IESA celebrates 10th Anniversary

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As part of the 10th Anniversary of IESA Panama -company affiliated to the City of Knowledge-, a conversation session was held with the participation of representatives of different generations of families: Motta, Vallarino and Aued, at the Sheraton Hotel in Panama.

The IESA held the event "Business Families and Intergenerational Entrepreneurship: The Road to Transcendence", which was an opportunity to enhance the success of the transgenerational pass in family businesses.

We know that the Panamanian business base is constituted by an important fabric of family businesses that have passed on the legacy from generation to generation. These organizations, with the relevant growth of the economy in the country, today must face new challenges, to adapt to the new competitive dynamics in a market that has become attractive to many multinational companies.

"We want to share with the public of family businesses in Panama, the testimony and experience of three first-class business groups. What interests us the most is to contribute to preserve the entrepreneurial orientation and the power of innovation in family businesses", said the teacher of the Marketing Center and the Entrepreneurship Center of the IESA, Nunzia Auletta, who presented the lecture "Challenges of family businesses: the leaders of new generations", based on the book" Developing Next Generation Leaders", which she co-authored.

Since 2006, IESA is part of the STEP Network (Successful Transgenerational Entrepreneurship Practices), led by Babson College, where the main objective is to understand what are the factors that allow preserving and stimulating entrepreneurial guidance in family businesses, to ensure that these companies can grow and preserve the legacy within the business family. Under this premise, the professor of the Center for Entrepreneurs and the Center for Management and Leadership of IESA, Patricia Monteferrante, gave the presentation "The importance of entrepreneurship in business families: STEP project."

The discussion panel was composed of different generations of three Panamanian business families who spoke about transcendence and innovation within their companies.

"Not only must the founder of a family business add value, but all the members of the the family must do the same through entrepreneurship. If this is not achieved from generation to generation, you can run the risk of dying and failing," added Professor Monteferrante, a consultant for several family businesses who dedicated her doctoral subject in business to the study of these organizations. In addition, Professor Monteferrante affirms that the culture that distinguishes each family has an impact on the organizational culture of the company. For the experts of the IESA one of the subjects of greater interest for these companies, is the creation of Corporate Governance and the statutes to be able to evolve as a system.