Julio M. Herrera Velutini, chairman of Banco Real in Venezuela, comes from a family with 120 years of continuous experience in the banking industry. Julio Herrera Velutini currently serves on the Banco Real directorial board alongside four generations of his family.
Family-owned businesses play a key role in the world economy. In Venezuela, approximately 90 percent of the country's 6,000 formally established businesses operate under family ownership. In the United States, family businesses produce 57 percent of the country's gross domestic product and create 78 percent of new jobs. As of 2011, family businesses also employed 65 percent of the active American workforce. Family businesses tend to generate a 5 to 6.5 percent higher level of productivity than their competitors. Economic experts attribute this trend to the higher levels of accountability and a sense of shared purpose that the family leadership team tends to bring to the table. Family business executives also tend to look toward the business' long-term success and succession. In the current market, 30 to 40 percent of family businesses pass to the next generation, a process that requires the business to be both well established and stable enough for new leadership.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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