The 4th generation is preparing for succession in the family company Jan Ficek Dřevovýroba
Topics crucial for family businesses such as succession, handing over the company to the next generation, family constitution and others can be studied at the Prague University of Economics and Business (VŠE) as part of the NextGen Consulting minor specialization. The course Strategy in Family Businesses is regularly taught by the Academic Director of the Centre for Family Business Martin Jurek. On Monday, December 9, his students presented the final presentations of their semester-long work. They compared family businesses from around the world according to whether they are family businesses with a growth or non-growth strategy. For their papers, the students used a qualitative research method in which they interviewed founders and successors in family firms and analyzed it using Condens software.
Students who are themselves part of a family firm have provided the most personal insight into the family firms to their classmates. For example, Jan Ficek, a student of the Faculty of Business Administration, from the family firm Jan Ficek Dřevovýroba (JFD). It was founded by his great-grandfather in 1946 in Chrudim and Jan represents the 4th generation of the family business. It uses the highest quality hand and laser carved veneers and inlays for production. The company specializes in the production of veneer mouldings, veneer edges, custom furniture, furniture parts and complete interior supply.
You are part of a family business with a very long history. Was this an advantage in the Strategy in Family Businesses course?
This course and its topic is very relevant to me and I am glad I was able to take it. In fact, this course was the reason I chose the entire NextGen Consulting minor specialization. I could relate everything to our family business, so it opened my eyes to some of the topics and issues typical of family businesses. It was very beneficial to me as a result.
What topic resonated with you the most?
Definitely succession. I had no idea that this was such a major issue in family businesses and it made me realise a lot of things. Among other things, I appreciate even more that in our family business my dad tries to integrate and mentor my brother and me into the company, which I see as “succession planning”. And even though it’s not a formally documented process, my dad is committed to us in this regard. He sees it as an important interest of his, so that we understand everything and take over the company from him.
It was mentioned in your final presentation that you also did it based on two interviews with the owners of your company, your father and aunt. Did anything surprising come up during those interviews?
I learned something new from both my dad and my aunt. From my aunt, for example, that she hadn’t originally planned to be part of the family business at all. She worked in another company in Chrudim, but at one point my grandfather started having problems with German customers, and because my aunt spoke German, she joined the family business and stayed on.
Work samples Jan Ficek Dřevovýroba:
