Ultra-centenary businesses and generational turnover. Knowledge, traditions, ethical and social values, human capital put before financial capital: handed down over the centuries, these are the assets the longest-lived “Made in Italy” companies rely on, not to mention the attention paid to legal and fiscal aspects, the best way to tackle one of the most delicate and inevitable moments in their life.
Francesco Ricasoli, president of Barone Ricasoli 1141, giving his speech during the conference
These are the themes of the conference entitled “Historic Companies: Generational Turnover, Family and Capital” that the Italian Historic Companies Association (whose 46 members have at least a century of uninterrupted activity) organized in Brolio (Siena) at the headquarters of the famous wine brand “Barone Ricasoli 1141”, throughout a day of study and discussion in the presence of academics, business consultants, members of the notary, and representatives of some of the brands that have written important pages in the history of Italian entrepreneurship.
“It is necessary for a company not to be afraid to tackle the generational change, a moment of its life that, if carefully planned, can pass peacefully” – explained Claudio Baccarani from the University of Verona, an academic institution that has always been very active in studying corporate longevity – “The matter is very complex, because it questions the roles of people in companies. I’d say that it’s about ‘building cultural bridges’, and we need to understand that continuity means providing young people with the know-how learned in the past, without being afraid to be unable to understand what young people do. “
The speakers of the conference (from left to right): Franco Cesaro, Claudio Baccarani and Jacopo Sodi
“Generational turnover is an issue to be exorcised and to be dealt with by relying on consultants chosen over time” – said Florentine notary Jacopo Sodi – “Because the value of planning is decisive when family dynamics, economic and fiscal aspects (a sensible matter for Italian companies) come into play. Today, the law provides new tools. From a strictly corporate law point of view (with a few years’ old reform), and under the regulations introduced over the last few years (like ‘family agreements’), the paraphernalia currently provided by the law to professionals and consultants looking for appropriate solutions and tailor-made measures has vastly increased. “
“The data tell us that many companies still have difficulty in surviving to the second generation – said Franco Cesaro, management consultant from Cesaro & Associati – reflecting the fact that generational change is not only a ‘technical’ handover but a transfer of capital and human values, of ethical and social responsibility towards the territory where the company operates. In this perspective, historic companies have proved able to pass down through the ages their family and corporate values, create wealth and beauty, and transmit the gene of corporate culture from father to son over the years. “
The Brolio event was also attended by the Honourable Member of Parliament Lorenzo Becattini (former Vice President of the Association and President of Toscana Energia 1845), who proposed the formulation of a new parliamentary law to be proposed in order to protect our ultra-centenarians brands, witnesses of the Made in Italy tradition that still preserves the essential values of history, quality and excellence.
Audience of the conference on generational turnover
“In a world that is travelling at an uncontrollable speed, generational turnover is a very serious matter that needs to be taken into consideration – said Francesco Ricasoli, representing 32th generation of the Barone Ricasoli 1141 winegrowers – Either because the new generations do not necessarily want to follow in their fathers’ footsteps, or because within a single generation’s timeframe it’s sometimes hard to carry on the company own by the family for centuries. An adequate financial and economic competence together with a legal and technical support are essential, in order to tackle such an important moment. “
On the occasion of the Brolio event, Renzo Marinelli, owner of Frilli Gallery 1860 (a historic company from Florence), received the “Acting Associate” degree by Eugenio Alphandery, President of the Association.
The president of the Association Eugenio Alphandery (left) hands over the Acting Associate diploma to Renzo Marinelli (Frilli Gallery 1860, Florence)
At the end of the conference the participants visited the imposing Castle of Brolio, owned for 32 generations by the Barone Ricasoli 1141 winegrowers. A magical place, full of charm, history and legends, theatre of battles and innovations in the wine sector, contended for by the cities of Siena and Florence over the centuries.
