
You will graduate from one of the most renowned Universities in the world, whilst studying as an evening student, opening up opportunities both for work as well as for further studies;
A pay as you go system, with easy payment terms and income tax refunds to ascertain that you will benefit from your own income tax contributions. After all, charity begins at home;
If monthly payments of €167 per month are stifling your disposable income, we can provide you with assistance through the SMIFlexiPay™ plan — paying your fees at just €100 every month.
Professional lecturers dedicated to your academic development enhances your opportunities to succeed!
