Family Office and succession pacts, right here is the brand new household capitalism | EUROtoday

Listen to the audio model of the article

Family capitalism has not modified through the years. I feel the adjustments have been marginal ». The Affari Banker Gerardo Braggiotti, intervening on the Trento Economy Festival organized by the Il Sole 24 Ore group, units a set level: “The ingredients that determined the success twenty years ago are basically the same”. Which? To clarify it Braggiotti recalled the Fiat affair when, as a result of method of a mortgage by changing, in 2005, the Agnelli household risked being ousted from the corporate. On that event, the banker continued, “having a management capable regardless of the fact that it belongs to the owner family, flanked by trusted directors and the presence of a family member open to change, were the winning ingredients”.

A “rule” that additionally applies immediately. And this even supposing firms have change into more and more subtle, trendy and complicated to handle in addition to registering vital cultural variations between the system of European household companies and that of the Americans, noticed Santiago Iñiguez de Onzoño, president of IE University, some of the prestigious enterprise colleges within the outdated continent: “There are substantial differences between the European and American family businesses”, the president of the IE, noticed ” American system is based on meritocracy, pragmatism, with a focus on performance and greater separation of the property from control. The aristocratic model, the European one, is more traditional, more linked to the past, and much importance is given to the identity of the family “.

Compared to the previous, nonetheless, two vital information emerge. The first, noticed Braggiotti, considerations “the birth of the family offices who are often structured and organized in a professional way and are becoming a strategic decision center as regards the family. They are structures that in Europe and the US are taking on a very important role. They are sophisticated investors ». The second, which probably coincides with the most important challenge that finds itself managing this type of businesses, “considerations the notice of the necessity to put together the generational transition in time”, observed Fabio Corsico, professor of Luiss in Rome in family capitalism. “Things are altering and above all within the final 5 years a larger consciousness has been reached on how a lot it’s crucial to arrange these plans effectively prematurely”. Several succession models, from the passage of witness to a single heir, as chosen by the lawyer Gianni Agnelli, to the choice of a single family branch, as decided by Silvio Berlusconi, up to entrepreneurs, such as Leonardo Del Vecchio, who has entrusted a trusted manager the management of the empire. All winning choices, underlined Braggiotti, according to which a few rules are needed at this delicate phase, but clear. But above all “we have to put together the brand new generations”, observed Ian Gallienne, exponent of the third generation of the Gallienne Frere family who together with the Canadian family Desmarais controls GBL Group, Belgian holding with a stock exchange capitalization of almost 10 billion. «GBL is a very interesting case, it has been listed for 75 years, and is made up of two families who have decided to join forces. We are in the third generation and ours is a particular case, “mentioned GBL president. Three, in keeping with Gallienne, the administrators who helped her household within the administration of this part: «Define the plans when every thing is ok. It can be vital to arrange the brand new technology: I’ve 5 kids who’ve to grasp that they don’t seem to be entitled to something however not even that they’re pressured to decide on the trail of the household firm. We, for instance, have created a Family Office exactly to make recognized the fact of the corporate. Last level that I’d elevate, don’t pay beneficiant dividends ».