It is the most comprehensive survey of Italian family-run businesses and it aims to present the ‘health status’ of Italian family businesses before the COVID-19 pandemic broke out and the actions that some public companies put in place in 2020. Yesterday, 26 January, saw the presentation of the 12th AUB Observatory, the survey that annually monitors all Italian family businesses that have exceeded the turnover threshold of 20 million euros. Promoted by AIDAF (the Italian Association of Family Businesses), the AIDAF-EY Chair at Bocconi University, UniCredit and Cordusio, the Observatory has the support of Fondazione Angelini, together with Borsa Italiana (the Italian Stock Exchange) and the Chamber of Commerce of Milan Monza Brianza Lodi.
The particular economic context of 2020, characterized by the impact of the pandemic, was analyzed. It emerged that the crisis triggered in 2020 by the pandemic will have double the impact on Italian GDP compared to the crisis that began in 2008-2009. According to the calculations of the 12th AUB Observatory, 25-30% of family businesses are therefore at risk, despite the fact that they started 2020 in a better asset, income and financial situation than in 2009.
‘Apart from the hope that recovery will be faster this time, our analysis shows that the only way out is greater recourse to equity, accompanied by opening up to external leadership and hopefully the rejuvenation this would bring’, explained Guido Corbetta, holder of the AIDAF-EY Chair of Family Business Strategy in memory of Alberto Falck at Bocconi University and curator of the Observatory with Fabio Quarato.
Sergio Marullo di Condojanni, CEO of Angelini Holding, also took part in the presentation of the observatory. This is how he commented on it: ‘Family businesses, more so than others, have shown that they can cope with global crises such as the one we are currently experiencing. In order to overcome the great challenge of growth and internationalization, however, managerial and merit-based culture and structured succession plans are also indispensable. At Angelini, we have embarked on a process that has led to the definition of a new Group governance model which combines an industrial holding company with strategic direction and the autonomy and accountability of the operating companies and the managers who run them.’
For more information: https://www.aidaf.it/