In the 21st century, family businesses have to reinvent themselves. Globalization and digitalization require innovations in products, processes and business models. In addition, employees have changed demands on managers and their workplace as such. Especially in a complex, insecure and rapidly changing environment, the management of family businesses and the adaptation to changing competition are becoming increasingly important issues. The Chair of Family Business therefore tries to answer the following questions, among others:

• How can the innovation process in family businesses be designed effectively and efficiently?
• How can disruptive change, especially digitalization, be dealt with? How are employees motivated to participate innovatively?
• How must family businesses be run in the 21st century in order to remain adaptable?

What distinguishes family businesses from other types of organizations is the influence of family owners. How this influence is or should be designed has not yet been sufficiently researched. In this area, we focus on the following questions in particular:

• Foundations, holdings, or family offices - what are the advantages and disadvantages of the individual solutions?
• Which division of ownership is most advantageous?

Although the succession problem only occurs in very large cycles, often spanning decades, it affects every family business equally. Many family businesses put succession to the test and failed succession cases are repeatedly discussed in the media. On the other hand, succession can also be seen as a valuable opportunity: As an opportunity for change, reorientation and improvement. At the Chair of Family Businesses, we focus in particular on the following questions:

• What role and influence do consultants have in the succession process?
• What criteria do entrepreneurs set for their successors and how do they select them?
• Under which conditions does succession lead to a standstill and under which conditions to change?