This initiative, launched in 2025, combines academic training, applied research and engagement with the business world. It does this through an industrial PhD fellowship and a series of dedicated meetings.

Family-owned businesses are a key part of the Italian economy, distinguished by their long-term vision, strong local connections and commitment to entrepreneurial continuity. However, in an increasingly complex economic and regulatory environment, they face significant challenges relating to generational transitions, strategic renewal and transforming ownership and management structures. Extraordinary transactions, such as mergers, acquisitions, going public and corporate restructuring, are being used more and more to manage these processes of change. In this context, governance plays a central role in striking a balance between family continuity and business development.

With this in mind, Legance supported an industrial doctoral fellowship at the School of Management of the Politecnico di Milano in 2025, dedicated to the study of governance transformation in family businesses. The project is part of the 41^(st) cycle of the PhD programme in Management Engineering and is led by PhD candidate Matteo Pedroni, under the supervision of Profs Josip Kotlar and Emanuela Rondi.

This study examines how family businesses navigate major strategic transformations, focusing particularly on the co-evolution of governance structures and extraordinary transactions. The aim is to understand how decision-making models, family roles and control systems evolve and the conditions under which these changes become established organisational practice.

The study covers corporate governance, including boards, independent directors and decision-making processes; family governance, including family agreements, family councils and succession protocols; and the emerging role of family offices, which play an increasingly important part in the integrated management of wealth, investments and generational continuity.

Methodologically, the project takes a qualitative approach, using in-depth case studies, semi-structured interviews and analysis of corporate documentation and governance tools.

The doctoral programme combines scholarly research with practical impact, achieving this through publications in international management and family business journals, as well as white papers aimed at entrepreneurs and professionals. The programme aims to balance academic rigour with the accessibility of research findings.

The project also involves meetings between Politecnico di Milano and Legance to create a community of entrepreneurs, professionals and researchers, and to gather first-hand accounts of governance transformation processes in family businesses. These accounts contribute to the development of research and case studies.

The first editions of these meetings took place over the past year, allowing for the sharing of research progress and contributions from practitioners and industry professionals. The project’s first white paper was also presented on that occasion, demonstrating its practical focus.

This initiative is a concrete example of collaboration between academia and the legal profession, with the aim of generating knowledge to support family businesses. The Industrial PhD programme goes beyond mere education, taking the form of a joint project between research and professional practice.

The goal is to produce rigorous, immediately applicable knowledge and translate it into accessible tools and languages, even beyond the academic sphere. The project ultimately aims to serve as a stable platform for dialogue between research and the business sector, capable of generating value for family businesses, professionals and the scientific community.