Bavaria: Brewing with local roots and global ambitions

From its origins as a manufacturer of hospital equipment for the Indian market, Thermax has grown into a multinational corporation operating in 90 countries, offering integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and clean water. The founding family, which owns a 61% stake in the firm (the rest being publicly held), has steered the company toward helping speed the transition to renewable energies via the development of greener technologies. In addition, the family has shown unwavering commitment to social responsibility and philanthropic endeavors. The case features a detailed history of Thermax's evolution as a family business, with a particular focus on how the family has navigated the challenges of intra-family succession. The dilemmas faced by owner-managers as they hand over the reins of the family business, combined with the outsize impact of succession on the future performance of a business, have contributed to making succession the single most studied topic in family business research. The Thermax case study illustrates the varied forms succession can take over the course of four generations. It also explores the different ways family members can contribute to the family enterprise system via operational roles in the company as well as involvement in board governance, ownership governance and philanthropic work. The case is based on interviews with five members of the founding family, all of whom hold (or have held) executive and/or operational roles in the company. The dynamics of intra-family succession form the crux of the case. Since the company was created in 1966, each generation has brought different leadership qualities and competencies to their respective roles and has contributed to making Thermax a leading conglomerate in the energy and environment space.

How one family in the life sciences industry leverages business, strategic investments, and nonprofit initiatives to improve health.

A climate of pervasive uncertainty is paralyzing decision-making. Here's what leaders can learn about survival and resilience from multi-generational, family-run businesses.

$124tn wealth transfer is reshaping family enterprises. Discover six steps to succession that prepare and engage the next generation of owners.

The study aims to assist small- and medium-sized enterprises (SMEs) in preparing for the retirement of their owner-managers and smoothing their management transition. It explores how owner-managers perceive and navigate their retirement journey fr...

Discover how family business leaders can nurture a generation of givers, ensuring wealth transfer builds lasting impact.

The passing of Giorgio Armani marks the end of an extraordinary era in Italian and international fashion. For fifty years, he dominated the fashion scene like a silent emperor: creative director, CEO, sole shareholder of a group that spans haute couture, cosmetics, hotels, and design. An empire built with rigor, elegance, and responsible control. This subtle balance between authority and vision is one of the most distinctive elements of his entrepreneurial style: discreet but visionary leadership, capable of forging a unique identity that is now called upon to survive his absence.

Despite the growing presence of family offices (FOs) in practice, research on FOs is still in its infancy. Through a systematic literature review (SLR) of 104 papers, we synthesize existing knowledge in the field by integrating insights from both ...

How to navigate conflict in family business when personal relationships, priorities, or succession issues threaten stability, unity, and long-term success.

A significant proportion of young Italians with a family history of entrepreneurship that has now come to an end do not necessarily dream of reopening the business or starting a new one. According to the Censis report “Generational transitions in Italy: coexistence, young heirs, and entrepreneurial DNA,” 33.4% of these young people say they want to preserve and manage the family assets, even in the absence of an operational business. This data does not exclude other orientations, such as starting new initiatives or engaging in social activities, but it invites us to take a closer look at a figure that is still largely overlooked: that of the young owner, guardian of the family assets.