Akbank Family Company Academy helps family companies pass on their strengths to new generations

Graduates of the fall semester of the "Akbank Family Company Academy" held by Akbank in association with the Sabancı University Executive Development Unit EDU received their certificates.

Akbank held the seventh "Akbank Family Company Academy" in association with the Sabancı University Executive Development Unit EDU. Akbank Family Company Academy aims to increase the competitive strength of family companies, achieve healthy growth, and support efforts towards sustainability and institutionalization.

The program utilizes case studies from Turkey and the world to cover subjects most needed by the executives of family companies, including strategic management, business development, innovation, institutionalization, finance, good management practices, legal issues and human resources management.

Courses designed specifically for family companies were given by EDU advisors who are subject matter experts and long-time executives in business, as well as the trainers of program partners Deloitte Turkey and Pekin&Bayar Attorney Partnership. Factory visits were made to Sabancı Holding companies.

Speaking on the program, Akbank’s Vice President of Small and Medium Enterprise Banking Bülent Oğuz said that institutionalization is vital for the longevity of companies, continuing: "The main reason for the failure of some family companies is the lack of a specific plan and defined processes for transition across generations. Family companies were governed by rules as well as emotions. In an emotionally-sensitive environment, companies must evolve into institutions to carry on to future generations.  Many family companies are unable to achieve sustained growth and financial success due to family disagreements in the long term, and the challenges faced by professionals. Company owners have to deal with family issues on one hand and competition on the other. Companies that have grown and thrived on the hard work of family members over the years come to the brink of ceasing to exist. The Akbank Family Company Academy is the product of dedicated efforts based on these facts. The first group graduated in 2014. We considered the excellent feedback we received from participants and decided to continue the program. The directors or shareholders of participating family companies receive practical training about how to survive and thrive under fierce competition, and carry their companies on to future generations. This program is important to us because we believe that the growth of family companies is critical to the development of the economy in Turkey."

Sabancı University Executive Development Unit EDU Director Dr. Cüneyt Evirgen said the following about the program: "As the Sabancı University Executive Development Unit EDU, we held the seventh 'Akbank Family Company Academy' in association with Akbank in a partnership that produces benefits. It is vital for family companies to receive support on their evolution into institutions and their journey to sustainable growth. We committed to a mission to ensure the continuity of best practices in Turkey, and to expand the sphere of influence of family companies, which account for the majority of the private sector. The program brought together the 2nd and 3rd generation owners and shareholders of family companies in various industries, and took steps to ensure the survival of companies across generations."

Participants are able to purchase consultancy programs that include the actions they will need to take for institutionalization and the creation of a family constitution from program partners at special discounts.