The right skills can ensure a smooth transition of family businesses from one generation to the next, stated Enterprise Minister Miriam Dalli during a press conference by The Malta Chamber of Commerce.
“The Government deeply values the significance of continuous training, reskilling, and fostering skill enhancement. By extending the Skills Development Scheme through Malta Enterprise, we aim to empower growth within Malta’s businesses. Our commitment is further underscored by the Family Business Office, offering invaluable support and initiatives. These resources extend a helping hand to family businesses, not just financially, but also through advisory, consultancy, and mediation services,” Minister Miriam Dalli said.
In collaboration with the Family Business Office and the EMCS Academy, The Malta Chamber of Commerce, Enterprise and Industry launched the ‘Award in Leading a Family Business’ course. The course, accredited by the Malta Further and Higher Education Authority at MQF/EQF Level 5 (3 ECTS), is set up to offer trainees a combination of lectures, tutorials and coaching, aimed at helping them develop concrete solutions to problems related to family businesses.
Dr Joseph Gerada, Regulator at the Family Business Office stated, “In 2017 we agreed on a definition and legislated to encourage the regulation of family businesses, their governance and the transfer of the family business from one generation to the next. Today, we are achieving a new milestone with the launch of these accredited training courses intended to provide those involved in family businesses with the necessary skill set to lead the family business towards success.”
The President of The Malta Chamber of Commerce, Enterprise and Industry Chris Vassallo Cesareo said, “Family businesses have long been the cornerstone of economies around the world. They possess a unique blend of tradition, values, and resilience that set them apart from other enterprises. The Malta Chamber has always been a catalyst for this sector to survive as times change and markets evolve. It’s crucial for family businesses to adapt, upgrade, remain competitive and sustainable.”
EMCS Academy Director Ramon Muscat explained how the course seeks to empower entrepreneurs with the necessary knowledge, skills, and competences to effectively lead a family business, using a strategic mindset.
“The course will target aspects pertaining to the setting up of the appropriate corporate governance structures that ensure a system of checks and balances coupled with the right policies; ensuring that the family business becomes a data-driven organisation, whereby decisions are based on timely data reporting and analysis and equally important becoming knowledgeable about all the steps and variations that have to be considered along the Succession Planning journey,” Mr Muscat said.
The first cohort of this course will start in November 2023 and run until April 2024. More information can be found at: https://emcsacademy.com/courses/award-in-leading-a-family-business/
