Le family businesses Italian companies continue to grow faster than non-family ones, especially in the medium-large size classes (turnover above €50 million). This is stated by the Eighth AUB Observatory (AIdAF, UniCredit, Bocconi) on Italian family businesses edited by Guido Corbetta and Fabio Quarato: taking 100 revenues in 2007, in 2015 medium-large family businesses had reached 145,2, others at 131,8. The same figures, for businesses between €20 million and €50 million in turnover, were 145,8 for family-owned companies and 142,6 for non-family-owned companies.
In the context of a stagnant domestic market, the main reason for the faster pace of growth appears to be a greater willingness to conclude acquisitions or joint ventures on theabroad. While non-family businesses conclude 73% of their acquisitions in Italy and 27% abroad, family businesses go abroad in 45% of cases and remain in Italy for 55% of acquisitions. Furthermore, after the crisis, it was still family businesses that were more daring, venturing into countries that were more distant from a cultural point of view.
This year the Observatory compares the top 100 listed family businesses of Italy, France, Germany and Spain, reducing some clichés. In fact, the opening of Italian family businesses to external managers is not dissimilar to that of France and Spain and the percentage of foreign leaders in Italy is even higher than that of the other two countries. Germany alone also distinguishes itself from other countries by adopting a different governance model – the “dual” model – which involves a higher presence of non-family managers and foreign leaders on the Management Board.
Also for the average age of the leaders (57,5 years, in a range that goes from 58,5 years of Spanish leaders to 56,1 of German ones) Italy is not substantially different from the rest of Europe, while it stands out in positive sense for diversity: the percentage of female leaders (9,1%) is the highest in Europe.
Finally, the Observatory identifies and analyzes 200 family businesses of all sizes that show economic-financial performances systematically higher than the median of their sector from 2008 to 2014.
“We have identified three successful models, at different stages of a company's life cycle,” he explains Corbetta. “For first-generation family businesses, the family leadership of the founder who may also be no longer young is essential. This model works regardless of the size of the company. At a later stage, the company must choose whether to focus on growth or become a champion of profitability, while maintaining limited size”.
Well, continues the head of the Observatory, “in the case of small businesses, the maintenance of family leadership and a board of directors closed to non-family members are rewarding. Larger, more successful companies, on the other hand, are characterized by the absence of the founder, replaced by a younger leader, an open board of directors and a leadership that can be open to non-family members”.
The Observatory monitors all 15.880 Italian companies with turnover exceeding 20 million euros and then focuses in greater detail on the 10.391 family-owned companies, which have a total turnover of 804 billion euros and employ 2,3 million workers.
“The economic and social context of our era – according to the president of Aidaf Elena Zambon – characterized by a level of high complexity in continuous acceleration and without a reference value leadership, it requires even more the need to propose useful comparisons with leading European entrepreneurial realities to analyze how Italian family businesses react and experience their rapid evolution by realizing ambitious growth goals. It is precisely this that this year's AUB Observatory invites us to decipher by demonstrating that these are companies that conclude acquisition operations also on international markets, opening up to ever more distant countries, companies that achieve important results by adopting a more managerial and more modern".
“At the same time – continues Zambon – the Observatory tells us that there are still many challenges, internal and external, to family businesses that await us and that, if there is a map of this path, it must be interpreted, since there is not a single way to reach your goal. The importance of finding a system of rules within each family suited to its specificity with a tailor-made formula; the importance of attracting, growing and continually engaging a group of managers who can contribute to the growth of the company and finally the urgency of facing international markets with a strong, cohesive, prepared and courageous family leadership: I believe these are the proofs that await entrepreneurs and managers of family businesses in the future that is already present”.
“Family businesses,” he said Alberto Meomartini, vice president of the Milan Chamber of Commerce, “have made the history of the Italian and Milanese economy and are still today an important example of adaptability, innovation and international openness. In this context, Milan stands out in particular, with larger family businesses, more long-lived and prone to foreign investment than the Italian average. A territory that also looks to the future, in which family businesses continue to be born and the very young ones weigh more".
“The ELITE companies analyzed in the eighth edition of the AUB Observatory show highly structured governance models and innovative business strategies. These are precisely the aspects that the ELITE program focuses on, supporting companies with high growth potential and guiding them in the global processes that are changing the economic scenario. What emerges from the study, i.e. the ability of ELITE companies to undertake growth paths through acquisitions even beyond national borders, reflects the growing propensity of Italian companies towards internationalization, a strong signal for international investors", said Barbara Lunghi, head of primary markets of Borsa Italiana.
The Observatory, created by Bocconi, AIdAF, UniCredit and the Milan Chamber of Commerce in collaboration with Borsa Italiana and Allianz, will be presented this afternoon at 17 pm in the headquarters of the Italian Stock Exchangeat Palazzo Mezzanotte.
