WIFU defines shareholder expertise and shareholder expertise development as follows:
Shareholder expertise (SE) encompasses all of the abilities and skills belonging to current and potential shareholders in a family business which they need to actively exercise their ownership function as well as their rights and duties within the owning family. It is also about the ability to deal successfully with previously unknown situations in the company and owning family.
Shareholder expertise development (SED) encompasses all of the activities that members of a business family undertake to expedite the acquisition and further training of expertise, and to assist the family business in gathering the abilities and experience which serve them in fulfilling their roles as shareholders of the family business. Included in this understanding are family members of the owning family who do not hold any shares in the family business (yet), or who play key roles in upbringing.