The ESADE-Deloitte lecture series studies the case of the Industrial Group Ormazabal's business success at ESADE Madrid
The Chairman of the Ormazabal Group stated that "in a family business, it is important to have a clear idea about your values and business culture, communication and training in order to generate value"
Javier Ormazabal, Chairman of the Ormazabal Group, listed the major challenges that his family business has to confront in the first session of the ESADE-Deloitte lecture series. Ormazabal highlighted that “the principal challenge is to manage talent". He went on to explain that “it is necessary to strengthen strategic capacity in the context of management, and if it does not exist to get it from elsewhere". The other challenges that the Ormazabal Group have set for themselves are to improve their ability to anticipate the future through the evaluation of opportunities; maintain the pressure on efficiency; and develop the organisation with the aim of adapting to changes, above all when they are related to the Group’s focus.
On the other hand, Ormazabal spoke about the importance of identifying the type of company they seek to be. “For the Ormazabal Group, that the family should work for the company is not an aim. In fact, for circumstantial reasons, a time may come when the family decides to let go of the company in order that it should continue growing; this is a success of the family business." He also considered as essential in a family business, to have clear ideas about values and business culture, and that these are seen to be reflected in the projects undertaken, as well of about how to invest time in communication and the offer of training, so that those linked to the company identify with it and generate value.
Another of the themes addressed during the session was the importance of internationalisation. Ormazabal explained that "we have been working on this since 1993, given that this has not always been our focus. However, at the moment, opening up is important, which is why we have centres of excellence to improve and maintain our level of competitiveness".
The other participants in the session were Fernando Baldellou, Partner of Deloitte; Pedro Navarro, Deputy Executive Chairman of the ESADE Foundation Board of Trustees, and Luis Vives, Professor in the Department of Business Policy. Vives highlighted the great importance of the family business in Spain, which represents between 50% and 70% of the GDP, and the three challenges they face: innovation, internationalisation and management.
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