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Webinar 'Challenges and Opportunities for family businesses in times of the Covid-19'

  • May 15th, 2020

Webinar: "Oportunitats i reptes d'empreses familiars en temps de COVID" by IVEFA (Institut Valencià per a l'Estudi de l'Empresa Familiar), in collaboration with ATREVIA , The Family Advisory Board y  la Family Business' Chair

The Valencian Institute for the Research on Family Businesses (IVEFA) organized, in collaboration with Atrevia, The Family Advisory Board and the Family Business' Chair at the University of Valencia, the webinar 'Challenges and Opportunities for family businesses in times of the Covid-19 '. The meeting had the participation of Manuel Bermejo, PhD president at The Family Advisory Board and professor at IE Business School; and Núria Vilanova, president and founder of Atrevia. Likewise, the event was presented by IVEFA President, Francisco Vallejo, and moderated by the director of the Chair of Family Business at the University of Valencia, Alejandro Escribá.

"We must learn to adapt and reinvent our business models, by listening to our clients, workers and groups of interest, to know what each of them will need in the future"

During the webinar, Alejandro Escribá stressed that “we must avoid this forced closure of economic activity putting too much wieght on the companies, their finances, and society. In the case of family businesses, they have shown how to react very quickly and their values ​​will help them face the current challenge ”. Escribá also pointed out that “it is a matter of time that we recover full normality and from this situation we must learn to adapt and reinvent our business models, through humility, listening to our clients, workers and groups of interest, to know what it is what each of them will need in the future ”.

 

For his part, Manuel Bermejo contributed several conclusions to which he has come to after carrying out a study, that began in April, to analyze the behavior of family businesses during Covid-19. Data shows “90% of family businesses think that they will suffer a drop in billing; and 2 out of 3 believe that they will have to take furlough measures ”. However, this analysis also leaves room for some optimism “since 81% see opportunities to grow and 75% are already investing in being more powerful when this ends" "because we cannot forget that we are in a free competition market and we should get out of this situation with competitive sustainability”.

“81% of Family Businesses see opportunities to grow and 75% are already investing in being more powerful by the time the pandemic ends, from which they should emerge with competitive sustainability”

Furthermore, it provided the following Decalogue of Recommendations for Family Businesses: being exemplary leaders, maximum attention to cash, establishing a base scenario for 2020, rethinking the corporate strategy for the new scenario, adopting corporate governance, evolving the business model, manage people, strengthen the Family Council, review the Strategic Plan, renew and transform, without losing its essence.

“Those Family businesses that decide to invest will be the ones comming out of this situation, even if it is dizzying, because the crisis will pass, but the decisions they make today are going to be relevant in the medium and long term, not only in the short term”

Lastly, Núria Vilanova remarked that “Those Family businesses that decide to invest will be the ones comming out of this situation, even if it is dizzying, because the crisis will pass, but the decisions they make today are going to be relevant in the medium and long term, not only in the short term " In her opinion, “family businesses are the ones that have always cared most for their values. It is now, more than ever, when we need leaders with a close attitude, and that is precisely the profile of the family entrepreneur. ” "We are in the era of 'new transparency' where commitment is very important. These keys are for any company and especially for the family business," she concluded.

 

You can read more about this webinar (in Spanish):

 

 

 

 

 

 

 

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