Business Management

Key factors for successfully managing the transition in family businesses

How family businesses can successfully manage generational succession by fostering dialogue between senior and junior members and promoting cultural awareness

by Luca Brambilla* and Massimo Pozzi Chiesa**

5 August 2026

Aggiungi Il Sole 24 Ore
ai preferiti su Google

4' min read

Translated by AI

Versione italiana

4' min read

Translated by AI

Versione italiana

The future of the Italian economy depends on the development of family businesses. The figures speak for themselves: ISTAT data show that family-run businesses account for around 80% of the country’s business ecosystem. The landscape is vast: from two-hundred-year-old companies now in their sixth generation to micro-businesses that are only now experiencing a phase of growth thanks to the energetic drive of the new generation of leaders.

To ensure that this economic and cultural heritage is not lost, it will be crucial to manage generational transitions effectively; according to AIDAF data, these will affect a third of businesses between 2025 and 2034.

Not just numbers: generational transitions are relational dynamics

In order to facilitate these delicate transitions, there is a tendency to focus on economic and financial aspects. Family agreements, trusts, corporate structures and share transfers form the backbone of corporate governance. These are essential tools, but they are not enough. What is often missing is the heart of the process: the human element. Businesses are not just about figures and balance sheets: they are communities of people bound together by relationships, family dynamics and emotional ties.

Generations in harmony

This transition involves generations whose needs and aspirations do not always align. The key lies in harnessing this diversity rather than smoothing it over, by fostering intergenerational synergies through ongoing dialogue between all those involved.

The cardiac cycle consists of two fundamental phases: systole, during which the heart contracts and pumps blood to the rest of the body, and diastole, during which the heart relaxes so that it can fill with blood returning from the body. Different generations must strive for harmonious coexistence, much like that of the heart muscle: whilst older members maintain vision, strategy and stability, it falls to the younger members to drive innovation.

Let it be clear that there is no one-size-fits-all solution. Every business has its own unique life cycle: there are second-generation businesses that are highly professionalised, and businesses over a century old that are still run by a small group of family members. It is essential to undertake a process of gaining a deeper understanding of one’s own business and family. Understanding the values on which the business is founded, its history and its culture.

Staying at the forefront by nurturing new leaders

Intergenerational dialogue must be a two-way process: both senior and junior staff must be prepared to listen sincerely and be open to re-evaluating their own positions.

From this perspective, the statistics do not look promising. AIDAF also reports that the average age of outgoing leaders is 75, whilst the new generation takes the helm at around 45. Of course, advanced age is not always synonymous with inexperience: there are still 70-year-old business luminaries who remain active and retain the strength and determination to develop their businesses. Take Leonardo del Vecchio, for example, who, after building his empire, ‘stepped down’ by entrusting the company to external managers, only to return to the helm at over 80 to personally oversee the merger between Essilor and Luxottica.

In any case, the data reveals an interesting psychological insight: companies are often born out of a desire to excel. And sometimes it is precisely that same drive of ambition that set the business in motion which ends up hindering its continuity. Founders must realise that they can continue to play a leading role whilst making way for future generations and preparing them to take the reins of their legacy.

The case of Silvio Berlusconi is a prime example. Although ‘Il Cavaliere’ has enjoyed the highest level of media exposure in both his business and political careers, he has laid the groundwork to ensure that his children can now manage the various branches of the family business competently and with full knowledge of the facts.

The dual role of ‘business leaders’

The entrepreneur bears the burden of a dual responsibility: that of leading the business and that of making it attractive to those who will succeed him. This is no easy challenge, especially in a world overwhelmed by distractions that make it difficult to engage the younger generations. They face the complex task of planting a seed which, if not nurtured with the right care, will never bear fruit.

It also has the responsibility of putting together a mature and forward-thinking management team, capable of facilitating the integration of new recruits rather than hindering it. This, too, is what foresight is all about, because a company thrives when it is made up of people who respect one another.

The entrepreneur described above operates on two levels of relationships that are inevitably intertwined: the business sphere and the family sphere. He is the Chairman, but also a father, a son and a shareholder. This multiplicity of roles highlights how companies involved in generational transitions increasingly need not only technical and financial tools, but also strategic and relational skills. We need protocols and concrete examples to help us understand and effectively manage the more human aspect of the situation.

A breath of optimism

Current trends suggest that the next wave of generational transitions will be managed with greater awareness than in the past. Young people today have more opportunities to draw on external influences and acquire the knowledge needed to be proactive. This also makes them more aware that hereditary succession is no longer the only option: if they fail to demonstrate competence, their role may be entrusted to external managers.

Organisations such as AIDAF help to preserve the valuable legacy of family businesses through projects that engage the whole family, in which parents, children and grandchildren can communicate effectively. They provide the younger generation with the tools to understand what role they wish to play within the business, and offer the older generation advice on how to welcome the next generation.

A process of empowering all the key players in the Italian business community: those who have been there, those who are there now, and those who will be there in the future.

*Director of the Academy of Strategic Communication

**Executive Vice-Chairman of Italmondo Spa