The Malta Stock Exchange Institute is leading an Erasmus+ project aimed at addressing the complexities of succession planning in family-led SMEs, with a focus on professionalisation, financial stability, and innovation.
The project seeks to provide family-owned SMEs with practical tools and resources to navigate succession planning effectively. By raising awareness among key stakeholders, the initiative aims to ensure these businesses’ sustainability and long-term success.
Key objectives:
- Increase awareness: Promote the importance of succession planning among SME owners and policymakers.
- Professionalisation: Encourage structured approaches to leadership transitions within family businesses.
- Sustainability: Equip SMEs with strategies to bolster financial stability and foster innovation.
Implementation atrategies
To achieve its objectives, the project will employ a variety of strategies:
- In-depth research: Analysing current succession planning challenges and identifying solutions.
- Tailored curriculum: Developing a comprehensive educational framework for SME owners and policymakers.
- Workshops: Organising interactive sessions to share insights and foster collaboration.
- Dissemination of findings: Sharing the project’s outcomes to maximise its impact and reach.
Collaboration lies at the heart of the initiative, with stakeholders actively involved in co-creating solutions and shaping the project’s direction.
Expected outcomes
The project is set to deliver significant benefits for family-led SMEs, including:
- Enhanced succession planning practices tailored to the unique challenges of family businesses.
- Strengthened financial strategies to ensure long-term stability.
- Increased stakeholder awareness of the vital role succession planning plays in economic resilience.
- A sustainable framework to support family-owned SMEs across participating regions.
As part of its research phase, the Institute is organising an online focus group aimed at gathering insights from SME owners and policymakers. The session will include at least 10 family-owned SME owners and five policymakers or politicians in a two-hour virtual discussion.
Each participating SME owner will receive a €75 voucher as a token of appreciation for their time and contributions.
For additional details about the project, click here.
Written By
Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
