FABUSS IconFABUSS – FAmily BUsiness Successful Succession

FABUSS is a 24 months ERASMUS YOUTH project which aims at helping young persons related to family business become able and effective successors. Its target group consists of 18-35 years old persons who wish to take over their family business at some point in the future. These aspiring successors need skills and knowledge to effectively develop the business by applying new innovative strategies, including extension of their markets, through networking and cooperation with similar enterprises in other countries.

 

The project’s main expected results are:

(a) Identification and analysis of regional needs in the field of family business succession and youth entrepreneurship;

(b) Creation and implementation of an ICT tool (Learning Platform) to improve the level of entrepreneurial skills and the knowledge of young persons, required in the process of succession of family businesses;

(c) Support and facilitation of strategic planning of family enterprises, based on realistic processes to mitigate risks of failure in their succession and family business management;

 

The FABUSS project will be implemented in 4 phases, structured in a way ensuring effective linkages and complementarity among its various activities. These phases are:

  • Phase 1: Identification of existing and/or Perceived Skill Gaps and Training Needs Surveys
  • Phase 2: Preparation of training Materials and Infrastructure, including multilingual handbooks on identified priority family businesses related issues, case studies, multimedia material and a customised e-Learning platform.
  • Phase 3: Pilot Training Workshops and Evaluation, including “Learning circles” pilot workshops in all partner countries, transnational activity groups and intergenerational group meetings and discussions. Finally,
  • Phase 4: Reporting of “Lessons learnt” – Sustainability Report. At the end of the project’s 2nd year, with most of the project intellectual outputs completed or in their final stages, the partnership will reflect on the “legacy” that FABUSS could leave behind for all participating organisations (partners and stakeholders involved directly or indirectly) to take stock and decide on initiatives that could ensure the project results’ durability, maintenance and sustainability. This “legacy”, appropriately disseminated, could also provide ideas and materials to organisations in countries outside the partnership, which could facilitate initiation of similar programmes addressed to young entrepreneurs interested in undertaking ownership and management of family businesses.

 

The project is expected to impact significantly on participating organisations, young people, policy makers, local communities. Its major objective is to narrow the existing knowledge gap, provide awareness on key concepts and opportunities and equip young successors of family businesses with the needed tools to pursue successful entrepreneurial activity.
After the project’s completion, FABUSS partners intend to maintain connections developed, while the training materials and methodologies will remain available to any number of members of the direct and indirect target groups, to help even more people profit from the knowledge created. Partners will keep the project’s e-Learning platform regularly updated for 3 additional years after the project implementation.

 

Actively seeking and securing resources necessary to maintain the results of the project after the funding period, is explicitly incorporated in the administrative tasks of all FABUSS partners. In particular, they are committed to the objectives of the project, as they realise its importance and added value upon young people and the need for further development of the youth entrepreneurship sector in their countries. This implies that, making all efforts necessary to maintain the project’s results and to continuously strive for their sustainability, will become an integral part of their everyday activities and long range planning.