And when these companies are éponymiques i

In July, Michel Rocard signed in these columns an article entitled "when the shareholder is King." Taking the example of the Mittal bid for Arcelor, former Prime Minister believed that "it is dangerous to adhere to this legal view according to which the company is the exclusive thing of its only owners." In truth, what danger should protect themselves in a global economic context where family ownership is triumphant According to available data for companies of all 90 it appears that family shareholding control 80 This however is a little lower in France, the CAC countries is however represented for its two-thirds by family owners. Note that underperform on the stock exchange listed companies when their reference shareholders are families (Sicav Oddo generation, 1996). And, when these companies are éponymiques, i.e. that elles have the name of the owner for social reason, elles underperform by a few additional points (study of the University Bordeaux IV, 2004). A shareholding "of blood", in the double feature: demanding and patient.

Demanding, because the leader family, as members of his family, has more duties than rights. Duties to key stakeholders: customers, suppliers, collaborators... These collaborators "pulling their income to a same economic and technical adventure", said Michel Rocard. This is true. When the Ifop surveyed Bonduelle collaborators on their satisfaction with the company, the index was 93. When he launches into the economic adventure in 1932, Paul Ricard decided to interest his first collaborators, "to have reflexes of leader and go faster..." Concerning the technical aspects, Edouard Michelin said Bibendum engineers: "Attention, my name is on the tires we manufacture.

Patient, because the other component, and not least, is that of a shareholder-Manager, legally responsible and legitimate, because it manages the risk that guide its sense of purpose. This risk-objective conjugation is the vision related to what he wants to become, or remain, in the long term and stability. Thus, the financial risk here committed to own property, which leads to more caution. Because the UMTS was too expensive and would put his group in a difficult situation, Martin Bouygues declined the request of the State who invited him to acquire the license. More recently, Bill Ford, the great-grandson of the founder, announces that he is deprives its dividends and salary for two years to contribute to the relief of his group. How many other shareholders-managers have the audacity to sacrifice everything, personal savings and comfort by strategic intent

Thus, requirement and patience are able to give to families not only ideas to last, but also rules, written or not, naturally forged by a shareholding clotted in respect of the time: "It expected not a Peugeot in Peugeot", it is said in the Peugeot family. The price of the Entrepreneur of the year he received in 2004, Christophe Bonduelle, representing the 6th generation, stated: "It is not important that a bearer of the name is at the head of the company." What is important is that the company remains the property of the family... "And need be recalled that the 650 descendants Wendel, family from celebrating three centuries of activity, gather each year to reflect on their responsibilities to shareholders

Artisans in the TPE, SMEs and the largest groups, wealth creation is the overriding responsibility of family leaders. Ignorance or lack of interest This reality seems to escape most of the political class. For the common good, it would be necessary that each French university management is more concerned with family businesses, teaching their rules, their cultures, their histories, their principles of management, their modes of governance. The shareholders of blood may be considered the opposite of anonymous ownership and the future of the company. Around the world.