Less short-term pressure to succeed facilitates fundamental innovations
- Profits are reinvested to a greater extent than listed companies
- The sustainable anchoring of the founder’s entrepreneurial vision is decisive
Financially strong, investor-driven companies set the tone in multi-billion technology markets, but family businesses are usually one step ahead in technologically advanced niche markets. A high-level panel discussion of the excellence platform “Leitbetriebe Austria” at Richter Pharma in Wels can be summarised by this brief formula, where Richter Pharma, HOERBIGER, Leitz and SEW Eurodrive (four family businesses) were represented, which have been successful in small, but highly profitable markets for decades. “In cases where size is not the key success factor, but the consistent focus on innovation goals, perfecting production processes and long-term customer relationships count above all, family businesses can take full advantage of their strengths”, asserts Monica Rintersbacher, moderator and Managing Director of Leitbetriebe Austria. “This is also a great opportunity for Austrian industry, whereby family businesses still dominate.”
“There are great opportunities, but we must take advantage of these opportunities and we must not rest on past successes”, emphasises Roland Huemer, CEO of the host Richter Pharma. “Our company has centuries of history, but two out of four business divisions are not even 20 years old and essential for our sustainable competitiveness. We have used our existing know-How to the develop the production division and a highly specialised pharmaceutical logistics division. Only holding on to old strengths would not have been enough in the long-term.”
