When the next generation take the helm and get an opportunity to do things their way, the outcomes can be great.
The Ferrero business empire which includes Nutella, Kinder Eggs and Tic Tacs is well known and Giovanni Ferrero has put his own stamp on the family firm following the recent deaths of his father and brother.
Having taken on board many lessons from his father, Giovanni has embarked on a number of acquisitions yet strong family values remain the bedrock of this business.
While his father’s shadow will loom large for years to come, Giovanni has shown he has the ability to stay true this legacy while mixing in an element of modern business thinking. By combining the old and the new, Giovanni is carving out his own legacy – a rare and difficult feat. “I think it’s a very interesting case of how it’s possible to build something new using the past; I think this mix of tradition and innovation is very common in the most successful family businesses, because without tradition, you lose identity”, Corbetta explained. “I think identity in family firms is very, very important. But without innovation, you become too old.”