The involvment of external managers in family business management

A number of family businesses appoint temporarily as well as permanently external managers, i.e. persons which are not a member of the family, to conduct their operations. In addition to finding the right person, the incentivisation and remuneration is in the foreground of the considerations. In particular where managers have a stake in the risks and success of the business activity through shareholdings the question arises, how the establishment but also the end of the shareholding can be realised with regards to the managers. Further to the obvious principal-agent-problem a number of legal and tax-related aspects of various types have to be looked at; here family businesses are faced with the task to find the optimal solution while considering their own interests but also those of the management. The research focus is particularly important for the institute because it documents its abilities of interdisciplinary work in the areas of business management, law and economics. 

Family Business Financing

Family Businesses‘ Access to Capital and Presence on the Capital Market 


Family businesses are increasingly eager to find alternatives to the financing through bank loans or equity capital of existing stakeholders.
Thus open capital markets have more and more moved into the focus of family enterprises. This topic is concerned with questions of the capital financing of family businesses. This refers to financial considerations, e.g. the emission of bonds for conducting capital increases in exchange segments or to win over private-equity investors. In addition, those legal questions are investigated that arise with a capital market presence such as duties of disclosure or questions of liability. The topic access to capital and presence on the capital market is part of the larger area of the financing of the family owned business. Notably, particular attention is allocated to external financing.

Business Entrepreneur and Company Taxation

The unique combination between family, assets and management or control in companies is characteristic to family businesses. It also leads to a special treatment in terms of taxation of activities between family and stakeholder and / or employee in a business which partly differ from those in companies with a dissimilar stakeholder structure. Questions that arise from these areas of conflict are investigated under this topic.


Current topics of interest for family businesses, their management, consultancies and academia.