Passaggio generazionale a misura dell'impresa per il family business

Article of Andrea Vicari

Published on "Il Sole 24 Ore" of 15 gennaio 2025. 

The issue of generational transition in family businesses is well-known but unresolved yet.

None of the variety of solutions offered goes straight to the core, perhaps because it is still unclear from a conceptual standpoint. For some, it lies in share transfers tax optimization; for others, it's the legal stability from a succession law perspective, while for some, the focus is on ensuring a rational and efficient organizational structure and management.

In reality, the true problem is stabilizing ownership with the broader social interests of the company, using programmatic legal tools that ensure, across generations, the continued alignment of ownership with the founder's original social purpose.

Foreign models achieve this alignment through trusts, fiduciary arrangements, and private foundations. These are not mechanisms to "relinquish" or "delegate" control of the business, but rather for shaping ownership in a way that social interests are aligned with those of the shareholders.