Over the course of his career, Julio M. Herrera Velutini has held executive leadership positions at numerous financial firms in Venezuela. Julio Herrera Velutini draws on this experience, in addition to knowledge gained as a broker in the Caracas stock market, to serve as chairman of a Puerto Rican bank. In doing so, he carries on his family’s century-long history of success in the banking sector.
Although 9 out of 10 formally established businesses in Venezuela are family owned and operated, maintaining a family business is not an easy task. Even in stable economic climates, 70 percent of family businesses are not succeeded by the second generation. Only 10 percent of family businesses remain successful long enough to see the third. The difficulty of passing a company on to heirs may be attributed to several factors. Rivalries and feuds among family members, even when unrelated to business, can negatively affect company operations. Family members may also disagree as to how the business should be run, which can lead to power struggles. Establishing solid guidelines for the succession and administration of a family business can help to anticipate such issues and solve them when they arise.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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