Family business succession planning – the Italian job




Giuseppe Violetta, a Milano-based wealth and succession planning consultant, shares his insights regarding succession planning in Italy. Family businesses are the backbone of the Italian economy, and there is a broad offering of financial instruments and tools for wealth planning, including local trusts. Italian business families are historically primarily invested in their family business. Nowadays, companies and trusts are no longer seen as asset hiding vehicles. Combining trusts, corporations and fiduciary mandates gives entrepreneurs a wide range of options to manage both companies' transition and private wealth to the next generation. Some family offices did not migrate together with their controlling families to Italy. Giuseppe advises taking the utmost care of your family's purpose and values. They will determine the family business's destiny in the long run. Attending dedicated courses on family business management could be an initial step before discussing strategies with advisors. A careful advisor selection further considers collaboration skills and transparency.

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