TSMA Yearbook 2018

48 2018 Yearbook with the employees is also expressed in affective relationships that transcend the employment relationship. Family capitalism and the company In many of the family-run businesses, there is a conflict between “entrepreneurial ethics” and “family ethics”. Entrepreneurial ethics is dominated by convenience, meritocracy, and efficiency. The family ethics is dominated by affection, solidarity, and mutual support. This conflict generates many times friction inside the shareholding structure and between employees. The future of the company may be compromised in the absence of a prudent management and visionary of this conflict. The intangible values of the company The globalization and the advent of the post- industrial have highlighted the importance of the intangible values of the company. However, this does not mean that assets, solidity, machinery, properties, and financial resources now have less value (tangible assets), but more and more are taken into consideration the following intangible assets in the company evaluation. For the intangible assets are defined as: - Intellectual capital (trademarks, patents, know- how) - Organizational capital (methods, systems, management procedures) - Human capital (skills of workers, technicians, managers) - Social capital (relations with the community, social relations, relations with trade unions) - Relational capital (relationships with suppliers, customers, media) These values are intangible and not easily quantifiable, are very important at the time of the sale, the acquisition by a third party and succession of the company. The World Bank estimated that in the 20th century in the value of company assets: the tangible assets are passed by two-thirds to a third, while the intangible assets passed from one- third to two-thirds. The risks of the future It is the task of the entrepreneur to envisage the future of his company, especially when approaching the time of succession. The phenomenon of globalization and the tumultuous advance of technology oblige the entrepreneur-founder to use all proper procedures and analyses for predicting the future of the market and of his company. The succession also commits the entrepreneur to modern management and update of the company. A management guarantees a non-traumatic transition to the change of the personality, place