Development of Family Businesses to Global Hidden Champions

The federal state of Vorarlberg (Austria) offers a wide range of highly successful international business players with a representative number even being hidden champions. Since the concentration of these champions is high in Vorarlberg, the various reasons for this success are outlined in this thesis. Moreover, the industries these firms operate in are specific niches which are also contrasted to non-niche markets. In order to answer questions regarding the high concentration of hidden champions in this area, as well as the development from a family firm to a global hidden champion are outlined. Furthermore, lessons learned for family firms are subject to this research. This is achieved by expert interviews with top managers and family member of family firm champions. Reasons for the championship position are manyfold and range from the federal state of Vorarlberg with its special mindset regarding work, the innovation processes or internationalization and how to choose geographically and product-wise market extensions. Moreover, potential risks and how to lower them during succession, crisis and change are outlined.