The Godfather, Gucci, the British Royal Family, these might not be your typical references during an MBA session, yet they share a common theme: family businesses and the nature of succession. This was the starting point of an on-campus session led by Dr Raphaëlle Mattart, as part of the Entrepreneurship and New Business Models module on the MaastrichtMBA. Here, the participants gathered to explore one of the world’s oldest and most complex business structures—the family firm.
Family businesses are everywhere but are often misunderstood. Mattart challenged the group to rethink stereotypes and unravel the structural complexities where, in family firms, business is never just business—it is always personal. Navigating this paradox, the session equipped participants with practical tools they can apply in their careers working within or alongside family businesses.
Dr Raphaëlle Mattart is a recognised expert working at the intersection of research and real-world family business dynamics. As an Entrepreneur in Residence at Maastricht University’s Centre for Entrepreneurship and Innovation and founder of CRAN Consulting, she focuses on governance, shareholder relations, next-generation leadership, and professionalisation in family firms.
“Business families know they need governance,” Mattart explains. “Few know what truly works—and why. That’s where my work comes in.”
Mattart introduced the Socioemotional Wealth (SEW) theory to explain family firms’ unique strategic decisions. The SEW framework includes five dimensions: family control, identity, binding social ties, emotional attachment, and renewal of bonds. By drawing connections to participants’ own experiences of working in family firms and using examples from Mattart’s research and the consultancy work she does for family businesses, she highlighted how these elements influence decision-making beyond economic factors.
Yi Ju Huang, a recently appointed Director of Business Development at a family firm, shared that, “understanding decision-making from within the family structure helped me see the process within the family business in a new light. Connecting theory to practice was invaluable.”
Family businesses are the cornerstone of the global economy, accounting for over 70% of all businesses worldwide. The Dutch landscape reflects this pattern where 71% of enterprises with 2 to 10 employees are family-owned and nearly 2.8 million people work in family firms (CBS, 2024). Despite their prevalence, stereotypes and romanticised portrayals often skew public perception. Mattart emphasised that innovation in family businesses does exist, but we need to take a more nuanced view. Governance in family firms equals alignment, but it is a dynamic process, not a static structure. No governance system survives if it doesn’t reflect the family values.
The session condensed extensive research, case studies, and practical insights into a focused three-hour masterclass. It culminated with an introduction of a local family business, the Gelissen Group and the Toverland Theme Park. Jean Gelissen, General Manager of Toverland Theme Park was invited to the session to share firsthand his family business journey. Participants recognised key frameworks such as succession, identity, leadership dynamics, and sibling relationships in this case study and by connecting the theory from Mattart’s opening session into a real-world example they were able to apply and test the concepts. The session embodied the concept of putting theory into practice and just like any good roller coaster ride, with its ups and downs, the Toverland Theme Park family business journey was put through its paces with the participants making full use of the ride and the experience.
The session thrived on interactive discussion, peer learning, and shared stories. Many of the participants were either currently working for or within a family-owned business and one MBA participant had recently accepted a position as the new CEO within a family firm, making the dialogue and insights shared within the session of particular relevance for her future career development.
Andre den Boer, the Regional Benelux Director at Broadview Materials reflected on the teaching approach taken by Mattart throughout the session. “The interactive nature created a positive energy. Unlike breakout groups, this session maintained momentum and inclusion. Thanks to Raphaëlle for fostering such engagement.”
Whilst family businesses dominate global economies, they require a nuanced understanding of their unique governance and emotional dynamics. But, within family firms, it’s not only about the money – Socioemotional Wealth (SEW) changes the logic and family firms optimise for more than financial returns.
As Gelissen Jr reflected, “In the end, you work for somebody—not just a company, but for somebody,” reminding the group that while family businesses may defy a single definition, the human connections and shared purpose remain at the heart of every successful enterprise.
This session exemplifies the MaastrichtMBA commitment to actionable learning—connecting rigorous academic knowledge with the lived realities of business. For executives navigating family firms or complex organisational ecosystems, understanding these dynamics equips you to lead with empathy, strategy, and impact. This blend of insight and practical skill will enable you to foster sustainable growth, manage competing interests, and honour legacies in your business environments.
This article displays the student insights and experiences of our On-Campus MBA Entrepreneurship & News Business Models module. Our On-Campus MBA track is part of the executive modular part-time MaastrichtMBA programme and next to that, we offer also an Online MBA learning format. The programme has a Triple Crown accreditation and is aimed for professionals with at least 5 years of working experience.
