FABUSS – “FAmily BUsiness Successful Succession” – is a 24 months ERASMUS YOUTH project which aims at helping youth related to family business become able and effective successors. Its target group consists of 20-29 years old persons who wish to take over their Family Business at some point in the future. These aspiring successors need skills and knowledge to effectively develop the business by applying new innovative strategies, including extension of their markets, through networking and cooperation with similar enterprises in other countries.
The project’s objectives are:
1. To Identify and highlight best practices for training and supporting next generation family business leaders
2. To equip next generation leaders with required knowledge, skills and networks – national and international
3. To strengthen next generation leaders’ knowledge and skills, by exposing them to transnational good practices, expertise and team work with target group members from other countries.
4. To support the longevity of family business, their renewal and internationalization in order to enforce their socio-economic contribution.
The FABUSS partnership is composed of nine (9) partners from six (6) countries: Greece (Coordinator), Bulgaria, Cyprus, FYROM, Italy and Portugal. In all these countries, family businesses constitute a very high percentage (in most cases over 75%) of total businesses population.
The main expected results are:
(a) Identification and analysis the regional needs in the field of family business succession and young entrepreneurship;
(b) Creation and implementation of an ICT tool (Platform) to improve the level of entrepreneurial skills and the knowledge of young people in the process of succession of their family business;
(c) Support strategic planning and facilitation of family enterprises, based on realistic processes, to mitigate risks of failure in their succession and management;
The FABUSS project will implemented in 4 phases, structured in a way so as to ensure effective linkages and complementarity among its various activities. These phases are:
• Phase 1: Identified and/or Perceived Skill Gaps and Training Needs Surveys and Reports
• Phase 2: Training Materials and Infrastructure, including multilingual handbooks on identified priority family businesses related issues, case studies, multimedia material and a customised e-Learning platform.
• Phase 3: Pilot Training Workshops and Evaluation, including “Learning circles” pilot workshops in all partner countries, transnational activity groups and intergenerational group meetings and discussions. Finally,
• Phase 4: “Lessons learnt” – Sustainability Report. At the end of the project’s 2nd year, with most of the project intellectual outputs completed or in their final stages, the partnership will reflect on the “legacy” that FABUSS could leave behind for all participating organisations (partners and stakeholders involved directly or indirectly) to take stock and decide on initiatives that could ensure the project results’ durability, maintenance and sustainability. This “legacy”, appropriately disseminated, could also provide ideas and materials to organisations in countries outside the partnership, which could facilitate initiation of similar programmes addressed to young entrepreneurs interested in undertaking ownership and management of family businesses.
The project is expected to impact significantly on participating organizations, young people, policy makers, local communities, as its major objective is to narrow the existing knowledge gap, provide awareness on key concepts and opportunities and equip young successors of family businesses with the needed tools to pursue successful entrepreneurial activity.
After the project’s completion, FABUSS partners intend to maintain connections created, while the training materials and methodologies will remain available to any number of members of the direct and indirect target groups, to help even more people profit from the knowledge developed. Partners have agreed to keep the project’s e-Learning platform regularly updated for 3 additional years, after the project implementation.
Actively seeking and securing resources necessary to maintain the results of the project after the funding period already is explicitly incorporated in the administrative tasks of all FABUSS partners. In particular. They are committed to the objectives of the project, as they realize its importance and added value upon young people and the development of the youth entrepreneurial sector in the participating countries. This implies that, making all efforts necessary to maintain the results and to continuously strive for sustainability, will become an important part of their everyday activities and long range planning.