Family businesses play a central role in the Irish economy
Dr Eric Clinton, director of DCU’s National Centre for Family Business.
Family businesses face distinct internal challenges to their success and longevity when family and work dynamics combine.
The DCU National Centre for Family Business marked its 10th anniversary with the launch last November of an impact report identifying key areas of importance to the sector over the next five years, including succession intentions, sustainability focus, digitalisation and well-being.
Recognised nationally and internationally as a centre of excellence in research, education and critical engagement with family businesses and their owners, the Centre has educated over 5,600 undergraduate students on its Learning Innovation for Life (LIFE) & New Enterprise Development (NED) programmes, and has delivered family business Executive Education programmes, webinars, podcasts and annual conferences with over 3,000 attendees.
“Ten years ago, we founded a centre for family business research in Ireland, and it is wonderful to have an opportunity to reflect on our success in this 10 year anniversary report,” said Dr Eric Clinton, director of the NCFB.
“Our vision then is a reality now: the NCFB is achieving national and international recognition for excellence in research, education and engagement.”
Dublin City University and Irish Family Businesses are kindred spirits, added Prof Daire Keogh, President of Dublin City University: “Our shared mission to put enterprise at the heart of what we value has helped us adapt, survive and even thrive when faced with stark realities, especially in this past decade.”
Some 64% of all businesses in Ireland can be classified as a ‘family business’, employing over 938,000 people.
Global trends inform that almost 30% of founder, 1st generation family businesses grow to 2nd generation, reducing to 12% from 2nd to 3rd generation while 4% succeed from 3rd to 4th generation and onwards.
John Brennan, Head of Retail SME, AIB Retail, said: “Our longstanding sponsorship with DCU NCFB since 2014, aligns with our position as supporters of local small businesses, providing us with an excellent opportunity to increase our level of engagement with an important grouping of SMEs.
“It also allows us to understand family businesses and the unique challenges that they may face. We continue to work with DCU to provide a platform to support the professionalisation and growth of family businesses in Ireland as well as educating the current and next generations about the challenges to and opportunities for the family business owner.”
Dr Clinton highlighted its PhD programme, fostering future thought-leaders in the family business field.
Dr Clinton said: “Our educational offerings, including undergraduate and executive levels, provide current and next-generation family business members with the knowledge and tools required to successfully implement governance structures, navigate succession and enhance competitive success across generations.
“We continually engage in a knowledge dialogue with industry partners through high-impact service and outreach activities, including workshops, webinars, podcasts, and conferences, in order to increase awareness of the unique nature of family businesses.”
Given their prominence, Irish family businesses have a central role to play in the success of the Irish economy.
“The reality is that Irish economic stability depends on family business success, and in a complex world, research-led insights are necessary to help family businesses address their unique circumstances and thrive. The profound achievements of the NCFB outlined in this 10-year anniversary report will no doubt set the pace for what promises to be a highly productive next 10 years.”
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