Family entrepreneurs, for four out of ten the transition to the next generation is at risk

Generational transition is one of the great challenges for entrepreneurial families, and a growing concern for business continuity and the ability to pass on values, skills and responsibilities. A sentiment that emerges from research conducted by Nexta Società Benefit, which supports entrepreneurial families and businesses in pursuing their growth objectives. Launched in June 2025, between then and October it involved 45 entrepreneurial families, concentrated in Lombardy and Veneto, but with a significant presence also in Emilia-Romagna, Tuscany and Apulia. Among the entrepreneurs interviewed, four out of ten (39%) think that none of the members of the next generation will be present in the company. About two in ten (22%) believe that between one and three members of the next generation will be present, and as many (20%) that between three and five members will be present.

Thirty per cent of the companies surveyed exceeded EUR 100 million in turnover. The companies operate in sectors such as agro-food, manufacturing, plant engineering through to the chemical-textile and innovative sectors. Second-, third- and up to fifth-generation entrepreneurs prevail in the sample, but there are also 20% of first generations, often protagonists of growth and structuring processes that are still in progress. "The trend that emerges is that of a gradual transition from exclusively family-based decisions to more open and professional governance models, where trust, transparency, and intergenerational confrontation are emerging as decisive levers for business continuity," explains Mauro Puppo, chairman of the board of directors and managing director of Nexta Società Benefit . These structured governance models initially develop within the family business and then extend to the decisions of the entrepreneurial family as a whole'.

While concern about the lack of commitment of the next generation may seem a warning sign, the interviews also reveal a progressive strengthening of intergenerational dialogue in decision-making processes concerning family wealth. 26% of the entrepreneurs interviewed involve the whole family in meetings concerning choices related to wealth strategies, and 28% include only older members in the meetings. In contrast, 36% make decisions themselves. When it comes to decisions concerning the family business, the whole family decides in 22% of cases through meetings, in 29% of cases a board of directors with a family majority, in 17% of cases a board of directors with a non-family majority, in 27% of cases the entrepreneur decides personally, while in 5% of cases the decision is taken by an external managing director. The research also addresses the issue of family conflicts within the company. 44% state that they have not openly addressed conflict situations, highlighting how the issue remains latent and unmanaged. 26% intend to prevent them by confrontation, 16% have experienced them and resolved them permanently, while 5% say they are facing conflicts at the moment.

The interviews also show how family businesses are in a phase of strategic reflection: on the one hand the desire to consolidate what has been built, on the other hand the awareness that without growth, long-term economic sustainability may become fragile. It is not surprising, therefore, that the majority of entrepreneurs look to growth as a lever to ensure continuity: 34% say they would like to explore opportunities to acquire companies that fit into the business. A quarter of the sample does not exclude the entry of investment funds, assuming in 15% of cases that they have minority stakes and in 10% of cases majority stakes. Fifteen per cent consider the total sale of the business, a choice that, although difficult to accept emotionally, may be the most correct one to preserve the value of the company and protect family solidity. Finally, a quarter of the sample (24%) prefers to maintain the current set-up and wait for the economic environment to evolve.

The research shows that external professionals are defined as 'unnecessary' by 22 per cent of the sample, while for the remainder they are useful if not indispensable. For example - in a multiple-choice question - the respondents see the role of the professional as important for facilitating confrontation between family members (41%), defining family identity and values (37%), defining the corporate structure (32%), optimising tax costs (24%) and defining a family pact (10%). 58% of the respondents have not yet taken advantage of it, 24% had a positive impact and 10% a decisive one.