1.3 Vision

- Gunther McGrath, Rita (2009). Discovery Driven

Growth (Harvard Business Press) - IDEO (2011). Human Centered Design (Ideo)

1. Module Overview Future Literacy has become a popular concept in prompting the importance of understanding the role of yourself and the different actors in the future and consequently creating a more conscious future. Having a clear vision from which a mission and your personal or company goals are derived from is essential for entrepreneurs. Vision therefore includes building and being able to build a vision, thinking strategically and guiding action in line with your vision. This module presents a family business successionplanning case study. By solving the case, participants will engage in a business as well as a personal perspective. a. Main competence: Vision b. Additional competence(s ) covered by the module: Ethical and sustainable thinking,

c. Learning

Outcomes:

- I can develop simple future scenarios where value is created for my community and surroundings (basic). - I can use my understanding of the context to identify different strategic visions for creating value (intermediate). - I can plan backwards from my vision to design the necessary strategy to achieve it (advanced). d. Target Group: Suitable for business trainers and educators e. Proficiency level: Suitable for all proficiency levels f. Workload (virtual

ECTS): 1-3 ECTS

g. Assessment: Essay or group presentations

Essay on your case study including: - Short summary of the case

- Succession planning process o Description of 3 possible scenarios for the future of the business o Evaluation of the scenarios from the different characters o Selection of a “best case” scenario according to the goals that should be maximized - Title page, content, main body, references (APA (6th ed.), if additional literature is used) - Times New Roman, 12pt, 1.5 line spacing - 1000 words, max. 2500 words

h. Format: - offline / online - mediated individual task, ~15 participants - 1 instructor / 15 participant - 3 sessions (3 steps): Intro about selfawareness (60 min); participant task (120 min); evaluation (30 min)

2. Instructor Manual (Learning Path): The Peak Succession Case Study will be the basis for the succession planning process. Thus, at first groups between 3-5 participants have to be formed and the case study should be read. Therefore instructions should be: - Get to know your group and find a group name - Get familiar with your case (read & discuss) - Develop 4 succession scenarios for your case!

After all participants have read the case study, the instructor can start explaining the succession process steps. The steps are:

If the instructor wants, he or she could also proceed including an implementation process, after one scenario solution was chosen as a fourth step.

However, for the module vision, there are three steps planned, ending with choosing a final scenario for the future.

STEP ONE – scenario development Leading question: What are possible scenarios for the future of the business?

- Are all family members included? - What is the time horizon of the scenario? - What is the management solution in the scenario? - What is the ownership solution?

STEP TWO – Scenario evaluation Leading question: What are the consequences for the future of the business and for the characters? - Are the scenarios complete and clearly understandable? - Management and ownership perspective? - All characters included?

- What are the constraints? - What are the possibilities? - What are possible conflicts? What are possible conflicts? - What are risks? - What are the consequences for the future of the business? What are the consequences for the family? - Who wins – who looses?

If more interaction between the participants is required, other groups can also give critical feedback on the scenarios described by the other groups. In an online session, the scenarios should therefore be posted into a forum, where the other groups can write comments under the forum posts. We recommend doing one scenario per post to keep it structured.

STEP THREE – CHOOSE ONE SCEANRIO Leading question: What is the best case scenario for the future of the business? - Are there problems with implementing the solutions (conflicts, information asymmetries, uncertainty about entrepreneurial competence)

- Choose consultant perspective

3. Resource

(materials) for educators and business trainers:

4. Resources for

participants:

- What is the best case scenario for the future of the business? - Are there problems with implementing the solutions (conflicts, information asymmetries, uncertainty about entrepreneurial competence) - Family first (family values, sustainability) vs. Business first (profits, growth)?

For advanced proficiency levels step three should include a session about goals. Goals in family businesses can be e.g. keeping family control, family harmony, firm growth, firm economic performance, etc. Participants should be able to argue for their solutions regarding the goals that are important to the family firm, which have to be interpreted by reading the case study. The instructors should take notes about the consistency of the line of argumentation.

For goals in family firms (advanced proficiency levels) Kotlar, J., & De Massis, A. (2013). Goal setting in family firms: Goal diversity, social interactions, and collective commitment to family–centered goals. Entrepreneurship Theory and Practice, 37(6), 12631288.

Mccann III, J. E., Leon‐Guerrero, A. Y., & Haley Jr, J. D. (2001). Strategic goals and practices of innovative family businesses. Journal of small business management, 39(1), 50-59.

Williams, R. I., Pieper, T. M., Kellermanns, F. W., & Astrachan, J. H. (2019). Family business goal formation: a literature review and discussion of alternative algorithms. Management Review Quarterly, 69(3), 329-349.

Other resources Miller, R. (2018). Futures Literacy Laboratories (FLL) in practice: An overview of key design and implementation issues. Transforming the Future, 95109.