15 L’ ITALIA è uno dei Paesi più anziani al mondo e continua a invecchiare. Il rapporto tra giovani e anziani è cambiato notevolmente rispetto al passato. Nel 1951 c’era meno di un anziano ogni bambino mentre nel 2021, secondo i dati Istat, il rapporto è diventato di 5,4 a 1. Questo significa che la popolazione attiva si sta riducendo, con un impatto significativo su economia, welfare e mondo del lavoro. Il dato è ancora più preoccupante se lo si mette in relazione con la governance delle imprese. Nei Consigli di Amministrazione delle principali aziende italiane quotate in borsa, i giovani sono ancora scarsamente rappresentati: gli under 40 costituiscono appena il 2%, una percentuale pari addirittura a quella degli over 80. Inoltre, solo 16 aziende su 100 hanno piani di successione strutturati a lungo termine. È quanto emerge dal Board Index Italia 2024 di Spencer Stuart, che ha analizzato le prime 100 società quotate in Italia, di cui 38 fanno parte dell’indice FTSE MIB che include le società a maggiore capitalizzazione e liquidità. Il report evidenzia, inoltre, che il 57% delle aziende analizzate sono a controllo familiare. I due fenomeni sono paradigmatici di una situazione di non ritorno. In forza di questi elementi, le società italiane possono seguire solo due strade: attendere gli eventi come la scomparsa dei fondatori o dei senior che oggi comandano oppure adottare un approccio interventista, dove i giovani ITALY is one of the oldest countries in the world and continues to age. The ratio of young to old has changed considerably compared to the past. In 1951 there was less than one elderly person for every child, while in 2021, according to ISTAT data, the ratio became 5.4 to 1. This means that the active population is shrinking, with a significant impact on the economy, welfare and the world of work. The figure is even more worrying if one puts it in relation to corporate governance. In the Boards of Directors of the main Italian companies listed on the stock exchange, young people are still poorly represented: the under 40s represent just 2%, a percentage even equal to that of the over 80s. Moreover, only 16 out of 100 companies have structured long-term succession plans. This is what emerges from the Board Index Italia 2024 by Spencer Stuart, which analysed the top 100 listed companies in Italy, of which 38 are part of the FTSE MIB index, which includes the companies with the highest capitalisation and liquidity. The report also shows that 57% of the companies analysed are family-controlled. The two phenomena are paradigmatic of a no-win situation. On the strength of these elements, Italian companies can only follow two paths: wait for events such as the disappearance of the founders or seniors in charge today, or adopt an interventionist approach, where young people demand and obtain space. In a speech at the Anacam national assembly in 2024, together with university colleague Alberto Albertini, we presented a text dedicated to the topic of succession (‘L’urlo disumano’, Edizioni Rubbettino), which puts the topic strongly and directly on the table of entrepreneurs. “...It’s the fault of the fathers....” we said provocatively in order to draw attention and start a serious dialogue within family businesses. Doing business is certainly a complicated activity that requires dedication and a constant symbiosis with the family. We are faced with two ecosystems that have to coexist and integrate without either one prevailing. Unfortunately, drastic decisions are often necessary, requiring a transition that can be very hard because the survival of one system implies the end of the other. Once, an entrepreneur told me that he could sell it the business, but not the family, pointing out that certain choices were precluded. The intent of this article is not to provide a recipe valid for all cases, an always applicable recipe, as there is not only the opposition between ‘family first’ and ‘business first’, but to define a path for analysing future choices. In order to avoid mistakes or empty passages, the main element to assess in a generational handover is the existence of a healthy and transferable business. If it has low margins, strong financial constraints or other complications that have never been resolved over time (such as, for example, logistical limitations, where often the operational part is only rented by a branch of the family that is perhaps not involved in management) the transition process could be particularly complex if not impossible. In this case, having continuity difficulties over time or potential
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