The Canon transaction
"When you advise on the acquisition of medium-sized family-owned businesses, you are fully aware that, for the entrepreneurs selling their company, this is the transaction of a lifetime. Very often, that company is their only business, frequently founded by their father or grandfather, and therefore regarded as something almost sacred. Even though they may be the counterparty, they must be treated with the utmost respect and consideration. Only in this way can you establish genuine rapport with them, facilitate your role as advisor and ultimately achieve the objectives of your mandate."
The words of Simone Citterio, Head of Corporate Finance Advisory at Credem Euromobiliare Private Banking, explain better than any definition why building a relationship with the counterparty is also essential when supporting a client pursuing growth through acquisitions.
This was one of the key themes that emerged during "Legàmi", our latest Convention, through the story of a transaction in which we acted as advisor to Canon in its acquisition of Integra Document Management.
As Eng. Enrico Deluchi, who at the time served as Chairman and Chief Executive Officer of Canon Italia, recalled, an advisor accustomed solely to dealing with large multinational corporations would not have been the most suitable choice for such a transaction. What was needed was someone capable of understanding the dynamics of Italian entrepreneurial families, with the right sensitivity to empathise with them. This is why he chose Simone Citterio and his team.
It was a complex challenge: on one side, an international, publicly listed corporate buyer, with decision-making processes extending from Italy through Europe all the way to Tokyo; on the other, a typical Italian SME founded and managed by three Lombard entrepreneurs who had built the company from the ground up.
"We are highly experienced in navigating these labyrinths, which are first and foremost psychological and behavioural in nature, and which are typical of family-owned businesses," Simone Citterio explained.
This expertise has been developed over decades of working alongside entrepreneurial families, where listening, understanding and the ability to build trust become integral parts of the process. Supporting entrepreneurs through an extraordinary transaction means working with individuals who have grown together with their business and invested a part of themselves in it. In this relational dimension, technical expertise alone is not enough; empathy and sensitivity are indispensable.
As Deluchi emphasised, results are achieved when sincere relationships are built on respect, honesty and mutual trust, both with the client and with the counterparty.
Because when you are dealing with the result of a lifetime of hard work and dedication, every step towards the future must, first and foremost, honour and preserve the past that made it possible.